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Companies Find It's a Good Time to Push Pension Obligations Off - WSJ All of these benefits are designed to make life easier for Lockheed Martin employees. 30. Past performance does not guarantee future results. Lockheed Martin, Arconic and others have bought annuities this year to reduce risk from their defined-benefit pensions Alcoa has used annuitizations, lump-sum payments and a $500 million. However, the years of service component of the calculation will be recognized through Jan. 1, 2020 (or the date you retire or leave the company, if earlier). to provide a means for attracting and retaining capable individuals In the unlikely event that this information should change, all impacted employees will be notified in advance. absence of a valid designation, or if the designated Beneficiary 75% Survivor this is the amount you, the retiree, would receive for your lifetime and if your spouse survives you, then he or she would continue to receive 75% of your pension payment until his or her death. Use this new tool to model and estimate your retirement income combining Lockheed Martin pension and savings plans, as well as outside resources. COMPENSATION COMMITTEE or If you have additional questions related to the Pension Plan, please contact the Lockheed Martin Employee Service Center (LMESC). Early retirement eligibility and other factors are not changing. Corporation Post-Retirement Death Benefit Plan for Elected Introducing a unified retirement program ensures that were offering consistent and competitive retirement benefits to the majority of Lockheed Martin salaried employees. The Lockheed Martin Group Benefits Plan also covers other employees and benefits as described in other Summary Plan Descriptions. COMMITTEE The Compensation Committee of the Board of Lockheed Martin Benefits - Financial Harvest Wealth Advisors For pension-related questions, first view the Retirement Income Modeler and Pension Estimating Tool, which allow you to run various scenarios using your personal information. distribution to receive the amounts otherwise payable to the As a result, current regulations will require us to make changes in the pension plan in the next few years or employees and the company will incur significant tax penalties. Effective Jan. 1, 2020, both pension and CAP participants will earn benefits under a common retirement program the Lockheed Martin Retirement Savings Program. 9. You should consult the plan's Summary Plan Description for details on how your current Pension Plan benefit is calculated.