7 Colo. Code Regs. § 1107-1.4

Current through Register Vol. 47, No. 20, October 25, 2024

Section 7 CCR 1107-1.4 - Premiums

1. Premiums must be paid not less than quarterly in the form and manner determined by the Division. Quarterly payments must include all premiums with respect to wages paid during the calendar quarter.

2. Premiums must be paid no later than the last day of the month immediately following the end of the calendar quarter for which the premiums have accrued. Payment will be considered timely if postmarked or received electronically on or before the due date. If the due date of premiums falls on a Saturday, Sunday, or legal holiday, payment will be considered timely if postmarked or received in person or electronically on the next business day.

3. If an individual electing coverage backdates their elective coverage effective date pursuant to Section 1.3.1.B.2 of these rules, all premiums become due on the next premium due date that has yet to occur. For example, if in February 2024 an individual chooses to elect coverage and selects an effective date of July 1, 2023, their premiums for July 1, 2023 through March 31, 2024 are first due on April 30, 2024.

4. If, as a result of an incorrect notification or computation by the Division of premiums due, an employer is required to make an additional payment of premiums, such additional payment will not accrue interest until thirty days after notification by the Division that such additional payments are due.

5. Unless stated otherwise by exemption:

A. The first premium payment of any person or entity that becomes an employer subject to C.R.S. § 8.13.3-501 et seq., at any time during a calendar year must be paid on or before the last day of the month immediately following the calendar quarter in which such person or entity becomes an employer.

B. Said payment must include premiums with respect to wages paid beginning the first day the person or entity becomes an employer.

6. An employer required to remit premiums pursuant to C.R.S. § 8-13.3-507 may not deduct more than the maximum allowable employee share of the premium from wages paid for a pay period.

A. If an employer fails to deduct the maximum allowable employee share of the premium from wages paid for a pay period, the employer is considered to have elected to pay that portion of the employee share under C.R.S. § 8-13.3-507, and the employer cannot deduct this amount from a future paycheck of the employee for a different pay period. However, where there is a lack of sufficient employee wages to cover the employee share of premiums for a pay period, the employer may deduct the uncollected portion of the employee share from one or more paychecks for future pay periods.

B. In the payment of any premiums to the Division, and in the collection of any premium contributions from an employee, a fractional part of a cent will be disregarded unless it amounts to one-half cent or more, in which case it will be increased to one cent.

7. Premium payments to the Division will be applied in the following order, starting with the oldest quarter to the most recent past calendar quarter in which a balance is owed:

A. Fines;

B. Fees;

C. Interest; and

D. Premiums.

8. If the Division receives payment in an amount that exceeds the total of any premiums, fines, interest, or other debt owed to the Division, then:

A. If the amount in excess is less than fifty dollars, it will be credited to future payments due; and

B. If the amount in excess is fifty dollars or more, it may be refunded to the employer at the employer's request. Otherwise, it will be credited to future payments due.

9. If an employer or an individual electing coverage fails to remit premiums by the due dates described in these rules, the Division may assess upon the employer or individual a fine of up to $50.00 per individual whose premiums were not timely paid.

10. Pursuant to C.R.S. § 8-13.3-507(6), premiums will not be required for wages above the contribution and benefit base limit established annually for the federal social security administration for purposes of the federal old-age survivors, and disability insurance program limits pursuant to 42 U.S.C. § 430.

11. If the Division issues a reimbursement of premiums to an employer, the employer must return to its employees any portion of the reimbursed amount that it collected from its employees.

7 CCR 1107-1.4

44 CR 23, December 10, 2021, effective 1/1/2022

45 CR 23, December 10, 2022, effective 12/30/2022

46 CR 17, September 10, 2023, effective 1/1/2024