LOCKHEED MARTIN CORPORATION CAPITAL ACCUMULATION PLAN Contribution & Employer Match
LOCKHEED MARTIN CORPORATION CAPITAL ACCUMULATION PLAN Contribution & Employer Match
LOCKHEED MARTIN CORPORATION provides the following retirement savings benefits to its employees:
LOCKHEED MARTIN CORPORATION CAPITAL ACCUMULATION PLAN Average Participant Retirement Account Value
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-up contributions (in addition to the employee and employer combined limit, age 50 and over) | |
|---|---|---|---|
| 401(k) contribution limit for 2023 | $22,500 | $66,000 | $7,500 |
| 401(k) contribution limit for 2024 | $23,000 | $69,000 | $7,500 |
$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.
$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!
Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.
Employer match in LOCKHEED MARTIN CORPORATION CAPITAL ACCUMULATION PLAN
An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.
LOCKHEED MARTIN CORPORATION CAPITAL ACCUMULATION PLAN Estimated Average Employer Match
Investing in this additonal $745.00 for 20 years would give you extra $47,683.00, assuming a 10% annual return.
LOCKHEED MARTIN CORPORATION CAPITAL ACCUMULATION PLAN Contribution & Match Policy
1. Employee Contribution Rates: Employees can contribute a percentage of their salary generally ranging from 3% to 5% of their weekly rate of pay.
2. Employer Match/Contribution Conditions: Employer contributions are allocated based on a percentage, generally ranging from 3% to 5% of the employee's weekly rate of pay.
3. Vesting Schedule/Eligibility: Most participants are immediately vested in employer contributions, although certain participants in specific business units are subject to vesting requirements.
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