Did anyone hear about the layoff news and pension being sold?
6 replies (most recent on top)
The selling of pension obligations should be illegal; we lose any government pension insurance. If Athene (located in Bermuda) goes under we get Zero. Where is Congress? The selling of obligations should be illegal.
SHOCKER!!!
LM found another way to sc--w its employees.
And with the current CEO, nobody should be surprised. Did the same thing in their last job (for those who like to research who they’re working for).
Part of the LMT pension was sold to Athene. Google it
Lockheed Martin is offering a lump-sum window with a special distribution election for certain eligible plan participants. This allows them to take a one-time voluntary lump-sum payment or begin lifetime income payments that they are not eligible for otherwise. The lump-sum distribution is for the total present value of their future benefits.
The offer window began on September 17, 2023, and closes on October 7, 2023. Payments will be made on or about October 1-November 1, 2023.
Participants have three distribution options:
Lump-sum payment of pension benefits (rollable to an IRA or taken as a taxable cash payment).
Monthly annuity payments for life (based on the lump-sum value).
Continue to defer annuity payments (no later than your normal retirement age); No action is needed.
Participants should carefully consider their options before making a decision, as there are tax and financial implications to each choice.
Damn they really sold the pension?
Found this article on potential layoffs: https://main.techstaffer.blog/en-us/benefits/mass-layoffs-in-us-tech-industry-cause-concern-for-lockheed-martin-employees
Wow layoffs are coming?