Lockheed Martin 401(k) match, vesting and fees
What Lockheed Martin's 401(k) plan says about matching contributions
The Corporation contributes a matching contribution equal to 50% of the participant’s contribution up to the first 8% (i.e., up to 4%) of the participant’s base salary. Substantially all employer matching contributions to the Plan consist of the Corporation’s common stock invested in the ESOP Fund. In addition to employer matching contribution, the Corporation contributes an employer profit-sharing contribution of up to 6% of an eligible employee’s weekly base salary (6% company contribution is for employees in eligible business units only).
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | 2023 audit report, p. 23 ↗ |
| Match vesting | Participants are immediately vested in all employer contributions. | 2023 audit report, p. 23 ↗ |
| Automatic enrollment | Eligible employees are automatically enrolled in the Plan when they are hired, unless they affirmatively decline to participate. If automatically enrolled, a participant’s contribution is set at 4% of base salary in before-tax contributions. The Plan has an autoescalation feature whereby contributions for those automatically enrolled are increased 1% each calendar year up to 12% unless changed by the participant. For participants hired prior to January 1, 2019, the auto enrollment was set at 3% and the auto-escalation goes up to 8%. | 2023 audit report, p. 23 ↗ |
| Roth contributions | The Plan allows eligible employees to make contributions on a before-tax, after-tax, or Roth 401(k) basis or in any combination. | 2023 audit report, p. 23 ↗ |
| Loans | Participants may borrow from their total account balance a minimum of $500 and up to a maximum amount equal to the lesser of 50% of their account balance or $50,000 (minus their highest outstanding loan balance from the past 12 months, if any). The loans are secured by the balance in the participant’s account and bear interest of 1% over a published prime rate. | 2023 audit report, p. 24 ↗ |
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | 2024 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2024 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2023 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2024 filing.
How the plan compares
Plan year 2024 medians for 28 defined-contribution plans in manufacturing with 50,000 or more participants.
| Lockheed Martin: employer contribution per participant | $7,679 | |
| Peer median | $4,356 |
| Lockheed Martin: average balance | $355,809 | |
| Peer median | $263,591 |
| Lockheed Martin: admin expenses ÷ assets | 0.01% | |
| Peer median | 0.01% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $47.3B at the end of plan year 2023 to $51.4B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 145,243 | $51.4B | $1.1B | $7,679 | 0.01% | Not published | Form 5500 ↗ |
| 2023 | 146,790 | $47.3B | $1.1B | $7,330 | 0.01% | Quoted in the audit report, p. 23 ↗ | Form 5500 ↗ |
Other Lockheed Martin plans (12)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Lockheed Martin Corporation Performance Sharing Plan for Bargaining Employees
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Lockheed Martin Corporation Hourly Employee Savings Plan Plus
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Lockheed Martin Corporation Operations Support Savings Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Lockheed Martin Corporation Capital Accumulation Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Lockheed Martin Corporation Basic Benefit Plan for Hourly Employees
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Lockheed Martin Corporation Capital Accumulation Plan for Hourly Ees
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Retirement Plan for Certain Represented Employees
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Lockheed Martin Corporation Pension Plan for Employees in Participating Bargaining Units
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Lockheed Martin Corporation Salaried Employee Retirement Program
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Lockheed Martin Corporation Pension Plan for Specified Retirees
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Lockheed Martin Corporation New Retirement Income Plan for Employees in Puerto Rico
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Lockheed Martin Aerospace Hourly Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Mitchell & Titus, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Terminated (final filing) | Form 5500 ↗ |
Common questions
Does Lockheed Martin match 401(k) contributions?
The audit report attached to the Lockheed Martin Corporation Salaried Savings Plan's plan year 2023 Form 5500, page 23 says: “The Corporation contributes a matching contribution equal to 50% of the participant’s contribution up to the first 8% (i.e., up to 4%) of the participant’s base salary. Substantially all employer matching contributions to the Plan consist of the Corporation’s common stock invested in the ESOP Fund. In addition to employer matching contribution, the Corporation contributes an employer profit-sharing contribution of up to 6% of an eligible employee’s weekly base salary (6% company contribution is for employees in eligible business units only).” Plan terms may have changed; check your current Summary Plan Description.
When is the Lockheed Martin 401(k) match vested?
The audit report attached to the plan year 2023 Form 5500, page 23 says: “Participants are immediately vested in all employer contributions.”
Who manages the Lockheed Martin 401(k)?
The filing names Lockheed Martin Corporation as plan administrator; it does not list a recordkeeper.
I left Lockheed Martin. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Lockheed Martin Corporation, (863) 647-0370). The Lockheed Martin old 401(k) page lists the contacts from every plan filing. Find an old Lockheed Martin 401(k)
Data from the public Form 5500 annual reports Lockheed Martin filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Lockheed Martin. Not financial advice. Report a correction · Methodology