Alcoa Retirement Savings Plan
The Alcoa Retirement Savings Plan is a 401(k) plan that allows you to save and invest for a more secure retirement. The plan offers a variety of investment options and the ability to save on a pre-tax and/or after-tax basis.
Plan Highlights
Employee contributions
- You can save up to 25% of your eligible earnings.
- Up to 25% of eligible earnings on a pre-tax basis, up to the IRS limit of $17,000.
- Up to 10% of eligible earnings on an after-tax basis.
- Your combined pre- and after-tax contributions cannot exceed 25% in total.
Company matching contributions
- Company matching contributions (including discretionary contributions and Employer Retirement Income Contributions [ERIC]) are immediately vested.
- Up to 6% of your total pre-tax contributions will be matched by Alcoa each payroll period.
Catch-up contributions for employees 50 and older
You must contribute at least 6% of eligible earnings pre-tax before you can make a catch-up contribution of up to $5,500 (the IRS limit for catch-up contributions).
Loans
- A $100 loan processing fee will be deducted from the loan amount requested to cover administrative costs. For example, if you request a loan of $1,000, you will receive a net amount of $900 after deduction of the $100 fee.
- Company matching contributions made on or after January 1, 2011, are not available for loans.
Withdrawals while you work for Alcoa
Before age 59 ½: You can withdraw company matching contributions made prior to January 1, 2011 if you have participated in the plan for at least three years. Company matching contributions made on or after January 1, 2011 are not available for withdrawal.
After age 59 ½: Withdrawals of any funds in the plan are available without restrictions.
Expense ratios
Administrative expenses are evenly charged across all investment options.
Your plan statement shows expense ratios broken out by the portion that covers investment management expenses (such as fees for portfolio managers) and the portion that covers administrative expenses (record keeping, trustees, daily fund valuation, etc.)
See the Alcoa Savings Plan Summary Plan Description (SPD) on Your Benefits Resources website for complete details.
