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Automatic Data Processing Inc., the payroll-processing giant, will offer companies a new way for their employees to select health benefits, challenging firms like Towers Watson & Co. and Marsh & McLennan Cos.

ADP is introducing an online service known as a private exchange that will let workers shop for insurance coverage among multiple health plans, much the same way consumers can select policies on a government-run exchange under Obamacare. One new feature is designed to help companies limit costs: Employees can be given a fixed sum of money to spend on the plan they pick, with any extra cost coming out of each paycheck.

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