You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . . Stock Options. View your current health and welfare benefits coverage, View your current 401 balance and change contributions, Make fund transfer and investment election changes. 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. 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. See how our strategic partnerships deliver Our innovative cast-products network gives us a commercial edge, producing premium aluminum products and delivering expert technical services to our customers. 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. the choices available. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. 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. Of the 123 funds that provided member data, Alcoa of Australia Retirement Planranks 90 largest,with 5,336 members. We understand how you feel: Its your money, and you need it now. A member of our team will be in touch shortly. Alcoa of Australia Retirement Plan is a Non public offer Corporate fund. 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. First name*. For older Americans, healthcare costs represent the second-largest expense, behind housing. The joint pension is not automatic. 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? We extract, process and refine the most recyclable mineral on the Earth. If you stop paying supplementary contributions, your coverage will end. a registered investment advisor not affiliated with FSC Securities Corporation. *Required Fields. 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 . evaluating and enrolling in a health plan and will help you understand 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. Search for doctors, dentists, and eye doctors online using the criteria you enter. Doing so makes enrollment quick and easy, and allows Two flexible distribution options for your IRA. These include commissions and fees charged when shares are sold. If the market value of your account balance is over, $5,000, your savings will remain in the Plan until you reach age 70. The Company closely monitors the performance, investment management fees, and expenses of each fund offered in the Plan. 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. Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. It is crucial to take all of these factors into consideration when constructing your retirement plan. Next Step: If you are unsure about Alcoa benefits, schedule a call to speak with one of our Alcoa-focused advisors. These actions represent an approximate 30 percent reduction in production at the refinery. I found my companys HR website site, but I dont remember my username or password. Search for doctors, dentists, and eye doctors online using the criteria you enter. Remember that a change in your investment elections affects only future contributions to your account. If you have The YBR Web site is available 24 hours a day, seven days a week. This can be a good time to consider whether you have the ability to boost your retirement savings goal to 20% or more of your income. 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. - 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. E-Suite: Executive leadership publication, Sorry, no results were found for your search. LEARN MORE, Alcoa has ownership in seven active bauxite mines globally and operates four of them, making us among the worlds largest bauxite producer. Compare health care and insurance options. 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. Speak to an Expert Call for free one-on-one expert advice and support with selecting and enrolling in Medicare plans with confidence. browser requirements information now. Report your death. At this time you apply NUA and you incur an ordinary income tax liability on only the cost basis of your stock. 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. Its important to know that certain withdrawals are subject to regular federal income tax and, if youre under age 59, you may also be subject to an additional 10% penalty tax. You arent leaving money on the table. This rule mainly is used for calculation of the Earned Income Tax Credit, and the Child Tax Credit. Attention: This web site and all of its content are owned by Extend Health, LLC. Any review, copying, distribution or use of this transmission is strictly prohibited. Find out how to enhance the employee experience and streamline benefits operations through a modern digital interface delivered by The Benefit Solution. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. Discover how Alcoa is on a winning streak, racking up recognitions from various ESG rating agencies. Getting help can be the key to better results across the 401(k) board. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. About the location. As insurance companies take over pension plans, are your payments at risk? They are considered to be the worlds eighth biggest producer of aluminum. Missing out: How much employer 401(k) matching contributions do employees leave on the table? Alcoa will send a benefit payment to the employee's last known address. 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. 1-866-322-2824 (TTY: 711) Mon-Fri 8am - 7pm Eastern The main points of this new release that will most likely affect you would be: This year, the tax filing deadline is on April 18, instead of the typical April 15. Their employees may join in a wide selection of benefit programs as soon as they become eligible. 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. Office of Supervisory Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121 800.900.5867. You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts. . In addition, process flows at the refinery have been reduced. A Charles Schwab study found several positive outcomes common to those using independent professional advice. In 2022, workers aged 50 or older can invest up to $27,000 into their retirement plan / 401(k). Life and long-term disability insurance coverage; and. Discipline. 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. 1 cause of bankruptcy in the United States. Review your benefits information and utilize the tools and resources available on the Alcoa Benefits Center website. This means a 45-year-old participant could see a 79% boost in wealth by age 65 simply by contacting an advisor. However, consider investing a minimum of 10% of your salary toward retirement through your 30s and 40s. 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. 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. Some states would only cover $250,000 per annuitant. Select the blue Continue button to move forward. 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 . At Alcoa, we are the best operators in the industry and leaders in the production of Bauxite, Alumina and Aluminum products. 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. 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. We have experts in every state of the U.S. Our benefit advisors are Learn More. through and described on this web site are provided by Extend Insurance Services, LLC ("EIS"). YBR provides information, tools and calculators to help you: Information on your health and welfare, 401(k), pension and FSA benefits. Fund expenses consist of the charges associated with the management and operating expenses of the investment fund. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) [email protected]. 23 employees reported this benefit. Type in the last 4 digits of your SSN in the space provided. Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. 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. Quick Summary of Benefits: As of 2020, they have a record of almost 13,000 employees in their organization. Alcoa stated that Athene will take over payment obligations in December 2021. All plan participants will be advised of any such restrictions, and they apply equally to all employees. If you are a new employee who is automatically enrolled in the Plan , the amount you are contributing will be increased by 1 percent each April 1 until you reach the contribution rate of 6 percent. 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. These limits are adjusted annually for inflation. It may not be complete. [email protected]. Alcoa, TN | Official Website City of Alcoa Utilities Visit the City of Alcoa Municipal Building to pay your electric bill and sign up for new services! 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.
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