Overview
What is Lockheed Martin Corporation Benefit Trust - Veba 1?
Lockheed Martin Corporation Benefit Trust - Veba 1 is a nonprofit organization, specifically a Section 501(c)(9) VEBA trust, situated in Bethesda, Maryland. Its primary mission is to serve as a financial resource, providing medical benefit coverage and funding for payments under two benefit plans for eligible retired employees and their dependents of Lockheed Martin Corporation. The trust aims to support the health and wellbeing of these individuals by facilitating medical benefits. It is an essential component of Lockheed Martin Corporation's retirement benefits scheme.
Is Lockheed Martin Corporation Benefit Trust - Veba 1 legitimate?
Lockheed Martin Corporation Benefit Trust - Veba 1 is a legitimate nonprofit organization registered as a 501(c)(9) entity. Lockheed Martin Corporation Benefit Trust - Veba 1 submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,697
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Lockheed Martin Corporation Benefit Trust - Veba 1?
Lockheed Martin Corporation Benefit Trust - Veba 1, as a Section 501(C)(9) VEBAs trust, primarily serves to provide a financial resource for medical benefit coverage for retired employees of Lockheed Martin Corporation and their covered dependents. Its main objective is to fund medical benefits under two benefit plans, ensuring the wellbeing of the eligible participants. The trust's primary exempt purpose is aimed towards providing medical benefit coverage to non-collectively bargained retired employees and their dependents. It is responsible for paying out medical benefits to these eligible individuals.
Who is the CEO of Lockheed Martin Corporation Benefit Trust - Veba 1?
Michael Schaffer is the Principal Officer of Lockheed Martin Corporation Benefit Trust - Veba 1.
What is the revenue of Lockheed Martin Corporation Benefit Trust - Veba 1?
Lockheed Martin Corporation Benefit Trust - Veba 1's revenue in 2022 was $8,982,664.
Who are the executives of Lockheed Martin Corporation Benefit Trust - Veba 1 and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $1,697
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Lockheed Martin Corporation Benefit Trust - Veba 1?
Lockheed Martin Corporation Benefit Trust - Veba 1's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lockheed Martin Corporation Benefit Trust - Veba 1
Lockheed Martin Corporation Benefit Trust - Veba 1 is a section 501(C)(9) VEBA trust, which serves a vital role in providing funding for medical benefit coverage and benefits under two benefit plans. The primary exempt purpose of this welfare benefit plan is to cater to the medical needs of retired employees of Lockheed Martin Corporation and their covered dependents. The trust's mission is to ensure the payment of medical benefits to eligible participants and their dependents associated with the corporation. This trust acts as a critical safety net, providing financial support for medical care, thereby alleviating some of the financial burdens that may arise from healthcare expenses.
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Impact
October, 2024
Lockheed Martin Corporation Benefit Trust - Veba 1 plays a significant role in providing healthcare financial support to eligible participants and their dependents. By serving as a funding source for medical benefits, it enables retired employees who are non-collectively bargained to access necessary healthcare coverage.
The trust's operations are critical for ensuring these individuals receive the medical benefits they require, promoting their well-being and financial stability in retirement. This reduces the burden of medical expenses on retirees and their families, ensuring they have access to essential healthcare services.
Overall, Lockheed Martin Corporation Benefit Trust - Veba 1 directly impacts the quality of life for its members by offering a structured and reliable source of funding for medical benefits, thus fostering a sense of security and support for retired employees and their dependents.
This information is meant to be a general summary of Lockheed Martin Corporation Benefit Trust - Veba 1. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$1,023,021
- Program Service Revenue: $10,000,000
- Gross Receipts: $12,011,487
Assets and Liabilities:
- Total Assets: $17,090,287
- Total Liabilities: $2,465
- Net Assets: $17,087,822
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EMPLOYER SERVICE CONTR
Revenue
$10,000,000
Organization Details
Founding Year
1988
Phone
(301) 571-7155Principal Officer
Michael Schaffer
Main Address
6801 ROCKLEDGE DRIVE MP 150, BETHESDA, MD, 20817
NTEE Category
Code: Y40 - Mutual benefit
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