IBM and Time Warner have joined a growing number of large employers shifting their retirees from company health plans and onto new PPACA-inspired private exchanges to cut costs.
IBM said the benefits of about 110,000 of its retirees would be administered by Extend Health, a private exchange run by Towers Watson & Co., beginning on Jan. 1. Time Warner's similar move goes into effect the same day.
Both companies said they would provide cash payments to their retirees that could be used to purchase insurance.
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