Comment Why pension plans suck (Score 4, Insightful) 103
Kodak's chief financial officer David Bullwinkle said in the company's Aug. 11 statement it plans to focus on its advanced chemicals and materials sector moving forward, and said the cut to its retirement program is going toward paying down its debt.
Kids, this is why pension plans are bad and you should instead have IRAs/401Ks. By established court precedent, pension plans have no legal protection, so the company can raid them for anything, including paying down debt. That money isn't going back - ever.