Washington state is expected to save almost $60 million in health care reinsurance costs over the next two years thanks to a notable component of the federal health care reform legislation signed into law this year.

The state and 34 other large employers in Washington were among more than 2,000 nationwide that have been accepted into the federal government's Early Retiree Reinsurance Program, the U.S. Department of Health and Human Services announced today. The program will reimburse participants for maintaining coverage for early retirees 55 or older who are not yet eligible for Medicare.

According to the state Health Care Authority, that will save the state $24.2 million in the first year and $34.5 million in the second year.

You can find the full list of Washington employers accepted into the program here.