(NEW YORK) — IBM has an unpleasant surprise for more than 110,000 of its retirees, as they will be moved off of the company’s health plan.
The former employees will be given money annually to buy coverage in a health-insurance exchange. The decision is part of the company’s corporate trend away from providing traditional retiree health benefits, due to rising costs.
IBM told retirees that the current coverage will end for Medicare-eligible retirees at the end of 2013, says the Wall Street Journal.
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John Newsome and Anne Woolsey, CNN