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14 June 2024

CO FAMLI: Updated State Average Weekly Wage Effective July 1, 2024

How the SAWW will impact benefits starting 7/1/24

CO FAMLI: Updated State Average Weekly Wage Effective July 1, 2024

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Every summer, Colorado updates its Statewide Average Weekly Wage (SAWW), which is used to calculate the Family & Medical Leave Insurance (CO FAMLI) benefits. Starting on July 1, 2024, the SAWW is set at $1,471.34.  Unlike some other states with comparable Paid Family & Medical Leave (PFML) programs, the updated SAWW affects CO FAMLI benefits immediately. Keep reading below for details on mid-year claims.

As a reminder, for its inaugural year, the CO FAMLI weekly benefit cap was set at a fixed amount of $1,100. This fixed amount is set to change on January 1, 2025. Sign up for updates here to get an email update for this change.

How to Calculate CO FAMLI Benefits Starting 07/01/24

Starting July 1, 2024, all existing and new claims will apply the new SAWW to calculate the weekly benefit as follows:

  1. Determine your Average Weekly Wage (AWW):
  • Calculate and average your weekly earnings over the past 5 calendar quarters. 
  1. Follow these calculation steps:
  • 90% of the portion of your AWW that is equal to or less than 50% of the SAWW, i.e. $735.67
  • plus 50% of the portion of your AWW that is more than 50% of the SAWW
  • together, capped at the fixed maximum weekly benefit of $1,100 through 12/31/24


Please note: starting January 1, 2025, the maximum benefit is set to change to 90% of SAWW. As we get closer to the new year, we will provide more details on how it works and what this means – subscribe for updates here to be notified!

How do mid-year SAWW updates affect claims?

Claims that are already in progress before July 1 are recalculated using the new SAWW on July 1. Learn more about this rule as adopted in November 2023 here.

Let’s look at some examples to illustrate how it works:

How does the benefit calculation change when claims are recalculated mid-flight?

 

Claim Starts

Claim Ends

Employee’s AWW

Anticipated Weekly Benefit

How it is calculated:

Juan

Jan 15, 2024

Mar 25, 2024

$1000

$784.23

This calculates benefits using the SAWW in effect from 7/1/23 – 6/30/24

Emma

Jun 18, 2024

Aug 27, 2024

$1000

$784.23

$794.27

 

Uses SAWW from 7/1/23 – 6/30/24 for Jun 18 – Jun 30, 2024 and SAWW from 7/1/24 – 6/30/25 for Jul 1 – Aug 27, 2024

Endal

Aug 7, 2024

Oct 16, 2024

$2000

$1,100.00 (cap)

Uses SAWW from 7/1/24 on through the end of the claim, and would fall under the 2024 cap

 

Head spinning from too much math? Not to worry, here is a Benefit Calculator available from CO FAMLI that can estimate your benefits for you.

Stay up-to-date on CO FAMLI Benefits and other updates to this program!

Learn more how CO FAMLI Private Plans may be the right solution for your business.

 

 

 

 

 

This blog post is for informational purposes only and is not an offer of coverage or intended to provide legal counsel. Please consult with an appropriate professional for legal and compliance advice. Any information is based on the applicable statutes and regulations, and may change as regulations evolve or Colorado issues guidance regarding its paid Family & Medical Leave Insurance (FAMLI) regulations. 

*The ShelterPoint family of companies operates under the “ShelterPoint” name strictly as a marketing name, and no legal significance is expressed or implied. The ShelterPoint family of companies consists of ShelterPoint Life Insurance Company, a NY-domiciled carrier (principal office in Garden City, NY), and its wholly-owned subsidiary ShelterPoint Insurance Company, a FL-domiciled carrier, depending on the state. ShelterPoint is a registered service mark.

 

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