Benefits January 31, 2012

Kodak Employee Files Lawsuit Regarding Retirement Plans

January 31, 2012 (PLANSPONSOR.com) – A Kodak worker has filed a lawsuit against the company. 
Reported by

According to news reports, Kodak’s CEO Antonio Perez and several Kodak board members are cited in the lawsuit filed by Mark Gedek on behalf of himself and others who are part of Kodak’s employee savings and investment plan. Gedek claims that when Kodak filed for bankruptcy protection earlier this month, the company failed to take action to protect the plan or its participants from financial loss. (See Kodak Bankruptcy Shouldn’t Affect Pensions).

The lawsuit also states that Kodak “breached” its duties by not loyally managing the savings and investment plan or providing accurate information to participants regarding the company’s dire financial situation.

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The lawsuit also involves the Kodak Employee Stock Ownership Plan.

According to reports, in a statement, Kodak said: “We believe [the lawsuit] is without merit, and will vigorously defend against it.”  

Products January 31, 2012

Alliant Expands Presence in Northeast

January 31, 2012 (PLANSPONSOR.com) – Alliant Insurance Services has acquired Thesco Retirement Planning Services (TRPS). 
Reported by

TRPS, which has offices in New York City, Long Island and New Jersey is headed by President John Cunningham, who has 20 years of 401(k) advisory experience, and helped found the firm in 2001. TRPS was recognized in both 2010 and 2011 as a Top 10 401(k) advisory firm by PLANSPONSOR and voted “Top 300 Most Influential Advisors” by The 401(k) Wire.

Cunningham commented, “TRPS is excited about the opportunity to become part of the Alliant organization. Both TRPS and Alliant’s retirement services group are committed to the belief that it is our duty as retirement advisers to guide clients through the decision-making process so they truly understand all the issues, challenges, and choices in order to make the right decision.”

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Terms of the acquisition were not disclosed.

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