Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. You arent leaving money on the table. Once they meet this limit, they can add an additional $6,500 in catch-up contributions. You will be responsible for paying all fees and expenses assessed against your IRA. Target Team Member Services. 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. Alcoa will send a benefit payment to the employee's last known address. In addition, each core fund option includes an additional administrative fee. You can claim a divorced spouses survivor benefit if the following are true: If your divorce isnt final before your retirement date, youre still considered married. transact business as an insurance agency, in all states and the District of Columbia. information about redemption fees, refer to the funds prospectus. Their main products are aluminum, fabricated aluminum, and alumina combined. Once you elect this feature, your account balance will be automatically reallocated the next business day and every 90 days thereafter to maintain your investment allocations. You and your Medicare-eligible dependents must enroll in Medicare Parts A and B when you first become eligible. Enjoying yourself at work Your spouse, a family member, or even a friend should call your companys benefits service center as soon as possible to report your death. That is due to IRS requirements for 2020 to begin taking distributions from these types of accounts when you reach age 72. We are ready for whats ahead. 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). About the location. As part of your retirement and estate planning, its important to name someone to receive the proceeds of your benefits programs in the event of your death. To access the YBR website, Alcoa requires you to use your personal user ID and password*. Alcoa Corporation is an American industrial corporation. Note: Extend Insurance Services, Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. 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. Medicare plans with confidence. If you are not already participating in the Plan, you must also select an initial contribution rate. For older Americans, healthcare costs represent the second-largest expense, behind housing. View and manage your benefit online, anytime through the MyBenefits portal. That agreement is set to transfer 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. LEARN MORE, Alcoa has ownership in seven active bauxite mines globally and operates four of them, making us among the worlds largest bauxite producer. I found my companys HR website site, but I dont remember my username or password. Jester Financial Technologies, Worksheet Detail - Health Care Expense Schedule, Social Security Administration. While this formula calculates a monthly pension benefit, you can determine the lump sum equivalent by using the annuity to lump sum conversion table on Fidelity's website. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. Well realize this vision through the talent of our people and the advancements in our processes and products. A single male will need $124,000 and a single female, thanks to her longer life expectancy, will need $140,000. But, take a second to see how this could adversely affect your retirement plans. As of 2020, they have a record of almost 13,000 employees in their organization. Should You Really Stay in TSP (Thrift Savings Plan) in Retirement? 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. the Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. Search for doctors, dentists, and eye doctors online using the criteria you enter. Learn more about MySuper funds andthe different types of super funds. On the other hand, it's possible your company determines its contribution based on a combination of specific factors, like ExxonMobil. When you retire, if you have balances in your 401(k) plan, you will receive a Participant Distribution Notice in the mail. If you have Contact our support team. It's time to make your life easier. Fund expenses consist of the charges associated with the management and operating expenses of the investment fund. Also Check: Top 50 Places To Retire In The Us. After a divorce, they face the expenses of a pre-or post-retirement life, but with half their savings (or even less). 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. First, you select the target contribution rate you want to reach at some point in the future. 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. resident insurance agency. It is crucial to take all of these factors into consideration when constructing your retirement plan. Current and former employees report that Alcoa provides the following benefits. Those principles are: Attributable Legible Contemporaneous Original Accurate These original ALCOA principles have since been updated to ALCOA+. If you do not, the IRS may assess a 50% penalty on the amount you should have taken. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. Speak with a Alcoa-focused advisor by clicking the button below. You can adjust or stop your automatic increase election at any time via the Your Benefits Resources website or by calling 1-888-ALCOA123 . This could mean a potential savings of over 30%. Illinois Municipal Retirement Fund Phone Number, What Type Of Retirement Plan Is Tiaa Cref, After Full Retirement How Much Can I Earn, What Inflation Rate Should I Use For Retirement Planning, Accidental Death and Dismemberment Insurance. Some people continue to work to make up for poor performance of their savings and investments. In light of ongoing gas supply challenges in Western Australia, a production unit has been taken offline at Alcoas Kwinana Alumina Refinery. Log in to discover all the ways we can help you and your family. 'What has Worked in Investing' & '8 Tenets when picking a Mutual Fund'.To learn about your distribution options, call The Retirement Group at (800)-900-5867. Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company. This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. 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. Expenses can increase during retirement and working can be a logical and effective solution. Get answers to questions about your benefits. There are only six states that currently have a special convenience of employer rule: Connecticut, Delaware, Nebraska, New Jersey, New York, and Pennsylvania. In 2017, Alcoa permanently closed the Suralco aluminum refinery in the South American country. a registered investment advisor not affiliated with FSC Securities Corporation. Every day, youll find us striving to protect the safety and health of our global workforce and our environment. Alcoa Employee Benefits All the listed benefits are extracted from job descriptions, reviews, and Q&A posted on Indeed. Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . Learn More. The fund managers typically waive these fees because of the large amount of assets invested by Plan participants. Disclaimer: Securities offered through FSC Securities Corporation, member FINRA/SIPC. support with selecting and enrolling in At Alcoa we strive to create an inclusive workplace where employees can bring their whole selves to work regardless of their background. We actively engage with our stakeholders in the communities where we operate. Social Security Administration. Type in the last 4 digits of your SSN in the space provided. First name*. This can include life insurance payouts and any pension or savings balances you may have. Our innovative cast-products network gives us a commercial edge, producing premium aluminum products and delivering expert technical services to our customers. Once you make your selections, the rest is done automatically. No matter where you stand in the planning process, or your current age, we hope this guide gives you a good overview of the steps to take, and provides some resources that can help you simplify your transition into retirement and get the most from your benefits. Type in your User ID in the space provided. Increasing your investment balance and reducing taxes is the key to a successful retirement plan spending strategy. Alcoa offers competitive compensation and benefits packages to their people. 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. This will affect your company-provided medical benefits. 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. A member of our team will be in touch shortly. Enter your company's name. Their employees may join in a wide selection of benefit programs as soon as they become eligible. Get answers to questions about your benefits. However, you may request a total distribution at any time or request up to four partial payouts each calendar year. Additionally, the Plan also has the unique feature which allows you to request dividends from your Alcoa Stock Fund investments . If youre divorced or in the process of divorcing, your former spouse(s) may have an interest in a portion of your retirement benefits. Webinars And we are creating game-changing innovations in aluminum smelting. You may be able to choose to enroll in eBenefits and receive this information via email instead. You can determine if youre eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. Getting help can be the key to better results across the 401(k) board. Use the Contact Us link on the site to send a secure question to a Customer Service Representative. In addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. Customer service representatives These specially-trained individuals are available weekdays. The highly appreciated company stock is then transferred to a non-retirement account. Discover your element of possibility within our company. But the benefits of getting help goes beyond convenience. A simple, seamless, integrated and connected employee experience. By using this form, you acknowledge that you have read and agree to the, Accidental Death and Dismemberment Insurance. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. These limits are adjusted annually for inflation. Via Benefits helps you choose the Medicare plan that best fits your medical needs and budget. 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 Elise Hertz, SPHR, Lean Six Sigma Yellow Belt. Additional information is available upon request. Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. Type in the last 4 digits of your SSN in the space provided. 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. 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. ExxonMobil basic pension benefit is determined by: Final Average Pensionable Pay x Years of Service x 1.6% = Final Average Pensionable Pay subtotal, Primary Social Security x Years of Service x 1.5% = Social Security offset. As an Alcoan, youll find a culture thats inclusive and welcoming. Our Alcoa Values drive every decision we make. If youre 72 or over, youll have to take at least enough from one or more IRAs to meet your annual RMD. We're ready to change that! You can determine if you're eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. Low interest rates make it great for lump sums but harder for generating portfolio income. 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. Engineer salaries ($76k) Financial Analyst jobs. Our products and break-through technologies are whats needed to address a variety of customer challenges, including helping lower the carbon footprint of end products by using responsibly produced aluminum. 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. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. you to schedule an enrollment call at the time most convenient . We work to create sustainable value for the communities in which we operate while minimizing our environmental impacts. How do I get help logging in? Happy to help. Benefits allowance; Performance related bonus (variable) Superannuation above guarantee; 16 . 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 . They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information. If your company is a subsidiary of another organization, try searching the Find Your HR Website by the parent organization. Contact our support team. Learn about Alcoa Health Insurance, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees. Its easy to do. Generating Income That Will Last throughout Retirement. Fidelity, 22 Jan. 2019. For more in-depth information on Social Security, please call us. See how our strategic partnerships deliver Alcoa has the industrys most extensive portfolio of low-carbon products in our SustanaTM brand. The bid was withdrawn when Alcan announced a takeover by Rio Tinto in July 2007. LEARN MORE, Our aluminum segment includes smelting, casting and select energy assets. The transfer also moves $55 million in pension plan liabilities to the undisclosed insurer, the filing said. website is available 24 hours a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. When you qualify for a distribution you have three options: Roll-over your qualified plan to an IRA and continue deferring taxes.Take a distribution and pay ordinary income tax on the full amount.Take advantage of NUA and reap the benefits of a more favorable tax structure on gains.How does Net Unrealized Appreciation work? from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . Your company may use a more complex formula, like Chevron. You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage. RetirementTalk.com is a one-stop resource for everything you need to know about retirement. Dont try to do it alone.Get help with your 401(k) investments. Understand the expenses and services that your options cover. - 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. evaluating and enrolling in a health plan and will help you understand 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. link found below the login details on the page. For many people, this could potentially be the last opportunity to stash away funds. To access the YBR website, Alcoa requires you to use your personal user ID and password*. As you enter your 50s and 60s, youre ideally at peak earning years with some of your major expenses, such as a mortgage or child-rearing, behind you or soon to be in the rearview mirror. Many corporate retirees depend on Medicare as their main health care provider, and in 2022 that healthcare out-of-pocket premium is set to increase by 14.5%. 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. 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. Medical and MH/SA benefits payable under the Alcoa-sponsored plan will be reduced by the amounts Medicare Parts A and B would have paid whether you actually enroll in them or not. Make up for decreased value of savings or investments 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. It will also tell you what you need to do to receive your final distribution. Continue to move forward and provide every important information that is asked of you to create a new account online. Aluminum Company of America (ALCOA) employee benefits and perks data. 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. Retirement Plans-Benefits & Savings. U.S. Department of Labor, 2019, ExxonMobil Summary Plan Description, 2019, Composite Corp Bond Rate history (10 years)http://www.irs.gov/retirement/article/0,,id=123229,00.html. Regardless of which company you work for, your company plan is complicated and difficult to understand. 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. Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. . 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. Some of the solutions weve developed are available to other adjacent industries. Some states would only cover $250,000 per annuitant. In the Shell Retirement Plan, the company's annual contribution is tier based, with higher contributions coming once an employee has passed a years of service threshold. for you. Performance. 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. For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*. Today, we are the right company at the right time. Working with us will help you make informed and confident enrollment decisions. 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. If an annuity provider becomes insolvent and is unable to meet its obligations, beneficiaries primary protection for recovering unpaid benefits would be the patchwork system of State Guaranty Associations. Enter your Date of Birth in the spaces provided. See the Alcoa SPD for more details. Job title*. All plan participants will be advised of any such restrictions, and they apply equally to all employees. Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. disabled JavaScript, please re-enable it. They are considered to be the worlds eighth biggest producer of aluminum. Discover how Alcoa is on a winning streak, racking up recognitions from various ESG rating agencies. 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. 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. We have best-in-class bauxite mining practices. Were using that shared vision to reinvent, once again, the industry that we helped create. Unlike withdrawals, loans must be repaid, and are not taxable (unless you fail to repay them). 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. At Arconic, we take pride in our work and our innovative products and technologies that advance sustainable solutions for a better world. So long as your individual circumstances allow, it should be a goal to maximize Alcoa's contribution match. You can search for your companys name in the Find Your HR Website feature. These standards have been reviewed and updated as of January 2021. If the market value of your account balance is over, $5,000, your savings will remain in the Plan until you reach age 70. 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. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. Ask a MetLife representative for costs and complete details. addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. Participation in the Plan begins when you: are automatically enrolled 60 days after the day you were hired, rehired or became newly, request participation in the Plan prior to 60 days of the day you were hired, rehired or became, Dont Miss: State Of Alaska Retirement And Benefits. We apologize that our site is not fully accessible to customers using screen readers at this time. 47% of Americans cite healthcare as their greatest economic concern. 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. 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. Retrieved October11, 2016 from. 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. 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. The original principles remain with four additions: Complete Consistent Enduring Available Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. Understand the expenses and services that your options cover. 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. Select the blue Continue button to move forward. Which benefits does Alcoa provide? Alcoa stated that Athene will take over payment obligations in December 2021. Recommended Reading: Illinois Municipal Retirement Fund Phone Number. For example: Reinventing the aluminum industry for a more sustainable future includes the work we do and the supplier partners we identify throughout our three product segments . Alcoa offers competitive compensation and benefits packages to their people. Copyright 2012 - 2019 BAM | All Rights Reserved |.