⚖ Oral Arguments, with Context

Lockheed Martin transferred pension obligations for about thirty-one thousand retirees to insurer Athene through group annuities in 2021 and 2022. Athene then became responsible for their retirement checks, instead of Lockheed's pension plans. Four retirees sued under ERISA, the federal pension law, alleging Lockheed chose an unsafe insurer and put their future payments at risk. They do not claim that Athene has missed a payment. A Maryland federal judge denied Lockheed's motion to dismiss, holding that the alleged risk was enough to proceed at this early stage. Lockheed asks the Fourth Circuit to reverse. The immediate question is Article Three standing: whether the alleged future risk is imminent enough to give these retirees a concrete injury, despite continuing payments. Lockheed will call the risk speculative; the retirees will say the annuity made their benefits less secure. Nicole Saharsky of Mayer Brown will speak first for Lockheed.

Bruce Konya v. Lockheed Martin Corporation (No. 25-2061) — U.S. Court of Appeals for the Fourth Circuit, argued September 16, 2026.