April 1, 2011
Re: Early Retiree Reinsurance Program Closing
During its weekly conference call with the states, the U.S. Department of Health & Human Services announced this afternoon that it would be closing the door on new applications to participate in the Early Retiree Reinsurance Program.
The New Jersey Department of the Treasury and a number of New Jersey municipalities are registered for this program. The State of New Jersey has recouped $38 million through it.
This is the last chance for municipalities that want to register to do so. More importantly, if any New Jersey municipalities have submitted applications that are incomplete, this will be the last chance to complete them. HHS will be closing the door sometime in April, as it is confident it already has enough participants to fully utilize the $5 billion Congress appropriated for this program.
HHS promised it would post more details, along with a complete report on the $1.8 billion distributed through this program to date, on its website at www.errp.gov.
Very truly yours,
William G. Dressel, Jr.