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Alcoa Savings Plan
The Alcoa Savings Plan is a 401(k) plan that provides employees with a convenient, tax-effective way to save and invest for a more financially secure future. Generally, new employees are eligible to participate in the plan on their first day of active work, and can enroll at any time. Employees decide how much to contribute and how to invest their account. Most employees can contribute from 1% to 16% of pre-tax eligible pay; they also may be able to save from 1% to 16% of eligible pay on an after-tax basis. In total, the maximum contribution (both pre- and after-tax) is 16% of eligible pay. Restrictions may apply for certain highly paid employees.
Depending on location, Alcoa may match a portion of every pre-tax dollar an employee saves in the plan, up to 6% of eligible pay. These company contributions are invested in the Alcoa Stock Fund. Once an employee is 100% vested, he/she can access all company matching contributions and request withdrawals, transfers, and loans of these amounts.
Employees are always 100% vested in their own contributions and the earnings from those contributions. Employees become 100% vested in the company matching contributions (if applicable at that location) after three years of service, or if they retire, become totally and permanently disabled, are permanently laid off, or die.
Investment Options
To encourage diversification, the Plan offers several investment options with varying levels of risk and potential return.
The options are:
- Alcoa Stock Fund
- AMCAP Fund
- American Balanced Fund
- Barclays LifePath® 2010
- Barclays LifePath® 2020
- Barclays LifePath® 2030
- Barclays LifePath® 2040
- Barclays LifePath® Retirement
- Fixed Income Fund
- Investment Company of America Fund
- Morgan Stanley Institutional Fund Emerging Markets Portfolio
- Morgan Stanley Institutional Fund International Equity Portfolio
- New Perspective Fund
- Putnam OTC & Emerging Growth Fund
- Putnam Vista Fund
- Schwab Personal Choice Retirement Account®
- Vanguard Institutional Index Fund Plus Shares
- Vanguard Total Bond Market Index Fund Institutional Shares
Plan Provisions
Employees have virtually 24/7 access to their account via the Internet or telephone to manage and track their investments in the Plan. The Plan allows employees to:
- Change their contribution amount or investment elections at any time.
- Transfer eligible amounts among the plan's investment funds once a day for all options except the Alcoa Stock Fund.
- Withdraw their pre-tax contributions and earnings if they are at least age 59½ or if they qualify for a hardship withdrawal. They may withdraw after-tax contributions and earnings and vested company contributions at any time. (Because withdrawals are subject to certain taxes and Internal Revenue Service rules, employees are encouraged to consult a professional tax advisor before requesting a transaction.)
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