Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. 47% of Americans cite healthcare as their greatest economic concern. Investment advisory services offered through The Retirement Group, LLC. This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. Copyright 2012 - 2019 BAM | All Rights Reserved |. Over half of plan participants admit they dont have the time, interest or knowledge needed to manage their 401(k) portfolio. Argentina. By using this form, you acknowledge that you have read and agree to the, Accidental Death and Dismemberment Insurance. Additionally, the Plan also has the unique feature which allows you to request dividends from your Alcoa Stock Fund investments . At Alcoa we strive to create an inclusive workplace where employees can bring their whole selves to work regardless of their background. Join Us. Please contact the employer to understand the benefits connected to a relevant job. After a divorce, they face the expenses of a pre-or post-retirement life, but with half their savings (or even less). Also Check: Top 50 Places To Retire In The Us. Happy to help. support with selecting and enrolling in Are you eligible for Medicare, or will be soon? Current and former employees report that Alcoa provides the following benefits. View your current health and welfare benefits coverage, View your current 401 balance and change contributions, Make fund transfer and investment election changes. Select the blue Continue button to move forward. The representatives can answer any questions you may have about the Plan. a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. employer retirement income contributions discretionary contributions. 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. 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. 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. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. If you stop paying supplementary contributions, your coverage will end. Any review, copying, distribution or use of this transmission is strictly prohibited. You can search for your companys name in the Find Your HR Website feature. Also, our benefit advisors are trained regarding 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. Getting help can be the key to better results across the 401(k) board. You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . You may also visit the link(s) provided below for more information and verification.. This will affect your company-provided medical benefits. But, take a second to see how this could adversely affect your retirement plans. In some cases, as with hardship withdrawals, you are not allowed to make a withdrawal unless you have also taken out the maximum available plan loan. . 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. for you. * 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. LEARN MORE, Alcoa has ownership in seven active bauxite mines globally and operates four of them, making us among the worlds largest bauxite producer. 1-866-322-2824 (TTY: 711) Mon-Fri 8am - 7pm Eastern These plans are often complex, so it is important to work with an advisor who understands your plan. Medicare plans with confidence. The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. Jan 24, 2018. Estimate your out-of-pocket costs for your medical options. 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. 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. The joint pension is not automatic. What Happens If Your Employment Ends 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. Collect life insurance benefits. Expenses can increase during retirement and working can be a logical and effective solution. These notices will help explain your options and what the federal tax implications may be for your vested account balance. Alcoa increased the contribution for every putative class member to $3,400 for the 2022 plan year. Type in the last 4 digits of your SSN in the space provided. Life and long-term disability insurance coverage; and. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefits that better support your needs. You can locate their contact information by using the Find My HR Website search feature. Alcoa has the industrys most extensive portfolio of low-carbon products in our SustanaTM brand. ExxonMobil is just one of many companies using a Social Security offset when calculating Pension Benefits. See open roles and find your next opportunity. 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. 401K Plan. 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. Our site requires that you have JavaScript enabled in your browser. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. We look for partners who share our values and commitment to sustainability. A health care and/or dependent care spending account. Should you? Review your benefits information and utilize the tools and resources available on the Alcoa Benefits Center website. Retirement account contributions: Contributing to a 401k can cut your tax bill significantly, and the amount you can save has increased for 2022. National Compensation Survey: Employee Benefits in the United States, March 2019," Bureau of Labor Statistics, U.S. Department of Labor. 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. Each partial cash payout must be at least $250 amounts from the Alcoa Stock Fund can be received as shares in kind . Transferring Existing Savings between Investments. JavaScript, or to allow scripts, see the browser's online help. 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. Alcoa will send a benefit payment to the employee's last known address. 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. Survivors have to pay the full monthly premium. 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. 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. the dollar amount of its 2022 HRA contribution may be higher for some recipients than the sum previously required by the collective bargaining agreements. Consider these facts when deciding if you should borrow from your 401(k). 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. the choices available. Overall Benefits and Compensations 3.9 based on 1.3k ratings and reviews on Indeed Benefits found on job postings Health insurance Retirement plan Your rollover IRA will be invested in a fund designed to preserve principal and provide a reasonable rate of return consistent with liquidity. 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. 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. Benefits Planner: Income Taxes and Your Social Security Benefits. In light of ongoing gas supply challenges in Western Australia, a production unit has been taken offline at Alcoas Kwinana Alumina Refinery. 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. the Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. Have you contacted us about this issue previously?*. Two flexible distribution options for your IRA. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. View and manage your benefit online, anytime through the MyBenefits portal. 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. However, consider investing a minimum of 10% of your salary toward retirement through your 30s and 40s. Healthcare is very complex and frustrating. 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. Some states would only cover $250,000 per annuitant. You will be responsible for paying all fees and expenses assessed against your IRA. 3 Ratings. - 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. 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. browser requirements information now. 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. If your survivor is enrolled as a dependent in your Alcoa-sponsored retiree medical coverage when you die, he or she needs to decide whether to keep it. 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. Whether you need the . Before enrollment period begins, complete your personal 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. Our Alcoa Values drive every decision we make. Alcoa Community FCU first opened its doors in 1957 and has been serving the financial needs of the Saline County Community for over 60 years. Source: Is it Worth the Money to Hire a Financial Advisor?, the balance, 202. Company name*. Low interest rates make it great for lump sums but harder for generating portfolio income. 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. 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. 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 . Partial withdrawals: Withdraw any amount from your IRA at any time. 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. 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. from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . Performance. 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. 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. Last year, some states had temporary relief provisions to avoid double taxation of income, but many of those provisions have expired. 1-888-ALCOA123 This automated telephone system is available 24 hours. First name*. Once they meet this limit, they can add an additional $6,500 in catch-up contributions. 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. Continue to move forward and provide every important information that is asked of you to create a new account online. 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). to register for our upcoming webinars forFortune 500 employees. profile. You can adjust or stop your automatic increase election at any time via the Your Benefits Resources website or by calling 1-888-ALCOA123 . 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. 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 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. 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. 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. The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900, up $800 from the previous year. Youll find enrollment instructions and information about your benefit options and contribution amounts. disabled JavaScript, please re-enable it. The fund managers typically waive these fees because of the large amount of assets invested by Plan participants. 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? 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. Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. 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. Enter your Date of Birth in the spaces provided. LEARN MORE, We are the world's largest third-party producer of alumina. 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. best in class, full-service solutions. Understand the expenses and services that your options cover. Some of the solutions weve developed are available to other adjacent industries. All plan participants will be advised of any such restrictions, and they apply equally to all employees. Your spouse, a family member, or even a friend should call your companys benefits service center as soon as possible to report your death. Regardless of what you choose, IRA distributions are subject to income taxes and may be subject to penalties and other conditions if youre under 59. If you are still unable to find the contact information, then please complete the support form. LLC is in the process of changing its d/b/a from Towers Watsons OneExchange to Via Benefits Insurance Services. *Required Fields First name* Last name* Remote workers might face double taxation on state taxes: due to the pandemic, many employees moved back home, which could have been outside of the state where they were employed. Generating Income That Will Last throughout Retirement. Fidelity, 22 Jan. 2019. a registered investment advisor not affiliated with FSC Securities Corporation. You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts. Financial benefits of working According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. Select the New User? Staying active and involved. Also, our benefit advisors are trained regarding benefits and coverage for each of the different insurance plans we offer. They include: Improved savings rates 70% of participants who used 401(k) advice increased their contributions.Increased diversification Participants who managed their own portfolios invested in an average of just under four asset classes, while participants in advice-based portfolios invested in a minimum of eight asset classes.Increased likelihood of staying the course Getting advice increased the chances of participants staying true to their investment objectives, making them less reactive during volatile market conditions and more likely to remain in their original 401(k) investments during a downturn. In a typical annuity buyout, plan participants lose the protections of the Employee Retirement Income Security Act and the Pension Benefit Guaranty Corporation , the federal agency that insures pension benefits.