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First name*. We are ready for whats ahead. RetirementTalk.com is a one-stop resource for everything you need to know about retirement. *We are not affiliated with or endorsed by your company or organization. Life and long-term disability insurance coverage; and. If you are at least 65 and you pay for supplemental life insurance, you should receive information in the mail from the insurance company that explains your options. - By bumping up your contribution by just 1%, Alcoa is now matching 3% (the max) of your contributions for a total contribution of 6% of your salary. Search for doctors, dentists, and eye doctors online using the criteria you enter. 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. Your retirement assets under Alcoa may consist of several retirement accounts IRAs, 401(k)s, taxable accounts, and others. 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. For more in-depth information on Social Security, please call us. Next, you choose the amount by which you want your contribution rate to increase each year until your target contribution rate is met. a registered investment advisor not affiliated with FSC Securities Corporation. Compare health care and insurance options. You may also visit the link(s) provided below for more information and verification.. Alcoa offers competitive compensation and benefits packages to their people. Divorce doesnt even disqualify you from survivor benefits. The joint pension is not automatic. Survivors have to pay the full monthly premium. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. We understand how you feel: Its your money, and you need it now. Youll find enrollment instructions and information about your benefit options and contribution amounts. 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. If Alcoa matches, the company money typically matches up to a certain percent of the amount you put in. 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. On April 1 of each year , your contribution rate will increase by your selected percent rate until your target rate is reached. 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. As of 2020, they have a record of almost 13,000 employees in their organization. A health care and/or dependent care spending account. According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individuals medical expenses. We have best-in-class bauxite mining practices. Performance. a registered investment advisor not affiliated with FSC Securities Corporation. Via Benefits helps you choose the Medicare plan that best fits your medical needs and budget. The YBR Web site is available 24 hours a day, seven days a week. In addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. You might find yourself with very tempting job opportunities at a time when you thought youd be withdrawing from the workforce. Find out how to enhance the employee experience and streamline benefits operations through a modern digital interface delivered by The Benefit Solution. addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. You may have the option to convert your life insurance to an individual policy or elect portability on any optional coverage. Payment of Small Amounts If an employee's pension benefit is less than $50, Alcoa may pay the benefit in a lump sum. The insurance services provided Today, we are a full-service financial institution offering competitive savings and loan interest rates coupled with a wide variety of consumer-friendly financial services. Understand the expenses and services that your options cover. . 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. . The original principles remain with four additions: Complete Consistent Enduring Available We are consistently recognized with inclusion in the Dow Jones Sustainability Indices, and we have global certifications from the Aluminum Stewardship Initiative, the industrys most comprehensive third-party system to validate responsible production 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 Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. }. It is crucial to take all of these factors into consideration when constructing your retirement plan. If you stop paying supplementary contributions, your coverage will end. By using this form, you acknowledge that you have read and agree to the Privacy Policy and Terms & Conditions. 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. 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! link found below the login details on the page. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. You may now be able to manage your account online. View your current health and welfare benefits coverage, View your current 401(k) balance and change contributions, Make fund transfer and investment election changes. profile. A simple, seamless, integrated and connected employee experience. 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. Those principles are: Attributable Legible Contemporaneous Original Accurate These original ALCOA principles have since been updated to ALCOA+. When you need to draw on your IRA for income or take your RMDs, you have a few choices. Anne-Catherine.Couture@alcoa.com. employer retirement income contributions discretionary contributions. Continue to move forward and provide every important information that is asked of you to create a new account online. The non-toll-free number for international callers is 847-883-0956. Source: Schwab 401(k) Survey Finds Savings Goals and Stress Levels on the Rise. Target Team Member Services. There are only six states that currently have a special convenience of employer rule: Connecticut, Delaware, Nebraska, New Jersey, New York, and Pennsylvania. Alcoa Employee Assistance Program. You can also adjust or stop your automatic increase election at any time. disabled JavaScript, please re-enable it. Benefits Planner: Income Taxes and Your Social Security Benefits. As a general rule, transaction or load fees are not charged when you elect a particular investment option. To find out more information on strategies if divorce is affecting your retirement benefits, please give us a call. 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. 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. If you become Medicare-eligible for reasons other than age, you must contact the Alcoa benefit center about your status. To access the YBR website, Alcoa requires you to use your personal user ID and password*. Discover your element of possibility within our company. 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. They are considered to be the worlds eighth biggest producer of aluminum. Today, we are the right company at the right time. Elise Hertz, SPHR, Lean Six Sigma Yellow Belt. 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. 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. 47% of Americans cite healthcare as their greatest economic concern. We actively engage with our stakeholders in the communities where we operate. LEARN MORE. Meanwhile, workers who are older than 50 years old are eligible for an extra catch-up contribution of $6,500. Emotional benefits of working 1-888-ALCOA123 This automated telephone system is available 24 hours. 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. Employee Stock Purchase Plan. . 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. Our global refining system has the lowest average carbon dioxide intensity on the planet. 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. Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. To access the YBR website, Alcoa requires you to use your personal user ID and password*. We work to create sustainable value for the communities in which we operate while minimizing our environmental impacts. Enter your Date of Birth in the spaces provided. support with selecting and enrolling in Estimate your out-of-pocket costs for your medical options.

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