Kodak 2009 Annual Report Download - page 217

73
PENSION BENEFITS FOR 2009
The Pension Benefits Table below shows the present value as of December 31, 2009 of the accumulated benefits payable to each of our
Named Executive Officers, including the number of years of service credited to each Named Executive Officer under KRIP, KURIP and,
when applicable, their supplemental individual retirement arrangements. The methods and assumptions for calculating the present value of
accumulated benefits generally follow those set forth in Accounting Standards Codification Topic 715 under GAAP and are consistent with
those used in our financial statements as described in Note 17 to the Notes to the Consolidated Financial Statements to the Company’s
Form 10-K for the year ended December 31, 2009. The present value has been calculated for all Named Executive Officers, with the
exception of Ms. Haag and Mr. Berman, assuming they will remain in service until the normal retirement age of 65, and that the benefit is
payable as a lump sum. The present value of Ms. Haag’s accumulated benefit assumed a benefit commencement upon the completion of
30 years of service (i.e., age 60 and 4 months) and the present value of Mr. Berman’s accumulated benefit assumed a benefit
commencement at age 60. These are the ages when each of them would be entitled to retire without any benefit reduction. The present
values of Ms. Haag’s and Mr. Berman’s accumulated benefits were calculated assuming the form of a straight life annuity for KRIP and a
lump sum for KURIP. For Ms. Hellyar, the present value of the accumulated benefit reflects the payment to be made to her in January
2010.
Name
Plan Name
Number of Years
of Credited Service
(#)
Present Value of
Accumulated Benefit
($)
Payments During
Last Fiscal Year
($)
A.M. Perez
KRIP
6.75
$ 72,117
$ 0
KURIP
6.75
1,024,501
0
Individual Arrangement
22.20(1)
11,305,442
0
F.S. Sklarsky
KRIP
3.17
30,633
0
KURIP
3.17
121,692
0
Individual Arrangement
3.17
281,663
0
P.J. Faraci
KRIP
5.08
46,990
0
KURIP
5.08
190,949
0
Individual Arrangement
12.35(2)
1,606,010
0
J.P. Haag
KRIP
28.83
1,240,147
0
KURIP
28.83
1,770,533
0
R.L. Berman
KRIP
27.67
827,127
0
KURIP
27.67
1,407,593
0
Former Executive
M.J. Hellyar
KRIP
26.67
0
745,560
KURIP
26.67
1,260,967
606,840
(1) Mr. Perez has been employed with the Company for 6.75 years as of December 31, 2009. Under his individual arrangement, he
has accumulated 22.20 years, representing a difference of 15.45 years of additional service. Of Mr. Perez’s total accumulated
benefit shown above, $7,868,588 is attributable to his additional credited service as of December 31, 2009.
(2) Mr. Faraci has been employed with the Company for 5.08 years as of December 31, 2009. Under his individual arrangement, he
has accumulated 12.35 years, representing a difference of 7.27 years of additional service. Of Mr. Faraci's total accumulated
benefit shown above, $944,712 is attributable to his additional credited service as of December 31, 2009.
Tax-Qualified Retirement Plan (KRIP)
The Company funds a tax-qualified defined benefit pension plan (KRIP) for virtually all U.S. employees. Effective January 1, 2000, the
Company amended the plan to include a cash balance component. KRIP’s cash balance component covers all new employees hired after
March 31, 1999, including Messrs. Perez, Sklarsky and Faraci. Ms. Haag and Mr. Berman are the only Named Executive Officers who
participate in KRIP’s traditional defined benefit component.