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Social Security Administration. At Alcoa, we are the best operators in the industry and leaders in the production of Bauxite, Alumina and Aluminum products. Type in the last 4 digits of your SSN in the space provided. Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. It is crucial to take all of these factors into consideration when constructing your retirement plan. Were using that shared vision to reinvent, once again, the industry that we helped create. Pension plan assets will be transferred to Athene and Athenes subsidiaries will provide group annuity contracts to pay benefits to plan participants. from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . Survivors have to pay the full monthly premium. Last year, some states had temporary relief provisions to avoid double taxation of income, but many of those provisions have expired. 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. Enter your Date of Birth in the spaces provided. Phone number*. 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. To find out whether your browser supports 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. Your tax advisor can help you understand distribution options, determine RMD requirements, calculate RMDs, and set up a systematic withdrawal plan. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. 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. A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. https://leplb0460.upoint.alight.com/web/alcoausa, Named among the Worlds Most Admired Companies: Metals by, Included in the 100 Best Corporate Citizens by. If youre divorced or in the process of divorcing, your former spouse(s) may have an interest in a portion of your retirement benefits. Elise Hertz, SPHR, Lean Six Sigma Yellow Belt. 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. Generally speaking, you can withdraw amounts from your account while still employed under the circumstances described below. 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. In 2022, workers aged 50 or older can invest up to $27,000 into their retirement plan / 401(k). Partial withdrawals: Withdraw any amount from your IRA at any time. . Pension Plan. Join Us. In October, Alcoa agreed to purchase a group annuity contract to transfer about $55 million in pension plan assets to an undisclosed insurer. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. Continue to move forward and provide every important information that is asked of you to create a new account online. 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. - 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. Discover your element of possibility within our company. 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 . It will also tell you what you need to do to receive your final distribution. Customer service representatives These specially-trained individuals are available weekdays. 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. *Required Fields. 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. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600. That is due to IRS requirements for 2020 to begin taking distributions from these types of accounts when you reach age 72. 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. As an employee at Alcoa, you may be interested in understanding NUA from a financial advisor. Your spouse, a family member, or even a friend should call your companys benefits service center as soon as possible to report your death. The personal exemption for tax year 2022 remains at $0, as it was for 2021; this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act. Alcoa Employee Benefits All the listed benefits are extracted from job descriptions, reviews, and Q&A posted on Indeed. We work to create sustainable value for the communities in which we operate while minimizing our environmental impacts. Find the location of Alight offices in your region. More than 75 percent of our smelting portfolio runs on renewable energy. If you are still unable to find the contact information, then please complete the support form. Generating Income That Will Last throughout Retirement. Fidelity, 22 Jan. 2019. Via Benefits Marketplace services for employees are provided by various entities including Towers Watson Delaware, Inc. and/or its corporate affiliates depending on your location and other factors. You have the flexibility to change your investment elections at any time by using the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. If you have 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. JavaScript, or to allow scripts, see the browser's online help. Please review the information you received from your employer regarding where to . Youll need to submit this documentation to your companys online pension center regardless of how old the divorce or how short the marriage. In 2022, the IRS has raised the contributions limit for a 401k to $20,500 - up by $1,000. About the location. In 2018, Alcoa had purchased a group annuity contract from Athene Annuity and Life Co. to transfer about $290 million in U.S. pension plan liabilities. Strength. If you are not already participating in the Plan, you must also select an initial contribution rate. All plan participants will be advised of any such restrictions, and they apply equally to all employees. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. disabled JavaScript, please re-enable it. Our world needs more efficient, sustainable approaches, and Alcoa is uniquely positioned to deliver the solutions. Low interest rates make it great for lump sums but harder for generating portfolio income. We would like to show you a description here but the site won't allow us. All Plan participants pay fees associated with fund expenses and administrative expenses of the Plan. The discovery is now called the Hall- Hroult process, which is one of the dominant processes for producing aluminum from bauxite ore.Fast Forward to the 2000s when in May 2007, Alcoa Inc. made a $27 billion hostile takeover bid for Alcan as an attempt to form the worlds largest aluminum producer. We are ready for whats ahead. Youll want to contact them directly either through their HR service center website (many of which offer chat support, if needed) or by contacting the HR service center directly. 1-866-322-2824 (TTY: 711) Mon-Fri 8am - 7pm Eastern 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. Any review, copying, distribution or use of this transmission is strictly prohibited. Whether you need the . If Alcoa matches, the company money typically matches up to a certain percent of the amount you put in. Learn about Alcoa Health Insurance, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees. You know you need to be saving and investing, but you dont have the time or expertise to know if youre building retirement savings that can last. employer retirement income contributions discretionary contributions. Divorce doesnt even disqualify you from survivor benefits. * 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. In addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. Make sure to update your beneficiaries. From purposeful career development and inclusive and diverse work teams, Alcoa employees turn raw potential into real progress. 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. Performance Bonus. Benefits Planner: Income Taxes and Your Social Security Benefits. Get answers to questions about your benefits. Every day, youll find us striving to protect the safety and health of our global workforce and our environment. Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . Understand the expenses and services that your options cover. Compare health care and insurance options. 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. Select the blue Continue button to move forward. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. $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. In June 2020, NBC News reported on Apollo and Athene in an article titled As insurance companies take over pension plans, are your payments at risk? Hmm we don't see any results for that. Also, our benefit advisors are trained regarding 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. As insurance companies take over pension plans, are your payments at risk? Some people continue to work to make up for poor performance of their savings and investments. Note: Extend Insurance Services, See open roles and find your next opportunity. 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. 47% of Americans cite healthcare as their greatest economic concern. Contact our support team. Insurance, Health & Wellness Financial & Retirement Family & Parenting Vacation & Time Off Perks & Discounts Professional Support. 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 details on coordination of benefits, refer to your summary plan description. Via Benefits helps you choose the Medicare plan that best fits your medical needs and budget. transact business as an insurance agency, in all states and the District of Columbia. Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. Alcoa Corp., Pittsburgh, purchased two group annuity contracts from Athene Holding subsidiaries to transfer about $1 billion in U.S. pension plan liabilities. I found my companys HR website site, but I dont remember my username or password. Alcoa increased the contribution for every putative class member to $3,400 for the 2022 plan year. Target Team Member Services. You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts. Were working to show the world what a sustainable aluminum company looks like. You can locate their contact information by using the Find My HR Website search feature. In addition, process flows at the refinery have been reduced. Speak to an Expert Call for free one-on-one expert advice and support with selecting and enrolling in Medicare plans with confidence. Performance. Get answers to questions about your benefits. You might find yourself with very tempting job opportunities at a time when you thought youd be withdrawing from the workforce. 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. best in class, full-service solutions. Dont try to do it alone.Get help with your 401(k) 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. By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). Enjoying yourself at work for you. Any review, copying, distribution or use of this transmission is strictly prohibited. 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. Today, we are the right company at the right time. Most companies HR service center websites have a Help or Contact Us feature on the login page that provides login directions as well as a direct contact number, if needed. 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. What Happens If Your Employment Ends The Plan is required to make annual distributions to you when you reach age 70 if you are still actively employed. 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. You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage. information about redemption fees, refer to the funds prospectus. Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. Glassdoor is your resource for information about the Retirement Plan benefits at Alcoa. Our innovative cast-products network gives us a commercial edge, producing premium aluminum products and delivering expert technical services to our customers. Getting help and leveraging the financial planning tools and resources Alcoa, makes available can help you understand whether you are on track, or need to. Next, you choose the amount by which you want your contribution rate to increase each year until your target contribution rate is met.