Often times in our lives we start with one employer, then have to leave them for one reason or another; and often times fate brings us back to that same employer later down the road.  This is something many Lockheed employees are familiar with – a Break in Service.  How did you’re Break in Service affect your Credited Service for your pension? Keep reading to find out.

Often times in our lives we start with one employer, then have to leave them for one reason or another; and often times fate brings us back to that same employer later down the road.  This is something many Lockheed employees are familiar with – a Break in Service.  How did you’re Break in Service affect your Credited Service for your pension? Keep reading to find out.

By definition, a Break in Service occurred when you were credited with less than 190 hours in a year; there are 2080 working hours in a year.  This Break would have triggered your Credited Service years to be stopped.  Not to worry though, this is where the bridge came in handy.  This is how it worked:

  1. You had to be credited with at least 1,000 hours during your first 12 months back to work
  2. You were already vested in the pension before you left (5 years of Credited Service)
  3. You were only gone for 5 years OR
  4. Your vested years before you left were equal to or greater than the years you were gone

So, the bridge saved many employees from losing their priori service years.  Were you one of these employees?  Was this something you always questioned?   You don’t have to wonder anymore because now, you have your answer.

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Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.