lockheed martin lump sum pension offer

If you have questions related to the 401(k) Plan, please contact the Savings Plan Information Line. That’s the $90,402 question The New York Times Co. has put to me as it offers to buy out my right to the lifelong monthly pension I earned when the parent of the Times newspaper also owned the Globe.The landmark legislation that promised security in retirement has fallen far short of its expectationsThe old rock of retirement income — the pension — is increasingly fading from the American economic landscape.A recent letter sent by two Senate Democratic committee leaders asking several federal agencies to develop regulatory policy on de-risking pension plans adds some heft to the issue, but there are already some regulatory provisions in the law addressing their concerns, practitioners said.If you were among the 15.7 million private-sector workers with a traditional defined benefit pension plan in the U.S. in 2012, now might be good time to stop counting your blessings.NCR Corp. Lockheed Martin and packaging firm RockTenn are among the growing number of employers who in recent years have hit tens of thousands of their workers and retirees with an enticing offer: to accept lump sum payouts, often well into six figures, in lieu of monthly pension payments.In response to the U.S. Department of Labor’s new anti-consumer “notice-and-access” disclosure regulation that goes into effect today, the Pension Rights Center is urging workers and retirees to tell their pension and 401(k) plans that they want to continue receiving their key retirement information on paper – not just by getting a text or email saying that the information is on a website.1730 M Street, NW, Suite 1000  | Washington, DC 20036 | (202) 296-3776 | 1-888-420-6550 Penney Co. Inc., Plano, Texas, is offering lump-sum payments to 35,000 former employees who are vested participants in its pension fund.“The voluntary option provides financial flexibility to those no longer with the company, and allows us to balance our business needs and strengthen the plan by reducing its size and the potential future volatility of the plan's obligation,” the company said in a statement.To search specifically for more than one word, put the search term in quotation marks. The deadline for responses is Friday.As of Dec. 31, the fair value of plan assets of the firm’s defined benefit plans totaled $27.3 billion, while projected benefit obligations totaled $40.6 billion, for a funding ratio of 67.2%.The company has no target for the number of employees it expects would take the offer, Ms. Grbach wrote.“The voluntary option provides financial flexibility to those no longer with the company, and allows us to balance our business needs and strengthen the plan by reducing its size and the potential future volatility of the plan’s obligation,” according to a statement e-mailed by Ms. Grbach.The company contributed $1.11 billion to the plans in the first half of 2012, $2.29 billion in 2011 and $2.24 billion in 2010.

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