Many have lost their jobs due to COVID-19 and the associated business closures and economic disruption. To provide relief, the IRS and the DOL have announced an extension of certain timeframes for employee benefit plans, participants and beneficiaries affected by the COVID-19 outbreak. Under this rule, the period starting on March 1, 2020, and ending 60 days after the declared end of the emergency will be disregarded in deadlines for COBRA elections and COBRA premium payments.
The following resources can help employers and third-party administrators adapt to COBRA requirements during the pandemic:
- The IRS Rule granting an extension
- The DOL’s COVID-19 FAQ for participants and beneficiaries
- The DOL’s revised COBRA model notices
- SHRM’s article DOL Temporarily Extends COBRA Deadlines
*This news is for informational purposes only and should not be considered legal or operational advice.