You are here

Statement from PBGC on Bankruptcy Filing of Kodak Corporation

Statement from PBGC on Bankruptcy Filing of Kodak Corporation
FOR IMMEDIATE RELEASE
January 19, 2012

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.

UPDATE:

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.

About PBGC:

PBGC protects the pension benefits of nearly 37 million Americans in private-sector pension plans. The agency operates two separate insurance programs — one covering pension plans sponsored by a single-employer and another covering multiemployer pension plans, which are sponsored by more than one employer and maintained under collective bargaining agreements. PBGC is currently responsible for the benefits of about 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars. Its operations are financed by insurance premiums, investment income, and, for the Single-Employer Program, assets and recoveries from failed single-employer plans. For more information, visit PBGC.gov.

Statement Number: 
01