You have the flexibility to change your investment elections at any time by using the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . 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. Note: Beneficiary Designations 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. Alcoa Inc. Industrial Hygienist Job in Newburgh, IN | Glassdoor Contact the U.S. Social Security Administration, your local Social Security office, or visit ssa.gov. 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. 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. you to schedule an enrollment call at the time most convenient Office of Supervisory Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121 800.900.5867. best in class, full-service solutions. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. As a general rule, transaction or load fees are not charged when you elect a particular investment option. However, you may have access to funds in your account through one or more of the following: non-hardship withdrawals of after-tax and rollover contributions hardship withdrawals of pre-tax contributions. 2023 Extend Health, LLC. Some of their benefits also include the following: By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). 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. Which benefits does Alcoa provide? Type in your current Password in the space provided. To learn about how we use your information, please review our privacy policy. Review your benefits information and utilize the tools and resources available on the Alcoa Benefits Center website. You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage. Source: Schwab 401(k) Survey Finds Savings Goals and Stress Levels on the Rise. 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. Global Benefits | Aon The YBR Web site is available 24 hours a day, seven days a week. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. 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. 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. Enter your Date of Birth in the spaces provided. Contact our support team. For example: Please visit the official company website directly to verify all benefit options and details.. 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. They are considered to be the worlds eighth biggest producer of aluminum. 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. 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. Alcoa Employee Benefit: Retirement Plan | Glassdoor After Completing Company Contribution 1 year of accredited service2.5%6 years of accredited service5%9 years of accredited service10%. A member of our team will be in touch shortly. 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. We look for partners who share our values and commitment to sustainability. A Charles Schwab study found several positive outcomes common to those using independent professional advice. In addition, process flows at the refinery have been reduced. Select the blue Continue button to move forward. After a divorce, they face the expenses of a pre-or post-retirement life, but with half their savings (or even less). Jan 24, 2018. Performance. These limits are adjusted annually for inflation. 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. 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. Build your own medical plan, selecting from various coverage options. National Compensation Survey: Employee Benefits in the United States, March 2019," Bureau of Labor Statistics, U.S. Department of Labor. Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. 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. On April 1 of each year , your contribution rate will increase by your selected percent rate until your target rate is reached. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401(k), pension and FSA benefits. 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. The appreciated value of the stock above its basis is not taxed at the higher ordinary income tax but at the lower long-term capital gains rate, currently 15%. Retire before your divorce is final and elect a joint pension of at least 50% with your spouse or get your spouses signed, notarized consent to a different election or lump sum. If you stop paying supplementary contributions, your coverage will end. 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. Should you? 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. As insurance companies take over pension plans, are your payments at risk? The insurance services provided Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. The personal exemption for tax year 2022 remains at $0, as it was for 2021; this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act. *This feature is not available to SEC Section 16 Officers. Our Supplier Standards set expectations for working with us and is part of all of our agreements. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. 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. In 2018, Alcoa had purchased a group annuity contract from Athene Annuity and Life Co. to transfer about $290 million in U.S. pension plan liabilities. a registered investment advisor not affiliated with FSC Securities Corporation. Job title*. So long as your individual circumstances allow, it should be a goal to maximize Alcoa's contribution match. Select the grey Log on button to proceed. Alcoa will send a benefit payment to the employee's last known address. These include commissions and fees charged when shares are sold. At Alcoa we strive to create an inclusive workplace where employees can bring their whole selves to work regardless of their background. 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. Watch for your Participant Distribution Notice and Special Tax Notice Regarding Plan Payments. Anne-Catherine.Couture@alcoa.com. As an employee at Alcoa, you may be interested in understanding NUA from a financial advisor. disabled JavaScript, please re-enable it. 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. 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. You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . 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 2022 Tax Brackets: Inflation reduces purchasing power over time, as the same basket of goods will cost more as prices rise. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. It is crucial to take all of these factors into consideration when constructing your retirement plan. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. Divorce doesnt even disqualify you from survivor benefits. Perhaps Alcoa is among those following a similar model to Shell, where the company determines the contribution percentage by looking at specific factors related to each employee. For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*. Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. Join Us - Arconic - Arconic Portal If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. Find out how to enhance the employee experience and streamline benefits operations through a modern digital interface delivered by The Benefit Solution. Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. It is the latest in a series of pension risk transfer transactions Alcoa has completed in recent years to derisk its global pension plans. Insurance, Health & Wellness Financial & Retirement Family & Parenting Vacation & Time Off Perks & Discounts Professional Support. Require additional assistance with your personal benefits? Alcoa Purchases Group Annuity Contracts for Certain U.S. Pension Plans The Plan is required to make annual distributions to you when you reach age 70 if you are still actively employed. Are you eligible for Medicare, or will be soon? 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? Medicare plans with confidence. Customer service representatives These specially-trained individuals are available weekdays. Overall Benefits and Compensations 3.9 based on 1.3k ratings and reviews on Indeed Benefits found on job postings Health insurance Retirement plan This expansion has not been carried over to the 2022 tax year. for you. My Account | Start My Profile - Via Benefits Any review, copying, distribution or use of this transmission is strictly prohibited. Additional information is available upon request. 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. We understand how you feel: Its your money, and you need it now. Select the New User? link found below the login details on the page. Use the Contact Us link on the site to send a secure question to a Customer Service Representative. 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. The ELYSIS process generates pure oxygen, replacing all GHGs. withdrawals for participants over age 59 and loans. Alcoa Employee Benefit: Pension Plan | Glassdoor E-Suite: Executive leadership publication, Sorry, no results were found for your search. 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. What Happens If Your Employment Ends . RetirementTalk.com is a one-stop resource for everything you need to know about retirement. Team Member Services - Target Alcoa Community Federal Credit Union in Benton, Arkansas Select the blue Continue button to move forward. Disclaimer: Securities offered through FSC Securities Corporation, member FINRA/SIPC. You can manage your existing savings two ways: You can request a transfer of existing amounts between investment options, or you can elect the automatic rebalancing feature that will automatically rebalance your account every 90 days based on your current investment elections. 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. *Source: Alcoa Summary Plan Description. The YBR Web site is available 24 hours a day, seven days a week. If the market value of your account balance is, You May Like: Best Golf Retirement Communities In Tennessee. Our company-wide Ethics and Compliance Program is a tool we use to ensure were acting with integrity, an Alcoan core value. 1-888-ALCOA123 This automated telephone system is available 24 hours. EIS is not connected with or endorsed by the US government or the Center for Medicare Services. The non-toll-free number for international callers is 847-883-0956. Please visit the official company website directly to verify all benefit options and details. 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. Fund expenses consist of the charges associated with the management and operating expenses of the investment fund. Alcoa Corporation is an American industrial corporation. 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. Meet financial requirements of day-to-day living The fund managers typically waive these fees because of the large amount of assets invested by Plan participants. Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. . View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. Approximately 11,200 pension plan participants will be affected. Our vision is to reinvent the aluminum industry for a sustainable future. resident insurance agency. The filing does not disclose whether the Suriname-based pension plan is now terminated. Each partial cash payout must be at least $250 amounts from the Alcoa Stock Fund can be received as shares in kind . evaluating and enrolling in a health plan and will help you understand This rule mainly is used for calculation of the Earned Income Tax Credit, and the Child Tax Credit. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. This may help your retirement assets last longer as they continue to potentially grow tax deferred. We actively engage with our stakeholders in the communities where we operate. Today, we are the right company at the right time. As Alcoans, this is part of who we are. Before you can start your pension and for each former spouse who may have an interest youll need to provide Alcoa with the following documentation: Provide Alcoa with any requested documentationto avoid having your pension benefit delayed or suspended. 1-866-322-2824 (TTY: 711) Mon-Fri 8am - 7pm Eastern Disclaimer: Securities offered through FSC Securities Corporation, member FINRA/SIPC. Select the New User? Search below to find your company's HR website. We have experts in every state of the U.S. Our benefit advisors are EIS is also licensed as a non-resident insurance agency, or otherwise authorized to Last name*. View and manage your benefit online, anytime through the MyBenefits portal. The total fund expenses for an investment option vary and are disclosed as an expense ratio, which is the percentage of fees deducted from the assets within the fund. Alcoa of Australia Retirement Plan has 8 investment options, MySuper products authorised and 0 of its total assets are invested in a default or MySuper strategy. Alcoa's U.S. portfolio includes Alcoa's corporate headquarters (ACC), Alcoa's Technology Center (ATC), four smelters, hydroelectric power and a . With active operations across the full upstream aluminum industry, we take a comprehensive view from the mine to metal. Partial payouts of your account may be requested by calling 1-888-ALCOA123, If the market value of your account balance is more. Your plan summary outlines more information and possible restrictions on rollovers and withdrawals. Search for doctors, dentists, and eye doctors online using the criteria you enter. 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. 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. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. Child Tax Credit changes: A $2,000 credit per dependent under age 17, income thresholds of $400,000 for married couples and $200,000 for all other filers (single taxpayers and heads of households), a 70 percent partial refundability affecting individuals whose tax bill falls below the credit amount. If you don't currently reside in those states, consult with your tax advisor to determine if there are other ways to mitigate the double taxation. 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. Check the status of your Social Security benefits before you retire. When you retire, if you have balances in your 401(k) plan, you will receive a Participant Distribution Notice in the mail. $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. Pension plan assets will be transferred to Athene and Athenes subsidiaries will provide group annuity contracts to pay benefits to plan participants. Meanwhile, workers who are older than 50 years old are eligible for an extra catch-up contribution of $6,500. Continue to move forward and provide every important information that is asked of you to create a new account online. Get answers to questions about your benefits. . Alcoa hiring Maintenance Planner in Victoria, Australia | LinkedIn Read Also: Using Home Equity In Retirement. benefits and coverage for each of the different insurance plans we offer. To find out more information on strategies if divorce is affecting your retirement benefits, please give us a call. The joint pension is not automatic. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401, pension and FSA benefits. 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! . to register for our upcoming webinars forFortune 500 employees. Our global refining system has the lowest average carbon dioxide intensity on the planet. 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. Many people genuinely enjoy their employment and continue working because their jobs enrich their lives. 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? All plan participants will be advised of any such restrictions, and they apply equally to all employees. Thats how Alcoa will know whom to send your final compensation and benefits.