LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Contribution & Employer Match

LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Contribution & Employer Match

LOCKHEED MARTIN CORPORATION provides the following retirement savings benefits to its employees:

LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN is $332,510.00

LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN is $8,768.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
561,191.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,768.00 in LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN allocates $1,067,557,338.00 to match its employees' contributions, providing an employer match rate of 87.39% of their contributions

LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN is approximately $7,509.00
Investing in this additonal $7,509.00 for 20 years would give you extra $480,577.00, assuming a 10% annual return.

LOCKHEED MARTIN CORPORATION SALARIED SAVINGS PLAN Contribution & Match Policy

  1. Employee Contribution:

    • Employees can contribute up to 40% of their base salary each year on a before-tax, after-tax, or Roth 401(k) basis, or in any combination, subject to regulatory limits.
    • Auto-enrollment for new participants sets an initial 4% contribution rate, with an annual auto-escalation of 1% up to 12% unless adjusted by the employee.
    • For participants hired before January 1, 2019, auto-enrollment started at 3%, with auto-escalation up to 8%.
    • Catch-up contributions are permitted for employees aged 50 and older.

  2. Employer Match:

    • The employer matches 50% of employee contributions up to the first 8% of base salary (i.e., up to 4%).
    • The matching contributions are typically provided in the form of company stock in an ESOP fund.
    • Additional profit-sharing contributions of up to 6% of weekly base salary are made for employees in eligible business units.
    • A $100 wellness contribution is available for participants completing specified wellness actions before January 1, 2024.
    • Participants from Sikorsky Aircraft Corporation under collective bargaining agreements may contribute ratification bonuses on a pre-tax basis, which are also matched at 50%.

  3. Roth 401(k):

    • The plan allows Roth 401(k) contributions, offering employees the flexibility to allocate contributions as before-tax, after-tax, or Roth 401(k), or as a combination.

Each of these contributions can be directed by participants into various investment options, including a self-directed brokerage account (SDBA), which has specific transfer requirements.

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