Kodak Retirees Chapter - 2023 Annual Funding Notice Review
To All NRLN Kodak Chapter Members: 3/1/2024
In 2023, thanks to Kodak Chapter members sending us copies of your 2023 Annual Funding Notice for plan year 2022, we were able to send you our analysis of your pension plan (See page 2) that included the following observation:
“So, your plan is well-funded but like many U.S. companies, it is ripe for voluntary termination (de-
risking) and annuitization of pension payments. If Kodak needed assets, it could voluntarily terminate (a total de-risking) the plan and annuitize pensions, thus eliminating $2.4 billion of liabilities and apply
$1.2 of billion plan surplus-assets elsewhere.”
At the time, few of us felt that Kodak management could screw up the company again. Apparently, they did again but this time investors of all types are unwilling to fully finance their new restructuring which could include buying another company with pension plan assets.
Read the full document here:
Kodak Explores Tapping Pension Fund’s $1.2 Billion Surplus Bloomberg – February 29, 2024. Having just heard the news on Thursday 2/29 we are not able to make fully accurate assertions until we see all the facts but this fish smells rotten! Why?
READ MORE...The NRLN is continuing to serve all Kodak retirees as your voice in Washington, DC. As mentioned in our recent appeal for contributions we are currently focused on these issues:
- Social Security – The Old-Age and Survivors Insurance (OASI);
- Medicare – The Hospital Insurance (HI) Trust Fund (Medicare Part A), Physician Services (Part B) and Prescription Drugs (Part D); and Medicare Plan Prices,
Regarding specific Income related pension issues, we noted NRLN Proposals Passed in 2022 – (1) Improvements to pension plan Annual Funding Notice. (2) Changes to Section 420 transfers that can protect retiree healthcare and life insurance. (3) Limit retirees’ exposure to pension recoupment of over-payments to 3 years rather than unlimited years; may not recoup more than 10% of overpayment per year, and it may not recoup against a beneficiary.
Our contributions appeal letter also included a brief description of Pension Plan De-risking – Many employers are converting pension plans to insurance annuities. When “de-risking” occurs with the purchase of an annuity, pension plan participants lose the protection of federal laws, including PBGC insurance protection in the event of payment defaults.
The NRLN is lobbying for a bill to be introduced with its proposal that annuity contracts require reinsurance to protect retirees if the primary insurer fails to meet annuity payment obligations.
The section below is an NRLN overview of your plan that compares the financial health of your 2012 Plan Year reported by Kodak in its 2013 Annual Funding Notice (AFN) with data from their 2023 AFN that you received in April 2023. We will be able to view what’s happened over 10 years, how financially secure your plan is today, and offer a brief assessment of how derisking might or might not be an issue today.
CONTRIBUTE TO THE NRLN
How You Can Help Your Chapter and all Retirees
Support NRLN’s Pension Plan De-Risking proposal to protect annuitized pensions, open NRLN emails and send all Action Alert messages to your members of Congress. Keep us informed about what is important to you – we will continue to be proactive.
CONTRIBUTE TO THE NRLN
Bill Kadereit
President
National Retiree Legislative Network
Email: contact@nrln.org
Welcome to the NRLN
Recently you received a message from the Board of EKRA announcing the decision to dissolve the organization by November 1, 2021. The announcement noted EKRA’s long affiliation with the National Retiree Legislative Network and the NRLN’s interest in forming the NRLN Kodak Retirees Chapter.
Welcome to your new NRLN Kodak Retirees Chapter. The Chapter’s webpage has been created at www.nrln.org (click on the Chapters tab) to provide relevant Chapter news, company news, contact information for Kodak retirement benefits and the Chapter will have email capability to communicate with its members.
Nearly 1,800 Kodak retirees have been receiving NRLN emails for years. If this is the first time you are receiving an NRLN email, there is a link at www.nrln.org to the NRLN FOCUS newsletter. Also, there is a link to the NRLN Review, a monthly summary of the NRLN’s work. You will receive our Action Alerts on important matters to address with your U.S. Representative and Senators, and at times with the President. You will also receive other emails to keep you informed on retirement issues. You will not receive junk or nuisance emails.
The EKRA’s dissolution announcement stated that EKRA has a very small cash balance which will be used to help start the NRLN Kodak Retirees Chapter. Since the EKRA has not collected membership dues in recent years its contribution for the formation of the Chapter will need to be supplemented by a future appeal to Chapter members to make a voluntary contribution in any amount they can afford to offset near term startup and operating expense.
The Chapter will operate under the same model and rules governing 12 other Chapters. Visit the NRLN website homepage at www.nlrn.org and click the Chapter tab on the taskbar to see a list of current Chapters and the Chapters model document.
Kodak Retiree Service and Benefits Center
1 -877-995-6325 KRIP Pension (Tax Election, Direct Deposit, Address Changes, Reporting Death)
MetLife – Survivor Income Benefit (SIB)
1-800-458-2479 For those who are receiving SIB pension benefits 1-866-492-6983 For those who have questions on eligibility or applying for benefits
1 -800-747-4968 Kodak SIP Service Center
1-888-607-4764 Kodak Medical Services Retiree medical records
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