Kodak 2010 Annual Report Download - page 185

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59
PENSION BENEFITS FOR 2010
The Pension Benefits Table below shows the present value as of December 31, 2010 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, 2010. The present value has been calculated for all Named Executive Officers, with the
exception of Ms. Haag, 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 completion of 30 years of service
when she would have been age 60 and 4 months. This is the age when she would have been entitled to retire without any benefit
reduction. The present values of Ms. Haag’s accumulated benefits were calculated assuming the form of a straight life annuity for KRIP
and a lump sum for KURIP. For Mr. Sklarsky, the present value of the accumulated benefit reflects the payment to be made to him in June
2011.
Name
Plan Name
Number of Years
of Credited Service
(#)
Present Value of
Accumulated Benefit
($)
Payments During
Last Fiscal Year
($)
A.M. Perez
KRIP
7.75
$86,060
$0
KURIP
7.75
1,261,548
0
Individual Arrangement
25.08(1)
13,313,990
0
A.P. McCorvey
KRIP
11.08
117,210
0
KURIP
11.08
183,210
0
P.J. Faraci
KRIP
6.08
62,879
0
KURIP
6.08
288,539
0
Individual Arrangement
14.77(2)
2,088,259
0
P. Jotwani
KRIP
0.25
5,321
0
KURIP
0.25
0
0
J.P. Haag
KRIP
29.83
1,476,598
0
KURIP
29.83
1,916,429
0
Former Executive
F.S. Sklarsky
KRIP
4.17
0
45,840(3)
KURIP
4.17
194,357
0
Individual Arrangement
4.17
0
0
(1) Mr. Perez has been employed with the Company for 7.75 years as of December 31, 2010. Under his individual arrangement, he
has accumulated 25.08 years, representing a difference of 17.33 years of additional service. Of Mr. Perez’s total accumulated
benefit shown above, $9,200,365 is attributable to his additional credited service as of December 31, 2010.
(2) Mr. Faraci has been employed with the Company for 6.08 years as of December 31, 2010. Under his individual arrangement, he
has accumulated 14.77 years, representing a difference of 8.69 years of additional service. Of Mr. Faraci’s total accumulated
benefit shown above, $1,228,388 is attributable to his additional credited service as of December 31, 2010.
(3) Mr. Sklarsky was paid $45,840 from KRIP during the year. He will be paid a lump sum of $194,357 from KURIP in June 2011. He
terminated voluntarily prior to vesting in his individual arrangement.
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, Faraci and Jotwani and Ms. McCorvey. Ms. Haag is the only Named Executive Officer
who participates in KRIP’s traditional defined benefit component.