Core Viewpoint - The termination of Kodak's pension plan will further reduce the number of employers offering pensions, impacting approximately 35,000 participants who relied on it for retirement funding [1] Group 1: Impact on Employees - Employees who are mid-career will face significant savings shortfalls due to the pension termination, while retirees and near-retirees may not feel much immediate effect [2][3] - The accrual of pensions follows a "hockey stick" curve, meaning that if the pension is terminated early, employees miss out on substantial long-term increases in their pension benefits, potentially receiving only 10% to 15% of what they would have accrued [4] Group 2: Strategies for Retirement Planning - To mitigate the impact of pension terminations, retirees and near-retirees should focus on growing their savings at a rate higher than their withdrawals to build a nest egg that can cover inflation and long-term healthcare costs [5] - For those still years away from retirement, it is advisable to enroll in a 401(k) or other retirement plans as soon as possible and to create a retirement plan to determine annual savings and investment strategies [6] Group 3: Importance of Investment Growth - An example illustrates the importance of investment growth: saving $10,000 annually for 30 years in a savings account at 2% interest results in $405,500, while investing in a high-quality portfolio earning 7% yields $944,600 [7]