Kodak moves to end health coverage for retirees 65 and older

[Earth_First]

Eastman Kodak Co. announced Monday that it is filing a motion in U.S. Bankruptcy Court to end health care coverage for most Medicare-eligible retirees.

A hearing on the motion is scheduled for March 20 in New York City before U.S. Bankruptcy Court Judge Allan Gropper.

In a letter to affected retirees, Patrick M. Sheller, Kodak’s senior vice president and general counsel, said the company understands that its move will be “difficult.” But Kodak indicated that it’s an essential step if the company is to successfully emerge from Chapter 11 and remain in business.

“Among the legacy costs that must be addressed as part of our reorganization are retiree health care costs that are not borne by many of the companies we compete against in the marketplace,” Sheller said in the letter.

http://www.democratandchronicle.com/article/20120227/BUSINESS/302270025/Kodak-retirees?odyssey=tab|topnews|text|Home

Also included, spouses, survivors and dependants; would take effect May 1.

What a tragic course of events. This affects tens of thousands of individuals here, folks.

The plutocracy speaks, the courts abide.

[DJ13]

1. *the company understands that its move will be “difficult.” *

Difficult for you, not for me after we get all that money we already promised you.......suckers!

Bonus here I come..........!

[lpbk2713]

2. Some families worked at Kodak for generations.

This must feel like a real stab in the back to them.

[brewens]

3. Every move like that brings a single payer national system closer. I worked

with guys that all had full-ride teamster health care when Hillary's plan caused such an uproar. Those guy all said, no freakin' way! If it ain't broke, don't fix it. Easy to say if all your care, including two pairs of glasses per year, is free. I'm not shitting you, they actuallly got that!

Not one of those guys still has that kind of coverage now. That company has been sold twice. Only one of 15 people I worked with is still there.

[Neue Regel]

4. I doubt that it matters

No amount of cost cutting or restructuring will save Kodak, I'm afraid. The digital camera, coupled with management's failure to adapt to a world without film, killed this company. It won't be long before there is no Kodak.

[Snake Alchemist]

5. This is why I will never be against 401K's.

I would like pensions AND 401K's. Not either-or.

[leftyohiolib]

6. the trouble with 401k's is when a company moves one of pension to 401k, they convert you to 401k

but that part of your salary that went to the 401 is just gone. companies dont take that money you earned and give it back to you they just wipe it away. meaning you just took a pay cut. now i havent checked with all companies so ....

[onethatcares]

7. what is Mr. Sheller giving up?

what part of his benifit package will be cut, shredded, taken away?

I bet he won't suffer at all.