Supplemental savings plan of Lockheed is a supplemental savings scheme enacted for the employees of The Lockheed Martin Corporation wherein certain key executives are offered an opportunity of deferred compensation due to inability of the employees subject to sections of 401(a)(17), 402(g), or 415(c)(1)(A) to contribute in the Lockheed martin’s Salaried corporation savings plan which is thequalified saving plan.
The organization opted for this saving plan in order to provide these employees with credits equivalent to contributions it would have otherwise made in the qualified saving plan. The supplemental savings plan of Lockheed Martin Corporation was created by an amended at start of financial year in 2005 in order to comply with the terms and conditions as per code of section 409(A) and the amount vested prior to that amended is governed by the plan enacted in 2004. The deferred compensation accumulated is distributed to employee in event of retirement or termination from the company.
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