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ERRP 5 Billon Fund Almost Gone

ERRP $5B Fund Almost Gone

On December 9^th, the Early Retiree Reinsurance Program announced that through December 2^nd $4.5B of the $5B fund had been reimbursed.  This is an update from the November 18^th announcement when $4.1B had been reimbursed.  At this rate, it is unlikely any funds in this temporary program will still be available by February.  At this time, the federal government has not, and is not expected to, authorize any additional funds to continue the program.

As a result, the ERRP will not accept any claim files with claim incurred dates after December 31, 2011.  For those ERRP-approved plan sponsors who still have claim files with eligible reimbursements, they should still submit the files and the ERRP will continue to process those files in receipt order until the remaining $5B in funds is exhausted.  Claim files that are successfully submitted and received after the funds are exhausted will still be held by ERRP in a pended status in receipt order.  Those pended claims will be reimbursed in the event new funds are ever authorized for the ERRP.

To view the ERRP announcement, please click on the following link:

http://www.errp.gov/newspages/20111209-updated-payment-processing-new-incurred-date.shtml