Time Warner to move retirees to health
care exchanges
Published: Sunday, 8 Sep 2013 | 2:35 PM
ET
Time Warner
Inc is planning
to transfer its U.S. retirees from company-sponsored
health plans and move them to private insurance
exchanges.
According to an August memo obtained by
Reuters, the media company will make allocations to a Health Reimbursement
Arrangement account for retirees to use towards the purchase of coverage on an
exchange. Previously, Time Warner provided an indirect subsidy through a
supplementary Medicare program.
The shift "will ultimately be beneficial
for all retirees by providing more choice of coverage ... for, in many cases, a
lower cost," read the memo, which was written by James Cummings, the company's
senior vice president of global compensation and
benefits.
(Read more: Companies sweating Obamacare
tax)
The change in coverage will take effect on
Jan. 1, 2014.
Time Warner is not the only company to
take such steps as a result of the government's healthcare reform laws. International Business Machines Corp on
Friday announced a similar plan, which it said was a way to lower costs for
retirees.
Time Warner
Inc.
Carol A. Melton is
an EVP for Time Warner Inc., a
member of the Council on Foreign Relations
(think tank), and was a trustee at the Committee for Economic
Development.
Note: David E.
McKinney is a trustee at the Committee
for Economic Development, and was the division president the International Business
Machines Corp (IBM).
Foundation
to Promote Open Society was a funder for the Committee for Economic Development, and the
Brookings Institution (think
tank).
George Soros is the
chairman for the Foundation to Promote Open
Society, a member of the Council
on Foreign Relations (think tank), and the founder of Soros Fund
Management.
Shirley Ann
Jackson is a trustee at the Committee for
Economic Development, a trustee at the Brookings Institution (think tank), a
director at the Council on Foreign Relations
(think tank), and a director at the International Business Machines
Corp (IBM).
Cyrus F.
Freidheim Jr. is an honorary trustee at the Brookings Institution (think tank), a
member of the Council on Foreign Relations
(think tank), and a member of the Commercial Club of Chicago.
Robert A. Helman
was an honorary trustee at the Brookings
Institution (think tank), is a member of the Commercial Club of Chicago, and a partner
at Mayer
Brown.
Mayer Brown is the
lobby firm for Time Warner
Inc.
Edward J. Zander
was a director at Time Warner
Inc., and a managing director at Silver Lake.
Glenn H. Hutchins
was the founder & managing partner for Silver Lake, is a member of the Council on Foreign Relations (think tank),
and a trustee at the Brookings Institution
(think tank).
Silver
Lake Kraftwerk Fund is a fund for Silver Lake, and a partner with
Soros Fund
Management.
John A. Swainson
was a senior adviser at Silver Lake, and a group vice
president for the International Business Machines Corp
(IBM).
IBM & Time Warner Inc. are corporate members of
the Council on Foreign Relations (think
tank).
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