NCsoft has been silent regarding the impending shutdown of City of Heroes past the initial announcement. An update has finally been posted, one that promises sunset events hosted in-game in the lead-up to the shutdown, although exact times and dates are not yet included. What is detailed is the policy for VIP status and the refund policy for players who had recently purchased Paragon Points.
Anyone who had an active subscription for VIP status as of September 1st will be granted VIP status for the remainder of the game's operation. Players whose subscriptions had lapsed will be unable to renew those subscriptions, unfortunately. Any subscription fees paid as of September 1st and the value of any Paragon Points purchased on or after August 24th can also be fully refunded to you. Players with game time cards will need to contact support to receive a refund.
It's certainly not the update that players have been hoping for, but it's at least a step toward knowing what will happen next with the game.