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). . We apologize that our site is not fully accessible to customers using screen readers at this time. Were working to show the world what a sustainable aluminum company looks like. You may receive a lump sum distribution equal to the total or partial value of your account or roll it over to another eligible employer plan or IRA account. 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. 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. If you are not already participating in the Plan, you must also select an initial contribution rate. Expenses can increase during retirement and working can be a logical and effective solution. However, consider investing a minimum of 10% of your salary toward retirement through your 30s and 40s. 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. *Required Fields First name* Last name* Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic. 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. A single male will need $124,000 and a single female, thanks to her longer life expectancy, will need $140,000. Chevron calculates an employee's monthly annuity through the Legacy Chevron retirement plan by taking 1.6% of monthly highest average earnings, times by years of BAS minus their Social Security Offset. 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. Of the 123 funds that provided member data, Alcoa of Australia Retirement Planranks 90 largest,with 5,336 members. Their main products are aluminum, fabricated aluminum, and alumina combined. Generally speaking, you can withdraw amounts from your account while still employed under the circumstances described below. See our FAQs for answers to common questions.Search below to find your companys HR website. 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. Your company may use a more complex formula, like Chevron. Iceland Dagmar Stefnsdttir +354 47 07705 +354 84 37705 (Mobile) Dagmar.Stefansdottir @alcoa.com. Increasing your investment balance and reducing taxes is the key to a successful retirement plan spending strategy. 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. Jan 24, 2018. 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. You can locate their contact information by using the Find My HR Website search feature. disabled JavaScript, please re-enable it. Source: Is it Worth the Money to Hire a Financial Advisor?, the balance, 202. Quick Summary of Benefits: As of 2020, they have a record of almost 13,000 employees in their organization. for you. More than 75 percent of our smelting portfolio runs on renewable energy. National Compensation Survey: Employee Benefits in the United States, March 2019," Bureau of Labor Statistics, U.S. Department of Labor. At The Retirement Group, we can help you understand how your Alcoa retirement scheme fits into your overall financial picture, and how to make that plan work for you. Consider these facts when deciding if you should borrow from your 401(k). You will be responsible for paying all fees and expenses assessed against your IRA. My companys name isnt found in the Find Your HR Website search, what do I do now? Anne-Catherine.Couture@alcoa.com. Get answers to questions about your benefits. The aluminum company will complete the transfer to the two unnamed Athene subsidiaries later this month, according to an 8-K filing with the SEC Wednesday. Benefits Planner: Income Taxes and Your Social Security Benefits. Also, our benefit advisors are trained regarding There are seemingly endless rules that vary from one retirement plan to the next, early out offers, interest rate impacts, age penalties, and complex tax impacts. Type in the last 4 digits of your SSN in the space provided. $1,336 - A 2020 study from Financial Engines titled Missing Out: How Much Employer 401(k) Matching Contributions Do Employees Leave on the Table?, revealed that employees who dont maximize the company match typically leave $1,336 of potential extra retirement money on the table each year. The ideas of 'happily ever after" and 'til' death do us part' simply wont materialize for 28% of couples over the age of 50. Type in the last 4 digits of your SSN in the space provided. browser requirements information now. You can determine if youre eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. website is available 24 hours a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. Office of Supervisory Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121 800.900.5867. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . If Alcoa matches, the company money typically matches up to a certain percent of the amount you put in. At this time you apply NUA and you incur an ordinary income tax liability on only the cost basis of your stock. After Completing Company Contribution 1 year of accredited service2.5%6 years of accredited service5%9 years of accredited service10%. For information on COVID-19 please read our Help & Support article. Instead of drawing down savings, you may decide to work a little longer to pay for extras youve always denied yourself in the past. Alcoa spokesman Jim W. Beck said in an email the population includes retirees and beneficiaries. 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. By using this form, you acknowledge that you have read and agree to the Privacy Policy and Terms & Conditions. In order to maintain the same standard of living through retirement, you will have to factor rising costs into your plan. Transfer requests can be made through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . Two flexible distribution options for your IRA. from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . Also, our benefit advisors are trained regarding benefits and coverage for each of the different insurance plans we offer. Fortune 500employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. Discover how Alcoa is on a winning streak, racking up recognitions from various ESG rating agencies. We understand how you feel: Its your money, and you need it now. When you need to draw on your IRA for income or take your RMDs, you have a few choices. To better understand your plan, let's look at a few examples from AT&T, Shell, ExxonMobil, and Chevron and see how they compare to other Fortune 500 companies. Some of the solutions weve developed are available to other adjacent industries. Strength. Hearing-impaired callers can use the AT& T Relay Service TTY at 1-800-855-2880. Select the New User? This can include life insurance payouts and any pension or savings balances you may have. For many people, this could potentially be the last opportunity to stash away funds. Discover your element of possibility within our company. 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. Until then, we encourage you to call Via Benefits at 1-866-322-2824 (#711) to speak to one of our expert benefit advisors. Last name*. 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. These notices will help explain your options and what the federal tax implications may be for your vested account balance. Our company-wide Ethics and Compliance Program is a tool we use to ensure were acting with integrity, an Alcoan core value. They are considered to be the worlds eighth biggest producer of aluminum. The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. Before you can start your pension and for each former spouse who may have an interest youll need to provide Alcoa with the following documentation: Provide Alcoa with any requested documentationto avoid having your pension benefit delayed or suspended. You can determine if you're eligible for a withdrawal, and request one, online or by calling the Alcoa Benefits Center. So long as your individual circumstances allow, it should be a goal to maximize Alcoa's contribution match. They also have a diverse and inclusive work force, rewarding employee volunteering initiatives, plus a strong safety culture and a commitment to work-life balance. if ((window.customElements || { get: function () {} }).get('cms-content')) { 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. Build your own medical plan, selecting from various coverage options. We extract, process and refine the most recyclable mineral on the Earth. The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900, up $800 from the previous year. Any review, copying, distribution or use of this transmission is strictly prohibited. Alcoa's U.S. portfolio includes Alcoa's corporate headquarters (ACC), Alcoa's Technology Center (ATC), four smelters, hydroelectric power and a calcined coke plant.

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