Aon Hewitt advises trustees of Kodak Pension Plan on groundbreaking agreement
LONDON – Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE:AON), has announced that it advised the trustees of the Kodak Pension Plan (KPP) on its agreement to set up a new pension scheme for its members.
The agreement follows a Chapter 11 process for the KPP’s US parent, Eastman Kodak Company (EKC), during which the pension plan trustees and their advisers were involved in complex negotiations about the future of the KPP. During this 20 month process, Aon Hewitt provided the trustees with pensions management, scheme secretarial, actuarial, investment, international and communications advice as well as pensions administration services.
Ben Harris, client relationship manager for Aon Hewitt, and secretary to the Trustee, said:
"We have worked very closely with the trustees and the Plan’s other professional advisers throughout this groundbreaking process. Gaining the Pension Protection Fund’s agreement to start the new Kodak Pension Plan after receiving such overwhelming member support for the trustees’ proposals, is the best possible outcome we could have hoped for at the start of this process.
“For Aon Hewitt, this has involved working across a wide range of areas and bringing numerous skills to bear. These have included advising on the benefit design of the new pension scheme, investment scenario modeling, a detailed data cleansing exercise, the production of 15,000 personalised member benefit illustrations, developing extensive communications content, running member roadshows, setting up a member helpline, and much else.”
Ben Harris continued:
“Overall, it means that we have helped the trustees to achieve their most important objective - to reach a settlement that gave the Plan’s members a choice about their benefits, when for a long time the only alternative for members was entry into the PPF.”
Notes to editors
About Aon Hewitt
Aon Hewitt empowers organisations and individuals to secure a better future through innovative talent, retirement and health solutions. We advise, design and execute a wide range of solutions that enable clients to cultivate talent to drive organisational and personal performance and growth, navigate risk while providing new levels of financial security, and redefine health solutions for greater choice, affordability and wellness. Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide. For more information on Aon Hewitt, please visit www.aonhewitt.com.
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Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 65,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
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