The Lockheed Martin Empower 401k plan underwent some major changes recently. The company has a subsidiary called LMIMCo “Lockheed Martin Investment Management Company” and they act as plan fiduciaries to the company 401k plan. LMIMCo added new investment funds and they focused the 401k fund options to benefit employees.
Starting April 26th, 2021, all plan participants are required to make a decision about opting in or out of an automatic re-balance that is expected to take effect on May 20th, 2021. The opt in or out can be located at the sign in page of Empower and plan participants will be required to make a decision about the opt out.
Other than adding and removing funds from the 401k, the plan remains much the same. The new investment options appear to be benefiting employees because expense ratios have declined.
Disclosure: We are not affiliated with Lockheed Martin or Empower Retirement.
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Firm CRD 286061. Dylan Quintilone CRD 6732024, Paul Clay CRD 7145606.
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