Wednesday, November 27, 2013

Time Warner to move retirees to health care exchanges

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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