Your login attempt was unsuccessful Please confirm you are entering the correct combination of login information and try again. More than 108,000 people claimed that the defense contractor mismanaged their retirement plans. It would also take steps to keep future fees down, the papers show.The lawsuit, which began in 2006, contended that Lockheed concealed excessive fees that were imposed on plan participants, and which ultimately dampened investment returns.The Bethesda, Maryland-based company denied wrongdoing, but settled to avoid the expense and uncertainty of litigation, the papers show.It also said Lockheed concealed how portfolio managers for its “stable value” fund option invested too conservatively, causing the fund to greatly underperform its peers and make it harder for employees to keep up with inflation.The plaintiffs are represented by the law firm Schlichter Bogard & Denton. This plan is sponsored by Lockheed Martin Corporation. Lockheed Martin Corp agreed to pay $62 million to settle a lawsuit in which employees accused the defense contractor of mismanaging their 401(k) retirement plan… 06-00701. Lockheed Martin Salaried Savings Plan. What is the Lockheed Martin 401k match? This estimate was run by Lockheed Martin using certain projection assumptions. When the freeze is complete, the majority of Lockheed Martin salaried employees, including approximately 25,000 not in the pension plan, will have transitioned to a DC retirement plan that offers up to 10% of employees’ salary annually in company contributions. We are using this single plan naming convention to more simply describe the future retirement programWe believe our new retirement program will continue to provide competitive benefits for our current employees and our future workforce.Another factor we considered is the changing demographic of our workforce. At the same time that the pay component of the pension plan is frozen, the Social Security Breakpoint used in the pension formula will also freeze.To get an idea of what your retirement benefit is likely to be under the revised Pension Plan, you can use the Retirement Income Modeler and Pension Estimating Tool to run various scenarios using your personal information. Since we closed the pension plan to new participants in 2006, we expect that by 2016, the majority of our employees will not be pension participants. Lockheed Martin wants to make sure that our current and future employees have a consistent and competitive retirement program that will support them during retirement. Beginning in 2020, we will be able to pass some of the expected savings on to our customers.Effective Jan. 1, 2020, the benefit formula will use your years of credited service as of Jan. 1, 2020, (or the date you leave the company, whichever comes first) to calculate your benefit. Some things will remain the same. (Reporting by Jonathan Stempel in New York; editing by Andrew Hay)A trial had been scheduled to begin in December, but was averted so both sides could resolve the case through mediation.
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