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The American Recovery and Reinvestment Act of 2009 will make a number of changes impacting employee benefits. Primary among the benefit changes will be COBRA revisions that will create a nine-month, 65% federal subsidy of premiums payable by certain terminated individuals.
We are in the process of reviewing the 1400 page document to make sure we are communicating properly exactly what your employer responsibilities are with regards to the new law. We are anticipating having a detailed summary sent to your attention no later than Friday February 27th.
The subsidy will apply to involuntarily terminated individuals who lost their jobs between September 1, 2008 and December 31, 2009. Eligible individuals will need to be notified within 60 days of the bill's enactment. We are expecting a model notice to be created by the Department of Labor (DOL) no later than March 19th.
If you have any questions or concerns, please do not hesitate to contact HORAN. |
