if ((window.customElements || { get: function () {} }).get('cms-content')) { For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*. Your spouse, or other named beneficiary, will need to call Alcoa's benefits service center to collect life insurance benefits. This can include life insurance payouts and any pension or savings balances you may have. 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. Discover Alcoas top 2022 news showing how were reinventing the aluminum industry for a sustainable future. 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. The original principles remain with four additions: Complete Consistent Enduring Available 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. 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. RetirementTalk.com is a one-stop resource for everything you need to know about retirement. Employer Verified. 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. LEARN MORE. Continue to move forward and provide every important information that is asked of you to create a new account online. In 2022, workers aged 50 or older can invest up to $27,000 into their retirement plan / 401(k). We extract, process and refine the most recyclable mineral on the Earth. More than 75 percent of our smelting portfolio runs on renewable energy. resident insurance agency. Our company-wide Ethics and Compliance Program is a tool we use to ensure were acting with integrity, an Alcoan core value. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. $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. . Delay your retirement until after your divorce is final and you can provide the required divorce documentation.*. Fortune 500employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. All Plan participants pay fees associated with fund expenses and administrative expenses of the Plan. We have best-in-class bauxite mining practices. This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. The Plan is required to make annual distributions to you when you reach age 70 if you are still actively employed. This will affect your company-provided medical benefits. You arent leaving money on the table. from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . business-member-directory-association-of-california.jpeg, Investing for Retirement: Tips and Strategies, Best Golf Retirement Communities In Tennessee. Click here This means a 45-year-old participant could see a 79% boost in wealth by age 65 simply by contacting an advisor. Check the status of your Social Security benefits before you retire. We know SaaS platforms inside and out. On December 14, 2021, Alcoa announced that an additional $500 million of pension obligations and related assets will be transferred to Athene, affecting approximately 2,600 more Alcoa pension plan participants. They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information. If youre under 59, you may be subject to a 10% early withdrawal penalty (unless your withdrawal plan meets Code Section 72(t) rules). 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. Missing out: How much employer 401(k) matching contributions do employees leave on the table? Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. - 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. No matter where you stand in the planning process, or your current age, we hope this guide gives you a good overview of the steps to take, and provides some resources that can help you simplify your transition into retirement and get the most from your benefits. Next, you choose the amount by which you want your contribution rate to increase each year until your target contribution rate is met. . Our innovative cast-products network gives us a commercial edge, producing premium aluminum products and delivering expert technical services to our customers. 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. 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. Meet financial requirements of day-to-day living You may also visit the link(s) provided below for more information and verification.. Argentina. Alcoa has a history that may be traced back to when Charles Martin Hall discovered the process of smelting aluminum in 1886, almost simultaneously with Paul Hroult in France. 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. These standards have been reviewed and updated as of January 2021. There are only six states that currently have a special convenience of employer rule: Connecticut, Delaware, Nebraska, New Jersey, New York, and Pennsylvania. 23 employees reported this benefit. Should you? A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. 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. }. Contact us: [emailprotected], EPFO s new plan to increase your pension | Watch to know more. Source: Schwab 401(k) Survey Finds Savings Goals and Stress Levels on the Rise. Join Us. 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. Company name*. Source: Is it Worth the Money to Hire a Financial Advisor?, the balance, 202. Benefits allowance; Performance related bonus (variable) Superannuation above guarantee; 16 . As an employee at Alcoa, you may be interested in understanding NUA from a financial advisor. 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 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. EIS is also licensed as a non-resident insurance agency, or otherwise authorized to 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. Discipline. 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. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. document.write("