Kodak plans to shed jobs across U.S. and sell its packaging division
Kodak is selling a major packaging division to pay off debt and is shedding 325 jobs across the company.
Kodak could not share specific job numbers for the Rochester area, but 25 percent of Kodak’s workforce is based there, so the local impact would likely be proportional (approximately 80 jobs).
Source – Democrat & Chronicle
Eastman Kodak Employees Savings and Investment Plan is a defined contribution plan with a profit-sharing component. This plan has a BrightScope Rating of 69.
For the average 401k participant, the 18 point difference between this plan’s BrightScope Rating (69) and the top rated plan (87) could equate to 12 additional years of work and/or $37,982 in lost savings.
Most 401k, Profit Sharing or ESOP plans do not have active management so there is no one guiding the plan’s investments. What this means is in the event of an economic downturn, there is no method for automatically moving your investments to a lower risk profile to protect your hard earned savings.
With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a severe downturn. Learn more in our guide, 6 Critical Steps You Must Take Now.
For an in depth analysis of your options feel free to make an appointment, read one of our guides or participate in one of our workshops.
Wishing you the best.
Doug Reed, CRPC, AAMS