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Stock Market & Financial Investment News

News Breaks
July 1, 2014
08:36 EDTLMTLockheed Martin to freeze pension plan
Lockheed Martin announced that it will freeze its salaried defined benefit pension plan and transition employees to an enhanced defined contribution retirement plan. The change will take effect in a two-step approach, beginning on January 1, 2016 with the freeze of pay-based benefits and concluding with the freeze of service-based benefits on January 1, 2020. The company expects that the plan will be fully frozen effective January 1, 2020. When the freeze is complete, the majority of Lockheed Martin salaried employees, including approximately 25,000 not in the pension plan, will have transitioned to a retirement plan that offers up to 10 percent of employees' salary annually in company contributions. The company expects that these changes will have no impact on Q2 earnings results. FY14 estimates for pension expense calculated under Financial Accounting Standards will be updated and communicated when the company reports second quarter results on July 22.
News For LMT From The Last 14 Days
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February 27, 2015
18:10 EDTLMTLockheed Martin, United Technologies JV awarded $2B government contract
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February 25, 2015
12:31 EDTLMTLockheed Martin awarded two Navy contracts totalling $90M
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February 24, 2015
17:19 EDTLMTLockheed Martin awarded $129M government contract modification
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February 23, 2015
13:30 EDTLMTIsrael to purchase another 14 of Lockheed Martin's F-35s, Globes says
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06:42 EDTLMTLockheed Martin to pay $62M to settle retirement plan lawsuit, WSJ says
Lockheed Martin will pay $62M to settle a civil suit alleging its 401(k) plan charged unreasonable fees, reports the Wall Street Journal, citing legal filings and company statements. As part of the settlement, Lockheed will also have to submit monthly evaluations of certain aspects of its plan, offer new low-cost funds, and solicit bids from at least three large firms to serve as administrative managers of the company's retirement plans. Reference Link
February 19, 2015
09:38 EDTLMTLockheed Martin says getting 'very excited' for laser weapon development
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09:13 EDTLMTLockheed says international growth would still be fairly healthy excluding F-35
Lockheed says F-35 makes up "lion's share" of growth internationally and domestically. Lockheed Martin CFO Bruce Tanner is speaking at the Barclays Industrial Select Conference.
07:46 EDTLMTAustralia opens bids for $8B armored vehicle defense contract, WSJ says
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05:55 EDTLMTLockheed Martin on track to cut cost of F35 jets by 30%, Financial Times reports
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February 18, 2015
16:06 EDTLMTLockheed Martin names Dana Jackson as Chief Technology Officer
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