Eastman Kodak to move to single-benefit pension formula next year

Updated: 07/30/2014 4:57 PM
Created: 07/30/2014 3:52 PM WHEC.com

Eastman Kodak announced some changes that will impact current employees.

The company says it is moving to a single-benefit pension formula at the first of the year. Pensions will remain unaffected through the rest of the year. Also, vacation carryover is being reduced to two weeks. Executive salaries will be frozen for this year.

In a memo, CEO Jeff Clarke says the company must simplify its processes and manage its cost structure to stay competitive.

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