Thats a pretty big difference. Have you contacted us about this issue previously?*. 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! 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. Watch for your Participant Distribution Notice and Special Tax Notice Regarding Plan Payments. The automatic increase feature is a convenient way to incrementally increase your pre-tax contribution rate to gradually build your savings over time. Contact us: [emailprotected], EPFO s new plan to increase your pension | Watch to know more. 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. We are currently building a new site with accessibility in mind. Ask a MetLife representative for costs and complete details. Instead of drawing down savings, you may decide to work a little longer to pay for extras youve always denied yourself in the past. Type in your User ID in the space provided. Transfer requests can be made through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . Missing out: How much employer 401(k) matching contributions do employees leave on the table? As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. Get answers to questions about your benefits. To learn about how we use your information, please review our privacy policy. Retirement account contributions: Contributing to a 401k can cut your tax bill significantly, and the amount you can save has increased for 2022. addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. 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. When you retire, if you have balances in your 401(k) plan, you will receive a Participant Distribution Notice in the mail. Every day, youll find us striving to protect the safety and health of our global workforce and our environment. If Alcoa matches, the company money typically matches up to a certain percent of the amount you put in. *We are not affiliated with or endorsed by your company or organization. LEARN MORE, We are the world's largest third-party producer of alumina. Over 50? The transfer also moves $55 million in pension plan liabilities to the undisclosed insurer, the filing said. Compare health care and insurance options. In addition, each core fund option includes an additional administrative fee. We would like to show you a description here but the site won't allow us. Next, you choose the amount by which you want your contribution rate to increase each year until your target contribution rate is met. Select the blue Continue button to move forward. Unlike withdrawals, loans must be repaid, and are not taxable (unless you fail to repay them). This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. Alcoa Corporation (NYSE: AA) today announced the purchase of additional group annuity contracts that will further enhance the Company's strong balance sheet, reduce the risk of volatility in pension plans and secure the Company's commitments to retirees and beneficiaries. If the market value of your account balance is over, $5,000, your savings will remain in the Plan until you reach age 70. 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. Social Security Administration. information about redemption fees, refer to the funds prospectus. Thats how Alcoa will know whom to send your final compensation and benefits. Some of their benefits also include the following: By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). 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. 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. Should you? Quick Summary of Benefits: As of 2020, they have a record of almost 13,000 employees in their organization. Well realize this vision through the talent of our people and the advancements in our processes and products. The original principles remain with four additions: Complete Consistent Enduring Available Doing so makes enrollment quick and easy, and allows If you are not already participating in the Plan, you must also select an initial contribution rate. Their main products are aluminum, fabricated aluminum, and alumina combined. But, take a second to see how this could adversely affect your retirement plans. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. You arent leaving money on the table. At Arconic, we take pride in our work and our innovative products and technologies that advance sustainable solutions for a better world. This expansion has not been carried over to the 2022 tax year. 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. Your life insurance coverage and any optional coverage you purchase for your spouse/domestic partner and/or children ends on the date your employment ends, unless your employment ends due to disability. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. Contact our support team. 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. 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. YBR provides information, tools and calculators to help you: Information on your health and welfare, 401(k), pension and FSA benefits. In addition, process flows at the refinery have been reduced. Our Alcoa Values drive every decision we make. Many people genuinely enjoy their employment and continue working because their jobs enrich their lives. 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. Remember that a change in your investment elections affects only future contributions to your account. Meanwhile, workers who are older than 50 years old are eligible for an extra catch-up contribution of $6,500. 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. Continue to move forward and provide every important information that is asked of you to create a new account online. Review your benefits information and utilize the tools and resources available on the Alcoa Benefits Center website. To find out whether your browser supports RESOURCES: 2021 Global Medical Trend Report; 2019 Global Emotional Health Survey; 2021 Multinational Pooling Network Overview; Maybe you took a company offer and left earlier than you wanted and with less retirement savings than you needed. Generating Income That Will Last throughout Retirement. Fidelity, 22 Jan. 2019. disabled JavaScript, please re-enable it. They may be eligible to the following benefits once they are qualified: Please note that the full list of benefits available to new employees varies from location to location due to differences in local laws, regulations, and customs and may change at any time. Alcoa Employee Assistance Program. A copy of the court-filed Judgment of Dissolution or Judgment of Divorce along with any Marital Settlement Agreement (MSA), A copy of the court-filed Qualified Domestic Relations Order (QDRO), You were married for at least 10 years prior to the divorce, You are single (or you remarried after age 60). Select the blue Continue button to move forward. Norway Trym Vassvik +47 90726509 (Mobile) Trym.Vassvik@alcoa.com. Alcoa has a history that may be traced back to when Charles Martin Hall discovered the process of smelting aluminum in 1886, almost simultaneously with Paul Hroult in France. 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. Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. 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. Transferring Existing Savings between Investments. 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. For information on COVID-19 please read our Help & Support article. A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. Were working to show the world what a sustainable aluminum company looks like. Contact the U.S. Social Security Administration, your local Social Security office, or visit ssa.gov.