Lockheed Martin Moves $2.6 Billion in Pension Risk to Insurance Annuity

Posted on 02/06/2019


A new 8-K filing revealed that defense contractor Lockheed Martin Corporation purchased two different group annuity contracts, making outside insurers responsible for US$ 2.6 billion in pension liabilities. A US$ 1.8 billion deal with Prudential Financial Inc. will cover 32,000 members of Lockheed’s defined benefit plan. The other deal is a US$ 800 million agreement […]