The Rochester, New York-based Kodak announced that its $6-billion Kodak Retirement Income Plan (KRIP) won’t require any additional cash contributions for at least five years, according to a plan review by Wilshire Associates.
Kodak said Wilshire recommended that the Kodak Retirement Income Plan Committee, the plan administrator and named fiduciary, eliminate the plan’s investments in specialty sector US equities.
This includes the 7.4 million Kodak shares, which Kodak contributed to KRIP at no cost in 1995 and which Kodak said it has now offered to buy back.
The Kodak shares represent the only material single-stock investment in the KRIP portfolio, the company said.
A parade of corporations have revealed in recent months that they are grappling with often large underfunding problems, which, in many cases, require a substantial cash infusion.