Don Parry toiled at IBM for more than three decades assured that his retirement benefits were guaranteed only to find that nothing is as he expected.
"The mystery is that we don't know what's going to happen," said Parry, who retired to the Jacksonville, Fla. area in 1990 after 32 years with the computer behemoth. "We're sitting in limbo."
This month, IBM announced that 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. IBM said it was making the move to help protect its retirees from skyrocketing costs.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
