The Lockheed Martin Supplementary Pension Plan was introduced by the company in order to provide tax-free benefits to the retiring employees. The Lockheed Martin Supplementary Pension Plan was previously known as the Martin Marietta Corporation Supplemental Excess Retirement plan. This supplementary pension plan was aimed at providing pension payment to some of the employees holding key management positions in the company. The pension plan aimed at certain additional benefits other than the regular retirement benefits that all employees were entitled to.
Any employee who was qualified for a pension plan and holding such position as specified by the company was eligible for this supplementary pension plan. The pension plan gave the option of selecting between an annuity and a lump sum payment as permitted by the company. The plan also emphasis that the benefit will cease as soon as the employee has resigned from the services of the company or has been terminated from the services of the company.
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