alcoa benefits website

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. Source: Is it Worth the Money to Hire a Financial Advisor?, the balance, 202. Next Step: If you are unsure about Alcoa benefits, schedule a call to speak with one of our Alcoa-focused advisors. Target Team Member Services. Argentina. These standards have been reviewed and updated as of January 2021. Enter your company's name. View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. Aluminum Company of America (ALCOA) employee benefits and perks data. This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. Expenses can increase during retirement and working can be a logical and effective solution. Alcoa will also provide information about how employee can change their address. Your retirement assets under Alcoa may consist of several retirement accounts IRAs, 401(k)s, taxable accounts, and others. Read Also: Using Home Equity In Retirement. Your joint pensioner will need to complete and return the paperwork from Alcoa's pension center to start receiving joint pension payments. It will also tell you what you need to do to receive your final distribution. You can locate their contact information by using the Find My HR Website search feature. We apologize that our site is not fully accessible to customers using screen readers at this time. We extract, process and refine the most recyclable mineral on the Earth. Partial withdrawals: Withdraw any amount from your IRA at any time. If you have Alcoa has an Online Beneficiary Designation form for life events such as death, marriage, divorce, child birth, adoptions, etc. Today, we are the right company at the right time. Short-Term: Depending on your plan, you may have access to short-term disability (STD) benefits. We look for partners who share our values and commitment to sustainability. 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. Build your own medical plan, selecting from various coverage options. the dollar amount of its 2022 HRA contribution may be higher for some recipients than the sum previously required by the collective bargaining agreements. The transfer also moves $55 million in pension plan liabilities to the undisclosed insurer, the filing said. a registered investment advisor not affiliated with FSC Securities Corporation. By using this form, you acknowledge that you have read and agree to the Privacy Policy and Terms & Conditions. If you stop paying supplementary contributions, your coverage will end. They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information. Get answers to questions about your benefits. Via Benefits Marketplace services for employees are provided by various entities including Towers Watson Delaware, Inc. and/or its corporate affiliates depending on your location and other factors. Ask a MetLife representative for costs and complete details. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. Over half of plan participants admit they dont have the time, interest or knowledge needed to manage their 401(k) portfolio. Investment advisory services offered through The Retirement Group, LLC. The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900, up $800 from the previous year. 401k, Pension, Retirement, Retiree, Health Insurance, Medical, Vision, Dental, IRA, Competitive Base Pay, Quarterly Bonus, Paid Time Off, Weekly Pay, Medical, Dental, Vision, Insurance, Health Savings Account, Flexible Spending Accounts, Short-Term and Long-Term Disability, Paid Family Medical Leave, Bereavement, Jury Duty and Parental Leave, Life, Dependent and Accident Insurance, Critical Illness Insurance, Savings Plan 401(k), Company Paid Retirement Benefit, Employee Stock Purchase Plan, Paid Holidays, Flexible Spending Accounts (FSAs), Health Savings Account (HSA), Time Off and Flexible Days, Group Legal Plan, Group Home Auto Insurance, Pet Insurance, Employee Discounts, Adoption Reimbursement, Tuition Reimbursement and Student Loans, Well-Being Programs, etc, Monday until Friday, between 9:00 a.m. and 5:00 p.m., ET. It may not be complete. 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. Alcoa stated that Athene will take over payment obligations in December 2021. It is the latest in a series of pension risk transfer transactions Alcoa has completed in recent years to derisk its global pension plans. Please review the information you received from your employer regarding where to . Alcoa Employee Assistance Program. Whether you live in the U.S. or Puerto Rico, you'll receive quite a bit of useful information from this article! As insurance companies take over pension plans, are your payments at risk? As of 2020, they have a record of almost 13,000 employees in their organization. benefits and coverage for each of the different insurance plans we offer. Once you make your selections, the rest is done automatically. 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. Consider these facts when deciding if you should borrow from your 401(k). Pension plan assets will be transferred to Athene and Athenes subsidiaries will provide group annuity contracts to pay benefits to plan participants. Estimate your out-of-pocket costs for your medical options. Medical bills are the No. For information on COVID-19 please read our Help & Support article. Increasing your investment balance and reducing taxes is the key to a successful retirement plan spending strategy. 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. Until then, we encourage you to call Via Benefits at 1-866-322-2824 (#711) to speak to one of our expert benefit advisors. You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts. 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. How do I get help logging in? How do I get assistance from my companys HR service center. 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. Final Average Pensionable Pay subtotal - Social Security offset = Basic Pension Monthly Benefit. View your current health and welfare benefits coverage, View your current 401 balance and change contributions, Make fund transfer and investment election changes. As an Alcoan, youll find a culture thats inclusive and welcoming. Fortune 500employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. And as a recognized leader in Environmental, Social and Governance (ESG) practices, we actively work with industry partners, governments, associations, and communities to maximize our value. 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%. 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 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. Thats a pretty big difference. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. 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. *Required Fields First name* Last name* Our global refining system has the lowest average carbon dioxide intensity on the planet. After Completing Company Contribution 1 year of accredited service2.5%6 years of accredited service5%9 years of accredited service10%. 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. document.write("