On Friday, May 28, 2010, the House passed the American Jobs, Closing Tax Loopholes and Preventing Outsourcing Act of 2010 (the “Act”). Due to the estimated cost of the Act, the House removed all non-tax related provisions, including a provision that would have extended the current COBRA premium subsidy for employees involuntarily terminated through December 31, 2010. As a result, unless the Senate reinstates the COBRA subsidy extension provision to the Act, the subsidy officially expired on Monday, May 31, 2010, so that no one terminated after that date will be entitled to the COBRA subsidy. Although we believe the subsidy will eventually be extended, it may only continue to be extended via multiple three or four-month increments. We will keep you updated on any new legislative developments and any retroactive notice requirements.
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COBRA premium subsidy not extended beyond May 31
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Legal Department Administrator
Jovian Capital Corporation