Lockheed Martin Employee Benefits: A Comprehensive Guide

Lockheed Martin, one of the world’s leading aerospace and defense companies, not only pioneers innovation in advanced technologies but also offers a robust and competitive benefits package for its employees. At District Capital Management, a fee-only, fiduciary financial planning firm based in Washington, DC founded in 2013 by Alvin Carlos, CFP®, CFA, we work with professionals—including Lockheed Martin employees—who want to make the most of their benefits and align them with their long-term financial goals.

If you’re searching for detailed information on the Lockheed Martin benefits package, including health coverage, retirement plans, pensions, and employee perks, you’re in the right place. This guide breaks down everything you need to know about Lockheed Martin employee benefits—whether you’re a current worker, job seeker, or retiree.

We’ll also answer common questions like:

• Does Lockheed Martin have a pension?
• How often does Lockheed Martin pay dividends?
• What is the Lockheed Martin pension death benefit?
• How do retirees access benefits via Lockheed Martin Via Benefits?

Health & Wellness Benefits

Lockheed Martin Health Benefits

Lockheed Martin offers extensive health benefits that support employees and their families. These include:

• Medical, Dental, and Vision Plans: Employees can choose from multiple health insurance plans, including PPOs and high-deductible health plans (HDHPs) with Health Savings Account (HSA) options.
• Mental Health Resources: Coverage for mental health services, including therapy and crisis support.
• Telemedicine Services: Access to virtual healthcare through services like Teladoc.
• Flexible Spending Accounts (FSAs): Options for both healthcare and dependent care FSAs.

The company emphasizes preventive care and offers biometric screenings, health coaching, and wellness challenges to promote a healthier lifestyle.

Lockheed Martin Retiree Medical Benefits

Retirees may be eligible for retiree medical benefits, although eligibility varies based on date of hire, years of service, and age at retirement. Retiree medical plans are typically coordinated through Via Benefits, a private exchange that helps retirees find supplemental coverage.

Key considerations:

• Eligibility is often tied to employees who are grandfathered.
• Retirees receive Health Reimbursement Arrangement (HRA) credits to offset premiums.
  Dental and vision options are often included in supplemental plans.

Investment Incentives & Retirement

Lockheed Martin Stock Purchase Plan (SPP)

Employees may participate in the Employee Stock Purchase Plan, which allows discounted stock purchases (typically 15% off the market price) through payroll deductions. This is an excellent option for long-term wealth accumulation.

Lockheed Martin Retirement Benefits

Lockheed Martin takes retirement planning seriously and offers a mix of traditional and modern retirement vehicles:

• 401(k) Plan – Lockheed Martin Savings Plan Plus:
  • Lockheed Martin contributes two ways: an automatic 6% of base pay regardless of employee contribution, plus a 50% match on the first 8% contributed (up to another 4%) — up to 10% of pay total. The match vests immediately; the 6% automatic contribution now vests over five years (20%/year) for employees hired on or after January 1, 2025.
  • Automatic enrollment and escalation features.
  • A broad range of investment choices, including index funds and target date funds.
• Pension Plan:
  • Although the pension plan is no longer available to new hires, long-tenured employees who were eligible before the cutoff date continue to accrue benefits under the plan.
  • Defined Benefit Plan based on salary and years of service.
  • Lump sum or annuity options upon retirement.
• Lockheed Martin Pension Death Benefit
  For employees under the legacy pension plan, a pension death benefit may be payable to a surviving spouse or beneficiary. This benefit depends on:
  • The plan option selected at retirement (e.g., joint & survivor annuity).
  • Whether the employee dies before or after retirement.
  • IRS and plan-specific rules about lump sum vs annuity disbursement.

Important: Always consult with a Lockheed Martin retirement counselor or HR for personalized guidance.

Employee Support Programs

Additional Lockheed Martin Benefits

Lockheed Martin recognizes that well-supported employees are more productive and satisfied. Here are other notable benefits:

• Education Assistance:
  • Tuition reimbursement of up to $7,500 per year for undergraduate studies and $10,000 per year for graduate studies.
  • STEM scholarships and professional development programs.
• Parental Leave and Family Support:
  • Paid maternity, paternity, and adoption leave.
  • Dependent care FSA and backup childcare services.
• Paid Time Off (PTO):
  • Accrual-based vacation time.
  • Paid holidays and personal days.
  • Leave for military service and jury duty.
• Employee Discounts:
  • Discounts on insurance, electronics, cars, entertainment, and more.

Accessing Your Benefits

Lockheed Martin Benefits Login
To manage your benefits, access:

• LM People – the employee self-service portal.
• Lockheed Martin Benefits Center – for retirement and health benefits management.
• Via Benefits – for retirees managing post-employment coverage.

You’ll need your employee credentials to log in. If you experience issues:

• Call HR at the Lockheed Martin Service Center.
• Use the password reset or account recovery features online.

Lockheed Martin Via Benefits

For retirees, Via Benefits offers:

• A marketplace for Medicare supplemental plans.
• Annual HRA credit management.
• Dedicated support for plan selection and billing.

This transition ensures retirees can access customized healthcare solutions beyond traditional employer-sponsored group plans.

Lockheed Martin: Does It Still Offer a Pension?

A common question is: Does Lockheed Martin have a pension?

• Yes, but only for employees hired before January 1, 2006 (or under legacy plans through mergers).
• The pension was frozen for new entrants after that date.
• Current employees primarily rely on 401(k) plans with generous matching contributions.

This structure mirrors trends across the corporate landscape, transitioning from defined benefit to defined contribution plans.