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We work to create sustainable value for the communities in which we operate while minimizing our environmental impacts. If its been a while, youre not alone. 47% of Americans cite healthcare as their greatest economic concern. Please visit the official company website directly to verify all benefit options and details. * Your user ID, the last four digits of your SSN, and password keep your personal retirement information confidential and ensure that only you have access to this information. Understand the expenses and services that your options cover. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401(k), pension and FSA benefits. Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. Thats how Alcoa will know whom to send your final compensation and benefits. 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. This will affect your company-provided medical benefits. 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. 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. through and described on this web site are provided by Extend Insurance Services, LLC ("EIS"). Rolling Over Your 401 (k) As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. Your joint pensioner will need to complete and return the paperwork from Alcoa's pension center to start receiving joint pension payments. Regardless of which company you work for, your company plan is complicated and difficult to understand. The YBR Web site is available 24 hours a day, seven days a week. If you have Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. Before enrollment period begins, complete your personal Stock Options. The Plan is designed to help you build financial security for your retirement, so your access to funds is limited while you are actively working. Partial withdrawals: Withdraw any amount from your IRA at any time. Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. The Plan is required to make annual distributions to you when you reach age 70 if you are still actively employed. Getting help can be the key to better results across the 401(k) board. More than 75 percent of our smelting portfolio runs on renewable energy. 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%. Final Average Pensionable Pay subtotal - Social Security offset = Basic Pension Monthly Benefit. We know SaaS platforms inside and out. In 2017, Alcoa permanently closed the Suralco aluminum refinery in the South American country. Alcoa Corp., Pittsburgh, purchased two group annuity contracts from Athene Holding subsidiaries to transfer about $1 billion in U.S. pension plan liabilities. This rule mainly is used for calculation of the Earned Income Tax Credit, and the Child Tax Credit. The bid was withdrawn when Alcan announced a takeover by Rio Tinto in July 2007. Pension Plan. Meanwhile, workers who are older than 50 years old are eligible for an extra catch-up contribution of $6,500. You will also need to plan to take the required minimum distributions (RMDs) from any employer-sponsored retirement plans and traditional or rollover IRA accounts. Illinois Municipal Retirement Fund Phone Number, What Type Of Retirement Plan Is Tiaa Cref, After Full Retirement How Much Can I Earn, What Inflation Rate Should I Use For Retirement Planning, Accidental Death and Dismemberment Insurance. The joint pension is not automatic. Doing so makes enrollment quick and easy, and allows You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage. Alcoa closely monitors administrative fees and may periodically increase or decrease this 0.05% fee consistent with the costs of the administration of the Plan. How do I get help logging in? View and manage your benefit online, anytime through the MyBenefits portal. Their main products are aluminum, fabricated aluminum, and alumina combined. The discovery is now called the Hall- Hroult process, which is one of the dominant processes for producing aluminum from bauxite ore.Fast Forward to the 2000s when in May 2007, Alcoa Inc. made a $27 billion hostile takeover bid for Alcan as an attempt to form the worlds largest aluminum producer. Howmet Aerospace. Our products and break-through technologies are whats needed to address a variety of customer challenges, including helping lower the carbon footprint of end products by using responsibly produced aluminum. Available to US-based employees Change location. Some people continue to work to make up for poor performance of their savings and investments. Type in your current Password in the space provided. EIS is also licensed as a non-resident insurance agency, or otherwise authorized to According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. Compare health care and insurance options. You can also adjust or stop your automatic increase election at any time. As of 2020, they have a record of almost 13,000 employees in their organization. information about redemption fees, refer to the funds prospectus. This expansion has not been carried over to the 2022 tax year. There are only six states that currently have a special convenience of employer rule: Connecticut, Delaware, Nebraska, New Jersey, New York, and Pennsylvania. employer retirement income contributions discretionary contributions. 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. Our Supplier Standards set expectations for working with us and is part of all of our agreements. Your nest egg will thank you. support with selecting and enrolling in for you. For additional support and details regarding browser requirements, please see our You can determine if you're eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. Customer service representatives These specially-trained individuals are available weekdays. It may not be complete. So, what is the most efficient way to take your retirement income? First, you select the target contribution rate you want to reach at some point in the future. You have the flexibility to change your investment elections at any time by using the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . Last year, some states had temporary relief provisions to avoid double taxation of income, but many of those provisions have expired. Source: Is it Worth the Money to Hire a Financial Advisor?, the balance, 202. The YBR Web site is available 24 hours a day, seven days a week. This can include life insurance payouts and any pension or savings balances you may have. Alcoa offers competitive compensation and benefits packages to their people. A Charles Schwab study found several positive outcomes common to those using independent professional advice. Select the blue Continue button to move forward. Fund expenses consist of the charges associated with the management and operating expenses of the investment fund. There are important changes for the Earned Income Tax Credit (EITC) that taxpayers should know: The income threshold has been increased for single filers with no children; the American Rescue Plan Act temporarily boosted it from $543 to $1,502 in 2021. Benefits Planner: Income Taxes and Your Social Security Benefits. Dont try to do it alone.Get help with your 401(k) investments. We understand how you feel: Its your money, and you need it now. The non-toll-free number for international callers is 847-883-0956. About the location. 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. browser requirements information now. 1 cause of bankruptcy in the United States. The representatives can answer any questions you may have about the Plan. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. Estimate your out-of-pocket costs for your medical options. Emotional benefits of working You could: Lose growth potential on the money you borrowed.Deal with repayment and tax issues if you leave your employer.Repayment and tax issues, if you leave your employer. The filing does not disclose whether the Suriname-based pension plan is now terminated. 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 . This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. If you are eligible for a pension benefit: Make beneficiary designations and changes, Request a new User ID and password or change your existing User ID and password, Review, add or change your dependent or beneficiary information on file, Understand how a Life Event may affect your benefits, they can tailor how they spend healthcare dollars according to their needs, unused funds may be rolled over to subsequent years and. LEARN MORE, Our aluminum segment includes smelting, casting and select energy assets. When you need to draw on your IRA for income or take your RMDs, you have a few choices. The agreement, signed this month, transfers 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. Contact the U.S. Social Security Administration, your local Social Security office, or visit ssa.gov. 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. You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . Increased deduction for cash charitable contributions: In years past, the threshold was $300 for both single and joint filers, but in 2022 that has changed to $300 for single filers, and up to $600 for joint filers. For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*. the choices available. 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. Their main products are aluminum, fabricated aluminum, and alumina combined. You will be responsible for paying all fees and expenses assessed against your IRA. You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . profile. 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. Also, our benefit advisors are trained regarding Your spouse, or other named beneficiary, will need to call Alcoa's benefits service center to collect life insurance benefits. As a general rule, transaction or load fees are not charged when you elect a particular investment option. 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. Just because the government has set a retirement age with its Social Security program doesnt mean you have to schedule your own life that way. Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. You might find yourself with very tempting job opportunities at a time when you thought youd be withdrawing from the workforce. You can invest up to $19,500 into your retirement plan / 401(k). Any review, copying, distribution or use of this transmission is strictly prohibited. Of the 123 funds that provided member data, Alcoa of Australia Retirement Planranks 90 largest,with 5,336 members. Alcoa has the industrys most extensive portfolio of low-carbon products in our SustanaTM brand. 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. 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. Most companies HR service center websites have a Help or Contact Us feature on the login page that provides login directions as well as a direct contact number, if needed. From purposeful career development and inclusive and diverse work teams, Alcoa employees turn raw potential into real progress. 401K Plan. That is due to IRS requirements for 2020 to begin taking distributions from these types of accounts when you reach age 72. Current and former employees report that Alcoa provides the following benefits. Our vision is to reinvent the aluminum industry for a sustainable future. Whether you need the . Select the New User? link found below the login details on the page. 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. You can adjust or stop your automatic increase election at any time via the Your Benefits Resources website or by calling 1-888-ALCOA123 . Thats why were deliberate about creating a culture where everyone can do their best work and bring their authentic selves to work. Select the grey Log on button to proceed. The additional annuity contracts with two subsidiaries of Athene Holding, Ltd. (NYSE: ATH) will facilitate the transfer . If you stop paying supplementary contributions, your coverage will end. Please review the information you received from your employer regarding where to . Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. He would not provide further information. Southern California Regional OfficeSan Diego, CAPhone: 1-858-404-8900. A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. Learn More. 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. LLC is in the process of changing its d/b/a from Towers Watsons OneExchange to Via Benefits Insurance Services. business-member-directory-association-of-california.jpeg, Investing for Retirement: Tips and Strategies, Best Golf Retirement Communities In Tennessee. Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . 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. View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. 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. The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. Check your plan summary to see if youre eligible to enroll in Medicare Parts A and B. The automatic rebalancing feature* allows you to diversify your investments by rebalancing your account every 90 days based on your investment elections. Job title*. 2023 Extend Health, LLC. 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. Many people genuinely enjoy their employment and continue working because their jobs enrich their lives. Require additional assistance with your personal benefits? On April 1 of each year , your contribution rate will increase by your selected percent rate until your target rate is reached. 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. To access the YBR website, Alcoa requires you to use your personal user ID and password*. 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. This may help your retirement assets last longer as they continue to potentially grow tax deferred. Happy to help. At this time you apply NUA and you incur an ordinary income tax liability on only the cost basis of your stock. 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. Continue to move forward and provide every important information that is asked of you to create a new account online. 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. The original principles remain with four additions: Complete Consistent Enduring Available Because a withdrawal permanently reduces your retirement savings and is subject to tax, you should always consider taking a loan from the plan instead of a withdrawal to meet your financial needs. EIS is not connected with or endorsed by the US government or the Center for Medicare Services. The transaction affects about 11,200 participants in Alcoas U.S. pension plans, and the Athene subsidiaries will take on the responsibility of paying benefits in December, the filing said. 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. Instead of drawing down savings, you may decide to work a little longer to pay for extras youve always denied yourself in the past. What Happens If Your Employment Ends 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. This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. 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. It quoted Joseph M. Belth, professor emeritus of insurance at Indiana University, as saying: The MetLife family of companies has been a leading provider of insurance and financial services around the world.1 We offer solutions and guidance to help you navigate lifes twists and turns. Some of the solutions weve developed are available to other adjacent industries. Social Security Administration. best in class, full-service solutions. you to schedule an enrollment call at the time most convenient We strive to create a safe, inclusive and collaborative workplace with competitive benefits, development opportunities and a culture that values and rewards employees on all levels of the organization. Collect life insurance benefits. 2022 Tax Brackets: Inflation reduces purchasing power over time, as the same basket of goods will cost more as prices rise.