Law360 (April 2, 2009, 12:00 AM EDT) -- On Feb. 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act ("the Act"), in an attempt to provide economic stimulus to the nation's economy.
Among the provisions of the Act are important changes to the continuation coverage of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA").
The Act revises COBRA to alleviate nearly two-thirds of the cost to employees from continuing their medical benefits following an involuntary termination for eligible taxpayers earning below a maximum threshold.
For eligible individuals, the Act provides for a 65 percent subsidy of the required COBRA premium for a maximum period...
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