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Kodak resumes lump sum pension payments
Rochester, N.Y. A day after Kodak emerged from bankruptcy, theres good news for employees and retirees.
For the first time since filing for Chapter 11, Kodak is allowing lump sum payments of pension plans.
This will give retirees and Kodak employees worried about losing their job the comfort of knowing that they can get their money and not worry about what happens to Kodak in the future, said financial analyst George Conboy of Brighton Securities.
We think its going to be a stampede. The doors have been shut and bolted since the start of bankruptcy. Perhaps thousands will elect to take this lump sum.
Conboy says Kodak has done a pretty good job of managing its pension program.
He says for those who stick with installment payments, they still are guaranteed something, but could take a big hit if the company declines further.