Lockheed Martin phased out its traditional pension plan for new employees in 2006. Instead, the company introduced a cash balance plan, which functions differently compared to a traditional pension. This change means that while existing employees who were part of the pension plan before 2006 still receive benefits, new hires after that date are not eligible for the traditional pension plan.
If you're looking into the benefits at Lockheed Martin, it’s a good idea to consider this shift in their retirement offerings, especially if you value traditional pension plans.