Youll find enrollment instructions and information about your benefit options and contribution amounts. Available to US-based employees Change location. Alcoa stated that Athene will take over payment obligations in December 2021. Well realize this vision through the talent of our people and the advancements in our processes and products. Alcoa Community FCU first opened its doors in 1957 and has been serving the financial needs of the Saline County Community for over 60 years. Start the joint pension payments. Today, we continue to channel the determination that first launched an industry. So, what is the most efficient way to take your retirement income? Over half of plan participants admit they dont have the time, interest or knowledge needed to manage their 401(k) portfolio. If youre divorced or in the process of divorcing, your former spouse(s) may have an interest in a portion of your retirement benefits. These retirement savings vehicles give you the chance to take advantage of three main benefits: Matching contributions are just what they sound like: your employer (in this case, Alcoa) matches your own 401(k) contributions with money that comes from the company. Your spouse, or other named beneficiary, will need to call Alcoa's benefits service center to collect life insurance benefits. That is due to IRS requirements for 2020 to begin taking distributions from these types of accounts when you reach age 72. 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? business-member-directory-association-of-california.jpeg, Investing for Retirement: Tips and Strategies, Best Golf Retirement Communities In Tennessee. Divorce doesnt even disqualify you from survivor benefits. We have experts in every state of the U.S. Our benefit advisors are Missing out: How much employer 401(k) matching contributions do employees leave on the table? Emotional benefits of working View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. 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. Alcoa offers competitive compensation and benefits packages to their people. Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company. Transfer requests can be made through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . 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. Low interest rates make it great for lump sums but harder for generating portfolio income. Alcoa Corporation is an American industrial corporation. Note: Extend Insurance Services, Alcoa has the industrys most extensive portfolio of low-carbon products in our SustanaTM brand. Expenses can increase during retirement and working can be a logical and effective solution. Southern California Regional OfficeSan Diego, CAPhone: 1-858-404-8900. Regardless of what you choose, IRA distributions are subject to income taxes and may be subject to penalties and other conditions if youre under 59. See the Alcoa SPD for more details. Learn More. Investment advisory services offered through The Retirement Group, LLC. Whether you live in the U.S. or Puerto Rico, you'll receive quite a bit of useful information from this article! 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. First name*. When you retire, make sure that you update your beneficiaries. Call for free one-on-one expert advice and For many people, this could potentially be the last opportunity to stash away funds. Your plan summary outlines more information and possible restrictions on rollovers and withdrawals. For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*. 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. Remote workers might face double taxation on state taxes: due to the pandemic, many employees moved back home, which could have been outside of the state where they were employed. Life and long-term disability insurance coverage; and. Any review, copying, distribution or use of this transmission is strictly prohibited. A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. Jester Financial Technologies, Worksheet Detail - Health Care Expense Schedule, Social Security Administration. To access the YBR website, Alcoa requires you to use your personal user ID and password*. Also, our benefit advisors are trained regarding Contact our support team. Recommended Reading: Illinois Municipal Retirement Fund Phone Number. 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. 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. 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. Benefits Planner: Income Taxes and Your Social Security Benefits. 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. Here are some useful links. Stock Options. 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. If the market value of your account balance is over, $5,000, your savings will remain in the Plan until you reach age 70. Current and former employees report that Alcoa provides the following benefits. Their main products are aluminum, fabricated aluminum, and alumina combined. Use the Contact Us link on the site to send a secure question to a Customer Service Representative. Their employees may join in a wide selection of benefit programs as soon as they become eligible. 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. If your survivor is enrolled as a dependent in your Alcoa-sponsored retiree medical coverage when you die, he or she needs to decide whether to keep it. Your requested change will take effect as of the first full pay period after your request is processed. Search for doctors, dentists, and eye doctors online using the criteria you enter. 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. If your company is a subsidiary of another organization, try searching the Find Your HR Website by the parent organization. While this formula calculates a monthly pension benefit, you can determine the lump sum equivalent by using the annuity to lump sum conversion table on Fidelity's website. Read Also: 55 Plus Retirement Communities In Texas. Insurance, Health & Wellness Financial & Retirement Family & Parenting Vacation & Time Off Perks & Discounts Professional Support. Learn more about MySuper funds andthe different types of super funds. Your spouse, a family member, or even a friend should call your companys benefits service center as soon as possible to report your death. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. Elise Hertz, SPHR, Lean Six Sigma Yellow Belt. 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. This expansion has not been carried over to the 2022 tax year. transact business as an insurance agency, in all states and the District of Columbia. LEARN MORE, Alcoa has ownership in seven active bauxite mines globally and operates four of them, making us among the worlds largest bauxite producer. Note: Beneficiary Designations If your survivor has medical coverage through Alcoa: While you may be ready for some rest and relaxation, without the stress and schedule of your full-time career, it may make sense to you financially, and emotionally, to continue to work. We know SaaS platforms inside and out. A Charles Schwab study found several positive outcomes common to those using independent professional advice. You may also visit the link(s) provided below for more information and verification.. The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. 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. Generally speaking, you can withdraw amounts from your account while still employed under the circumstances described below. Medical bills are the No. Aluminum Company of America (ALCOA) employee benefits and perks data. ExxonMobil is just one of many companies using a Social Security offset when calculating Pension Benefits. 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. If you are not already participating in the Plan, you must also select an initial contribution rate. With an unrelenting focus on consistent improvement, we are working to show the world what a sustainable aluminum company truly looks like. All plan participants will be advised of any such restrictions, and they apply equally to all employees. By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). 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 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.
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