Every day, youll find us striving to protect the safety and health of our global workforce and our environment. The automatic increase feature is a convenient way to incrementally increase your pre-tax contribution rate to gradually build your savings over time. Note: Beneficiary Designations We strive to create a safe, inclusive and collaborative workplace with competitive benefits, development opportunities and a culture that values and rewards employees on all levels of the organization. Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. 401k, Pension, Retirement, Retiree, Health Insurance, Medical, Vision, Dental, IRA, Competitive Base Pay, Quarterly Bonus, Paid Time Off, Weekly Pay, Medical, Dental, Vision, Insurance, Health Savings Account, Flexible Spending Accounts, Short-Term and Long-Term Disability, Paid Family Medical Leave, Bereavement, Jury Duty and Parental Leave, Life, Dependent and Accident Insurance, Critical Illness Insurance, Savings Plan 401, Company Paid Retirement Benefit, Employee Stock Purchase Plan, Paid Holidays, Flexible Spending Accounts , Health Savings Account , Time Off and Flexible Days, Group Legal Plan, Group Home Auto Insurance, Pet Insurance, Employee Discounts, Adoption Reimbursement, Tuition Reimbursement and Student Loans, Well-Being Programs, etc, Monday until Friday, between 9:00 a.m. and 5:00 p.m., ET. If you die within 31 days of your termination date, benefits are paid to your beneficiary for your basic life insurance, as well as any additional life insurance coverage you elected. EIS is a Utah You and your Medicare-eligible dependents must enroll in Medicare Parts A and B when you first become eligible. See open roles and find your next opportunity. You have the flexibility to change your investment elections at any time by using the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . Any review, copying, distribution or use of this transmission is strictly prohibited. A health care and/or dependent care spending account. Meanwhile, workers who are older than 50 years old are eligible for an extra catch-up contribution of $6,500. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. Once they meet this limit, they can add an additional $6,500 in catch-up contributions. You might choose to continue working in order to keep your insurance or other benefits many employers offer free to low cost health insurance for part-time workers. RESOURCES: 2021 Global Medical Trend Report; 2019 Global Emotional Health Survey; 2021 Multinational Pooling Network Overview; To learn about how we use your information, please review our privacy policy. This can include life insurance payouts and any pension or savings balances you may have. Life and long-term disability insurance coverage and. With 2021 in the rearview, the IRS has released Revenue Procedure 2021-45, and Notice 2021-61, which detail the tax changes and cost of living adjustments for 2022. Continue to move forward and provide every important information that is asked of you to create a new account online. Rating. Alcoa will send a benefit payment to the employee's last known address. This can be a good time to consider whether you have the ability to boost your retirement savings goal to 20% or more of your income. Contact our support team. While the Federal Reserve strives to achieve a 2% inflation rate each year, in 2021 that rate shot up to 7%, a drastic increase from 2020s 1.4%. Today, we are the right company at the right time. There are important changes for the Earned Income Tax Credit (EITC) that taxpayers should know: The income threshold has been increased for single filers with no children; the American Rescue Plan Act temporarily boosted it from $543 to $1,502 in 2021. Watch for your Participant Distribution Notice and Special Tax Notice Regarding Plan Payments. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. You will be directed to your account details where you may start to manage or review as soon as your registration has been successfully completed. - By bumping up your contribution by just 1%, Alcoa is now matching 3% (the max) of your contributions for a total contribution of 6% of your salary. Increased deduction for cash charitable contributions: In years past, the threshold was $300 for both single and joint filers, but in 2022 that has changed to $300 for single filers, and up to $600 for joint filers. We have best-in-class bauxite mining practices. For details on coordination of benefits, refer to your summary plan description. Collect life insurance benefits. Financial Analyst salaries ($63k) Glassdoor is your resource for information about the Health Insurance benefits at Alcoa. As an Alcoan, youll find a culture thats inclusive and welcoming. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401, pension and FSA benefits. Understand the expenses and services that your options cover. The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900, up $800 from the previous year. Retrieved October11, 2016 from. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefits that better support your needs. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. To access the YBR website, Alcoa requires you to use your personal user ID and password*. First, you select the target contribution rate you want to reach at some point in the future. We know it starts and finishes with you, which is why our value 'care for people' is so important to us. From purposeful career development and inclusive and diverse work teams, Alcoa employees turn raw potential into real progress. This fee covers the costs of the administration of the Alcoa Retirement Savings Plan and includes items such as the cost of communication materials, recordkeeping, audit and trustee fees in addition to operating a call center and website. First name*. These plans are often complex, so it is important to work with an advisor who understands your plan. Expenses can increase during retirement and working can be a logical and effective solution. The fee included in each fund option is currently set at 0.05% or $5 per year for every $10,000 of investment and is paid to the Plan. Stock Options. a registered investment advisor not affiliated with FSC Securities Corporation. link found below the login details on the page. If the market value of your account balance is, You May Like: Best Golf Retirement Communities In Tennessee. Make up for decreased value of savings or investments How much we recommend that you invest toward retirement is always based on your unique financial situation and goals. Our strategic priorities of Reduce Complexity, Drive Returns and Advance Sustainably have made Alcoa a strong company, allowing us to succeed throughout the commodity cycles and innovate for a sustainable future. Payment of Small Amounts If an employee's pension benefit is less than $50, Alcoa may pay the benefit in a lump sum. This booklet is the summary plan description (SPD) of the Alcoa Retirement Plan I, Rule IC, restated as of January 1, 2010, including amendments through October 2013, for salaried employees hired before January 1, 2000, as . Long-Term: Your plan's long-term disability (LTD) benefits are designed to provide you with income if you are absent from work for six consecutive months or longer due to an eligible illness or injury. 1 Group annuity contracts can be issued by Metropolitan Life Insurance Company, 200 Park Ave. NY, NY 10166 or Metropolitan Tower Life Insurance Company, 5601 South 59th St., Lincoln, NE 68516. * Your user ID, the last four digits of your SSN, and password keep your personal retirement information confidential and ensure that only you have access to this information. LEARN MORE, At our Centers of Excellence, our talented scientists and engineers work closely with our operational teams to deliver innovative, practical solutions to complex problems in the aluminum industry. This means a 65-year-old couple, with average prescription-drug expenses for their age, will need $259,000 in savings to have a 90% chance of covering their healthcare expenses. You can invest up to $19,500 into your retirement plan / 401(k). a registered investment advisor not affiliated with FSC Securities Corporation. Discover Alcoas top 2022 news showing how were reinventing the aluminum industry for a sustainable future. Were on a mission to build a better future, one where aluminum will play an even larger role in solving challenges in a carbon-constrained world. Alcoa of Australia Retirement Plan has 8 investment options, MySuper products authorised and 0 of its total assets are invested in a default or MySuper strategy. ExxonMobil is just one of many companies using a Social Security offset when calculating Pension Benefits. In October, Alcoa agreed to purchase a group annuity contract to transfer about $55 million in pension plan assets to an undisclosed insurer. In order to maintain the same standard of living through retirement, you will have to factor rising costs into your plan. Hmm we don't see any results for that. the Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. With active operations across the full upstream aluminum industry, we take a comprehensive view from the mine to metal. Systematic withdrawal plans: Structure regular, automatic withdrawals from your IRA by choosing the amount and frequency to meet your retirement income needs. The Employee Benefit Research Institute (ERBI) found in their 2022 report that couples with average drug expenses would need $296,000 in savings just to cover those expenses in retirement. Some of their benefits also include the following: By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). Our Supplier Standards set expectations for working with us and is part of all of our agreements. If a Pension is offered, your company's retirement plan will generally allow for different forms of payment: When is the last time you reviewed your 401(k) plan account with Alcoa or made any changes to it? Unlike with a married couple, your ex-spouse doesnt have to have filed for Social Security before you can apply for your divorced spouses benefit. Employer Verified. While prices as a whole have risen dramatically, there are specific areas to pay attention to if you are nearing or in retirement, like healthcare. Click our e-book for more information on 'Rollover Strategies for 401(k)s'Use the AT&T Online Beneficiary Designation to make updates to your beneficiary designations, if needed.Note: If you voluntarily terminate your employment with Alcoa, you may not be eligible to receive the annual contribution. As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. Online Utility Bill Pay Agendas & Minutes Report a Power Outage Employment Opportunities Trash / Recycling Notify Me City Spotlights What's Happening in Alcoa View All Spotlights News Flash Your elections must be made in increments of one percent in any one or a combination of the available investment funds, as long as the total equals 100 percent. Discover how Alcoa is on a winning streak, racking up recognitions from various ESG rating agencies. The bid was withdrawn when Alcan announced a takeover by Rio Tinto in July 2007. All plan participants will be advised of any such restrictions, and they apply equally to all employees. We actively engage with our stakeholders in the communities where we operate. Benefits Planner: Income Taxes and Your Social Security Benefits. We are ready for whats ahead. Because a withdrawal permanently reduces your retirement savings and is subject to tax, you should always consider taking a loan from the plan instead of a withdrawal to meet your financial needs. Generally speaking, you can withdraw amounts from your account while still employed under the circumstances described below. To find out whether your browser supports Watch for your annual enrollment information in the September/November time frame. You will receive information on your choices. You might find yourself with very tempting job opportunities at a time when you thought youd be withdrawing from the workforce. 401K Plan. It will also tell you what you need to do to receive your final distribution. Thats how Alcoa will know whom to send your final compensation and benefits. *We are not affiliated with or endorsed by your company or organization. This could mean a potential savings of over 30%. 1 cause of bankruptcy in the United States. The representatives can answer any questions you may have about the Plan. Their employees may join in a wide selection of benefit programs as soon as they become eligible. from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . Our world needs more efficient, sustainable approaches, and Alcoa is uniquely positioned to deliver the solutions. Were working to show the world what a sustainable aluminum company looks like. *Source: The Retirement Group, Retirement Plans - Benefits and Savings, U.S. Department of Labor, 2019; Generating Income That Will Last Throughout Retirement, Fidelity, 2019. Learn More. We have some of the best operators in the business with leading technologies and game-changing innovations and the industrys most comprehensive portfolio of low-carbon products. They are considered to be the worlds eighth biggest producer of aluminum. All Rights Reserved. For questions about the Plan or information on how to access your savings, you have the following resources: Your Benefits ResourcesTM at http://resources.hewitt.com/alcoa This interactive. Partial withdrawals: Withdraw any amount from your IRA at any time. Attention: This web site and all of its content are owned by Extend Health, LLC. Start the joint pension payments. You can also adjust or stop your automatic increase election at any time. They also have a diverse and inclusive work force, rewarding employee volunteering initiatives, plus a strong safety culture and a commitment to work-life balance. Your spouse, or other named beneficiary, will need to call Alcoa's benefits service center to collect life insurance benefits. At The Retirement Group, we can help you understand how your Alcoa retirement scheme fits into your overall financial picture, and how to make that plan work for you. Its important to know that certain withdrawals are subject to regular federal income tax and, if youre under age 59, you may also be subject to an additional 10% penalty tax. Alcoa Community FCU first opened its doors in 1957 and has been serving the financial needs of the Saline County Community for over 60 years. Well realize this vision through the talent of our people and the advancements in our processes and products. Log in to discover all the ways we can help you and your family. Pension plan assets will be transferred to Athene and Athenes subsidiaries will provide group annuity contracts to pay benefits to plan participants. You can search for your companys name in the Find Your HR Website feature. Short-Term: Depending on your plan, you may have access to short-term disability (STD) benefits. Survivors have to pay the full monthly premium. Find the location of Alight offices in your region. Additionally, the Plan also has the unique feature which allows you to request dividends from your Alcoa Stock Fund investments . Missing out: How much employer 401(k) matching contributions do employees leave on the table? The non-toll-free number for international callers is 847-883-0956. Unfortunately, many people dont take full advantage of the employer match because theyre not putting in enough themselves. Join Us. Today, we continue to channel the determination that first launched an industry. 2022 Tax Brackets: Inflation reduces purchasing power over time, as the same basket of goods will cost more as prices rise. Transferring Existing Savings between Investments. Your rollover IRA will be invested in a fund designed to preserve principal and provide a reasonable rate of return consistent with liquidity. If youre over 50, you may be eligible to use a catch-up contribution within your IRA. Perhaps Alcoa is among those following a similar model to Shell, where the company determines the contribution percentage by looking at specific factors related to each employee. Here are some useful links. If your company is a subsidiary of another organization, try searching the Find Your HR Website by the parent organization. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. There are seemingly endless rules that vary from one retirement plan to the next, early out offers, interest rate impacts, age penalties, and complex tax impacts. View your current health and welfare benefits coverage, View your current 401 balance and change contributions, Make fund transfer and investment election changes. Your life insurance coverage and any optional coverage you purchase for your spouse/domestic partner and/or children ends on the date your employment ends, unless your employment ends due to disability. These retirement savings vehicles give you the chance to take advantage of three main benefits: Matching contributions are just what they sound like: your employer (in this case, Alcoa) matches your own 401(k) contributions with money that comes from the company. EIS is not connected with or endorsed by the US government or the Center for Medicare Services. Office of Supervisory Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121 800.900.5867, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime, https://seekingalpha.com/article/4268237-order-withdrawals-retirement-assets, https://www.aon.com/empowerresults/ensuring-retirees-get-health-care-need/, https://www.irs.gov/retirement-plans/composite-corporate-bond-rate-table, https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions, http://hr.chevron.com/northamerica/us/payprograms/executiveplans/dcp/, https://www.lawinsider.com/contracts/1tRmgtb07oJJieGzlZ0tjL/chevron-corp/incentive-plan/2018-02-02, Compound growth opportunities (as seen above). Also, our benefit advisors are trained regarding But, take a second to see how this could adversely affect your retirement plans. Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company. We are consistently recognized with inclusion in the Dow Jones Sustainability Indices, and we have global certifications from the Aluminum Stewardship Initiative, the industrys most comprehensive third-party system to validate responsible production practices. Our vision is to reinvent the aluminum industry for a sustainable future. As insurance companies take over pension plans, are your payments at risk? Be prepared financially to cover living expenses. Type in your current Password in the space provided. Just because the government has set a retirement age with its Social Security program doesnt mean you have to schedule your own life that way. If you are eligible for a pension benefit: Make beneficiary designations and changes (if applicable), Request a new User ID and password or change your existing User ID and password, Review, add or change yourdependentor beneficiary information on file (if applicable), Understand how a Life Event may affect your benefits. Customer service representatives These specially-trained individuals are available weekdays. However, you may request a total distribution at any time or request up to four partial payouts each calendar year. Some people continue to work to make up for poor performance of their savings and investments. Glassdoor is your resource for information about the Retirement Plan benefits at Alcoa. Child Tax Credit changes: A $2,000 credit per dependent under age 17, income thresholds of $400,000 for married couples and $200,000 for all other filers (single taxpayers and heads of households), a 70 percent partial refundability affecting individuals whose tax bill falls below the credit amount. 2021 RetirementTalk.net | 3 Ratings. Alcoa Engaged Employer Overview 1.2K Reviews 114 Jobs 2.3K Salaries 261 Interviews 372 Benefits 19 Photos 186 Diversity + Add Benefits See all Alcoa Benefits Alcoa Pension Plan 12 employees reported this benefit 3.7 6 Ratings Available to US-based employees Change location Employer Verified Jan 24, 2018 Employee Comments Showing 1-6 of 6 Learn about Alcoa Health Insurance, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees. The ELYSIS process generates pure oxygen, replacing all GHGs. Your requested change will take effect as of the first full pay period after your request is processed. They may be eligible to the following benefits once they are qualified: Please note that the full list of benefits available to new employees varies from location to location due to differences in local laws, regulations, and customs and may change at any time. The additional annuity contracts with two subsidiaries of Athene Holding, Ltd. (NYSE: ATH) will facilitate the transfer . We would like to show you a description here but the site won't allow us. 73% of plan participants spend less than five hours researching their 401(k) investment choices each year, and when it comes to making account changes, the story is even worse. Should you? the choices available. If you experienced a job change, retirement or lapse in employment, the lookback rule may be an important option to consider when filing taxes this year. If you are eligible for a pension benefit: Make beneficiary designations and changes, Request a new User ID and password or change your existing User ID and password, Review, add or change your dependent or beneficiary information on file, Understand how a Life Event may affect your benefits, they can tailor how they spend healthcare dollars according to their needs, unused funds may be rolled over to subsequent years and. LEARN MORE. Over 50? Pension Plan. It is crucial to take all of these factors into consideration when constructing your retirement plan. EIS is also licensed as a non-resident insurance agency, or otherwise authorized to You will be directed to your account details where you may start to manage or review as soon as your registration has been successfully completed. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. Type in the last 4 digits of your SSN in the space provided. 1-866-322-2824 (TTY: 711) Mon-Fri 8am - 7pm Eastern *Required Fields. View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. You will also need to plan to take the required minimum distributions (RMDs) from any employer-sponsored retirement plans and traditional or rollover IRA accounts. 47% of Americans cite healthcare as their greatest economic concern. Check the status of your Social Security benefits before you retire. Performance. You can manage your existing savings two ways: You can request a transfer of existing amounts between investment options, or you can elect the automatic rebalancing feature that will automatically rebalance your account every 90 days based on your current investment elections. And we are creating game-changing innovations in aluminum smelting. On the other hand, it's possible your company determines its contribution based on a combination of specific factors, like ExxonMobil. *Required Fields First name* Last name* *We are not affiliated with or endorsed by your company or organization. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. They also have a diverse and inclusive work force, rewarding employee volunteering initiatives, plus a strong safety culture and a commitment to work-life balance. The automatic rebalancing feature* allows you to diversify your investments by rebalancing your account every 90 days based on your investment elections. Today, we are the right company at the right time. We extract, process and refine the most recyclable mineral on the Earth. Our global refining system has the lowest average carbon dioxide intensity on the planet. They are considered to be the worlds eighth biggest producer of aluminum. Alcoa Corporation is an American industrial corporation. Retaining employment, even if its just part-time, can be a great way to use the skills youve worked so hard to build over the years and keep up with friends and colleagues. This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. Office of Supervisory Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121 800.900.5867. You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts. Source: Schwab 401(k) Survey Finds Savings Goals and Stress Levels on the Rise. You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . With installed refinery capacity of 17 million metric tons per year, we currently operate six refineries in Australia, Brazil and Spain, supplying the world with alumina for smelters and for non-metallurgical purposes. Fortune 500employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. Staying active and involved. This wasn't available in previous years. Search for doctors, dentists, and eye doctors online using the criteria you enter. After Completing Company Contribution 1 year of accredited service2.5%6 years of accredited service5%9 years of accredited service10%. Alcoa "Warrick" based in Newburgh, Indiana just outside of Evansville, IN has been present in the lives of many families in our community for over . If youre 72 or over, youll have to take at least enough from one or more IRAs to meet your annual RMD. These notices will help explain your options and what the federal tax implications may be for your vested account balance. Alcoa (AA) to benefit from potential 200% Russian aluminum tax - Jefferies AA +3.95% By Sam Boughedda Following reports on Monday that the U.S. is set to impose a 200% tariff on Russian-made. Performance Bonus. For older Americans, healthcare costs represent the second-largest expense, behind housing. Until then, we encourage you to call Via Benefits at 1-866-322-2824 (#711) to speak to one of our expert benefit advisors. Alcoa Corporation Declares Quarterly Cash Dividend, Alcoa of Australia ends joint development project with FYI Resources, Alcoa President and Chief Executive Officer Roy Harvey to participate in BMO Global Metals, Mining and Critical Minerals Conference. See the Alcoa SPD for more details. Of the 123 funds that provided asset data, Alcoa of Australia Retirement Planranks 64 largest in terms of total assets under management,which are valued at approximately $2.36 billion. How do I get assistance from my companys HR service center. Most couples have saved together for decades, assuming all along that they would retire together. 401k, Pension, Retirement, Retiree, Health Insurance, Medical, Vision, Dental, IRA, Competitive Base Pay, Quarterly Bonus, Paid Time Off, Weekly Pay, Medical, Dental, Vision, Insurance, Health Savings Account, Flexible Spending Accounts, Short-Term and Long-Term Disability, Paid Family Medical Leave, Bereavement, Jury Duty and Parental Leave, Life, Dependent and Accident Insurance, Critical Illness Insurance, Savings Plan 401(k), Company Paid Retirement Benefit, Employee Stock Purchase Plan, Paid Holidays, Flexible Spending Accounts (FSAs), Health Savings Account (HSA), Time Off and Flexible Days, Group Legal Plan, Group Home Auto Insurance, Pet Insurance, Employee Discounts, Adoption Reimbursement, Tuition Reimbursement and Student Loans, Well-Being Programs, etc, Monday until Friday, between 9:00 a.m. and 5:00 p.m., ET.