NRLN Kodak Retirees Chapter


Kodak Retirees Chapter - 2023 Annual Funding Notice Review

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.   

The Kodak Retirement Income Plan Is Well Funded! 

The number of Plan Participants – decreased from 51,497 in 2012 to 37,299 in 2022 – a 28% decrease. This reflects the facts that no new participants were added, workforce reductions occurred and deaths over 10 years combined to create the 28% decrease. 

Funding Levels – AFN tables show adjusted and unadjusted interest rates reflect actuarial funding decreases for Plan Year (PY) 2022 vs 2012 on a Net Asset basis. However, actuarial funding calculations on a Total Asset basis show a much more accurate picture of funding – unadjusted, funding was 119% and adjusted funding was reported at 147% – both are more that 20% higher than was reported for PY 2012, this is very good news!  

Actuarial data can overstate funding levels because they are based on data as of the first day of a plan year that is 16-months old when you receive your AFN in April of the next year. The Fair Market Value (FMV) of Year-End Assets and Liabilities (page 5 of the 2023 AFN) are the most reliable funding calculation. It is based on market asset values and market interest rates on the last day of the plan year; just 4 months old when you get your AFN. The Kodak plan FMV 2012 funding level of 93.6% ballooned to 151.62% in 2022 – really good news!  

Kodak funded the plan well and froze the number of participants which reduced plan liabilities by 28% that turned your 2012 underfunded plan into one holding of $1.2 billion surplus dollars on 12/31/2022. However, Kodak increased the riskiness of plan asset in the investment portfolio between 2012 and 2022 to maximize asset growth. (Page 5 of your 2023 AFN lists the 2022 investment ratios.) An example of increased risk is the doubling of the percent of assets invested in common and preferred stocks by over 50% and the 50% increase in Partnership and Joint Ventures investments of assets.  

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 your pensions, thus eliminating $2.4 billion of liabilities then spend the $1.2 of billion surplus elsewhere.  


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.  


Bill Kadereit
National Retiree Legislative Network

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 (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 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 and click the Chapter tab on the taskbar to see a list of current Chapters and the Chapters model document.

If you are not already aware of the work of the NRLN, see NRLN Review by clicking link below.

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