Employee Benefits-Congress Extends COBRA Premium Reduction Subsidy

I just read that the President has signed the Fiscal Year 2010 Defense Appropriations Act (the “Act”), which extends the 65% COBRA premium reduction subsidy. The subsidy is provided by the American Recovery and Reinvestment Act of 2009 (“ARRA”). The Act extends the eligibility period (i.e., the period during which involuntary job loss must take place) for the subsidy for an additional two months (through Feb. 28, 2010) and the maximum period for receiving the subsidy for an additional six months (from nine to 15 months). I’ll post more details here as I get them.

A press release from the Department of Labor announcing the extension of the COBRA premium reduction subsidy is here.