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News
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Extension Act of 2010
Peter Krause
2010-04-16 |
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On April 15, 2010, the President signed the Continuing Extension Act of 2010, which extends the COBRA subsidy once again. The subsidy, which expired on March 31, 2010, has now been extended until May 31, 2010. This means that employees who are involuntarily terminated through the end of May will be eligible for COBRA premium assistance.
The extension applies retroactively, which means that individuals who were involuntarily terminated anytime from April 1, 2010 through April 15, 2010 (once the subsidy period had expired and prior to the President approving the extension) will be eligible for the subsidy.
Compliance requirements:
Employers must inform eligible employees of their right to elect COBRA coverage at the subsidized rate. Eligible employees are those who were, or will be, terminated involuntarily anytime from September 1, 2008 through May 31, 2010. Employers are urged to work with their plan administrators in order to meet their notification requirements.
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