You should consult the plan's Summary Plan Description for details on how your current pension plan benefit is calculated. You get hands on training from skilled instructors. Review your current elections to the 401(k) Plan and make any changes, Assess what you’ve saved for retirement versus a savings estimate based on your age and income today, Read articles and financial market commentary on saving and investing for retirement. The new company contribution, beginning in 2016, will be computed as a percentage of an employee’s weekly base pay. From the site, you can: LM People > Pay and Benefits > LM Employee Service  Center, © 2021 Lockheed Martin Corporation. All the listed benefits are extracted from job descriptions, reviews, and Q&A posted on Indeed. In our communications, we refer to this as the Lockheed Martin Retirement Savings Account. Lockheed Martin retiree health care coverage to a private Medicare exchange will provide retirees with more choices, greater flexibility, and in most cases, lower costs for coverage. See questions about Clear. Taking action to help you protect what matters most. Additionally, eligible … Sikorsky, a Lockheed Martin company, is engineering the future of vertical lift. The transition to an enhanced defined contribution plan will allow us to better manage our future financial obligations and ensure that we maintain our market competitiveness. Introducing a unified retirement program ensures that we’re offering consistent and competitive retirement benefits to the majority of Lockheed Martin salaried employees. You should also access the Savings Plan Web Tool found at LM People>Pay and Benefits>LM Employee Service Center. Summary Plan Descriptions can be found on LM People>Pay and Benefits>LM Employee Service Center. Forgot your password? Increasing the defined contribution benefit in 2016 brings CAP participants more closely aligned with the benefits offered to pension participants during the transition. Salaries Hiring Process Background Check Benefits Interviews Job Opportunities Working Hours Drug Test Shifts … 18. 7. Privacy Terms of Use EU and UK Data Protection Notice Cookies, Pension Plan Change Frequently Asked Questions. Why did the company choose to extend the years of service and not the salary? How will the revised Pension Plan affect my pension benefit? Generally, you are eligible to participate in the Salaried Savings Plan if you are a non-represented salaried employee and you work at least 20 hours a week (refer to the Summary Plan Description available through LM People > Benefits Overview for more details). Does Lockheed Martin intend to maintain the pension plan after the full freeze takes effect in 2020? We believe our new retirement program will continue to provide competitive benefits for our current employees and our future workforce. You can use this estimate, calculated under the pension formula in existence before the pension change, to compare the impact to your future pension benefit. 25. To speak with a representative regarding your account, contact us Monday - Friday between 8 a.m. - 10 p.m. Eastern time, and Saturdays between 9 a.m. - 5:30 p.m. Eastern time. Do you expect an increase in retirements or departures generally as a result of this change? We are using this single plan naming convention to more simply describe the future retirement program. In this case, Lockheed Martin elected to implement the freeze for the U.S. salaried pension plan, which allows us to efficiently manage the rising costs of our retirement programs at a more predictable rate and to limit our long-term liabilities. UNRESTRICTED 2 ... • If retiree and spouse are enrolled in LMC active medical coverage immediately upon retirement and lose that coverage upon retirement, a Special Enrollment Period (SEP) is activated and Guaranteed Issue applies* ... OneExchange – For Your Benefit 13. Yes, we intend to maintain the pension plan following the freeze. We considered how current employees view their pension benefit, and decided to take a phased approach, offering a lengthy transition period to allow employees to prepare for the shift. Similarly, am I eligible to receive the new defined contribution benefits and how are my earnings used to determine my benefit? Note: If you were hired before a certain date, grandfathered formulas and features may be applicable to your retirement benefit. If you have questions related to the 401(k) Plan, please contact the Savings Plan Information Line. How is my Management Incentive Compensation Plan payment factored into my pension benefit? To see how the changes may impact a Lockheed Martin employee like you, click on the scenario on this page that most closely matches your age, years of service and pay. Jan. 1, 2020? New Lockheed Martin Retirement Program. 8. Although we closed the defined benefit pension plan to new participants in 2006, nearly half of our current salaried workforce continues to participate, and our financial liability for this plan continues to increase substantially. These details are provided in your plan’s Summary Plan Description. The pension plan will be frozen for all U.S.-based salaried pension participants, including executives. 27. If you are currently accruing a benefit under the pension plan, you can find a pension estimate in the history of your Pension Estimating Tool. Additionally, all CAP participants will receive a company contribution of 4 percent of your salary into your CAP account, regardless of years of service. Certain adjustments may be made to your pay if applicable, such as including Management Incentive Compensation Plan payments or other bonus payments. 3. No. Your Management Incentive Compensation Plan payment is credited to pension-eligible pay the year it is earned. 1, 2020, both pension and CAP participants will earn benefits under a common retirement program – the Lockheed Martin Retirement Savings Program. For employees who participate in the Capital Accumulation Plan (CAP), it is expected that the CAP will be combined with the SSP by 2020 and is being referred to as your Retirement Savings Account. As with all Lockheed Martin benefits, this information is subject to change due to unexpected circumstances. How do I find out? The financial impact will vary by individual based on many factors, including: which plans you participate in today, how close you are to retirement, the level of benefits you’ve already earned under the plans, how much you contribute to the 401(k) Plan, as well as many other factors. Will the new automatic company contributions be added to a new savings account? Learn about Lockheed Martin , including insurance benefits, retirement benefits, and vacation policy. Another factor we considered is the changing demographic of our workforce. You may receive up to 10 percent of your salary in company contributions toward your retirement each year under the Lock… Lockheed Martin regularly reviews the benefits we offer to keep them competitive and ensure they continue to align with the needs of both our employees and the company. 32. 31. If you have additional questions related to the Pension Plan, please contact the Lockheed Martin Employee Service Center (LMESC). Managing the cost growth of our pension fund is important to ensuring we remain a strong and competitive company for the long term. 42. 41. Planning and saving for your retirement is a shared responsibility. 28. Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company. 4. Plus, employees will benefit from an enhanced company contribution. 33. Lockheed Martin’s Employer Code: 11102. Managing the cost growth of our pension fund is important to ensuring we remain a strong and competitive company for the long term. We develop laser weapon systems, radio frequency and other directed energy technologies for air, ground and sea platforms to provide an affordable countermeasure alternative. Since we closed our Salaried Defined Benefit Pension Plan to new participants in 2006, we no longer have entry-level employees entering the plan. This tool allows you to calculate an estimate of your pension benefit using the new calculation formula. The only thing about working there is you have zero … In the unlikely event that this information should change, all impacted employees will be notified in advance. Employees with less than five years of service automatically receive 3 percent of salary and those with five or more years of service receive 4 percent. 2. Welcome to the Lockheed Retirees Association (LRA) web site. Lockheed Martin Retirees . Why are defined contribution benefits being increased for people in the CAP? Lockheed Martin is an excellent place to learn with great procedures and job practices. Our Multi-Domain Operations solutions provide a complete picture of the battlespace and empowers warfighters to quickly make decisions that drive action. Can you tell me about my new retirement benefits? 35. During a recent analysis, it became clear many U.S. employers (including our competitors and other major U.S. companies) are transitioning from traditional pension plans and shifting to 401(k) plans (defined contribution plans). We also plan to invest in new retirement benefits for our employees to ensure we continue to offer our employees a competitive benefits package. Lockheed Martin, through its master retirement trust, purchased a group annuity contract from Metropolitan Tower Life Insurance Company in December 2020. Privacy Terms of Use EU and UK Data Protection Notice Cookies. Hours: 8 a.m. – 8 p.m., Monday - Friday, ET. Under our new retirement program, Lockheed Martin will provide more retirement savings through an enhanced defined contribution program for eligible … The new program, which is a defined contribution program, offers set contributions over the term of your employment with the company. Basically, Lockheed Martin decided to discontinue offering the pension plan benefit to new employees. Under the CAP, participants receive a contribution based on years of service. Is Lockheed Martin planning to fully freeze the Pension Plan on Jan. 1, 2020? You can also use the “Contact Us” or “Click to Chat” features found on the LM Employee Service Center homepage. Why did the corporation choose a two-step approach to freezing the Pension Plan? When you are rehired, you will earn benefits under the updated defined contribution plan. The Pension Plan benefits you have already earned—and the benefits you will continue to earn through Jan. 1, 2020—will not decrease. The earnings component of the pension plan will freeze as of Jan. 1, 2016, regardless of employment status. 19. If you’re not sure which plan(s) you participate in, please contact the Lockheed Martin Employee Service Center toll-free at 866-562-2363. 30. We have invested in developing and demonstrating hypersonic technology for over 30 years. A pension gives you (and possibly your heirs) a monthly retirement check after you retire. While there are growing financial concerns about the rising cost of the pension plan, we’re making these changes because we’ll eventually be required to based on current regulations. It can be accessed via the same path as the new Retirement Income Modeler. 23. For pension participants, during the transition period (2016 through 2019), we will introduce an automatic company contribution to your new Lockheed Martin Retirement Savings Account. 43. There can be a significant reduction in your benefit if taken earlier than age 65 (assuming you terminated prior to age 55) or if taken earlier than age 60 (assuming you terminated at age 55 or later). See the 401(k) Plan section of the FAQs for more details. Will the pension plan be frozen for executives? 22. Lockheed Martin, through its master retirement trust, purchased a group annuity contract from Metropolitan Tower Life Insurance Company in December 2020. 1-833-562-4015 (1-833-LMC … 34. After they pass, the beneficiary … Taking these actions now will help offset the significant pension cost growth being driven by the increased life expectancy of pension plan participants. We have invested in developing and demonstrating hypersonic technology for over 30 years. You can access the tools at LM People>Pay and Benefits>LM Employee Service Center. Lockheed Martin utilizes our own internal Talent Acquisition Organization to fill our employment needs. Learn about Lockheed Martin Retiree Health & Medical, including a description from the employer, and comments and ratings provided anonymously by current and former Lockheed Martin … Use this new tool to model and estimate your retirement income — combining Lockheed Martin pension and savings plans, as well as outside resources. The contribution will be made on a weekly basis and reflected separately in your SSP account from your personal contributions and any company matching contributions. 6. What current regulations require us to make changes to the pension plan in the next few years? You have a variety of tools and resources available at here. … From there, you can access Retirement Benefits Education Videos, Learning Webinars and the Retirement Benefits Change Overview Brochure. What financial impact will I see from the change? Some of the benefits are the following: Lockheed Martin Health Works Plan, which is primarily available for early retirees (under age 65); Via Benefits that can be availed by retirees who are … Beginning in 2020, we will be able to pass some of the expected savings on to our customers. 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). That means the percentage of participants in the plan who the IRS considers highly-compensated is increasing each year as our employees advance in their careers. What factors did Lockheed Martin take into consideration when designing the new retirement program? Increased life expectancy, coupled with historically low interest rates, will significantly increase our pension liability starting this year.