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Lockheed Martin Corp. has moved another 20,000 retirees and beneficiaries and about $1.9 billion in pension obligations to MetLife, the latest in a succession of risk transfer deals and discretionary plan contributions the defense contractor has used to shift most salaried employees to a 401(k) plan.
Under terms of the deal, the monthly benefits to the retirees will not change, but MetLife will be responsible for administering the checks, not Lockheed, according to a statement from the insurance company.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
