Summary
This Form 8-K filing from Lockheed Martin Corporation (LMT) details the retirement of Dain M. Hancock, former Executive Vice President and President of the Aeronautics Company, effective March 31, 2005. The filing primarily serves to update previously disclosed pension benefit information for Mr. Hancock, reflecting his election of a joint and survivor annuity for both qualified and non-qualified pension plans. The updated pension figures show a slight increase in the estimated annual qualified pension benefit to $93,272 and a more significant increase in the estimated annual non-qualified benefit to $425,154. These adjustments are due to a revised annuity election, which includes a 50% benefit continuation to his spouse. Investors should note that these changes represent a modification of prior disclosures and do not indicate any new financial event or operational shift for the company. The discount rate used for these calculations was 3.75%.
Key Highlights
- 1Dain M. Hancock, former Executive Vice President and President of Aeronautics Company, retired on March 31, 2005.
- 2The filing clarifies Mr. Hancock's pension benefit election upon retirement.
- 3Mr. Hancock elected a joint and survivor annuity, with 50% of the benefit continuing to his spouse.
- 4Estimated annual qualified pension benefit increased to $93,272 (from prior estimate of $83,436).
- 5Estimated annual non-qualified pension benefit increased to $425,154 (from prior estimate of $377,545).
- 6The increase in non-qualified benefits accounts for a $2,000,000 lump-sum payment previously disclosed.
- 7The discount rate used for pension calculations was 3.75%.