Eastman Kodak Co. is disbanding the team that manages the firm’s $4 billion of pension investments, according to people with knowledge of the matter.
The former giant of the photography world, which now also focuses on manufacturing advanced materials and chemicals, has begun notifying its investment managers that it’s shifting oversight of the pension program to Boston-based NEPC, said the people, all of whom requested anonymity to discuss confidential information.
The move is being driven by the fact that the pension system is overfunded, according to the people. The overfunded status has soared from just over $100 million at the end of 2019 to about $1.2 billion at the end of 2022, an amount that represents more than half of Kodak’s assets.
That came as rising interest rates pushed down the present value of its future pension liabilities for the more than 37,000 participants that receive benefits in the long-standing program.
The pension plans have also benefited from strong performance. Kodak’s plans generated $1.1 billion of returns in the three years through 2022, roughly double the $541 million that was expected. The largest US plan had almost three-quarters of its assets in private equity and hedge funds.
The plans had about $4.2 billion in assets at the end of 2022, the latest year that the company has disclosed.
Chief investment officer Thomas Mucha leads the pension team, which manages more than $7 billion in total retirement assets supporting current and former employees, according to Mucha’s LinkedIn profile.
A representative for NEPC said the company can’t comment on clients. Eastman Kodak didn’t immediately respond to a request for comment.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success
Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning
