Eastman Kodak Co. is altering its retirement and savings and investment plans, a filing with the Securities and Exchange Commission shows.
Company officials say the changes will result in a projected benefit obligation of roughly $55 million, and a reduction in 2015 expenses of some $12 million.
For the Kodak retirement income plan, participants in the traditional pension formula will convert to a cash balance formula and be eligible for a benefit equal to the sum of the pre-2015 traditional benefit and the post-2014 cash balance benefit, the filing states.
Also, credits under the cash balance formula will increase from 4 percent of monthly compensation to 7 percent of monthly compensation.
Kodak will no longer match contributions to employees’ savings and investment plans, the filing states.
These changes are effective Jan. 1, 2015.
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