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Today, we are a full-service financial institution offering competitive savings and loan interest rates coupled with a wide variety of consumer-friendly financial services. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. Alcoa Corp., Pittsburgh, purchased two group annuity contracts from Athene Holding subsidiaries to transfer about $1 billion in U.S. pension plan liabilities. Watch for your Participant Distribution Notice and Special Tax Notice Regarding Plan Payments. Make up for decreased value of savings or investments 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. 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. It's time to make your life easier. *Required Fields First name* Last name* Were working to show the world what a sustainable aluminum company looks like. Stock Options. Estimate your out-of-pocket costs for your medical options. 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. If you are not already participating in the Plan, you must also select an initial contribution rate. By using this form, you acknowledge that you have read and agree to the Privacy Policy and Terms & Conditions. 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. 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. Use the Contact Us link on the site to send a secure question to a Customer Service Representative. Benefits Planner: Income Taxes and Your Social Security Benefits. Youll find enrollment instructions and information about your benefit options and contribution amounts. 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. Two flexible distribution options for your IRA. However, consider investing a minimum of 10% of your salary toward retirement through your 30s and 40s. As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. the choices available. These standards have been reviewed and updated as of January 2021. *Source: The Retirement Group, Retirement Plans - Benefits and Savings, U.S. Department of Labor, 2019; Generating Income That Will Last Throughout Retirement, Fidelity, 2019. 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? Regardless of which company you work for, your company plan is complicated and difficult to understand. How do I find my companys HR service center website or contact information? What Happens If Your Employment Ends Alcoa's U.S. portfolio includes Alcoa's corporate headquarters (ACC), Alcoa's Technology Center (ATC), four smelters, hydroelectric power and a . Contact us: [emailprotected], EPFO s new plan to increase your pension | Watch to know more. *We are not affiliated with or endorsed by your company or organization. Transfer requests can be made through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . Contact the U.S. Social Security Administration, your local Social Security office, or visit ssa.gov. Alcoa spokesman Jim W. Beck said in an email the population includes retirees and beneficiaries. Select the New User? How do I get help logging in? RESOURCES: 2021 Global Medical Trend Report; 2019 Global Emotional Health Survey; 2021 Multinational Pooling Network Overview; Today, we are the right company at the right time. a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. evaluating and enrolling in a health plan and will help you understand This means a 45-year-old participant could see a 79% boost in wealth by age 65 simply by contacting an advisor. Alcoa closely monitors administrative fees and may periodically increase or decrease this 0.05% fee consistent with the costs of the administration of the Plan. 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. If you are still unable to find the contact information, then please complete the support form. The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. These notices will help explain your options and what the federal tax implications may be for your vested account balance. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. Were using that shared vision to reinvent, once again, the industry that we helped create. We understand how you feel: Its your money, and you need it now. Financial Analyst salaries ($63k) Glassdoor is your resource for information about the Health Insurance benefits at Alcoa. Learn about Alcoa Health Insurance, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees. It may not be complete. Survivors have to pay the full monthly premium. Alcoa offers competitive compensation and benefits packages to their people. 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%. With an unrelenting focus on consistent improvement, we are working to show the world what a sustainable aluminum company truly looks like. resident insurance agency. 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. withdrawals for participants over age 59 and loans. In addition, each core fund option includes an additional administrative fee. 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. It is crucial to take all of these factors into consideration when constructing your retirement plan. From purposeful career development and inclusive and diverse work teams, Alcoa employees turn raw potential into real progress. Also, our benefit advisors are trained regarding 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? 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. LEARN MORE, Alcoa has ownership in seven active bauxite mines globally and operates four of them, making us among the worlds largest bauxite producer. At Arconic, we take pride in our work and our innovative products and technologies that advance sustainable solutions for a better world. All plan participants will be advised of any such restrictions, and they apply equally to all employees. A single male will need $124,000 and a single female, thanks to her longer life expectancy, will need $140,000. 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. 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. With expertise in advanced engineered solutions, Howmet Aerospace is providing differentiated technologies that are transforming the aerospace and commercial transportation industries. Speak to an Expert Call for free one-on-one expert advice and support with selecting and enrolling in Medicare plans with confidence. Until then, we encourage you to call Via Benefits at 1-866-322-2824 (#711) to speak to one of our expert benefit advisors. Select the blue Continue button to move forward. Medical bills are the No. Compare health care and insurance options. This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. This may help your retirement assets last longer as they continue to potentially grow tax deferred. Thats a pretty big difference. However, you may request a total distribution at any time or request up to four partial payouts each calendar year. I found my companys HR website site, but I dont remember my username or password. Dont try to do it alone.Get help with your 401(k) investments. . benefits and coverage for each of the different insurance plans we offer. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401, pension and FSA benefits. 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. 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. Low interest rates make it great for lump sums but harder for generating portfolio income. So long as your individual circumstances allow, it should be a goal to maximize Alcoa's contribution match. Some of their benefits also include the following: By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). 47% of Americans cite healthcare as their greatest economic concern. browser requirements information now. 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. Please visit the official company website directly to verify all benefit options and details. Doing so makes enrollment quick and easy, and allows Whether you need the . Call for free one-on-one expert advice and Alcoa offers competitive compensation and benefits packages to their people. Overall Benefits and Compensations 3.9 based on 1.3k ratings and reviews on Indeed Benefits found on job postings Health insurance Retirement plan Select the blue Continue button to move forward. Please review the information you received from your employer regarding where to . }. In addition, process flows at the refinery have been reduced. Webinars Hmm we don't see any results for that. As an Alcoan, youll find a culture thats inclusive and welcoming. 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. through and described on this web site are provided by Extend Insurance Services, LLC ("EIS"). Alcoa of Australia Retirement Plan is a Non public offer Corporate fund. Select the New User? link found below the login details on the page. 2.7. 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. 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. 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. You may be able to choose to enroll in eBenefits and receive this information via email instead. If youre 72 or over, youll have to take at least enough from one or more IRAs to meet your annual RMD. 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. When you retire, make sure that you update your beneficiaries. It is crucial to take all of these factors into consideration when constructing your retirement plan. If you become Medicare-eligible for reasons other than age, you must contact the Alcoa benefit center about your status. you to schedule an enrollment call at the time most convenient You could: Lose growth potential on the money you borrowed.Deal with repayment and tax issues if you leave your employer.Repayment and tax issues, if you leave your employer. Engineer salaries ($76k) Financial Analyst jobs. 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. Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. In addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. As an employee at Alcoa, you may be interested in understanding NUA from a financial advisor. Transferring Existing Savings between Investments. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. Today, we are the right company at the right time. disabled JavaScript, please re-enable it. ExxonMobil is just one of many companies using a Social Security offset when calculating Pension Benefits. 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. Once you make your selections, the rest is done automatically. 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. They are considered to be the worlds eighth biggest producer of aluminum. 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. 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. This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. Hearing-impaired callers can use the AT& T Relay Service TTY at 1-800-855-2880. To access the YBR website, Alcoa requires you to use your personal user ID and password*. Alcoa has an Online Beneficiary Designation form for life events such as death, marriage, divorce, child birth, adoptions, etc. First name*. By using this form, you acknowledge that you have read and agree to the, Accidental Death and Dismemberment Insurance. information about redemption fees, refer to the funds prospectus. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. Over 50? After a divorce, they face the expenses of a pre-or post-retirement life, but with half their savings (or even less). We would like to show you a description here but the site won't allow us. 2021 RetirementTalk.net | to register for our upcoming webinars forFortune 500 employees. Get answers to questions about your benefits. Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. Delay your retirement until after your divorce is final and you can provide the required divorce documentation.*. Additional information is available upon request. Rating. With active operations across the full upstream aluminum industry, we take a comprehensive view from the mine to metal. 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. profile. Ask a MetLife representative for costs and complete details. 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. 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. These plans are often complex, so it is important to work with an advisor who understands your plan. Maybe you lose your job, have a serious health emergency, or face some other reason that you need a lot of cash. Some states would only cover $250,000 per annuitant. For older Americans, healthcare costs represent the second-largest expense, behind housing. If you have You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . See open roles and find your next opportunity. Our vision is to reinvent the aluminum industry for a sustainable future. For information on COVID-19 please read our Help & Support article. * 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. Find the location of Alight offices in your region. See our FAQs for answers to common questions.Search below to find your companys HR website. 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. As Alcoans, this is part of who we are. 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 can include life insurance payouts and any pension or savings balances you may have. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. 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. Fortune 500employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. Jan 24, 2018. Some of the solutions weve developed are available to other adjacent industries. $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. Well realize this vision through the talent of our people and the advancements in our processes and products. View and manage your benefit online, anytime through the MyBenefits portal. Studies like this one, from Charles Schwab, show those plan participants who get help with their investments tend to have portfolios that perform better: The annual performance gap between those who get help and those who do not is 3.32% net of fees. link found below the login details on the page. Retirement account contributions: Contributing to a 401k can cut your tax bill significantly, and the amount you can save has increased for 2022. We know SaaS platforms inside and out. Your joint pensioner will need to complete and return the paperwork from Alcoa's pension center to start receiving joint pension payments. 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%. 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 . Type in your current Password in the space provided. Have you contacted us about this issue previously?*. Our Alcoa Values drive every decision we make. The deal represents the latest in a series of pension risk transfer transactions Alcoa has completed in recent years to derisk its global pension plans. 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. Click here Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . This expansion has not been carried over to the 2022 tax year. 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.