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Home > Savings Plan > Program Payouts

Program Payouts

   
When you decide to receive your payout, you have a choice of payout methods. You may elect to receive:
  • a single lump-sum payment of your total account value
  • a partial payment, provided you have a remaining balance of at least $10,000
  • monthly installment payments of your account value over a fixed period of 10, 15, or 20 years (as long as this method meets the IRS minimum distributions requirements), with monthly recalculations based on market value and the remaining payment period
  • monthly installment payments over a period equal to your life expectancy or the joint life expectancy of you and your spouse, with monthly recalculations based on market value and the remaining payment period. Life expectancies are recalculated each year
    or
  • monthly installments using the uniform life expectancy table with monthly recalculations based on market value and the remaining payment period. Life expectancies are recalculated each year.
If you die, your beneficiary may receive your savings program balance in a lump sum. However, your spousal beneficiary may elect a lump-sum payment or monthly installment payments over a five-year period. Your spousal beneficiary may also choose to defer payment.

If your savings are invested in Lockheed Martin Corporation or Vanguard Windsor, you may elect to receive a lump-sum payment of your account in the form of securities in these funds to the extent your savings are invested in these funds. All other funds must be liquidated and paid out in cash.

If you have investments in the Lockheed Martin Stock funds, you must direct them to be transferred to any of the other funds by April 30, 2003.

Naming Your Beneficiary

Your beneficiary is the person you name to receive benefits from the savings program if you die with a vested balance remaining in your savings program account. Your beneficiary can be anyone you wish. However, if you have been married for at least one year and you wish to name someone other than your spouse, you must have your spouse’s written and notarized consent.

Be sure to keep your beneficiary designation up to date. If you do not make a beneficiary designation and you have been married for at least one year at the time of your death, your spouse will receive the value of your vested savings program account. If you are single and do not name a beneficiary, your vested savings program account will be paid to your estate.

You may change your beneficiary at any time. Simply call the information line and request a beneficiary form. Your beneficiary election will be effective when the Benefit Plans Office receives your completed form.

Electing a Payout Method

When you decide to receive your payout, you may make your payout election over the phone by calling the information line. If you choose installment payments, you will receive the applicable forms.

Last updated: Thursday April 21 2005
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