The healthcare reform legislation drafted so far, if enacted, would have a number of implications for large employers. This briefing paper looks at both the Senate HELP Committee's Affordable Health Choices Act and in the House's America's Affordable Health Choice Act of 2009 and examines the implications for large employers. Specific provisions under consideration include a ban on pre-existing condition exclusions, actuarial equivalence rules, the creation of health insurance exchanges, and various changes specific to employers.