Lockheed's Pension Structure in 1987

Lockheed Martin's pension offerings in 1987 depended on which division hired you and what type of employment contract you held. The company did offer pension plans to new hires that year, but the specifics — vesting schedules, benefit formulas, and may be able to access rules — varied significantly between salaried employees, hourly workers, and union-represented positions. There was no single "Lockheed pension" that applied uniformly across the company.

In 1987, Lockheed operated multiple pension plans under different names and structures. Some divisions ran their own plans; others participated in industry-wide or union-administered funds. A new hire's pension depended on which Lockheed subsidiary employed them, whether they were union members, and whether they were classified as salaried or hourly staff.

Key Takeaways

  • Lockheed offered pension plans to new hires in 1987, but the plan you entered depended on your job classification and which division hired you.
  • Salaried employees, hourly workers, and union members typically participated in different pension structures with different vesting and benefit rules.
  • Vesting periods in 1987 often required five to ten years of service before you owned any pension benefit, which was standard across the aerospace industry at that time.
  • Your hire date, job category, and division are the three pieces of information needed to determine which specific plan covered you and what its terms were.
  • Lockheed's pension records from 1987 are maintained by the company's benefits department and by the Pension Benefit Guaranty Corporation if the plan was later frozen or terminated.

Salaried Employee Pension Plans

Salaried employees at Lockheed in 1987 typically entered a defined-benefit pension plan on hire or after a short waiting period. These plans promised a monthly benefit at retirement based on a formula that usually included your years of service and your final average salary. New hires were generally enrolled when ready or within the first year of employment, though they did not begin accruing benefits until they met the plan's service requirements.

The vesting schedule — the period after which you owned the benefit — was often five to ten years in 1987. This meant a salaried employee hired in 1987 would not own any pension benefit until 1992 or 1997, depending on the specific plan. If you left Lockheed before vesting, you typically received no pension benefit, though you might have received a refund of your own contributions if you had made any.

Hourly and Union-Represented Workers

Hourly employees and union-represented workers at Lockheed in 1987 often participated in separate pension plans, sometimes jointly administered with unions or industry groups. These plans frequently had different vesting schedules and benefit formulas than salaried plans. Some union plans vested faster — sometimes in five years or fewer — while others required longer service periods.

Union-administered plans sometimes pooled employees from multiple employers, which meant your Lockheed pension might have been managed alongside benefits for workers at other aerospace contractors. If you were represented by the International Association of Machinists, the United Auto Workers, or another union, your pension plan documents would have been filed with the Department of Labor and would be part of the public record.

How to Find Your 1987 Pension Plan Details

If you were hired by Lockheed in 1987 and believe you have a pension benefit, the first step is to contact Lockheed Martin's Benefits Service Center or Pension Administration office. You will need your hire date, employee ID number if you have it, and the division or location where you worked. They can tell you which plan covered you and what your current benefit status is.

If Lockheed's plan was frozen or terminated after 1987, your benefit may now be administered by the Pension Benefit Guaranty Corporation (PBGC), a federal agency that protects pension benefits. You can search the PBGC's database of terminated plans on their website to see if your Lockheed plan is listed there. If it is, PBGC can provide information about your vested benefit and how to claim it.

Keep any documents you have from 1987 — offer letters, employee handbooks, or benefits summaries. These documents often state which pension plan you entered and when benefits would vest. If you do not have originals, Lockheed's records department may be able to provide copies of your enrollment documents.

Vesting and Benefit Ownership in 1987

A critical distinction in 1987 was the difference between being enrolled in a pension plan and being vested in it. Enrollment meant you were a participant and your service was being tracked. Vesting meant you owned the benefit and could claim it later, even if you left the company. Many new hires in 1987 were enrolled when ready but did not vest for five to ten years.

If you left Lockheed before your benefit vested, you typically forfeited the pension entirely. Some plans allowed you to withdraw your own contributions (if you had made any), but the employer's contribution was lost. This was standard practice in 1987 and was legal under federal pension law at that time.

Changes to Lockheed Pensions After 1987

Lockheed's pension plans changed significantly in the decades after 1987. Some plans were frozen, meaning no new employees could enter them and existing employees stopped accruing new benefits. Others were converted to cash-balance plans or were terminated entirely. If you were hired in 1987 but did not leave the company until much later, your benefit may have been affected by these changes.

If your plan was frozen or terminated, you should have received a notice from Lockheed or from the PBGC explaining what happened to your benefit. These notices are often sent years after the change, so check any old mail from Lockheed or search your email for messages from the PBGC. If you cannot find the notice, contact Lockheed's Benefits Service Center and ask for a copy.

Frequently Asked Questions

Did everyone hired at Lockheed in 1987 get a pension?

Most full-time salaried and hourly employees were enrolled in a pension plan, but temporary, part-time, or contract workers often were not. Your employment classification at hire determined whether you entered a plan. If you were full-time, you almost certainly were enrolled, though you would not own the benefit until you vested.

What happens to my Lockheed pension if I left before vesting?

If you left before your benefit vested, you typically forfeited the pension benefit. Some plans allowed you to withdraw your own contributions, but the employer's contribution was lost. This was the standard rule in 1987 and remains true today for most defined-benefit plans.

How do I know if my Lockheed pension was frozen or terminated?

Contact Lockheed Martin's Benefits Service Center with your hire date and employee ID. They can tell you the current status of your plan. You can also search the PBGC's database of terminated plans on their website to see if your specific plan is listed there.

Can I get a copy of my 1987 pension plan document?

Yes. Lockheed's Benefits Service Center can provide a copy of the plan document that was in effect when you were hired. You can also request a copy from the Department of Labor's Employee Benefits Security Administration if the plan was a covered pension plan. Provide your hire date and the plan name if you have it.

What if I worked at Lockheed in 1987 but under a different company name?

Lockheed went through several mergers and name changes. If you worked for a Lockheed subsidiary or a company that was later acquired by Lockheed, your pension may have been transferred or merged into a Lockheed plan. Contact Lockheed Martin's Benefits Service Center with your hire date and the company name on your original offer letter — they can trace which plan covered you.