FWIW, the problems with all the Kodak pensions plans are/were actuarial in nature.
Over the many years leading up to the bankruptcy all the calculated and projected payments were made, and all the funds invested were invested in normal, prudent ways. There were no pension fund "raids".
And to date, pension payouts have essentially been made when due. My Dad passed away in 2016, after being retired from Kodak Canada for 33 years - Kodak had gone into bankruptcy and come out of bankruptcy 5 years earlier. During all the years of his retirement my father never had problems collecting his Kodak Canada pension nor receiving the benefit of his retiree extended health benefits.
There are two projected retiree entitlement "shortfalls", and they relate to two main areas.
The first relates to non-pension benefits. Particularly in the USA, EK's bankruptcy resulted in the medical and extended medical benefits for retirees being curtailed, and such benefits are unlikely to be as available in the future as originally expected.
The second is more problematic.
While there remains a lot of money in those funds, Kodak employees appear to have a troublesome propensity for living long lives into their retirement years. The actuarial projections that governed the payments into the plans before the bankruptcy included assumptions about returns on investment and expected lifespans that were consistent with (pension) industry practice, but have turned out to be at least slightly optimistic. In addition, those actuarial assumptions included assumptions about the plans continuing, including continuing to receive current contributions. Among other things, current contributions were expected to help fund the administration costs of the Kodak retiree benefit system. With the bankruptcy, the current contributions ended.
The bankruptcy, along with the financial freefall that preceded it, resulted in the cessation of the pre-existing approach to pension entitlement. Post 2005, there are entirely separate retiree benefit programs in place, and current Eastman Kodak employees are members of those.
As I understand it, current Kodak Alaris employees, as well as employees of their international subsidiaries, have separate, unrelated plans that apply to them.
The pension entitlements that are most at risk are the ones accrued by the younger employees in the years relatively near the bankruptcy date. The older employees will probably die before the money in the fund is depleted.
In the case of the UK pensioners - retired employees of Kodak Limited - the legislation provides for a government guarantee of certain types of private pensions. At the time of the bankruptcy the responsible government entity determined that the Kodak Limited pension plan would be likely to end up having to draw on that guarantee, so under terms of the legislation they first entered into the bankruptcy settlement agreement that resulted in a bunch of assets changing hands, as well as the creation of Kodak Alaris and the transfer of some of those assets to it. Subsequently, Kodak Alaris did not make as much money as had been hoped, so the UK authorities have taken full control of the plan and its assets, including Kodak Alaris. Those assets still include a big chunk of cash.
There are projections that some of the Kodak pension payments may be reduced in the future, but I don't think any such reductions have happened yet.
