Do you need to be saving more than you currently are, but can’t afford to increase your contribution by a large amount today? If so, take advantage of the Automatic Increase feature.
You can help your money grow by automatically increasing the amount you put into your Alcoa Savings Plan account on a pre-tax basis. The Automatic Increase feature allows you to choose a target contribution rate and the amount by which your rate will automatically increase in annual increments. This helps you save more, over time, without ever having a huge hit to your paycheck. You simply choose:
- the target rate you’d like to eventually reach to help build your retirement income,
- your current contribution rate (if you are not currently contributing), and
- the rate you want your savings to increase by each year.
Once your selections are made, the rest is done for you automatically. You always have the option to adjust or stop your Automatic Increase election at any time.
To start (or stop) the Automatic Increase feature, go online or call 1-888-ALCOA123.
Here’s how Automatic Increase works
|Bill is currently saving 6% in the Alcoa Savings Plan, but knows he needs to start saving more money if he expects to build his retirement income.
- Bill decides to take advantage the Automatic Increase feature. He sets a long-term goal of saving 10% in the Plan.
- To help take the bite out of saving more, Bill decides to automatically increase the amount he’s saving each year by 2%.
- Following Bill’s plan, it will only take him two years to reach his goal of saving 10% a year.