If you do not, the IRS may assess a 50% penalty on the amount you should have taken. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. Glassdoor is your resource for information about the Retirement Plan benefits at Alcoa. 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. Some states would only cover $250,000 per annuitant. The original principles remain with four additions: Complete Consistent Enduring Available Your nest egg will thank you. Webinars If youre under 59, you may be subject to a 10% early withdrawal penalty (unless your withdrawal plan meets Code Section 72(t) rules). Maybe you lose your job, have a serious health emergency, or face some other reason that you need a lot of cash. Your spouse, a family member, or even a friend should call your companys benefits service center as soon as possible to report your death. best in class, full-service solutions. As Alcoans, this is part of who we are. The automatic increase feature is a convenient way to incrementally increase your pre-tax contribution rate to gradually build your savings over time. See the Alcoa SPD for more details. Check the status of your Social Security benefits before you retire. 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. 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. 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. Generating Income That Will Last throughout Retirement. Fidelity, 22 Jan. 2019. Elise Hertz, SPHR, Lean Six Sigma Yellow Belt. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. Build your own medical plan, selecting from various coverage options. When you terminate employment with the Company you have the right to your account and you must make important decisions. transact business as an insurance agency, in all states and the District of Columbia. 1 cause of bankruptcy in the United States. Estimate your out-of-pocket costs for your medical options. Long-Term: Your plan's long-term disability (LTD) benefits are designed to provide you with income if you are absent from work for six consecutive months or longer due to an eligible illness or injury. 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 . Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. Type in your current Password in the space provided. Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . *Required Fields First name* Last name* 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. 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. *This feature is not available to SEC Section 16 Officers. Today, we are the right company at the right time. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. *We are not affiliated with or endorsed by your company or organization. Today, we are the right company at the right time. Hearing-impaired callers can use the AT& T Relay Service TTY at 1-800-855-2880. When you need to draw on your IRA for income or take your RMDs, you have a few choices. If you or your eligible dependent dont enroll in Medicare Parts A and B, your provider can bill you for the amounts that are not paid by Medicare or your Alcoa-specific medical plan making your out-of-pocket expenses significantly higher. All Plan participants pay fees associated with fund expenses and administrative expenses of the Plan. In 2022, the IRS has raised the contributions limit for a 401k to $20,500 - up by $1,000. 47% of Americans cite healthcare as their greatest economic concern. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. Your joint pensioner will need to complete and return the paperwork from Alcoa's pension center to start receiving joint pension payments. 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. Read Also: 55 Plus Retirement Communities In Texas. 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. You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . LEARN MORE, We are the world's largest third-party producer of alumina. 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. If your company is a subsidiary of another organization, try searching the Find Your HR Website by the parent organization. You have two options: Source: The Retirement Group, Retirement Plans - Benefits and Savings, U.S. Department of Labor, 2019; Generating Income That Will Last Throughout Retirement, Fidelity, 2019. - 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. Last year, some states had temporary relief provisions to avoid double taxation of income, but many of those provisions have expired. 23 employees reported this benefit. 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. Speak with a Alcoa-focused advisor by clicking the button below. I found my companys HR website site, but I dont remember my username or password. employer retirement income contributions discretionary contributions. See our FAQs for answers to common questions.Search below to find your companys HR website. Medicare plans with confidence. Expenses can increase during retirement and working can be a logical and effective solution. Alcoa increased the contribution for every putative class member to $3,400 for the 2022 plan year. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. How do I get assistance from my companys HR service center. To find out more information on strategies if divorce is affecting your retirement benefits, please give us a call. If youre divorced or in the process of divorcing, your former spouse(s) may have an interest in a portion of your retirement benefits. Alcoa Community Federal Credit Union in Benton, Arkansas Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. Job title*. In addition, each core fund option includes an additional administrative fee. If you have Type in your User ID in the space provided. You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . LEARN MORE. Be prepared financially to cover living expenses. Generally speaking, you can withdraw amounts from your account while still employed under the circumstances described below. These actions represent an approximate 30 percent reduction in production at the refinery. Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company. All plan participants will be advised of any such restrictions, and they apply equally to all employees. 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. You may also visit the link(s) provided below for more information and verification.. Final Average Pensionable Pay subtotal - Social Security offset = Basic Pension Monthly Benefit. Alcoa Employee Benefit: Health Insurance | Glassdoor Jan 24, 2018. You can invest up to $19,500 into your retirement plan / 401(k). You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts. Get answers to questions about your benefits. Contact our support team. Type in the last 4 digits of your SSN in the space provided. Pension plan assets will be transferred to Athene and Athenes subsidiaries will provide group annuity contracts to pay benefits to plan participants. Disclaimer: Securities offered through FSC Securities Corporation, member FINRA/SIPC. That is due to IRS requirements for 2020 to begin taking distributions from these types of accounts when you reach age 72. This can include life insurance payouts and any pension or savings balances you may have. We know SaaS platforms inside and out. For details on coordination of benefits, refer to your summary plan description. 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. 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. licensed insurance agents who will guide you, step-by-step, through the process of Your spouse, or other named beneficiary, will need to call Alcoa's benefits service center to collect life insurance benefits. Click here 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. the Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. Thats how Alcoa will know whom to send your final compensation and benefits. Conferences. Contact us: [emailprotected], EPFO s new plan to increase your pension | Watch to know more. 1-866-322-2824 (TTY: 711) Mon-Fri 8am - 7pm Eastern 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. 1-888-ALCOA123 This automated telephone system is available 24 hours. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. You have the flexibility to change your investment elections at any time by using the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . }. for you. How do I get help logging in? Some of the solutions weve developed are available to other adjacent industries. Get answers to questions about your benefits. Continue to move forward and provide every important information that is asked of you to create a new account online. 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. 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. Youll need to submit this documentation to your companys online pension center regardless of how old the divorce or how short the marriage. Should you? Transferring Existing Savings between Investments.