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Lockheed Martin Corp. has moved another 20,000 retirees andbeneficiaries and about $1.9 billion in pension obligations to MetLife, the latest in asuccession of risk transfer deals and discretionary plancontributions the defense contractor has used to shift mostsalaried employees to a 401(k) plan.
Under terms of the deal, the monthly benefits to the retireeswill not change, but MetLife will be responsible for administeringthe checks, not Lockheed, according to a statement from theinsurance 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.
