This Week
  • Christa and Morgan target a July start for the $7 million East Ave. development.

  • Health care professional Carla D'Angelo's wish is to one day make volunteering her career.

  • Glenn Kellogg opened Hart's Local Grocers two years ago in the East End.

  • Avani Technology Solutions has grown to a predicted $26 million in revenues by the end of this year.

  • What the new fiduciary rule means for financial professionals and their clients.

  • The Schools Report Card has rankings for 27 districts and more than 250 schools.

Kodak retirement plan changes will save firm $12M in 2015

Rochester Business Journal
July 30, 2014

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.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google