Rochester, N.Y. – The Kodak Retirees Association has reached an agreement with Kodak on payments from two pension plans.
Kodak will recalculate the payments due to retirees under both plans using a more favorable mortality formula that retirees preferred. Art Roberts of the Kodak retirees association says "Kodak originally calculated these plans using an interest rate that wasn't really an industry standard."
The agreement also covers some 400 employees who failed to successfully file claims during Kodak's bankruptcy process.
Average retirees will get about 14 percent more on their claims; some lower and some higher depending mainly on how old they are.
The agreement was approved in federal bankruptcy court in New York City. Roberts says retirees who paid into the two annuity funds are getting back only a small portion of what they paid in.