Lockheed Martin Corporation office in Crystal City, Virginia, USA

There’s been an uptick in 401(k) mismanagement lawsuits in the last year, and now Lockheed Martin is another firm being sued by current and former employees, alleging the aerospace and defense company used underperforming target date funds (TDFs) with high fees in its 401(k) plan for the firm’s own benefit.

Last week, participants in three Lockheed Martin retirement plans, totally around $50 billion in total assets – $47.2 billion in the salaried plan, $2.1 billion in the bargaining plan and $267 million in the capital plan – filed a proposed class action lawsuit, Fezer et al v. Lockheed Martin Corporation et al, in the U.S. District Court of Maryland. Lockheed’s retirement plans manage assets for around 140,000 plan participants.

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Lynn Cavanaugh

Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast, American Media and Harris Publications.