Lockheed Martin’s Pension Plan Is In The Hands Of A ‘Pension Fraud’ Teamster
Lockheed Martin Pension Plan In The Hand Of A Fraud Teamster, the union representing the company’s 2,300 union workers is claiming, and the company is denying.
A letter sent to Lockheed Martin CEO Marillyn Hewson and other company officials in March, titled “Lockheed Martin Pension Contribution Fraud,” claims that Lockheed Martin has “a longstanding, systemic pattern of misclassification and misreporting of employees’ pension benefits.”
It is signed by the International Brotherhood of Teamsters, Teamsters International Union, Teamster Local 1189, and Teamsters United.
Lockheed Martin “has been identified in a number of instances as a fraudulent company with a history of mis-classification of pension contributions,” the letter states.
Lockheed’s pension plan is “a complex system that requires management oversight and has been subject to numerous audits,” according to the letter, which was obtained by Breitbart News.
The company is under investigation by the US Securities and Exchange Commission (SEC), which is looking into allegations that the company improperly deducted money from the pension plans of some of its most senior executives.
Lockheed said in a statement that it “does not tolerate or condone the misclassifying of workers’ pension contributions and the use of false or misleading information to inform pension contributions to the company.
Lockheed does not have the ability to directly discipline or terminate employees who engage in such misclassifications.”
The SEC said that Lockheed was “in the process of conducting a review of the company.”
“We take our responsibilities to protect investors and employees seriously, and will provide updates on the status of the investigation,” Lockheed said.
In response to the allegations, Lockheed said that it is “aware of the allegations and taking them seriously.
Our employees have a right to a fair and accurate pension contribution, and we are dedicated to making sure that those contributions are accurately and properly recorded.”
The company also noted that it has “continued to conduct internal investigations into these allegations.”
The Teamsters Union is now calling on Lockheed Martin to “immediately and publicly explain how it will ensure that the pension contributions are properly recorded on all of its accounts and in all forms.”
The union says the company should “implement a comprehensive pension management system for all employees and ensure that all pension contributions have been properly recorded and accounted for.”
Lockheed said it is reviewing the letter.
“As we continue to investigate the allegations,” Lockheed Martin added, “we are committed to addressing any issues as they arise, including any potential changes to our pension plan.”
“As a company, Lockheed Martin is committed to providing our workers and retirees with a safe and sound retirement,” said Teamsters president Jim Hoffa.
“The Teamsters are calling on the company to immediately and publicly disclose any changes to its pension plan, including whether any employees are eligible to participate in the plan, the amount they will receive, and any changes that are necessary to ensure that every person in the company can retire with dignity.”
Lockheed Martin did not immediately respond to a request for comment.
The Teamster Union is a coalition of more than 300,000 Teamsters unions, representing more than 1.6 million workers in more than 140 countries, including Canada.