Select the New User? Our U.S. based customer solutions team is available to answer questions and provide the support you need to manage your benefit. Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. Alcoa of Australia Retirement Plan is a Non public offer Corporate fund. Alcoa spokesman Jim W. Beck said in an email the population includes retirees and beneficiaries. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. You can determine if youre eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. You can search for your companys name in the Find Your HR Website feature. EIS is also licensed as a non-resident insurance agency, or otherwise authorized to Type in the last 4 digits of your SSN in the space provided. They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information. Get answers to questions about your benefits. We apologize that our site is not fully accessible to customers using screen readers at this time. If youre under 59, you may be subject to a 10% early withdrawal penalty (unless your withdrawal plan meets Code Section 72(t) rules). View your current health and welfare benefits coverage, View your current 401 balance and change contributions, Make fund transfer and investment election changes. 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. Emotional benefits of working the dollar amount of its 2022 HRA contribution may be higher for some recipients than the sum previously required by the collective bargaining agreements. Every day, youll find us striving to protect the safety and health of our global workforce and our environment. Learn about Alcoa Health Insurance, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees. 23 employees reported this benefit. *Required Fields First name* Last name* These plans are often complex, so it is important to work with an advisor who understands your plan. Our world needs more efficient, sustainable approaches, and Alcoa is uniquely positioned to deliver the solutions. The representatives can answer any questions you may have about the Plan. ExxonMobil is just one of many companies using a Social Security offset when calculating Pension Benefits. Type in your User ID in the space provided. $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. All plan participants will be advised of any such restrictions, and they apply equally to all employees. This may help your retirement assets last longer as they continue to potentially grow tax deferred. *Source: The Retirement Group, Retirement Plans - Benefits and Savings, U.S. Department of Labor, 2019; Generating Income That Will Last Throughout Retirement, Fidelity, 2019. 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. evaluating and enrolling in a health plan and will help you understand After Completing Company Contribution 1 year of accredited service2.5%6 years of accredited service5%9 years of accredited service10%. The YBR Web site is available 24 hours a day, seven days a week. the Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. If your company is a subsidiary of another organization, try searching the Find Your HR Website by the parent organization. Howmet Aerospace. Check the status of your Social Security benefits before you retire. Financial benefits of working Discover how Alcoa is on a winning streak, racking up recognitions from various ESG rating agencies. 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. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. The Retirement Group, LLC is registered to conduct advisory business in the following states: AZ, CA, CO, FL, ID, IL, IN, LA, MD, MI, MO, NE, NV, NJ, NY, NC, OK, OR, PA, SC, SD, TX, UT, VA, WA. A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. Alcoa stated that Athene will take over payment obligations in December 2021. Were working to show the world what a sustainable aluminum company looks like. Our company-wide Ethics and Compliance Program is a tool we use to ensure were acting with integrity, an Alcoan core value. 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. In October, Alcoa agreed to purchase a group annuity contract to transfer about $55 million in pension plan assets to an undisclosed insurer. Search for doctors, dentists, and eye doctors online using the criteria you enter. Jan 24, 2018. Should you? Thats a pretty big difference. Enter your company's name. 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. *We are not affiliated with or endorsed by your company or organization. Approximately 11,200 pension plan participants will be affected. Some of the solutions weve developed are available to other adjacent industries. Compare health care and insurance options. Transferring Existing Savings between Investments. 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. Note: Extend Insurance Services, Our innovative cast-products network gives us a commercial edge, producing premium aluminum products and delivering expert technical services to our customers. Whether you live in the U.S. or Puerto Rico, you'll receive quite a bit of useful information from this article! Getting help can be the key to better results across the 401(k) board. business-member-directory-association-of-california.jpeg, Investing for Retirement: Tips and Strategies, Best Golf Retirement Communities In Tennessee. Alcoa Employee Assistance Program. For older Americans, healthcare costs represent the second-largest expense, behind housing. Type in your current Password in the space provided. 2023 Extend Health, LLC. A member of our team will be in touch shortly. 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. For many people, this could potentially be the last opportunity to stash away funds. Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company. 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. 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. 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. The highly appreciated company stock is then transferred to a non-retirement account. You can adjust or stop your automatic increase election at any time via the Your Benefits Resources website or by calling 1-888-ALCOA123 . You may receive a lump sum distribution equal to the total or partial value of your account or roll it over to another eligible employer plan or IRA account. If youre 72 or over, youll have to take at least enough from one or more IRAs to meet your annual RMD. Discover Alcoas top 2022 news showing how were reinventing the aluminum industry for a sustainable future. Build your own medical plan, selecting from various coverage options. from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . 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. 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. Ask a MetLife representative for costs and complete details. For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*. However, you may request a total distribution at any time or request up to four partial payouts each calendar year. * 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. By using this form, you acknowledge that you have read and agree to the Privacy Policy and Terms & Conditions. Current and former employees report that Alcoa provides the following benefits. This rule mainly is used for calculation of the Earned Income Tax Credit, and the Child Tax Credit. You may also visit the link(s) provided below for more information and verification.. 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. 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? 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. Attention: This web site and all of its content are owned by Extend Health, LLC. 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. Pension Plan. To learn about how we use your information, please review our privacy policy. There is new legislation that allows individuals who didnt turn 70 by the end of 2019 to take RMDs on April 1 of the year they turn 72. Before you can start your pension and for each former spouse who may have an interest youll need to provide Alcoa with the following documentation: Provide Alcoa with any requested documentationto avoid having your pension benefit delayed or suspended. Overall Benefits and Compensations 3.9 based on 1.3k ratings and reviews on Indeed Benefits found on job postings Health insurance Retirement plan We have best-in-class bauxite mining practices. Our Alcoa Values drive every decision we make. Next Step: If you are unsure about Alcoa benefits, schedule a call to speak with one of our Alcoa-focused advisors. 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. Life and long-term disability insurance coverage; and. The bid was withdrawn when Alcan announced a takeover by Rio Tinto in July 2007. Once you make your selections, the rest is done automatically. Review your benefits information and utilize the tools and resources available on the Alcoa Benefits Center website. Performance Bonus. Enter your Date of Birth in the spaces provided. The aluminum company will complete the transfer to the two unnamed Athene subsidiaries later this month, according to an 8-K filing with the SEC Wednesday. Estimate your out-of-pocket costs for your medical options. 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. Their main products are aluminum, fabricated aluminum, and alumina combined. 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.

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