The YBR Web site is available 24 hours a day, seven days a week. Contact the U.S. Social Security Administration, your local Social Security office, or visit ssa.gov. 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. Over 50? If you become Medicare-eligible for reasons other than age, you must contact the Alcoa benefit center about your status. A copy of the court-filed Judgment of Dissolution or Judgment of Divorce along with any Marital Settlement Agreement (MSA), A copy of the court-filed Qualified Domestic Relations Order (QDRO), You were married for at least 10 years prior to the divorce, You are single (or you remarried after age 60). See how our strategic partnerships deliver Final Average Pensionable Pay subtotal - Social Security offset = Basic Pension Monthly Benefit. Rolling Over Your 401 (k) As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. Stock Options. 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. Fund expenses consist of the charges associated with the management and operating expenses of the investment fund. You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . Attention: This web site and all of its content are owned by Extend Health, LLC. View your current health and welfare benefits coverage, View your current 401 balance and change contributions, Make fund transfer and investment election changes. First an employee must be eligible for a distribution from their qualified plan; generally at retirement or age 59 12, the employee takes a 'lump-sum' distribution from the plan, distributing all assets from the plan during a 1 year period. You will be responsible for paying all fees and expenses assessed against your IRA. Getting help can be the key to better results across the 401(k) board. Learn about Alcoa Health Insurance, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees. Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. Note: You may receive faster support if your request is submitted through your HR website or over the phone number found on your HR website. Were using that shared vision to reinvent, once again, the industry that we helped create. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. The transaction affects about 11,200 participants in Alcoas U.S. pension plans, and the Athene subsidiaries will take on the responsibility of paying benefits in December, the filing said. *We are not affiliated with or endorsed by your company or organization. The representatives can answer any questions you may have about the Plan. If you have Benefits Planner: Income Taxes and Your Social Security Benefits. Once you make your selections, the rest is done automatically. In October, Alcoa agreed to purchase a group annuity contract to transfer about $55 million in pension plan assets to an undisclosed insurer. The fund managers typically waive these fees because of the large amount of assets invested by Plan participants. 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. Whether you need the . LLC is in the process of changing its d/b/a from Towers Watsons OneExchange to Via Benefits Insurance Services. Aluminum is an essential element in powering a global, sustainable economy. disabled JavaScript, please re-enable it. You may be able to choose to enroll in eBenefits and receive this information via email instead. Alcoa has a history that may be traced back to when Charles Martin Hall discovered the process of smelting aluminum in 1886, almost simultaneously with Paul Hroult in France. Expenses can increase during retirement and working can be a logical and effective solution. 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. Alcoa Corporation is an American industrial corporation. The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900, up $800 from the previous year. Your joint pensioner will need to complete and return the paperwork from Alcoa's pension center to start receiving joint pension payments. Payment of Small Amounts If an employee's pension benefit is less than $50, Alcoa may pay the benefit in a lump sum. https://leplb0460.upoint.alight.com/web/alcoausa, Named among the Worlds Most Admired Companies: Metals by, Included in the 100 Best Corporate Citizens by. Report your death. Starting on Jan. 1, 2021, Alcoa froze the defined benefit plans for its U.S. and Canadian salaried employees, and moved the 800 affected employees to country-specific defined contribution plans. The agreement, signed this month, transfers the benefit-paying responsibility for about 800 retirees and former employees in one of the companys pension plans in Suriname, the aluminum company disclosed in its 10-Q filing with the SEC. All Plan participants pay fees associated with fund expenses and administrative expenses of the Plan. Dont try to do it alone.Get help with your 401(k) investments. Retire before your divorce is final and elect a joint pension of at least 50% with your spouse or get your spouses signed, notarized consent to a different election or lump sum. Find information about retirement plans, insurance benefits, paid time off, reviews, and more. 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 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. The joint pension is not automatic. About the location. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401(k), pension and FSA benefits. Remember that a change in your investment elections affects only future contributions to your account. Available to US-based employees Change location. 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. Please call The Retirement Group at (800)-900-5867 for more information and we can help you get in front of a retirement-focused advisor. The bid was withdrawn when Alcan announced a takeover by Rio Tinto in July 2007. Chevron calculates an employee's monthly annuity through the Legacy Chevron retirement plan by taking 1.6% of monthly highest average earnings, times by years of BAS minus their Social Security Offset. On December 14, 2021, Alcoa announced that an additional $500 million of pension obligations and related assets will be transferred to Athene, affecting approximately 2,600 more Alcoa pension plan participants. Your spouse, or other named beneficiary, will need to call Alcoa's benefits service center to collect life insurance benefits. Read Also: 55 Plus Retirement Communities In Texas. Our world needs more efficient, sustainable approaches, and Alcoa is uniquely positioned to deliver the solutions. 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. Consider these facts when deciding if you should borrow from your 401(k). Discover how Alcoa is on a winning streak, racking up recognitions from various ESG rating agencies. Make up for decreased value of savings or investments If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. In 2022, the IRS has raised the contributions limit for a 401k to $20,500 - up by $1,000. Alcoa Corp., Pittsburgh, purchased two group annuity contracts from Athene Holding subsidiaries to transfer about $1 billion in U.S. pension plan liabilities. First, you select the target contribution rate you want to reach at some point in the future. Transferring Existing Savings between Investments. 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. All plan participants will be advised of any such restrictions, and they apply equally to all employees. If its been a while, youre not alone. you to schedule an enrollment call at the time most convenient Generating Income That Will Last throughout Retirement. Fidelity, 22 Jan. 2019. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. 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. The filing does not disclose whether the Suriname-based pension plan is now terminated. Jester Financial Technologies, Worksheet Detail - Health Care Expense Schedule, Social Security Administration. 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. LEARN MORE, Our aluminum segment includes smelting, casting and select energy assets. The Plan is required to make annual distributions to you when you reach age 70 if you are still actively employed. 401K Plan. By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). The appreciated value of the stock above its basis is not taxed at the higher ordinary income tax but at the lower long-term capital gains rate, currently 15%. Source: Schwab 401(k) Survey Finds Savings Goals and Stress Levels on the Rise. In addition, each core fund option includes an additional administrative fee. Over half of plan participants admit they dont have the time, interest or knowledge needed to manage their 401(k) portfolio. If youre 72 or over, youll have to take at least enough from one or more IRAs to meet your annual RMD. Today, we are the right company at the right time. Email address*. At Alcoa, we know that when we tap the ingenuity inside each of us, we can unleash moments of brilliance that can change the world. Systematic withdrawal plans: Structure regular, automatic withdrawals from your IRA by choosing the amount and frequency to meet your retirement income needs. Current and former employees report that Alcoa provides the following benefits. To better understand your plan, let's look at a few examples from AT&T, Shell, ExxonMobil, and Chevron and see how they compare to other Fortune 500 companies. When you retire, make sure that you update your beneficiaries. 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. If you are at least 65 and you pay for supplemental life insurance, you should receive information in the mail from the insurance company that explains your options. As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. Copyright 2012 - 2019 BAM | All Rights Reserved |. 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. Please visit the official company website directly to verify all benefit options and details. 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. You have two options: Source: The Retirement Group, Retirement Plans - Benefits and Savings, U.S. Department of Labor, 2019; Generating Income That Will Last Throughout Retirement, Fidelity, 2019. Your plan summary outlines more information and possible restrictions on rollovers and withdrawals. This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. LEARN MORE, Alcoa has ownership in seven active bauxite mines globally and operates four of them, making us among the worlds largest bauxite producer. 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. Rating. However, you may have access to funds in your account through one or more of the following: non-hardship withdrawals of after-tax and rollover contributions hardship withdrawals of pre-tax contributions. Please contact the employer to understand the benefits connected to a relevant job. At this time you apply NUA and you incur an ordinary income tax liability on only the cost basis of your stock. Overall Benefits and Compensations 3.9 based on 1.3k ratings and reviews on Indeed Benefits found on job postings Health insurance Retirement plan Missing out: How much employer 401(k) matching contributions do employees leave on the table? 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. Note: Extend Insurance Services, If Alcoa matches, the company money typically matches up to a certain percent of the amount you put in. Our global refining system has the lowest average carbon dioxide intensity on the planet. In order to maintain the same standard of living through retirement, you will have to factor rising costs into your plan. Before enrollment period begins, complete your personal a registered investment advisor not affiliated with FSC Securities Corporation. For example: Please visit the official company website directly to verify all benefit options and details.. 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. Elise Hertz, SPHR, Lean Six Sigma Yellow Belt. 1 cause of bankruptcy in the United States. Build your own medical plan, selecting from various coverage options. Generally speaking, you can withdraw amounts from your account while still employed under the circumstances described below. 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. This rule mainly is used for calculation of the Earned Income Tax Credit, and the Child Tax Credit. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. You can invest up to $19,500 into your retirement plan / 401(k). Your election to receive the cash amount of your account or to roll it over to another eligible employer plan or IRA must be received within 90 days of termination of employment or the following default treatment will apply. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefits that better support your needs. Enjoying yourself at work This will affect your company-provided medical benefits. You arent leaving money on the table. With expertise in advanced engineered solutions, Howmet Aerospace is providing differentiated technologies that are transforming the aerospace and commercial transportation industries. Strength. Alcoa spokesman Jim W. Beck said in an email the population includes retirees and beneficiaries. Click here To learn about how we use your information, please review our privacy policy. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401, pension and FSA benefits. 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. withdrawals for participants over age 59 and loans. Disclaimer: Securities offered through FSC Securities Corporation, member FINRA/SIPC. But, take a second to see how this could adversely affect your retirement plans. Employee Stock Purchase Plan. Our vision is to reinvent the aluminum industry for a sustainable future. employer retirement income contributions discretionary contributions. What Happens If Your Employment Ends Were working to show the world what a sustainable aluminum company looks like. 1-888-ALCOA123 This automated telephone system is available 24 hours. Each partial cash payout must be at least $250 amounts from the Alcoa Stock Fund can be received as shares in kind . You should also know that the plan administrator reserves the right to modify the rules regarding withdrawals at any time, and may further restrict or limit the availability of withdrawals for administrative or other reasons. Alcoa's U.S. portfolio includes Alcoa's corporate headquarters (ACC), Alcoa's Technology Center (ATC), four smelters, hydroelectric power and a calcined coke plant. Their main products are aluminum, fabricated aluminum, and alumina combined. There are only six states that currently have a special convenience of employer rule: Connecticut, Delaware, Nebraska, New Jersey, New York, and Pennsylvania. Doing so makes enrollment quick and easy, and allows 23 employees reported this benefit. In addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. As a general rule, transaction or load fees are not charged when you elect a particular investment option. The portion of the plan that is made up of mutual funds and other investments can be rolled into an IRA for further tax deferral. information about redemption fees, refer to the funds prospectus. And as a recognized leader in Environmental, Social and Governance (ESG) practices, we actively work with industry partners, governments, associations, and communities to maximize our value. Any review, copying, distribution or use of this transmission is strictly prohibited. How do I get assistance from my companys HR service center. If you don't currently reside in those states, consult with your tax advisor to determine if there are other ways to mitigate the double taxation. As insurance companies take over pension plans, are your payments at risk? If you are still unable to find the contact information, then please complete the support form. Alcoa, TN | Official Website City of Alcoa Utilities Visit the City of Alcoa Municipal Building to pay your electric bill and sign up for new services! Alcoa Employee Benefits All the listed benefits are extracted from job descriptions, reviews, and Q&A posted on Indeed. VIEW PRODUCTS, An Alcoa joint venture is ramping up a technology that eliminates all greenhouse gases (GHGs) from the traditional process used to make aluminum. The highly appreciated company stock is then transferred to a non-retirement account. We know SaaS platforms inside and out. See open roles and find your next opportunity. Additionally, the Plan also has the unique feature which allows you to request dividends from your Alcoa Stock Fund investments . This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. support with selecting and enrolling in It may not be complete. Select the New User? link found below the login details on the page. Build your own medical plan, selecting from various coverage options. We would like to show you a description here but the site won't allow us. Also, our benefit advisors are trained regarding Alcoa offers competitive compensation and benefits packages to their people. Estimate your out-of-pocket costs for your medical options. $1,336 - A 2020 study from Financial Engines titled Missing Out: How Much Employer 401(k) Matching Contributions Do Employees Leave on the Table?, revealed that employees who dont maximize the company match typically leave $1,336 of potential extra retirement money on the table each year. Some of the solutions weve developed are available to other adjacent industries. Learn More. Banks make you jump through too many hoops for a personal loan, credit cards charge too much interest, and suddenly, you start looking at your 401(k) account and doing some quick calculations about pushing your retirement off a few years to make up for taking some money out. transact business as an insurance agency, in all states and the District of Columbia. 2.7. Be prepared financially to cover living expenses. Via Benefits helps you choose the Medicare plan that best fits your medical needs and budget. Their main products are aluminum, fabricated aluminum, and alumina combined. We have best-in-class bauxite mining practices. If you stop paying supplementary contributions, your coverage will end. 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. 47% of Americans cite healthcare as their greatest economic concern. 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. Happy to help. After Completing Company Contribution 1 year of accredited service2.5%6 years of accredited service5%9 years of accredited service10%. https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022, https://news.yahoo.com/taxes-2022-important-changes-to-know-164333287.html, https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets, https://www.the-sun.com/money/4490094/key-tax-changes-for-2022/, https://www.bankrate.com/taxes/child-tax-credit-2022-what-to-know/, South-West Regional OfficeAustin, TXPhone: 1-281-766-0747, Mid-West Regional OfficeSt Louis, MOPhone: 1-314-858-9090. the dollar amount of its 2022 HRA contribution may be higher for some recipients than the sum previously required by the collective bargaining agreements. evaluating and enrolling in a health plan and will help you understand Alcoa Corporation (NYSE: AA) today announced the purchase of additional group annuity contracts that will further enhance the Company's strong balance sheet, reduce the risk of volatility in pension plans and secure the Company's commitments to retirees and beneficiaries. 2022 Tax Brackets: Inflation reduces purchasing power over time, as the same basket of goods will cost more as prices rise. 1-888-ALCOA123 This automated telephone system is available 24 hours a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. Retirement account contributions: Contributing to a 401k can cut your tax bill significantly, and the amount you can save has increased for 2022. This expansion has not been carried over to the 2022 tax year. Every day, youll find us striving to protect the safety and health of our global workforce and our environment. When you retire, if you have balances in your 401(k) plan, you will receive a Participant Distribution Notice in the mail. Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . Working with us will help you make informed and confident enrollment decisions. a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. Until then, we encourage you to call Via Benefits at 1-866-322-2824 (#711) to speak to one of our expert benefit advisors. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. Type in the last 4 digits of your SSN in the space provided. Survivors have to pay the full monthly premium. . We are currently building a new site with accessibility in mind. By using this form, you acknowledge that you have read and agree to the Privacy Policy and Terms & Conditions. The non-toll-free number for international callers is 847-883-0956. *This feature is not available to SEC Section 16 Officers. Thats how Alcoa will know whom to send your final compensation and benefits. It is crucial to take all of these factors into consideration when constructing your retirement plan. For additional support and details regarding browser requirements, please see our . View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. Their employees may join in a wide selection of benefit programs as soon as they become eligible. Fortune 500employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. - If Alcoa will match up to 3% of your plan contributions and you only contribute 2% of your salary, you arent getting the full amount of Alcoa's potential match. More than 75 percent of our smelting portfolio runs on renewable energy. Performance Bonus. Meet financial requirements of day-to-day living Our site requires that you have JavaScript enabled in your browser. View and manage your benefit online, anytime through the MyBenefits portal. Alcoa will also provide information about how employee can change their address. 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. You can search for your companys name in the Find Your HR Website feature. It quoted Joseph M. Belth, professor emeritus of insurance at Indiana University, as saying: The MetLife family of companies has been a leading provider of insurance and financial services around the world.1 We offer solutions and guidance to help you navigate lifes twists and turns. Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . 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. 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. Have you contacted us about this issue previously?*. First name*. These plans are often complex, so it is important to work with an advisor who understands your plan. They are considered to be the worlds eighth biggest producer of aluminum. Glassdoor is your resource for information about the Retirement Plan benefits at Alcoa. than $1,000 but $5,000 or less, your account balance will be automatically rolled over to a traditional IRA as soon as practicable after you terminate employment. ExxonMobil is just one of many companies using a Social Security offset when calculating Pension Benefits. On November 17, 2021, Alcoa announced that it will transfer approximately $1 billion of pension obligations to Athene, an insurance company affiliated with the private equity firm Apollo Global Management. As an employee at Alcoa, you may be interested in understanding NUA from a financial advisor. Investment advisory services offered through The Retirement Group, LLC. Target Team Member Services. These include commissions and fees charged when shares are sold.