Economic Adjustment Assistance Act

Title I: Assistance for Certain Dislocated Workers - Economic Adjustment Assistance Act - Amends the Federal-State Extended Unemployment Compensation Act of 1970 to establish a program of economic adjustment assistance for certain dislocated workers. Provides for program eligibility determinations by the Secretary of Labor, and benefit information to workers. Provides for program benefits transition allowances and for health benefits for individuals receiving such allowances. Sets forth worker qualifying requirements, weekly amounts, limitations, overall limitation, and application of State laws. Provides for individual and family entitlements, premium assessment through withholding of a portion of the allowances, transfers of funds used to finance health benefits, and information transmission. Provides for agreements with States, administration absent a State agreement, payments to States, liabilities of clarifying and disbursing officers, fraud and recovery of overpayments, penalties, program payments out of the Account, regulations, and subpoena power. Terminates assistance under this title after FY 1995. Extends through calendar year 1996 the current higher rate of the Federal unemployment tax (thus retaining a surtax which makes such rate higher than that for which current law provides for such period). Repeals certain limitations (a four-week waiting period and only 13 weeks of benefits) on payment of unemployment compensation to former members of the armed forces (so that, like other civilians, they would wait one week before beginning to receive up to 26 weeks of benefits). Amends the Social Security Act to require the Secretary of Labor to report annually to specified congressional committees on the condition of each Federal and State account of the Unemployment Trust Fund, with a projection of the receipts and disbursements of each such account for the next five fiscal years. Title II: Medicare Coverage and COBRA Continuation for Individuals Receiving Special Unemployment Allowances - Amends the Social Security Act to provide for Medicare coverage for individuals receiving special unemployment allowances. Amends the Internal Revenue Code to suspend COBRA continuation coverage during the period of such Medicare coverage for those individuals receiving special unemployment allowances. Title III: Targeted Jobs Credit - Amends the Internal Revenue Code to add to the list of workers for whom employers may claim the targeted jobs tax credit certain qualified dislocated workers, including those certified as adversely affected workers under this Act or under the trade adjustment assistance program of the Trade Act of 1974.