Employee Benefits May Include The Following:
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, Company Paid Retirement Benefit, Employee Stock Purchase Plan, Paid Holidays, Flexible Spending Accounts , Health Savings Account , 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
ALCOA4U:
Monday until Friday, between 9:00 a.m. and 5:00 p.m., ET
+1 312-843-5239
Outside the US, Puerto Rico, or Canada
Monday until Friday, between 9:00 a.m. and 5:00 p.m., ET
Company Summary:
Alcoa Corporation is an American industrial corporation. They are considered to be the worlds eighth biggest producer of aluminum. Alcoas headquarters may be found in Pittsburgh, Pennsylvania and has operations in 10 countries. Their main products are aluminum, fabricated aluminum, and alumina combined.
Alcoa Inc split into two new entities come November 2016: Alcoa Corporation and Arconic.
Quick Summary of Benefits:
- Health Insurance
- Accidental Death and Dismemberment Insurance
- 401K Plan
B.A.M. Recommendation:
Making And Changing Investment Elections
You have the flexibility to change your investment elections at any time by using the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 . 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.
Remember that a change in your investment elections affects only future contributions to your account. Your requested change will take effect as of the first full pay period after your request is processed.
Transferring Existing Savings between Investments
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.
Transfer requests can be made through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 .
The automatic rebalancing feature* allows you to diversify your investments by rebalancing your account every 90 days based on your investment elections. Once you elect this feature, your account balance will be automatically reallocated the next business day and every 90 days thereafter to maintain your investment allocations. You may start or stop the automatic rebalancing feature at any time through the Your Benefits Resourceswebsite or by calling 1-888-ALCOA123 .
*This feature is not available to SEC Section 16 Officers.
Access To Funds While Actively Employed
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. However, you may have access to funds in your account through one or more of the following:
non-hardship withdrawals of after-tax and rollover contributions hardship withdrawals of pre-tax contributions
withdrawals for participants over age 59½ and loans.
The Plan is required to make annual distributions to you when you reach age 70½ if you are still actively employed. Additionally, the Plan also has the unique feature which allows you to request dividends from your Alcoa Stock Fund investments .
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Alcoa Of Australia Retirement Plan Overview
Alcoa of Australia Retirement Plan is a Non public offer Corporate fund.
Alcoa of Australia Retirement Plan has 8 investment options, MySuper products authorised and 0 of its total assets are invested in a default or MySuper strategy.
Learn more about MySuper funds andthe different types of super funds.
Of the 123 funds that provided asset data, Alcoa of Australia Retirement Planranks 64 largest in terms of total assets under management,which are valued at approximately $2.36 billion.
Of the 123 funds that provided member data, Alcoa of Australia Retirement Planranks 90 largest,with 5,336 members.
Alcoa Transfers Another $1 Billion In Pension Liabilities
Alcoa Corp., Pittsburgh, purchased two group annuity contracts from Athene Holding subsidiaries to transfer about $1 billion in U.S. pension plan liabilities.
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.
The transaction affects about 11,200 participants in Alcoa’s U.S. pension plans, and the Athene subsidiaries will take on the responsibility of paying benefits in December, the filing said.
Alcoa spokesman Jim W. Beck said in an email the population includes retirees and beneficiaries. He would not provide further information.
The deal represents the latest in a series of pension risk transfer transactions Alcoa has completed in recent years to derisk its global pension plans.
In October, Alcoa agreed to purchase a group annuity contract to transfer about $55 million in pension plan assets to an undisclosed insurer.
That agreement is set to transfer the benefit-paying responsibility for about 800 retirees and former employees in one of the company’s pension plans in Suriname, the aluminum company disclosed in its 10-Q filing with the SEC.
As of Dec. 31, Alcoa’s global pension plan assets totaled $5.356 billion, while projected benefit obligations totaled $6.904 billion, for a funding ratio of 77.6%, according to its most recent 10-K filing with the SEC.
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New Employees Register / Enroll:
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.
Distributions After You Stop Working
When you terminate employment with the Company you have the right to your account and you must make important decisions. You will receive information on your choices. 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. 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.
If the market value of your account balance is over
$5,000, your savings will remain in the Plan until you reach age 70. However, you may request a total distribution at any time or request up to four partial payouts each calendar year. Each partial cash payout must be at least $250 amounts from the Alcoa Stock Fund can be received as shares in kind . Partial payouts of your account may be requested by calling 1-888-ALCOA123
If the market value of your account balance is more
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.
Your rollover IRA will be invested in a fund designed to preserve principal and provide a reasonable rate of return consistent with liquidity. You will be responsible for paying all fees and expenses assessed against your IRA.
If the market value of your account balance is
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Automatic Contribution Increase Feature
The automatic increase feature is a convenient way to incrementally increase your pre-tax contribution rate to gradually build your savings over time.
Its easy to do. First, you select the target contribution rate you want to reach at some point in the future. If you are not already participating in the Plan, you must also select an initial contribution rate. Next, you choose the amount by which you want your contribution rate to increase each year until your target contribution rate is met.
Once you make your selections, the rest is done automatically. On April 1 of each year , your contribution rate will increase by your selected percent rate until your target rate is reached.
You elect the automatic increase feature via the Your Benefits Resources website or by calling 1-888-ALCOA123 . You can also adjust or stop your automatic increase election at any time. 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. You can adjust or stop your automatic increase election at any time via the Your Benefits Resources website or by calling 1-888-ALCOA123 .
employer retirement income contributions discretionary contributions
retiree medical savings contributions
Company Matching Contributions
Employer Retirement Income Contributions
Discretionary Contribution
investment elections.
Retiree Medical Savings Contributions
Web And Telephone Resources
For questions about the Plan or information on how to access your savings, you have the following resources:
Your Benefits ResourcesTM at http://resources.hewitt.com/alcoa This interactive
website is available 24 hours a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. To access the YBR website, Alcoa requires you to use your personal user ID and password*.
1-888-ALCOA123 This automated telephone system is available 24 hours
a day Monday through Saturday, and after 1 p.m. Eastern Time on Sunday. The non-toll-free number for international callers is 847-883-0956. Hearing-impaired callers can use the AT& T Relay Service TTY at 1-800-855-2880. For telephone system access, you must enter the last four digits of your Social Security Number , your date of birth, and your password*.
Customer service representatives These specially-trained individuals are available weekdays
from 9 a.m. to 5 p.m. Eastern Time by calling 1-888-ALCOA123 . The representatives can answer any questions you may have about the Plan.
* Your user ID, the last four digits of your SSN, and password keep your personal retirement information confidential and ensure that only you have access to this information.
Participation in the Plan begins when you:
are automatically enrolled 60 days after the day you were hired, rehired or became newly
eligible or
request participation in the Plan prior to 60 days of the day you were hired, rehired or became
newly eligible or
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A Message To Alcoa Pension Plan Participants From Unite Here
On November 17, 2021, Alcoa announced that it will transfer approximately $1 billion of pension obligations to Athene, an insurance company affiliated with the private equity firm Apollo Global Management. Approximately 11,200 pension plan participants will be affected. Pension plan assets will be transferred to Athene and Athenes subsidiaries will provide group annuity contracts to pay benefits to plan participants. Alcoa stated that Athene will take over payment obligations in December 2021.
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.
In a typical annuity buyout, plan participants lose the protections of the Employee Retirement Income Security Act and the Pension Benefit Guaranty Corporation , the federal agency that insures pension benefits.
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. Some states would only cover $250,000 per annuitant.
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? It quoted Joseph M. Belth, professor emeritus of insurance at Indiana University, as saying:
Your Pension Benefits Are Safe And Easy With Us
The MetLife family of companies has been a leading provider of insurance and financial services around the world.1 We offer solutions and guidance to help you navigate life’s twists and turns.
Our U.S. based customer solutions team is available to answer questions and provide the support you need to manage your benefit.
View and manage your benefit online, anytime through the MyBenefits portal.
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. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. Ask a MetLife representative for costs and complete details.
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Costs Associated With Plan Participation
The Company closely monitors the performance, investment management fees, and expenses of each fund offered in the Plan. All Plan participants pay fees associated with fund expenses and administrative expenses of the Plan. Fund expenses consist of the charges associated with the management and operating expenses of the investment fund. These include commissions and fees charged when shares are sold. 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. In addition, each core fund option includes an additional administrative fee. This fee covers the costs of the administration of the Alcoa Retirement Savings Plan and includes items such as the cost of communication materials, recordkeeping, audit and trustee fees in addition to operating a call center and website. 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 closely monitors administrative fees and may periodically increase or decrease this 0.05% fee consistent with the costs of the administration of the Plan.
As a general rule, transaction or load fees are not charged when you elect a particular investment option. The fund managers typically waive these fees because of the large amount of assets invested by Plan participants.
information about redemption fees, refer to the funds prospectus.
Your Benefits Resources Website:
The YBR Web site is available 24 hours a day, seven days a week. YBR provides information, tools and calculators to help you:
- Learn how your benefit plans work.
- Understand the expenses and services that your options cover.
- Build your own medical plan, selecting from various coverage options.
- Compare health care and insurance options.
- Estimate your out-of-pocket costs for your medical options.
- Search for doctors, dentists, and eye doctors online using the criteria you enter.
- Choose or change your beneficiary.
- Estimate your need for:
- Life and long-term disability insurance coverage and
- A health care and/or dependent care spending account.
Information on your health and welfare, 401, pension and FSA benefits. For example:
Health and welfare
- View your current health and welfare benefits coverage
- Make enrollment decisions
- View your current 401 balance and change contributions
- Make fund transfer and investment election changes
Pension
- If you are eligible for a pension benefit:
- View your pension information
- Make beneficiary designations and changes
- Request a new User ID and password or change your existing User ID and password
- Learn more about your benefits
- Review, add or change your dependent or beneficiary information on file
- Understand how a Life Event may affect your benefits
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Were Looking For Partners Committed To Sustainable Business Practices
Reinventing the aluminum industry for a more sustainable future includes the work we do and the supplier partners we identify throughout our three product segments .
We extract, process and refine the most recyclable mineral on the Earth. As Alcoans, this is part of who we are. We work to create sustainable value for the communities in which we operate while minimizing our environmental impacts.
Supplier Standards
We look for partners who share our values and commitment to sustainability. Our Supplier Standards set expectations for working with us and is part of all of our agreements. These standards have been reviewed and updated as of January 2021.
Ethics and Compliance Code of Conduct
Our company-wide Ethics and Compliance Program is a tool we use to ensure were acting with integrity, an Alcoan core value.
Fixed Benefit Plan To Health Reimbursement Account
- they can tailor how they spend healthcare dollars according to their needs
- unused funds may be rolled over to subsequent years and
- the dollar amount of its 2022 HRA contribution may be higher for some recipients than the sum previously required by the collective bargaining agreements. Alcoa increased the contribution for every putative class member to $3,400 for the 2022 plan year.
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Alcoa Purchases Annuity To Transfer $55 Million In Pension Plan Assets
Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company.
The agreement, signed this month, transfers the benefit-paying responsibility for about 800 retirees and former employees in one of the company’s pension plans in Suriname, the aluminum company disclosed in its 10-Q filing with the SEC.
The transfer also moves $55 million in pension plan liabilities to the undisclosed insurer, the filing said.
The filing does not disclose whether the Suriname-based pension plan is now terminated. In 2017, Alcoa permanently closed the Suralco aluminum refinery in the South American country.
It is the latest in a series of pension risk transfer transactions Alcoa has completed in recent years to derisk its global pension plans.
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. In 2018, Alcoa had purchased a group annuity contract from Athene Annuity and Life Co. to transfer about $290 million in U.S. pension plan liabilities.
As of Dec. 31, Alcoa’s global pension plan assets totaled $5.356 billion, while projected benefit obligations totaled $6.904 billion, for a funding ratio of 77.6%, according to its most recent 10-K filing with the SEC.
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