Also, the cash benefit option was being reduced yearly for most people when I retired and the aim was to eliminate it entirely. By now, I think that option no longer exists. The cash benefit option required that EK calculate how much cash you would need with the current interest rate and based on your estimated retirement payment in order to have payments to the average age you would be expected to die. At that time it was 85. So, Kodak had to give us enough cash to live until we were 85 from the date of retirement, and based on then current interest rates. It was in our interest to leave when interest rates were low, thus giving us more cash!
As for the current "change" in benefits, there appears to be 2 or 3 levels based on whether you get Medicare or not. I have yet to see what is involved.