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  1. #51
    Steve Smith's Avatar
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    Quote Originally Posted by Brian C. Miller View Post
    Kodak is already in bankruptcy, so killing off pensions may actually be on the table.
    So in the US, does a company hold the funds to employees' pensions? I have a UK based company pension which is managed by a separate finance company. My employer has no access to the funds and in the case of bankruptcy, the funds would still be there for me.


    Steve.
    Last edited by Steve Smith; 01-22-2012 at 03:14 PM. Click to view previous post history. Reason: Apostrophe in wrong place (important to me!)
    "People who say things won't work are a dime a dozen. People who figure out how to make things work are worth a fortune" - Dave Rat.

  2. #52

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    Quote Originally Posted by Steve Smith View Post
    So in the US, does a company hold the funds to employee's pensions? I have a UK based company pension which is managed by a separate finance company. My employer has no access to the funds and in the case of bankruptcy, the funds would still be there for me.


    Steve.
    I am not an expert on pensions, but it is my understanding that the answer to your question depends on the company. However, in most cases pension funds are under control of the company and are therefore vulnerable in a bankruptcy. There is some kind of government insurance plan that may cover part of the pension loss to the employees if a company cancels its pension plan, but I don't think it provides 100% coverage.

  3. #53
    Brian C. Miller's Avatar
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    Quote Originally Posted by Steve Smith View Post
    So in the US, does a company hold the funds to employee's pensions?
    It depends on the company. Some US companies have actually been raiding the pension funds. Other companies use a seperate firm to administer the funds, so they are always secure.

  4. #54
    MattKing's Avatar
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    The Kodak website - http://www.kodaktransforms.com/ - that was set up to inform about the bankruptcy, says:

    1) the bankruptcy only directly impacts US employees and retirees; and
    2) the following:

    "Kodak Retirement Income Plan Benefits

    What will happen to my Kodak Retirement Income Plan (KRIP),benefit
    Currently it is expected that there will be no impact on the amount of KRIP benefits or the payment of monthly annuities, given that the Plan is well funded and neither Kodak nor its creditors have access to KRIP’s assets.

    Are the assets of the KRIP protected from creditors’ claims in the Chapter 11 proceedings?
    Yes. Assets in Kodak’s qualified pension plans, including the KRIP, are held in a separate trust and are not part of Kodak’s assets. U.S. federal law protects qualified pension plan assets from the claims of Kodak’s creditors and a federal agency, the Pension Benefit Guaranty Corporation, insures payments up to a certain level.

    Will the Pension Benefit Guarantee Corporation (PBGC) take over KRIP, and if it does what will happen?
    Generally the PBGC, a government agency, will take control of KRIP only if Kodak goes out of business or cannot make required contributions to the Plan, neither of which is currently anticipated. If the PBGC takes over, it will terminate the Plan, but will pay your benefits earned prior to the termination, although they will have to be paid as an annuity and may be reduced depending on the Plan’s funding. You can get more information from the PBGC’s website: www.pbgc.gov."
    Matt

    “Photography is a complex and fluid medium, and its many factors are not applied in simple sequence. Rather, the process may be likened to the art of the juggler in keeping many balls in the air at one time!”

    Ansel Adams, from the introduction to The Negative - The New Ansel Adams Photography Series / Book 2

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