C.R.S.
Section 8-13.3-518
Family and medical leave insurance fund
- establishment and investment
- repeal
(1)
There is hereby created in the state treasury the family and medical leave insurance fund. The fund consists of premiums paid pursuant to section 8-13.3-507, revenues from revenue bonds issued in accordance with section 8-13.3-508 (2)(d), and money transferred pursuant to subsection (4) of this section. Money in the fund may be used only to pay revenue bonds; to repay the general fund loan provided in subsection (3) of this section; to reimburse employers who pay family and medical leave insurance benefits directly to employees in accordance with section 8-13.3-515 (1); and to pay benefits under, and to administer, the program pursuant to this part 5, including technology costs to administer the program and outreach services developed under section 8-13.3-520. Interest earned on the investment of money in the fund remains in the fund. Any money remaining in the fund at the end of a fiscal year remains in the fund and does not revert to the general fund or any other fund. State money in the fund is continuously appropriated to the division for the purpose of this section. The general assembly shall not appropriate money from the fund for the general expenses of the state.(2)
The division may seek, accept, and expend gifts, grants, and donations, including program-related investments and community reinvestment funds, to finance the costs of establishing and implementing the program.(3)
Intentionally left blank —Ed.(a)
On June 14, 2021, or as soon as possible thereafter, the state treasurer shall transfer one million five hundred thousand dollars from the general fund to the fund for the purpose of defraying expenses incurred by the division before it receives premium revenue or revenue bond proceeds. Notwithstanding any other law, the division may accept and expend any money so transferred, and, notwithstanding any state fiscal rule or generally accepted accounting principle that could otherwise be interpreted to require a contrary conclusion, such a transfer is a loan from the state treasurer to the division that is required to be repaid and is not a grant for purposes of section 20 (2)(d) of article X of the state constitution or as defined in section 24-77-102 (7). Loan liabilities that are recorded in the fund but are not required to be paid in the current fiscal year shall not be considered when calculating sufficient statutory fund balance for purposes of section 24-75-109.(b)
No later than December 31, 2023, the division shall repay the loan of one million five hundred thousand dollars received pursuant to subsection (3)(a) of this section and accumulated interest from the fund. Interest accrues on the money borrowed at a rate equivalent to the rate per annum on the most recently issued ten-year United States treasury note, rounded to the nearest one-tenth of one percent, as reported by the “Wall Street Journal”, as of the date the transfer required by subsection (3)(a) of this section is made. Interest accrues at the rate specified in this subsection (3)(b) beginning on that date, until the date on which the money is repaid.(c)
This subsection (3) is repealed, effective December 1, 2024.(4)
Intentionally left blank —Ed.(a)
On May 17, 2022, or as soon as possible thereafter, and notwithstanding section 24-75-227 (3)(c), the state treasurer shall transfer fifty-seven million dollars from the revenue loss restoration cash fund to the fund. The money is an advance payment of premiums for state employee coverage that the state is required to pay under the family and medical leave insurance program established in section 8-13.3-516 and is not a grant for purposes of section 20 (2)(d) of article X of the state constitution or as defined in section 24-77-102 (7). Liabilities that are recorded in the fund but are not required to be paid in the current fiscal year shall not be considered when calculating sufficient statutory fund balance for purposes of section 24-75-109.(b)
Intentionally left blank —Ed.(I)
On or before December 31, 2022, the division shall determine the manner in which the state will receive a credit for the advance payment of premiums it has paid pursuant to subsection (4)(a) of this section for premiums it is required to pay under the family and medical leave insurance program established in section 8-13.3-516. The credit shall be calculated by multiplying the credit balance on the state’s employer account or accounts as of June 30, 2022, and as of June 30 of each year thereafter, by a rate equivalent to the rate per annum on the most recently issued ten-year United States treasury note, rounded to the nearest one-tenth of one percent, as reported by the “Wall Street Journal”, as of the date of the transfer required by subsection (4)(a) of this section. The state shall receive credit, calculated in this manner, until the amount of premiums the state is required to pay exceeds fifty-seven million dollars plus the amount of interest accrued as set forth in this subsection (4)(b)(I). On or before December 31, 2022, the division shall submit a report to the executive director of the department of personnel, the director of the office of state planning and budgeting, and the joint budget committee setting forth the manner in which it determines to credit the state pursuant to this subsection (4)(b)(I).(II)
On July 1, 2023, and on July 1 of each year thereafter, the executive director of the department of labor and employment shall submit a report of the amount of remaining credit the state can receive for premiums it is required to pay to the executive director of the department of personnel, the state treasurer, the director of the office of state planning and budgeting, and the joint budget committee.(c)
The advance payment of premiums by the state pursuant to this subsection (4) shall not constitute or become an indebtedness, a debt, or a liability of the state. The state shall not be liable on such advance payment, nor shall the advance payment constitute the giving, pledging, or loaning of the full faith and credit of the state. Advance payments shall be exempt from the state’s fiscal rules.(d)
Intentionally left blank —Ed.(I)
Notwithstanding any provision of this section to the contrary, the division shall cease to credit the money transferred to the fund from the revenue loss restoration cash fund pursuant to subsection (4)(a) of this section as an advance payment of premiums for state employee coverage that the state is required to pay under the family and medical leave insurance program at the end of state fiscal year 2023-24.(II)
Notwithstanding any provision of this section to the contrary, on the date on which the fund balance meets or exceeds one hundred million dollars, or as soon as possible thereafter, the state treasurer shall transfer thirty-five million dollars from the fund back to the revenue loss restoration cash fund created in section 24-75-227 (2)(a) as repayment of the unexpended amount of the advance payment of premiums for state employee coverage made by the state pursuant to subsection (4)(a) of this section.(III)
Notwithstanding any provision of this section to the contrary, on or as soon as possible after the date the state controller publishes the comprehensive annual financial report of the state for state fiscal year 2023-24, the state treasurer shall transfer any remaining amount of the fifty-seven million dollars transferred to the fund from the revenue loss restoration cash fund pursuant to subsection (4)(a) of this section, in addition to the thirty-five million dollars to be transferred pursuant to subsection (4)(d)(II) of this section, back to the revenue loss restoration cash fund as repayment of the unexpended amount of the advance payment of premiums for state employee coverage made by the state pursuant to subsection (4)(a) of this section.
Source:
Section 8-13.3-518 — Family and medical leave insurance fund - establishment and investment - repeal, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-08.pdf (accessed Oct. 20, 2023).
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