Report: Pensions at Top 18 Contractors Cost Government $3.3B in 2010
February 10, 2012
Taxpayers contributed more than $3.3 billion to the pension programs of 18 of the biggest federal contractors in 2010, according to estimates by the Citizens Against Government Waste (CAGW) watchdog group.
The government reimburses contractors for payments they make into their employee pension plans, regardless of whether the company's pension investment decisions earn or lose money, the group said in a report released Friday.
The CAGW estimates the government reimbursed Lockheed Martin Corp., the largest federal contractor, $988 million in 2010 for its pension payments. The figure for Raytheon was $667 million, and for Northrop Grumman Corp., $529 million.