(1) (a) The
benefits for an individual who is separated from employment and receives a
severance allowance must be postponed for a number of calendar weeks after
separation from employment that is equal to the total amount of the severance
allowance, divided by the individual's usual weekly wage. The postponement
required by this subsection (1) begins with the calendar week in which the
severance allowance was received. If the number of weeks does not equal a whole
number, the remainder is disregarded. Notwithstanding section 8-73-107 (1)(f), any
wages earned by an individual in a calendar week during postponement are
disregarded.
(b) For purposes of this subsection (1), individual's weekly wage means an
individual's usual or average wage earned in a representative number of calendar
weeks.
(1.2) (Deleted by amendment, L. 2009, (HB 09-1076), ch. 408, p. 2248, � 1,
effective June 2, 2009.)
(1.5) Repealed.
(1.6) (Deleted by amendment, L. 2009, (HB 09-1076), ch. 408, p. 2248, � 1,
effective June 2, 2009.)
(2) An individual who has an award for any week and for which week he, at a
subsequent date, received a pay award by reason of a decision of the national labor
relations board or other source, as a result of the action taken by the national labor
relations board or other source, shall immediately repay to the division such
amounts as will reimburse the division for all benefit payments made for the period
during which he drew benefits and for which the national labor relations board or
other source has caused a payment to be made in the form of back pay award to the
claimant; and the employer's account charged for such benefits shall be credited
accordingly.
(3) (a) (I) Except as provided in subparagraph (II) of this paragraph (a), an
individual's weekly benefit amount shall be reduced (but not below zero) by:
(A) (Deleted by amendment, L. 2009, (HB 09-1076), ch. 408, p. 2248, � 1,
effective June 2, 2009.)
(B) The prorated weekly amount of a pension, retirement or retired pay, or
annuity that has been contributed to by a base period employer; or
(C) The prorated weekly amount of any other similar periodic or lump-sum
retirement payment from a plan, fund, or trust which has been contributed to by a
base period employer.
(II) An individual's weekly benefit amount shall not be reduced when an
individual receives a lump-sum retirement payment from a plan, fund, or trust that
has been contributed to by a base period employer when all of the following
conditions are met:
(A) The individual's separation from the employer awarding the payment is
not due to a retirement pursuant to section 8-73-108 (4)(m) or (5)(e)(XXIII);
(B) The individual presents proof to the division within fourteen calendar
days from date of claim or sixty calendar days of receipt of such lump-sum
payment, whichever is later, that this total payment has been reinvested into an
individual retirement account or Keogh plan, as defined in 26 U.S.C. sec. 408 or 26
U.S.C. sec. 401, and such proof establishes that the investment is for a duration of at
least one year; except that such lump-sum retirement payment shall not be
considered to be received by the individual until the entire balance has been so
received. Should a portion of the payment be ineligible for reinvestment and the
claimant presents proof that the total eligible portion has been reinvested, only the
remaining uninvested portion will be prorated in accordance with subparagraph (III)
of this paragraph (a).
(III) When an individual receives a lump-sum retirement payment from a plan,
fund, or trust that has been contributed to by a base period employer and the
payment does not meet all of the criteria established in subparagraph (II) of this
paragraph (a), then the division shall postpone the individual's benefits for a number
of calendar weeks equal to the gross amount of the lump-sum payment divided by
the individual's full-time weekly wage. However, when an individual receives a
lump-sum retirement payment from a plan, fund, or trust as described in this
subparagraph (III), but only reinvests a portion of that payment as required in
subparagraph (II) of this paragraph (a), or when an individual otherwise withdraws
an amount from a plan, fund, or trust that is less than the total lump sum of the
account, then the division shall consider only the portion that is received but not
reinvested pursuant to subparagraph (II) of this paragraph (a) in determining the
number of calendar weeks that the individual's benefits are postponed.
(IV) An individual's weekly benefit amount shall not be reduced by any
amount of a primary insurance benefit under Title II of the federal Social Security
Act that has been contributed to by a base period employer if the employee has
made contributions to federal social security.
(b) (I) An individual who has applied for a retirement payment shall be
entitled to receive, if otherwise eligible, the weekly benefit amount reduced by the
prorated weekly amount of the estimated or reported amount of such retirement
payment. When notice of the actual or confirmed amount of the retirement payment
is received by the individual, he shall advise the division and the deduction will be
adjusted accordingly.
(II) If the estimated amount of the retirement payment exceeds the amount
of unemployment compensation to which the individual is entitled, he shall receive
one payment equal to the minimum weekly benefit amount, as prescribed by
section 8-73-102 (1), other provisions of articles 70 to 82 of this title
notwithstanding.
(c) For purposes of this subsection (3), lump-sum retirement payment
means the entire balance due the individual from the plan, fund, or trust that has
been contributed to by a base period employer.
(4) An individual's weekly benefit amount shall not be reduced because of
the receipt of military service-connected disability compensation payable under 38
U.S.C., chapter 11, by the federal veterans administration. An individual's weekly
benefit amount shall be reduced because of the receipt of a military disability
retirement pension based on previous work performed by the individual, the
relationship to the level of prior remuneration, or the length of service.
(5) Individuals who receive compensation for temporary disability under the
workers' compensation law of any state or under a similar law of the United States
shall be entitled to receive benefits for a corresponding week, if otherwise eligible,
reduced by the amount of the temporary disability compensation unless the
temporary disability amount has already been reduced by the unemployment
insurance benefit amount.
(6) Individuals who receive sick pay benefits or other similar periodic cash
payments paid to the worker by a base period employer or from any trust or fund
contributed to by a base period employer shall be entitled to receive benefits for a
corresponding week, if otherwise eligible, reduced by the amount of such sick pay
benefits or other similar periodic cash payments.
(7) Repealed.
(8) (Deleted by amendment, L. 2009, (HB 09-1076), ch. 408, p. 2248, � 1,
effective June 2, 2009.)
Source: L. 36, 3rd Ex. Sess.: p. 19, � 5. L. 37: p. 1255, � 3. CSA: C. 167A, � 5. L.
41: p. 766, � 5. L. 49: p. 722, � 3. L. 53: p. 624, � 5. CRS 53: � 82-4-12. L. 55: p. 533,
� 2. L. 57: p. 518, � 6. L. 59: p. 564, � 6. L. 63: p. 679, � 6. C.R.S. 1963: � 82-4-10. L.
65: p. 843, � 6. L. 69: p. 671, � 6. L. 72: p. 450, � 1. L. 76: (4) and (5) amended, p. 348,
� 13, effective October 1. L. 79: (3)(a)(I) amended, p. 351, � 13, effective September
30. L. 81: (3), (4), and (5) R&RE and (6) added, pp. 511, 512, �� 2, 3, effective July 1. L.
83: (7) added, p. 430, � 4, effective June 3. L. 84: (1)(c) amended, p. 323, � 3,
effective July 1. L. 85: (3)(a) amended, p. 368, � 5, effective July 1. L. 86: (1)(c)
repealed, p. 547, � 12, effective May 28; IP(1), (3)(a), and (6) amended and (1.5) and
(8) added, p. 543, � 7, effective July 1. L. 86, 2nd Ex. Sess.: IP(1) and (1.5) amended,
(1)(c) RC&RE, and (1.2) and (1.6) added, p. 55, �� 2, 1, effective August 15; (1.5)
repealed, p. 55, � 2, effective September 1, 1986. L. 87: (3)(a) amended, p. 410, � 1,
effective April 16. L. 88: (5) amended, p. 389, � 2, effective June 11. L. 90: (3)(a)(II)(B)
amended and (3)(c) added, p. 613, � 1, effective March 16; (5) amended, p. 557, � 10,
effective July 1. L. 92: (3)(a)(II)(B) and (3)(b)(I) amended, p. 1795, � 4, effective April
10. L. 96: (1) and (1.6) amended, p. 27, � 1, effective March 13. L. 2000: (3)(a)(I)
amended, p. 1393, � 1, effective October 1. L. 2009: (1), (1.2), (1.6), (3)(a)(I)(A), and (8)
amended and (3)(a)(IV) added, (HB 09-1076), ch. 408, p. 2248, � 1, effective June 2. L. 2013: (3)(a)(III) amended, (HB 13-1054), ch. 92, p. 295, � 1, effective April 4. L.
2020: (1)(a) amended, (SB 20-170), ch. 297, p. 1478, � 2, effective January 1, 2021.