WASHINGTON—Pension Benefit Guaranty Corporation released the following statement today on the bankruptcy filing by Kodak Corporation:
"Kodak's U.S. pension plans are reasonably well funded and we want to make sure they stay that way. We will actively participate in Kodak's bankruptcy to protect Kodak's pension plans for their workers and retirees."
Kodak sponsors two traditional pension plans that cover nearly 63,000 people. The plans are 86% funded, with about $4.9 billion in assets to cover about $5.6 billion in benefits.
NOTE TO KODAK WORKERS AND RETIREES:
Your pension plan is ongoing, under the sponsorship of Kodak. PBGC cannot answer specific questions about your individual benefit. For information on the status of your benefit, contact your Kodak plan administrator.
On January 25, the bankruptcy court appointed PBGC to the Kodak creditors' committee, where the agency will work to protect Kodak’s pension plans.
Read full story at Bloomberg.com.
PBGC protects the pension benefits of 44 million Americans in 27,500 private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans.