April 6, 2021

Family Finances

Lockheed Martin resources

A good portion of our clients are employees of Lockheed Martin’s plant in Syracuse.  As a result, we receive a lot of questions about Lockheed’s Martin benefit program, 401(k) allocation, etc.  We took some time and did a deep dive into their benefits package and highlighted some areas you don’t want to overlook if you work at Lockheed Martin:

Wellness Incentives in HSA/HRA

Lockheed Martin offers you and your spouse can earn wellness incentives that are contributed in your HSA account (free money).  Once the account reaches $1,000 you are able to invest the funds in the market, just like your 401(k).  The incentive amounts change every year so it’s best to check the benefits guide for information on how to qualify and the dollar amounts.  You can only enroll in this HSA account if you are covered under one of Lockheed Martin’s high deductible health insurance plans, however, if you have coverage through your spouse you can still enroll in Lockheed’s HRA account and the wellness incentives will be deposited there.

Dependent Care Savings Account

Lockheed Martin offers employees the ability to save in an Dependent Care Savings Account (DCSA).  This account allows for up to $5,000/year of tax deductible contributions that can be used for dependent care-related expenses (child care, etc).  This account is a great way to make some of your child care expenses tax deductible!  You can enroll in a DCSA account during annual enrollment or a Qualifying Life Event (QLE).  This account does not come with a debit card so you will need to save receipts and submit them to BenefitWallet.

“Broad” vs “Premier” Health Insurance Plans

Lockheed offers two types of high deductible plans for employees- Broad and Premier.  The premier network has fewer in network providers (thus a slightly lower premium) than the broad network, so It’s important you make sure your providers are in the premier network if you choose that option.

Rally Coins

Lockheed Martin offers a neat and fun way to earn discounts on popular exercise gear like FitBits, yoga mats, etc.  You earn these Rally Coins by signing up for “Rally” and completing the challenges and missions.  You can sync your Apple Watch, FitBit, etc. so your progress is tracked in real-time

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