Lockheed Martin Pensions

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Defense contractor Lockheed Martin will no longer provide traditional pension plans to new salaried employees, partly to save money.

The company, which has more than ten-thousand workers in Colorado, says it will contribute money to accounts for the new workers that give them the option to invest the money as they choose.

But starting next year they won't be offered a pension where they receive regular payments after retirement based on how long they worked for the company.

In addition to saving money, company officials say they're making the switch because employees asked to have more control over how their retirement funds were invested.