Kodak Screws the Retirees Again

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Country Boy

Batavia, NY

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#1
Jun 21, 2013
 

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Kodak announced yesterday that they are going to sell what is left of their film business to KRIP ( Kodak Retirement Plan). What a clever move; they finally get to pick the lock on the door of the multi billion dollar retirement plan that thousands of WNY retirees depend on. Thank you CEO Perez, you have finally completed your mission: to destroy a once great company. Now pack you bags and take your millions and get the Hell out of Dodge.
Country Boy

Batavia, NY

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#3
Jun 21, 2013
 

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That money was put into KRIP over the decades when Kodak was making more money than it could spend. Luckily it is managed by MONY or else Kodak management would have looted it years ago. Present day it doesn't cost current operations very much for it's small existing employee base. It use to be self sufficient, however, with the large retiree base drawing on it, it gets smaller every year. A lot of people who devoted their whole working life for the company rely on that monthly check.
Chuck

Atlanta, GA

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#4
Jun 21, 2013
 

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Great Investment? Its going to get very small soon. More theft of employees money. I do not expect the prining business to do well. Another flop but in a few year Perez will be gone with the loot and it will all collapse. The banks that lended them the money will get bailed out by taxpayers again. Kodak will be just a name from the past and lots of Kodak retirees will be working again.
Lindsey

United States

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#5
Jun 21, 2013
 

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Perez has truly looted a fortune from the company, and he's going to milk it until it's dry (not long to go).

They have no new products, and they keep burning huge amounts of cash. Printing has made no money for the company. Doubtful the situation will ever improve.
plz spay or neuter them

Rochester, NY

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#6
Jun 21, 2013
 

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Lindsey wrote:
Perez has truly looted a fortune from the company, and he's going to milk it until it's dry (not long to go).
They have no new products, and they keep burning huge amounts of cash. Printing has made no money for the company. Doubtful the situation will ever improve.
This is just like all those big companies that get bailed out of debt, still go under & the corp big wigs get fat bonusses, pensions & leave the workers with nothing.
Corporate level employees make out & the people who actually do the work & make the products get screwed. The corporate bastards are crooks.
Bob

Rochester, NY

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#7
Jun 21, 2013
 
Has the printing business made money for Kodak?
Country Boy

Batavia, NY

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#8
Jun 22, 2013
 

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Bob wrote:
Has the printing business made money for Kodak?
When I worked for the company, the employees were treated like mushrooms....you know the rest of the saying. Kodak has been discredited in the business world. I seriously doubt that any product or service they offer would or could make a profit.
MR Red Beard is back

Rochester, NY

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#9
Jun 22, 2013
 

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Kodak Retirees are what helped kill Kodak.
They were always over paid and with to much in benefits.
Country Boy

Batavia, NY

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#10
Jun 22, 2013
 
MR Red Beard is back wrote:
Kodak Retirees are what helped kill Kodak.
They were always over paid and with to much in benefits.
How do you know that? Full retirement after 30 years of full employment only equal approximately 1/3 of base salary. The rest was made up with SS; 1/3 and personal savings: 1/3. People are shocked when I tell them about Kodak's pension. COs and others that retire from NYS are use to receiving 80% or more of their base salary. I had a friend who retired tier 1 as a CO a numbdr of years ago. He worked double and triple shift his last 3 years for the State. His pension was double what he was making on a base salary. Thank God the rules have been recently changed to stop this whole sale robbery of NYS.
MR Red Beard is back

Rochester, NY

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#11
Jun 22, 2013
 

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I've never met a Kodak employee or retiree that didn't own a car and a house. So I don't think they are hurting that much.
How about all the poor McDonalds employees that ride buses and struggle to pay their rent, and sympathy for them??
test

Montréal, Canada

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#13
Jun 22, 2013
 
test
Different Poxy Server

Rochester, NY

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#14
Jun 22, 2013
 

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test wrote:
test
This Is A Test Of The Emergency Broadcast System. Had There Been An Actual Emergency, Then You Would No Longer Be Here.
Sally

Rochester, NY

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#15
Jun 22, 2013
 

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MR Red Beard is back wrote:
I've never met a Kodak employee or retiree that didn't own a car and a house. So I don't think they are hurting that much.
How about all the poor McDonalds employees that ride buses and struggle to pay their rent, and sympathy for them??
I agree with you 100 percent.
MR Red Beard is back

Rochester, NY

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#16
Jun 22, 2013
 

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Sally wrote:
<quoted text>
I agree with you 100 percent.
Thanks for your support Sally.
Country Boy

Batavia, NY

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#17
Jun 22, 2013
 
MR Red Beard is back wrote:
I've never met a Kodak employee or retiree that didn't own a car and a house. So I don't think they are hurting that much.
How about all the poor McDonalds employees that ride buses and struggle to pay their rent, and sympathy for them??
Sympathy doesn't pay the bills. This is still a free country; one can live where he choses and work at any job that will hire him. I you elect to work at McDonalds so be it. Nobody is holding your feet to the fire. I have to admit you have a valid point. I met individuals to went to work at Kodak, right out of High School without any specialized training and did very well. If you started at the yellow box mid 60s, put in 30 years and got out in the early 90s on the first buy out,with bridge payments, you did extremely well financially. Much more so than your class mates that struggled through 4 years of college or sweated 2 years in the jungles of Viet Nam. It is simple matter of timing; being in the right place at the right time.
TheFakeBarnhart

Rochester, NY

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#18
Jun 22, 2013
 

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Country Boy wrote:
<quoted text>
Sympathy doesn't pay the bills. This is still a free country; one can live where he choses and work at any job that will hire him. I you elect to work at McDonalds so be it. Nobody is holding your feet to the fire. I have to admit you have a valid point. I met individuals to went to work at Kodak, right out of High School without any specialized training and did very well. If you started at the yellow box mid 60s, put in 30 years and got out in the early 90s on the first buy out,with bridge payments, you did extremely well financially. Much more so than your class mates that struggled through 4 years of college or sweated 2 years in the jungles of Viet Nam. It is simple matter of timing; being in the right place at the right time.
Nickbo did 2 months in Nam and did very well, he is still living off that 2 months on a military disability. 2 months in green sometimes beats 30 years in a yellow box.
Country Boy

Batavia, NY

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#20
Jun 24, 2013
 
The film business has been spilling red ink for years and is ever shrinking. The three thousand employees now sucking off the KRIP owned business will suck dry the retirement fund in no time. I don't how you managed to do this Mr. Perez, you must have had some glib tongue lawyers on your side. Somebody got paid off under the table.

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