Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Kodak Makes Changes To Retirement & Other Benefits

www.kodak.com

Kodak is making some changes to its retirement plans and other benefits. A memo from CEO Jeff Clarke to employees on Wednesday says that the company's Executive Council recently held discussions on Kodak's strategic direction, with a focus on how to accelerate long term growth and sustainable profitability.

Clarke says to make the company more competitive the following changes are being made:

  • Moving from the current pension plan formulas and 401(k) match for U.S. employees to a single pension benefit formula, effective January 1 of 2015.  With this change, our pension benefit will be competitive with companies in our industry.  Employee pensions are unaffected through 2014.
  • A reduction in U.S. vacation carryover from four to two weeks, implemented by end of 2015.
  • A limited salary review for executives, based on both performance and gap-to-market, which will result in most executives not receiving an increase in 2014.  Non-executive salary reviews are unaffected.
  • A new structure for the Global Variable Pay program in the U.S., Canada and Israel to more closely tie rewards to company and business performance.  The Wage Dividend program is unaffected.
Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.