Rochester, N.Y.-- For months, Joseph Janowicz and Wayne Weiler were on edge. The two had worked at Kodak for more than three decades and with rumors that Kodak might be filing for bankruptcy, they wondered what would happen to their retiree benefits and pensions.
On Thursday, the Eastman Kodak Company filed for Chapter 11 bankruptcy.
For the first time, the company addressed retirees' questions via their new reorganization website KodakTransforms.com.
On the site, the company says despite the bankruptcy filing, retiree pensions are safe. So are 401Ks. Health, dental and life insurance benefits are also safe for the time being.
The company says that changes could be made to health benefits after proceedings in bankruptcy court.
There was one big change. Payments for supplemental pensions plans are discontinued as of Thursday, January 19.
Kodak plans to send letters to all its retirees informing them of the changes.
Janowicz wishes Kodak had reached out to retirees sooner.
"Get to the point. Good news or bad news. Share it with us. We're all grownups in today's society and it's very important that we know."
Many retirees have started looking at other health insurance options. Most are still not as affordable as the plan they have with Kodak.
Some retirees like Weiler are even considering taking up a part-time job if benefits are cut.
"Retirement might have to temporarily end and I might have to go back to work temporarily," says Weiler.
For more information on what Kodak's bankruptcy filing mean for retirees, visit www.kodaktransforms.com .
