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500 to lose jobs at Lockheed Martin campus west of Jupiter

August 13th, 2018 | Leave a comment.

About 500 employees at the Sikorsky Aircraft Corp. plant in north Palm Beach County will lose their jobs, the company said, because of reductions in government demand for its aircraft.

The announcement that Lockheed Martin Corp. will shut down key operations in its facilities and lay off hundreds was not a shock, but it was a disappointment to county economic development officials.

Source – My Palm Beach Post

What you need to know!

Lockheed Martin Corporation Salaried Savings Plan is a defined contribution plan with a profit-sharing component, stock bonus component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 86.  

For the average 401k participant, the 4 point difference between this plan’s BrightScope Rating (86) and the top rated plan (90) could equate to 3 years of additional work and/or $19,168 in lost savings.
The plans administrator is Robert Mueninghoff and is handled in Bethesda, Maryland.
One of the key concerns is that the plan only has 45 investment options to choose from which is common for most 401k type plans.

Most 401k, Profit Sharing or ESOP plans do not have active management so there is really no one specifically guiding the plan investments. What this means is that like most traditional investment companies, in the event of a severe downturn the investment advisors have no method for moving to a lower risk profile automatically.

With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a potential severe downturn. Learn more in our guide, 6 Critical Steps You Must Take Now.

For an in-depth analysis of your options feel free to make an appointment, read one of our guides or participate in one of our workshops.

Wishing you the best.

Doug Reed, CRPC, AAMS

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