NEW YORK (TheStreet) -- Corporate America stands to save trillions of dollars by pushing workers and retirees off company-sponsored health plans onto less costly insurance exchanges, and household names from General Electric(GE - Get Report) to IBM (IBM- Get Report) and Wal-Mart Stores (WMT - Get Report)are on the cutting edge of the shift.
GE alone reported saving $3.3 billion by moving retired production workers to a private exchange, where they will join salaried retirees, according to a quarterly filing last month. The Fairfield, Conn.-based company had already reported $832 million in savings on retiree health benefits in 2012 and $586 million in 2014.
"We are in a transitional period," Thomas Kochan, a professor of employment policy at the Massachusetts Institute of Technology, said in an interview. "U.S. corporations would save an aggregate $3.25 trillion by moving their employees and retirees to private exchanges."
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Awesome.
ReplyDeleteYeah, real awesome. These companies promised all these benefits to their employees who believed and worked and paid their entire career lives for them, only to have a big nothing handed to them and a voucher to go get some crumbs over there.
ReplyDeleteNice.
Real nice.
F.U.