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. 2021 RetirementTalk.net | 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. Our Alcoa Values drive every decision we make. You can determine if you're eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. We are ready for whats ahead. Note: Beneficiary Designations Your election to receive the cash amount of your account or to roll it over to another eligible employer plan or IRA must be received within 90 days of termination of employment or the following default treatment will apply. When you retire, make sure that you update your beneficiaries. 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. 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. Retrieved October11, 2016 from. 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. Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income. 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. Build your own medical plan, selecting from various coverage options. Many corporate retirees depend on Medicare as their main health care provider, and in 2022 that healthcare out-of-pocket premium is set to increase by 14.5%. Their main products are aluminum, fabricated aluminum, and alumina combined. Banks make you jump through too many hoops for a personal loan, credit cards charge too much interest, and suddenly, you start looking at your 401(k) account and doing some quick calculations about pushing your retirement off a few years to make up for taking some money out. Select the New User? link found below the login details on the page. Learn about Alcoa Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Alcoa employees . EIS is also licensed as a non-resident insurance agency, or otherwise authorized to
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. This may help your retirement assets last longer as they continue to potentially grow tax deferred. By using this form, you acknowledge that you have read and agree to the, Accidental Death and Dismemberment Insurance. If youre over 50, you may be eligible to use a catch-up contribution within your IRA. 47% of Americans cite healthcare as their greatest economic concern. Once you make your selections, the rest is done automatically. 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. We extract, process and refine the most recyclable mineral on the Earth. See open roles and find your next opportunity. With an unrelenting focus on consistent improvement, we are working to show the world what a sustainable aluminum company truly looks like. These notices will help explain your options and what the federal tax implications may be for your vested account balance. 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. The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. Please visit the official company website directly to verify all benefit options and details. Hmm we don't see any results for that. Spain Clara Acebes Hernansanz +34 914 068 280 +34 649 979 266 (Mobile) Clara.Acebes@alcoa.com. Its important to know that certain withdrawals are subject to regular federal income tax and, if youre under age 59, you may also be subject to an additional 10% penalty tax. A health care and/or dependent care spending account. For additional support and details regarding browser requirements, please see our
the Your Benefits Resources website or call 1-888-ALCOA123 (1-888-252-6212); see page ii for details. First, you select the target contribution rate you want to reach at some point in the future. But, take a second to see how this could adversely affect your retirement plans. LLC is in the process of changing its d/b/a from Towers Watsons OneExchange to Via Benefits Insurance Services. This wasn't available in previous years. 1-888-ALCOA123 This automated telephone system is available 24 hours. Regardless of which company you work for, your company plan is complicated and difficult to understand. Southern California Regional OfficeSan Diego, CAPhone: 1-858-404-8900. Collect life insurance benefits. Some of the solutions weve developed are available to other adjacent industries. The additional annuity contracts with two subsidiaries of Athene Holding, Ltd. (NYSE: ATH) will facilitate the transfer . Make up for decreased value of savings or investments This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. Available to US-based employees Change location. See our FAQs for answers to common questions.Search below to find your companys HR website. Learn More. Check the status of your Social Security benefits before you retire. document.write("