It was not all smooth sailing as Savannah, Ga.-based TMX Finance, whose holdings include TitleMax and EquityAuto Loan, among other companies, made its transition to a private benefit exchange. There were bumps along the road and three broker changes, too, explained Lauren Thomas, the company’ senior vice president of human resources and administration, at a conference Wednesday.
In 2011, the company had to change its benefit offerings to become Affordable Care Act compliant. Prior to that it was giving its nearly 5,000 employees a stipend to purchase coverage. The company settled on moving to a private exchange, which, at the end of the day, needs to be able to have employees enroll through it, send files to carriers and get payroll files back, Thomas said at the conference sponsored by World Congress in Tysons, Va.
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