A small business advocacy group urges its members and other small business owners to comply with new obligations in Colorado.
They include those imposed under the Family and Medical Leave Insurance (FAMLI) and SecureSavings retirement programs.
“Almost half our members process their own payroll — when they get the time, which is becoming scarcer because 91 percent of them are working more hours to make up for the labor shortage afflicting small businesses across the nation. So we try to get them the information they need to know quickly so they don’t fall behind complying with the law. And this year, there are two additional ones we want them to know about,” said Tony Gagliardi, Colorado director of the National Federation of Independent Business.
Starting Jan. 1, employers must register with the FAMLI program and begin making premium deductions from employee paychecks. The Colorado Department of Labor and Employment recently extended the first payment deadline from April 30 to the end of May.
The Colorado SecureSavings Program requires most private employers with at least five employees that don’t offer a tax-qualified retirement plan to enroll. Employers that provide retirement plans must certify their exemptions.
Employees who choose to participate in the program may allow an automatic 5 percent pay contribution to begin or designate a different contribution amount.