8 Colo. Code Regs. § 1508-3.5
Current through Register Vol. 47, No. 24, December 25, 2024
Section 8 CCR 1508-3.5 - Employers1508-3.5.1.Multi-Party Employment Relationships.A. Pursuant to C.R.S. 24-54.3-107(g)(2), existing state forms and state compliance structures are to be used for exemption reporting; therefore, the Employer or business entity whose EIN appears in CDLE's records of payment unemployment insurance premiums per C.R.S. 8-70-114(2)(b)(VII) determines which employing unit is responsible for either certifying Exemption, or both Onboarding with the Program and Onboarding Employees.B. Any Wages paid to the Work-Site Employee by the Employee Leasing Company with respect to services provided under the Employee Leasing Company Contract, shall be treated as Wages received from the Work-Site Employer.C. Nothing in these rules prohibits an Employee Leasing Company and its Work-Site Employer from entering into an Employee Leasing Company Contract or other agreement under which the Employee Leasing Company agrees to assist the Work-Site Employer with the performance of some or all of the Work-Site Employer's responsibilities under this section.1508-3.5.2Incentive GrantsA. Participating Employers with between five and twenty-five Employees may apply for a Grant via the Colorado Treasury website after remitting at least one Payroll Deduction Contribution to the Program Administrator.B. Treasury Staff will cross-check Grant applications with the monthly Payroll Deduction Contribution reports provided by the Program Administrator and will process Grant payments via U.S. Mail as soon as administratively possible.1508-3.5.3Employer ExemptionA. Treasury Staff or Program Administrator may send Employers that are identified as not having a current Form 5500 on file with the U.S. Department of Labor written notice(s) directing the business entity to either Onboard with the Program or certify Exemption per process detailed in the ensuing section.B. Process for certain business entities to certify Exemption 1. An authorized representative of a business entity shall certify, through the Program website that said entity either presently offers a Tax Qualified Retirement Plan, or has fewer than five Employees, or has been In Business for less than two years. a. The business entity may reference the following state forms and compliance structures when determining its eligibility for Exemption i. business formation document(s) from Colorado Secretary of Stateii. Sales Tax License from Colorado Department of Revenue, if applicable; andiii. CDLE's Form UITR or other CDLE form that determines when the business became liable for wage withholding.2. Upon receipt of the employer's online certification of its reason for Exemption, the Program Administrator shall provide a Certificate of Exemption that will remain in effect so long as the business entity continues to offer a Tax Qualified Retirement Plan to some or all of its Employees or maintains fewer than five Employees. 1508-3.5.4Employer OnboardingA. By or before its Registration Date in 2023, Employers shall either Onboard with the Program or obtain a Tax-Qualified Retirement Plan.B. Employers shall submit the following Onboarding Information to the Program Administrator via the Program website or an Acceptable Submission Method: 1. Employer name and assumed business name, if any;2. Federal Employer Identification Number;3. Employer mailing address4. Name, title, telephone number and email address of an individual designated by the employer to serve as the point of contact;5. Number of Employees; and6. Any additional information necessary to complete Onboarding.C. In the event that the Program Administrator finds that any of the information listed in this subsection (b) is not available on the online portal or is inaccurate, employers shall provide the missing or correct information, as applicable1508-3.5.5Employer RestrictionsA. Business entities that offer a Tax-Qualified Retirement Plan are not required to Onboard or Participate in the Program.B. Business entities without a Tax Qualified Retirement Plan, that have been In Business for fewer than two years and have five or more Employees are not required to Onboard with the Program until the Employer achieves two years In Business. 1. Business entities without a Tax Qualified Retirement Plan that have been In Business for fewer than two years and have between two to four Employees will be allowed to Onboard and Participate in the Program by July 1st, 2024.C. Business entities with between two to four Employees will be allowed to Onboard and Participate in the Program by July 1st, 2024.D. Employers shall not: 1. Prohibit, restrict, or discourage Employee Participation in the Program.2. Provide Account Holders or Beneficiaries of deceased Account Holders advice or direction regarding investment choices, Contribution Rates, Automatic Escalation, or any other decision about the Program.3. Remit any Payroll Deduction Contributions for any Onboarded Employee who opted out of the Program.4. Exercise any authority, control, or responsibility regarding the Program, other than those duties specifically described in sections 1508-3.5.6 and 1508-3.5.7.5. Contribute to Account Holder's Account.1508-3.5.6Onboarding of Employees by Participating EmployerA. No later than 30 days following an individual's 180th day of employment at a Participating Employer, the Employer shall provide the following information to the Program Administrator for each Employee:2. Social security number or taxpayer ID number;5. Employee's designated email address, if available;6. Employee's phone number, if available; and7. Any additional information needed to complete the Onboarding when the information submitted for Onboarding is unclear or insufficient, or when further information is required for purposes of administering the ProgramB. Per C.R.S. 24-54.3-104(2)(L), prior to an individual's 180th day of employment by an Employer, an individual may Onboard into the Program as a Voluntary Participant may remit Contributions voluntarily.1508-3.5.7Withholding and Remitting of Payroll Deduction Contributions by Participating EmployerA. Participating Employers shall not remit Payroll Deduction Contributions until after the Opt-Out Period.B. During the Hold and Sweep Period, Participating Employers shall remit all Payroll Deduction Contributions to the Program Administrator as soon as administratively practicable, no later than fourteen days of Contribution being withheld from an Account Holder's Wages.C. Amounts withheld by the Participating Employer shall not exceed the amount of the Account Holder's Wages remaining after any payroll deductions required by law or employer payroll practice to have higher precedence, including a court order.1508-3.5.8Responsibilities of Program Administrator to Participating EmployersA. Onboarded and Participating Employers may contact the Program Administrator if they desire technical assistance in completing Program requirements.B. Upon receiving the Employee's Onboarding Information from the Employer, the Program Administrator shall email a confirmation to the Employer and send the Program Information to each Employee.