Updated 10/04/2011 03:48 PM

Kodak Retirees Consider Health Care Options

By: Virginia Butler

Hundreds of Kodak retirees gathered at The Strong to learn about health care options Tuesday; this, as Kodak signals more change ahead. Some believe there's reason to hope Kodak will continue to support its workers, but that it's wise to be prepared.

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At The Strong, a place where children celebrate play, Kodak retirees learned about a different kind of game.

Retirees may face significant choices regarding their health care as Kodak changes itself and the benefits deal retirees took with them when they left.

"Many of these people lost their jobs involuntarily. Not everybody here was a happy rosy retiree,” said Bob Volpe, president of the Kodak retiree group EKRA.

In the worst case scenario, there's potentially a lot to lose.

"Our pensions would stay if they do go bankrupt, but our medical will go away,” said Sara Loos.

Sara's husband, Bill Loos, worked at Kodak 21 years.

"I thought that the company would go on and on as strong and as large as it was when I left," said Bill.

Al Adaskin ended his 35-year career at Kodak by taking early retirement. He says the benefits were too good to pass up.

"Anxious to see Kodak succeed; I don't want to see them have to back out of all these plans or any of these plans and certainly don't want to see them reduce these plans,” said Adaskin.

Volpe says Kodak spends 200 to 300 million dollars on benefits, which include retiree health care. He says there's reason to believe that Kodak will come out of this uncertain period stable and that it will continue to support it's retirees.

"The company is worth more together than it is apart. The real market value of the stock may be around 5 dollars a share, so that's comforting to know that there might be a chance that the company would be able to continue to cover our health care,” said Volpe.

Bill Loos isn't going to worry, but he will be prepared.

"There's nothing to worry about if it happens it happens. Use these sessions to learn what we do if we do lose health care coverage," said Bill.

Volpe says employees will know more about what they're facing later this month, when the next earnings report comes out and benefits enrollment time comes around again.

Kodak was a pioneer of employee benefits. According to Volpe, George Eastman started the first wage dividend in 1912 and a retirement plan, disability, and life insurance in 1927.

Tuesday, Rochester mayor Tom Richards commented that despite its decline, Kodak has been good to this community by the way it's declined.

“We are in pretty good shape now, all things considered, economically for a city in Upstate New York, not insubstantially because of the way Kodak dealt with us,” said Richards, (D). “If they had walked away from us a long time ago, it would have made a big difference."