COBRA BENEFITS-LIFETIME COV

Amends the State Finance Act. Provides that in addition to the lump sum payment incentive program provided to State employees who terminate employment with the State, the program may also provide for payment to participants or their health benefit coverage providers of an amount representing the net cost to the participating employee of his or her health benefit coverage under the State Employees Group Insurance Act of 1971 or applicable COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) insurance continuation provisions for the life of the participant (now, only up to 6 months immediately following termination of State service). Deletes a provision concerning the maximum pay out to State employees under this program.