Message from PROJECTXYZ CEO Kim Caudle Lewis
As we approach the end of another year, I would like to say thanks and express my appreciation to all PROJECTXYZ employees that continue to provide excellent support to our customers. Over the past year, your contributions have not gone unnoticed. You have achieved success, overcome challenges, and continued to support the critical missions of valued customers worldwide.
Both Larry and I would like to wish you and your familes a safe and wonderful holiday season. Thank you again for your continued dedication and support.
Welcome New Team Members!
Thank you for joining Team PROJECTXYZ! We would like to welcome you, and we believe that you will enjoy working here! As part of our workplace environment, you will have outstanding benefits, an inclusive work environment, excellent career development and support, and recognition of the hard work, talent, skills and expertise that you bring.
Cynthia McKeaver was recently promoted to the position of lab supervisor at PROJECTXYZ. She has worked with PROJECTXYZ for about two years supporting the operations, management, and maintenance activities of the Petroleum Oil and Lubrications (POL) Laboratory located at the National Training Center in Ft. Irwin, CA. The PROJECTXYZ family wishes Cynthia success with her new role and added responsibilities.
ONE YEAR WORK ANNIVERSARY CELEBRATIONS
Congratulations are also in order for the following PROJECTXYZ employees on their recent one-year anniversary. PROJECTXYZ appreciates your support and dedication!
Open Enrollment is Here!
Look for email updates soon from PROJECTXYZ Human Resources. Open enrollment enables PROJECTXYZ employees to make changes to benefit options and enroll or unenroll in various coverage options offered.
Flexible Spending Accounts (FSAs) – Pros and Cons
Flexible Spending Accounts (FSAs) are associated with health plans which come through a job. PROJECTXYZ offers employees two types: Healthcare and Childcare/Dependent Care. This structure allows employees to pay for deductibles, copayments, some prescriptions, and other healthcare-related costs by taking money before taxes to divert it into this particular account. That allows you to pay for some out-of-pocket expenses without worrying about the taxes on the amount you spend. FSA enrollment occurs for PROJECTXYZ employees as part of the routine open enrollment process schedule for December 2021. Below are a few of the pros and cons when thinking about enrolling in a PROJECTXYZ FSA or through enrollment with another employer sponsored FSA.
The money moved into an FSA happens before taxation. The funds you use for this special account are not subject to taxes. That means you’ll be paying for the qualifying expenses from your flexible spending account while saving on the taxes which would usually be paid.
You have financial coverage for items not always covered by insurance. The benefit of FSAs for healthcare coverage is that you have a way to cover any auxiliary care requirements which may be necessary over the course of a year. Your insurance might not cover things like over-the-counter prescriptions, vaccines for travel, or specific diagnostic tests.
The healthcare FSA benefits apply to everyone in your family. Unlike other healthcare coverage benefits, your flexible spending account covers everyone in your immediate family. Thanks to the provisions of the Affordable Care Act, that includes any adult children up through the age of 26. Your spouse and young dependents also generate qualifying expenses through the current setup of the FSA system. Although you must be able to claim these individuals on your tax return (parents who split custody would need to speak with their plan administrator), this is a simple way to make the money you earn go a little further.
You have access to the funds from an FSA immediately. When you decide to take advantage of the benefits offered by FSAs, then the money is taken out of your paycheck throughout the year. That funding splits up the contribution into monthly payments which are easy to manage. Even though the funds are taken out with each check, you have full access to the total amount for the year during the first day of the plan. If you have a qualifying expense in January, then the entire amount can be utilized immediately, reducing the need to go into debt or set up a payment plan to handle this financial responsibility.
Most FSAs use a debit card for easy access to your benefit. Most flexible spending accounts connect the funds available to you through a debit card you can use at qualifying providers. Just hand over the card as you would for any other form of payment, then the provider will run the transaction as they would a credit or debit purchase. Although this benefit doesn’t help individuals using a vendor (like a preschool) who does not accept credit card payments, it does make things easier when trying to pay for healthcare expenses.
The FSA covers some alternative therapies as part of the benefit. There are several different treatments, benefits, and costs which are listed as a qualifying expense through today’s flexible spending accounts. FSA money can be used for acupuncture treatments, dental implants, and even supplements if you receive a prescription from your doctor. You can also enter a stop smoking program or even pay for a new TV or computer if it comes with a qualifying hearing device and you have that prescription from your doctor. Even weight loss programs offer some deductible expenses, including the cost of special foods which go beyond the “price of a normal diet.”
Elective treatments qualify under FSA rules. There are some elective treatments which qualify if they have a medical necessity to them at some level. The most common treatment which falls under this category is chiropractic care.
You can only save a limited amount of your income in an FSA. The current rules governing FSAs in the US restrict the amount you can save per employer. If you work two jobs that offer this benefit, then you do have the option to keep that money twice. Spouses can put this amount in an FSA with their employer as well.
You must use the money in an FSA within the plan year. Most people must use the money they saved in their FSAs before the end of their plan year. Failing to use the funds will cause them to be lost, which means you could forfeit the allocations if you do not have any qualifying expenses. The money leftover in your FSA goes back to your employer, who can use it to offset the cost of administering benefits.
You could lose your childcare tax credit. One of the unique benefits of FSAs is that they allow for childcare expenses to be deducted from the funds. That makes it possible to pay for these expenses with tax-free funds. The hidden disadvantage of doing so is that it changes the profile of your annual tax return. Because the money you spent wasn’t taxed, you’re not permitted under most circumstances to claim the credit available on your return. If this circumstance isn’t realized, then an expected refund at the end of the year might be smaller – or you might find yourself paying more. The same issue applies to any medical expenses that your cover with the flexible spending account. You are not allowed to deduct any of these costs when you file your annual tax return with the IRS.
The benefits disappear if you lose your job. The availability of funds offered through flexible spending accounts is directly tied to your employer. That means you will lose benefit access if you end up losing or leaving your job for any reason. Even if you’re laid off through no fault of your own, the yearly benefit disappears for you. That means you would lose contributions you made to the FSA after job termination, even if you didn’t access the money for a qualifying expense before losing your position.
FSAs are offered during limited enrollment periods only. Most FSAs have a 30-day enrollment period. That is in addition to the initial enrollment period available to new employees as part of their orientation process. If you miss the deadline for this benefit, then you don’t get another chance to enroll until the next open period. The only exception to this rule is if you have a qualifying life event after the deadline passes, such as getting married, having a child with your partner, or finalizing an adoption.
Foster families do not receive the same benefits. Unless a foster family can claim the children under their care as a dependent, then the money available through the flexible spending account cannot be spent on their needs. You would need to adopt the children under your care to create a qualifying life event for coverage. Although you would still have access to other benefits, including Medicare and Medicaid, there are some expenses not covered by these programs which you would still face.
FSAs do not permit you to change your contribution amount. The contribution you put in the paperwork during the qualifying enrollment period becomes what gets taken out of your paycheck each month. If you have an unexpected expense and could use the extra money, there is no way for you to change this structure. You cannot change how much gets taken out of your check until you reach the next enrollment period or experience a qualifying life event. Article edited for content and copied from original publication by Brandon Gaille of Small Business Marketing & Advice.
SPONSORSHIP SUPPORTS CRITICAL NEED FOR MILITARY & FAMILIES
PROJECTXYZ presented a corporate sponsorship to the Night Stalker Foundation (NSF). The NSF is a non-profit organization supporting the soldiers and families of the 160th Special Operations Aviation Regiment (Airborne), 160th SOAR (A) headquartered at Ft. Campbell, Kentucky.
The original mission of the NSF was to provide financial assistance for higher education endeavors of the soldiers and families of the 160th SOAR (A). Since 2019, the NSF expanded its focus to more than college scholarships. The Foundation hired a family resiliency coordinator to educate Night Stalkers and their families about military, veteran, and commercially available programs that promote resiliency. The NSF has also created an endowment that will grow and provide financial support for future foundation programs and the NSF Board of Directors is working directly with 160th SOAR (A) leadership to support and fund quality programs that help soldiers transitioning to the civilian sector.
PROJECTXYZ CEO Kim Lewis stated, “We are honored to support the NSF organization and help them continue doing what they do best – raising money to support the quite warriors and families of the 160th SOAR(A).”
Buford Thomas, PROJECTXYZ’s Director of Aviation Programs serves on the NSF Board and as a former Night Stalker, understands the organization’s value-added services which directly support the soldiers and families of the 160th SOAR (A) organization. Over the last ten years, the Night Stalker Foundation has awarded over $1.4 million in college scholarships with most scholarships being awarded in the name of a fallen solider. In 2020 alone, the NSF awarded 84 scholarships at 51 different universities across 20 states with amounts varying from $500 to $5,000.
The 160th SOAR (A)
Night Stalkers Don’t Quit and neither does The Night Stalker Foundation
For those not familiar with the 160th SOAR (A), the organization is comprised of the world’s most elite night-operating aviation force. They are commonly called the Night Stalkers because of their ability to strike undetected during night-time operations. The 160th is distinguished for missions such as Blackhawk Down, Lone Survivor, the Osama Bin Laden Raid, and numerous other strategic missions.
The courageous actions of Night Stalkers around the world have significant impacts on the family. Soldiers may deploy on two hours’ notice and families often do not know when their loved ones will return, with real concern for their livelihood. Continuous deployment since 9-11 takes a toll on all involved. PROJECTXYZ’s sponsorship will continue to help support the NSF’s critical mission of assisting their soldiers and families in need stated Thomas.
XYZ By The Numbers
Founded in 2002 by CEO Kimberly C. Lewis. President Larry E. Lewis, Jr. joined Kim in 2007.
PROJECTXYZ’s diverse employee base supports government and commercial industries all over the world. From engineering modifications on missile systems sold to our foreign allies and broadcast television to automotive lighting and plastic injection molding our employees are our most valuable asset and we appreciate all you do for each and every customer.
non-profit organizations and agencies supported in 2021 where PROJECTXYZ employees live and work.
PROJECTXYZ provides services in seven core capability areas.
Those areas are in Engineering (for Federal Customers), Logistics, Aviation, IT, Manufacturing, Alternative Energy, Broadcasting & Media, and International Foreign Military Sales.
PROJECTXYZ employees which supported writing, design, layout, and creative content development for our first employee news. Thanks to the following employees for participation, suggestions, photographs, and contributions: Lisa Cox, Gladys Nunn and Kevin Williams.
Worklife Does Matter
One of the benefits PROJECTXYZ offers to employees at no cost is an Employee Assistance Plan Work Life Matters via Guardian.
This service provides you and your family members with confidential, personal and web-based support on a wide variety of important and relevant topics to help encourage well-being: stress management, dependent/elder care, nutrition, fitness, as well as legal and financial issues.
Program highlights include:
• Unlimited telephonic assistance on common employee/workplace issues
• Life advice and professional counseling
• Maternity education
• College planning
• Balancing personal and professional life
• Psychological counseling
• Legal services
• ID theft and fraud resolution support
• Monthly newsletters and e-mail alerts
• Employee communication materials and utilization reports
EMPLOYEE ASSISTANCE PROGRAM
PROJECTXYZ offers employees a fully confidential Employee Assistance Program – Guardian Work Life Matters.
Website address: www.IBHWorklife.com/
Access Code: WLM70101
Toll Free Calling: 1-800-386-7055, Monday through Friday, 6:00 AM – 5:00 PM Pacific Standard Time (PST) and after hours answering and service available.
Chat online Monday through Friday from 8:00 AM – 4:00 PM PST.
HEALS Signature Fundraiser Best Year Ever
The HEALS, Inc. annual Dancing with the Stars fundraiser kicked off the evening with fun, glitz, glamour. Most importantly, HEALS marked their 15th year with achieving a record $792,000 in sponsorships, donations, and volunteer fund-raising efforts. PROJECTXYZ supports HEALS by sponsoring the event each year and employees support the organization as well through volunteering, donating, and helping with fundraising activities.
Veronica Tucker, Director of Special Projects at PROJECTXYZ along with husband Archie delivered energy and excitement for the eight hundred attendees and virtually to over five hundred people live streaming across three countries. Dancing the fox trot to Lynyrd Skynyrd’s Sweet Home Alabama and Neil Diamond’s Sweet Caroline, the husband wife duo made months of practice and challenging work look easy on stage. Their motivation and inspiration to become involved with HEALS was simple – every child deserves health care and through the couple’s combined efforts, they brought in over $38,000 for the organization.
Health Establishments at Local Schools, Inc. or more commonly referred to as HEALS, Inc. continues to be a pioneer in bringing the concept of school-based health services including establishment of medical, dental, and optometry clinics across the Huntsville and Madison County, Alabama area.
Upcoming Federal and Corporate Holidays
Christmas Friday, December 24, 2021
New Year’s, Monday, January 3, 2022
How to Submit News
If you have an idea or content to share for a future news article, contact Lisa.Cox@PROJECTXYZ.com Types of content featured includes employee activities or employee unique hobbies or interests, work-related or professional accomplishments, and corporate community-related involvement.