Eastman Kodak confirms KRIPCO has engaged NEPC for OCIO functions

In response to public media reports regarding Eastman Kodak Company’s U.S. pension fund, Kodak confirms that the Kodak Retirement Income Plan Committee has engaged NEPC to perform the Outsourced Chief Investment Officer and investment fiduciary functions with respect to Kodak’s U.S. pension plan. NEPC, an outside financial advisor to this plan since 2004, actively participates in the KRIPCO meetings. KRIPCO chose NEPC to guide the plan through these turbulent times to ensure the health of the plan’s investment portfolio. As reported in Kodak’s Form 10-K filed with the SEC with respect to the year ended December 31, 2022, the fair value of plan assets as of the reporting date was approximately $3.7 billion and the projected benefit obligation of the plan as of such date was approximately $2.5 billion, representing an over-funding of approximately $1.2 billion. This over-funding represents almost all of the $1.2 billion of pension and other postretirement assets reported in Kodak’s Form 10-Q filed with the SEC for the quarter ended September 30, 2023. Kodak, in conjunction with KRIPCO, has been exploring how best to preserve and maximize the value of the over-funding for the benefit of key stakeholders including current and former employees and Kodak shareholders.