Howmet Aerospace Hourly Retirement Savings Plan (2023)

Exhibit 10(g)

















































Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021









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The Howmet Aerospace HourlyRetirement Savings Plan (the "Plan") is maintained for theexclusive benefit of eligible employees of Howmet Aerospace Inc.and its subsidiaries who are paid on an hourly basis, includingboth collectively bargained and non-bargained employee populations.The Plan is a defined contribution, individual account plan whichincorporates an Internal Revenue Code Section 401(k) wage reductionarrangement, intending to qualify under Section 401(a) of theInternal Revenue Code, for the exclusive benefit of its eligibleemployees.

Prior to January 1, 1993, thePlan was known as the Alcoa Pre-Tax Savings Plan for BargainingEmployees. It had been initially adopted effective July 3, 1986,and was subsequently amended and restated from time to timethereafter, as described in Schedule A.

Effective January 1, 2011,the Plan was renamed the Alcoa Retirement Savings Plan forBargaining Employees. Effective January 1, 2015, the Plan wasamended and restated to incorporate provisions of Plan amendmentsadopted and new laws and regulations that have come into effectsince the January 1, 2010, amendment and restatement of thePlan.

Effective August 1, 2016, in anticipationof the separation of Alcoa Inc., Alcoa USA Corp. established theRetirement Savings Plan for Hourly Employees of Alcoa USA Corp.(“Alcoa USA Plan”), and the accounts attributable toall Participants who were employees or former employees at thelocations identified on Schedules C-1, C-2 were spun off tothe Alcoa USA Plan. Effective August 1, 2016, this Plan was renamedas Arconic Bargaining Retirement Savings Plan. No person isentitled to a benefit under both plans.

In anticipation of its separation intotwo separate publicly-traded companies, effective January 1, 2020,immediately after the transfer of assets and liabilitiesattributable to salaried employees and former salaried employeesheld in the Arconic Fastener Systems and Rings Retirement SavingsPlan to the Arconic Salaried Retirement Savings Plan, Arconic Inc.(a) merged the Arconic Fastener Systems and Rings RetirementSavings Plan with and into the Arconic Hourly Non-BargainingRetirement Savings Plan, (b) merged the Arconic HourlyNon-Bargaining Retirement Savings Plan with and into this Plan. TheArconic Hourly Non-Bargaining Retirement Savings Plan ceased toexist as of 11:59 p.m. on December 31, 2019. The Plan was renamedthe Arconic Hourly Retirement Savings Plan, effective January 1,2020.

Effective February1, 2020, inanticipation of its separation into two separate publicly-tradedcompanies, Arconic Rolled Products Corporation established theArconic Corp. Hourly 401(k) Plan, and the accounts attributable toall Participants who were employees or former employees at thelocations identified on Schedules C-3 and C-4 were spun offto the Arconic Corp. Hourly 401(k) Plan. No person is entitled to abenefit under both plans.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

Effective February1, 2020, thisPlan was renamed as the Howmet Aerospace Hourly Retirement SavingsPlan.

Effective January 1, 2021, the Plan ishereby amended and restated again to incorporate provisions ofprior Plan amendments adopted since the January 1, 2015,restatement of the Plan as well as to reflect new laws andregulations that have come into effect since the January 1, 2015,restatement of the Plan.

The Plan is the survivor plan as theresult of mergers with several Subsidiaries' plans. ScheduleA attached hereto contains the details and provisions relatedto such mergers.

The Plan is intended to be construed inaccordance with any regulatory guidance issued with respect to suchnew laws and regulations.

Effective January 1, 2002 the Alcoa StockFund was replaced with an employee stock ownership plan, within themeaning of Section 4975(e) of the Code. The assets held in the ESOPmust be invested primarily in employer securities as defined inCode Section 409(l). Effective November 1, 2016, Alcoa Inc.separated into two separate publicly traded companies. Alcoa Inc.was renamed Arconic Inc. and began trading under the ticker symbolARNC. Alcoa Corporation was spun off from Arconic Inc. and begantrading under the ticker symbol AA. This corporate action resultedin two separate stock funds under the Plan: the Arconic Stock Fund(which is an ESOP invested primarily in employer securities) andthe Alcoa Corporation Stock Fund (a non-employer stock fund). TheAlcoa Corporation Stock Fund was liquidated approximately one yearafter its establishment. Effective April 1, 2020, ArconicInc. separated into two-separate publicly traded companies. ArconicInc. was renamed Howmet Aerospace Inc. and began trading under theticker symbol HWM. Arconic Corporation was spun off from ArconicInc. and began trading under the ticker symbol ARNC. This corporateaction resulted in two separate stock funds under the Plan: theHowmet Aerospace Stock Fund (which is an ESOP invested primarily inemployer securities) and the Arconic Corporation Stock Fund (anon-employer stock-fund). ). The Arconic Corporation Stock Fundwill be liquidated approximately one year after itsestablishment.


For the purpose of this Plan,unless a different meaning is plainly required by thecontext:

AFFILIATE means any non-corporate business entity or corporatebusiness entity without voting stock, as such, which HowmetAerospace and/or one or more Subsidiaries control infact.

AFTER-TAX SAVINGSmeans such portions of the total amounts contributed to the Plan bya Participant in accordance with Section 2 that are not accordedfavorable tax treatment under Section 401(k) of the Code, but notincluding contributions made by a Participant in excess of theannual limit on 401(k) contributions under Code Section 402(g) orin excess of the "average deferral percentage limit" of Section401(k) (3) of the Code.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

ALCOA SEPARATION DATEshall mean the legal separation of Alcoa Inc. into two separatepublicly traded companies (Alcoa Inc. and Arconic Inc.) thatoccurred on November 1, 2016.

ARCONIC SEPARATION DATE shall mean the legal separation of Arconic Inc. intotwo separate publicly traded companies (Arconic Corporation andHowmet Aerospace Inc.) that occurred on April 1, 2020.

AUTOMATIC ENROLLMENT orAUTOMATICALLY ENROLLED meansthe automatic default enrollment in the Plan described in Sections1(b) and 2(c) and applicable to Eligible Employees who do not optout of the Plan.

AUTOMATIC PRE-TAX RATEESCALATION means the featurethat is effective with Automatic Enrollment or that may be electedby a Participant, in which the rate of Payroll Deduction forPre-Tax Savings is increased until a target Payroll Deduction rateis reached. The Automatic Pre-Tax Rate Escalation will increaseeffective April 1 of each year.

AUTOMATIC REBALANCINGmeans the feature described in Section 8(d).

BARGAINING AGREEMENTSmeans the collective bargaining agreements entered into between aParticipating Employer and one or more of the unions designated inSchedule B-1 .

BARGAINED ELIGIBLEEMPLOYEE means an Eligible Employee whose participation in thePlan is subject to a Bargaining Agreement.

BARGAINED PARTICIPANTmeans a Bargained Eligible Employee whois a Participant under the Plan.

BENEFICIARYmeans the recipient or recipientsdesignated by a Participant, in accordance with Section 22 of thePlan, to receive benefits in the event of the Participant's deathas either a primary beneficiary, or a contingent beneficiary whowill receive benefits in the event the primary beneficiarypredeceases the Participant.

BENEFITS INVESTMENTS COMMITTEEmeans the Benefits Investments Committeeof Howmet Aerospace, which shall have authority over the investmentof Plan assets as described herein and over the selection of theCore Funds.

BENEFITS MANAGEMENTCOMMITTEE means theadministrative committee of one or more persons appointed by theBoard that interprets and administers the Plan in accordance withSection 19.

BOARD means the Boardof Directors of Howmet Aerospace.

BROKERAGE ACCOUNTmeans the investment option whereby aParticipant may invest and personally manage investments outsidethe Core Funds as described in Section 16(h).


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

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BUSINESS DAY meansany day on which the Plan Administrator, Designee and New YorkStock Exchange is open for business.

CODE means theInternal Revenue Code of 1986, as amended.

COLA SAVINGS meansthe cost of living amounts determined in accordance with all hoursworked by the participant as of the dates such amounts arecalculated and allocated to a Participant's Pre-Tax Savings accountfor the next Payroll Period in which such amounts would have beenpaid to the Participant during a Plan Year, in lieu of theParticipant receiving said amounts as wages. Such allocations shallbe made in accordance with the terms and conditions of theBargaining Agreements entered into between Howmet Aerospace and theAluminum Workers. Cola Savings shall be accorded favorable taxtreatment under Section 401(k) of the Code.

COMPANY STOCK meanscommon stock of Howmet Aerospace and any substituted security underSection 16.

CONTINUOUS SERVICEmeans, except as modified by the balance of this definition withrespect to certain Participant populations, the period ofcontinuous employment with Howmet Aerospace, a Subsidiary orAffiliate, either as a salaried employee or as an hourly-ratedemployee, commencing with the Participant’s EmploymentCommencement Date or Reemployment Commencement Date. ContinuousService terminates on the Participant’s Severance fromService Date. Continuous Service upon reemployment does not includeany Continuous Service accrued prior to a termination of ContinuousService, except as follows:

A Participant who incurs aSeverance from Service Date and thereafter has a ReemploymentCommencement Date, will have his or her Continuous Service on theSeverance from Service Date reinstated if the period between his orher Severance from Service Date and his or her ReemploymentCommencement Date is less than the greater of (a)five yearsor (b)the aggregate number of years of Continuous Serviceearned before the Severance from Service Date.

CORE FUND means any investment vehicle (including the HowmetAerospace Stock Fund and Target Maturity Funds) for Pre-TaxSavings, After-Tax Savings, Participating Employer Contributions,Negotiated Deferral Contributions, Restricted DiscretionaryContributions, Employer Retirement Income Contributions, or RetireeMedical Savings Contributions, but excluding the Brokerage Account.The Benefits Investments Committee will determine the Core Funds,and may make changes to the composition of the funds from time totime.

CURRENT MARKETVALUE means with respect toany investment allocated to the accounts of any Participant in theCore Funds , the unitized value of the securities and cashof the investment in the applicable Fund as of a specified date,less any fees provided for in Section 21, valued in accordance witha procedure adopted by the investment manager for the InvestmentFund and acceptable to the Benefits InvestmentsCommittee.

DESIGNEE means suchentity as may be chosen from time to time by the Plan Administratorand approved by the Benefits Management Committee to handle certainspecified administration functions of the Plan.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

DISCRETIONARY CONTRIBUTIONSmeans amounts contributed by aParticipating Employer as determined under Section 4(b).

EFFECTIVE DATE with respect to a distribution has the meaningprescribed in Section 13, with respect to a transfer has themeaning prescribed in Section9 and with respect to aqualified domestic relations order has the meaning prescribed inSection 14.

ELIGIBLECOMPENSATION means: (i) theregular base salary and if applicable, the base salary adjustment(where commission payments constitute all or part of anemployee’s remuneration, the commissions actually paid asremuneration during a regular pay period will be used to determinethe Eligible Compensation for such employee). For the foregoingpurpose, only amounts up to one hundred percent (100%) of thetarget sales incentive payment paid to salaried employees andestablished by the Company shall constitute Eligible Compensationunder this Plan. Any sales incentive payment exceeding one hundredpercent (100%) of the target will not be Eligible Compensation;(ii) the regular hourly wages and if applicable: cash cola, regularvacation pay, witness pay, holiday advance pay (for a holiday notworked), bereavement pay, shift differential, jury pay, jobupgrades, schedule premium, income adjustments, and wageadjustments which are payable during such periods as the employeeis an Eligible Employee as determined by the ParticipatingEmployers. Notwithstanding the above, for purposes of EmployeeSavings, Eligible Compensation shall also include performance payfor employees who are members of the United Autoworkers union(Union Code 302) at the Cleveland, Ohio Location (Location Code:CLE) of Howmet Aerospace Inc. (Company Code 010) or for employeeswho are members of the International Association of Machinists(Union Code 415) at the Cleveland, Ohio Location (Location Code:CLE) of Howmet Aerospace Inc. (Company Code 010)(“Performance Pay”). In no event may the amount ofEligible Compensation for any Participant during any Plan Year, forany purposes under this Plan, exceed $290,000, as adjusted for anyPlan Year for cost-of-living increases in accordance with Section401(a)(17)(B) of the Code applicable to that calendaryear.

In addition to the forgoing,for purposes of allocating Employer Retirement Income Contributionsas indicated in Schedule B-1 , Eligible Compensation willinclude any Variable Compensation Awards or incentive compensationpayable during such periods as the employee is an Eligible Employeeas determined by the Participating Employers. In addition to theforgoing, for purposes of allocating Employer Retirement IncomeContributions as indicated in Schedule B-1 , EligibleCompensation will include the amount of any sales incentivepayments paid to salaried employees exceeding one hundred percent(100%) of the target sales incentive payment.

In addition,Eligible Compensation will include additional amounts set forth inSection2(a) or 2(d) for the limited purposes containedtherein.

ELIGIBLE EMPLOYEEmeans any person who meets all of the followingconditions:

(a)(1)isa resident or citizen of the U.S., employed by a ParticipatingEmployer at a participating Company (Company Code) and specifiedlocation (Location Code), as indicated in Schedule B-1(including individuals temporarily assigned to non-U.S.locations),


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

(2)Is not a U.S.resident or citizen, but is employed by a Participating Employer ata participating Company (Company Code) and specified location(Location Code), as indicated in Schedule B-1 on a long termassignment and has been localized to that location’s payrolland benefits; and

(b)is a Full-TimeEmployee or a Part-Time Employee and who receives regularcompensation in the form of: (1) a weekly, semimonthly or monthlysalary, (2)periodic commissions, (3)an hourly wage, andwho meets all of the following conditions:

(c)Isnot in a unit of employees covered by a Bargaining Agreement,unless such Bargaining Agreement provides for the application ofthe Plan to the employees in such unit; and; or

(d)Eligible Employee shallnot include any person who is eligible to participate in theArconic Corp. Hourly 401(k) Plan prior to the Arconic SeparationDate.

(e)Eligible Employee shallnot include any person who is eligible to participate in the AlcoaUSA Plan prior to the Alcoa Separation Date.

(f)Is not in agroup of employees excluded from coverage under the Plan by theBenefits Management Committee, or the appropriate governing body ofa Participating Employer, which is uniform in application to allemployees similarly situated.

A person employed as an expatriate at alocation outside the United States will be deemed to be employed atthe Company and location from which he or she istransferred.

(g)Is a TemporaryEmployee who, in addition to meeting the above described terms andconditions (other than (b)), has at least one year of ContinuousService.

The following will in no case be EligibleEmployees: agency, leased, contract employees and other individualswho are not on the payroll of the Company, as determined by theCompany, without regard to any court, or agency decisiondetermining common-law employment status. A Leased Employee isexcluded from participation in the Plan. A Leased Employee meansany person who is not an employee of any Participating Employer andwho provides services if:

a)such servicesare provided pursuant to an agreement between the recipientParticipating Employer and any other person or a leasingorganization,

b)such person hasperformed such services for the recipient Participating Employer ona substantially full-time basis for a period of at least one year,and

c)such servicesare performed under the primary direction or control of therecipient Participating Employer,

or as otherwise defined in Section 414(n) of theCode.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

Any former Leased Employee, upon becomingan Eligible Employee, will receive Continuous Service credit forall prior service performed with the recipient ParticipatingEmployer as a Leased employee prior to becoming an EligibleEmployee.

Notwithstanding anything contrary in thePlan, effective for Plan years beginning after December 31, 2020,any non-bargained employee working at least 500 Hours of Serviceduring each of three consecutive twelve-month periods ("LTPTEmployee") becomes an Eligible Employee for purposes of makingEmployee Savings. No twelve-month period beginning before January1, 2021 is taken into account.

EMPLOYER RETIREMENT INCOMECONTRIBUTIONS (ERIC) means anamount equal to the percentage of Eligible Compensation specifiedin Section 5 that is contributed to Eligible Employees hired orrehired on or after March 1, 2006, or as indicated in Schedule B inaccordance with Section 5 and as indicated in Schedule B-1 ,to the Eligible Employees of a specified location without regard toEmployment Commencement Date or Reemployment Commencement Date,unless an Employment Commencement Date or Reemployment CommencementDates otherwise specified.

EMPLOYMENT COMMENCEMENTDATE means the date on whichan Eligible Employee is first employed by and performs an Hour ofService for Howmet Aerospace, a Subsidiary or an Affiliate as aFull-Time Employee or a Part-Time Employee, or with respect to anindividual described in subsection (e) of the definition ofEligible Employee, a Temporary Employee.

ERISA means the Employee Retirement Income Security Act of1974 as amended.

ESOP or EMPLOYEE STOCKOWNERSHIP PLAN means theHowmet Aerospace Stock Fund as described in Section16(e).

FINANCIAL HARDSHIPmeans an immediate and heavy financialneed which a Participant is not able to meet from other reasonablyavailable resources. An immediate and heavy financial needincludes:

(a)Extraordinary medical expenses incurred bythe Participant, the Participant's spouse, dependents of theParticipant, or primary Beneficiary;

(b)Purchase, excluding mortgage payments, of aprincipal residence for the Participant;

(c)Payment of tuition for the next year ofpost-secondary education for the Participant, his or her spouse,children, dependents or primary Beneficiary;

(d)Expenses necessary to prevent eviction ofthe Participant from his principal residence, or foreclosure on themortgage of the Participant's principal residence;

(e)Funeral expenses of a family member orprimary Beneficiary;

( f)Expenses to repair damage to theParticipant's principal residence that would qualify for a casualtyloss deduction under Code Section 165, such amounts will bedetermined without regard to Code Section 165(h)(5); and


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Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

(g)All other expenses that the InternalRevenue Service will accept as an immediate and heavy financialneed.

A withdrawal will be deemedto be necessary to satisfy an immediate and heavy financial need ofa Participant if all of the following requirements aresatisfied:

(i)The withdrawal is not in excess of theamount of the immediate and heavy financial need (including taxeson such withdrawal) of the Participant,

(ii)The Participant has obtained alldistributions, other than hardship withdrawals, and all nontaxableloans currently available under all plans maintained by theParticipating Employer (unless such a loan would contribute to thehardship),

(iii)The Plan, and all other qualified andnon-qualified plans of deferred compensation maintained by allParticipating Employers (other than health and welfare orcontributory defined benefit plans), provided that for hardshipwithdrawals made before January 1, 2019, the Participant's Savingswill be suspended for at least 6 months after receipt of thehardship withdrawal, and

(iv)TheParticipant represents in writing (including by using an electronicmedium as defined in Section 1.401(a)-21(e)(3)), that theParticipant has insufficient cash or other liquid assets reasonablyavailable to satisfy the financial need.

Based upon the foregoing provisions, the Designeedetermines whether or not a Participant has incurred a FinancialHardship.

FIXED INCOME FUNDmeans a stable value fund whoseinvestments are designed to preserve principal savings whileproviding a steady rate of return. The Fixed Income fund is a CoreFund.

FULL-TIME EMPLOYEEmeans an active employee who works 100percent of a regular work schedule for the location where he or sheis employed.


(a)Each hour for which an employee is paid orentitled to payment for the performance of duties for HowmetAerospace, a Subsidiary or Affiliate;

(b)Each hour for which an Employee is paid orentitled to payment by Howmet Aerospace, a Subsidiary or Affiliateon account of a period during which no duties are performed,whether or not the employment relationship has terminated, due tovacation, holiday, illness, incapacity (including disability),layoff, jury duty, military duty, or leave of absence;and

(c)Each hour for which back pay, irrespectiveof mitigation of damages, is either awarded or agreed to by HowmetAerospace, a Subsidiary or Affiliate excluding any hour creditedunder (a) or (b) above, which is credited to the computation periodor periods


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

to which the award, agreement or payment pertains,rather than to the computation period in which the award, agreementor payment is made.

HOWMET AEROSPACEmeans Howmet Aerospace Inc. (formerlyknown as Arconic Inc. prior to April 1, 2020 when Arconic Inc.legally separated into two publicly-traded companies -- HowmetAerospace Inc. and Arconic Corporation and formerly known as AlcoaInc. prior to August 1, 2016 when Alcoa Inc. legally separated intotwo publicly traded companies – Alcoa Inc. and ArconicInc.).

HOWMET AEROSPACE STOCK FUNDmeans the ESOP as described in Section16(e), which initially became effective January 1, 2002, and whichwas previously known as the Alcoa Stock Fund prior to the corporateseparation of Alcoa Inc. and the renaming of Alcoa Inc. as ArconicInc. effective November 1, 2016; and Arconic Stock Fund prior tothe corporate separation of Arconic Inc. and the renaming ofArconic Inc. as Howmet Aerospace Inc., effective April 1,2020.

INVESTMENT FUNDmeans any Core Fund and the BrokerageAccount.

KEY EMPLOYEEmeans any employee or former employee(including any deceased employee) who at any time during the PlanYear that includes the determination date, as defined in Section416(g)(4)(c) of the Code, was i) an officer of a ParticipatingEmployer having annual compensation greater than $185,000 (asadjusted under Section 416(i)(1) of the Code, ii) a five percentowner of the Participating Employer, or iii) a one percent owner ofa Participating Employer having annual compensation of more than$150,000. For purposes of this paragraph, compensation meanscompensation as defined in Section 415(c)(3) of the Code, butincludes amounts contributed by the Participating Employer pursuantto a salary reduction agreement which are excludable from theParticipant’s gross income under Section 125, 402(a), Section401(h), Section 401(b), and Section 132(f)(4).

LAYOFFor LAID-OFF means the absence fromemployment due to a reduction of a Participating Employer's workforce due to lack of work, where it is intended that theParticipant will be subject to recall and in case of aNon-Bargained Eligible Employee, the Participant has not beenplaced on a Temporary Layoff. A Layoff ends on the earlier of theeffective date of a recall or the date the Participant's serviceterminates, and such Layoff has continued for at least twenty-fourmonths calculated from the first day of the Lay Off.

LEASED EMPLOYEEmeans any person who is not an employeeof, and who provides services to, Howmet Aerospace if (A) suchservices are provided pursuant to an agreement between HowmetAerospace and any leasing organization, (B) such person hasperformed such services for the Howmet Aerospace on a substantiallyfull-time basis for a period of at least 1 year, and (C) suchservices are performed under the primary direction or control ofHowmet Aerospace.

NEGOTIATED DEFERRALCONTRIBUTIONS means amountscontributed by a Participating Employer as determined underSection4(a).

NON-BARGAINED ELIGIBLEEMPLOYEE means an Eligible Employee whose participation in thePlan is not subject to a Bargaining Agreement.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

NON-BARGAINED PARTICIPANTmeans a Non-Bargained Eligible Employeewho is a Participant under the Plan.

NORMAL RETIREMENT AGEmeans the time a Participant attains age65.

PART-TIME EMPLOYEEmeans an active employee who works at least 50 percent but lessthan 100 percent of the regular work schedule for the locationwhere he or she is employed.


(a)an Eligible Employee who has elected toparticipate in the Plan in accordance with the provisions ofSection 1, or who receives Employer Retirement IncomeContributions, Discretionary Contributions, RestrictedDiscretionary Contributions, Negotiated Deferral Contributions, orRetiree Medical Savings Contributions, or who is AutomaticallyEnrolled in the Plan. Such a person continues as a Participant solong as he or she has an account balance in the Plan.Notwithstanding the foregoing, a contractor, agency employee,temporary employee or LeasedEmployee is not a Participant under the Plan, or

(b)an Eligible Employee who is employed with aParticipating Employer on December 31 of any Plan Year where suchParticipating Employer has elected to make a Negotiated DeferralContribution for that Plan Year.

(c) Effective August 1, 2016, allaccounts of Participants who were employees or former employees atthe locations identified on Schedules C-1 and C-2 were spunoff to the newly-formed Retirement Savings Plan for HourlyEmployees of Alcoa USA Corp. (“Alcoa USA Plan”) andsuch individuals ceased to be Participants in this Plan. In theevent that an employee transferred to a company and locationidentified on Schedule B-2 shown in the January 1, 2015 edition ofthe Plan, as amended prior to the Alcoa Separation Date, the AlcoaUSA Plan transferred such individual’s account to this Planas soon as administratively feasible and such individual once againbecame a Participant in this Plan.

(d) EffectiveFebruary1, 2020, all accounts of Participants who wereemployees or former employees at the locations identified onSchedules C-3 and C-4 were spun off to the newly-formedArconic Corp. Hourly 401(k) Plan and such individuals ceased to beParticipants in this Plan. In the event that an employee wastransferred to a company and location identified onScheduleB-1 prior to the Arconic Separation Date, theArconic Corp. Hourly 401(k) Plan transferred suchindividual’s account to this Plan as soon as administrativelyfeasible and such individual once again became a Participant inthis Plan. If an employee is transferred to a company or locationidentified on SchedulesC-3 and C-4 prior to theArconic Separation Date, this Plan transferred suchindividual’s account to the Arconic Corp. Hourly 401(k) Planas soon as administratively feasible and such individual ceasedparticipation in this Plan and became a participant in the ArconicCorp. Hourly 401(k) Plan.

PARTICIPATINGEMPLOYER means HowmetAerospace, except as specified hereafter, and any other entity inwhich Howmet Aerospace or one or more Subsidiaries or Affiliateshave an ownership interest, and that is authorized by Arconic toparticipate in the Plan and which adopts the Plan by proper actionof its board of directors or other governing body, provided thateach said entity agrees to reimburse Howmet Aerospace

from time to time upon demand for its proper portionof the expenses and contributions required to carry out theprovisions hereof and of the agreement under which the assets ofthe Plan are held or managed. Schedule B-1 lists applicablelocations of Participating Employers.

PARTICIPATING EMPLOYERCONTRIBUTIONS means amountscontributed by a Participating Employer as determined under Section3.

PARTICIPATION DATEmeans the date on which an EligibleEmployee commences participation in the Plan.

PAYROLL DEDUCTIONSmeans the Pre-Tax Savings and After-TaxSavings based on a reduction of the Participants' EligibleCompensation for the applicable Payroll Period.

PAYROLL PERIODmeans the regularly scheduled payrollcycles in which a Participant earns EligibleCompensation.

PERMANENT LAYOFFmeans an absence from employment due to areduction of the work force by a Participating Employer due to lackof work, where it is intended that the Participant will not besubject to recall. A Participant's Continuous Service for purposesof the Plan will be terminated on the first day of PermanentLayoff.

PERMANENT SHUTDOWNmeans the permanent shutdown, asdetermined by a Participating Employer, of a plant, department orsubstantial portion thereof, of a Participating Employer at which aParticipant who is affected thereby is employed.

PLAN means the Howmet Aerospace Hourly Retirement SavingsPlan, as amended and restated, effective January 1, 2021, and asmay be amended from time to time. Prior to February1, 2020,the Plan was named the Arconic Hourly Retirement SavingsPlan.

PLAN ADMINISTRATORmeans the Benefits ManagementCommittee.

PLAN YEARmeans the calendar year.

PRE-TAX CATCH-UPCONTRIBUTIONS meanscontributions permitted under Section 414(v) of the Code, asdescribed in Section 2(k) of the Plan.

PRE-TAX SAVINGSmeans the amount by which a Participanthas elected to reduce his or her Eligible Compensation and deferthe receipt thereof in accordance with Section 2, and thecontribution of the said amount to the Plan, or an amount by whicha Participant's Eligible Compensation (other than Performance Pay)is deferred and contributed to the Plan pursuant to AutomaticEnrollment.

PROPERLY RECEIVEDmeans any request to participate, tochange participation in the Plan, for suspension of PayrollDeductions, to discontinue Automatic Pre-Tax Rate Escalation, for atransfer between investments in accordance with Sections 8 or 9, todiscontinue Automatic Investment Rebalancing, or a for a withdrawalin accordance with either Section 10 or 11, or submission of abeneficiary designation, consent or revocation in accordance withSection 22, made to the Plan Administrator or its


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

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Designee in a manner designated by the Plan inaccordance with uniform rules established by the PlanAdministrator.

QUALIFIED DEFAULT INVESTMENTALTERNATIVE or QDIA means theTargeted Maturity Funds to which the Plan may direct the assets ofa Participant’s account in the absence of Participantinvestment direction. Each Participant’s account will beinvested in the appropriate Targeted Maturity Fund based on theParticipant’s year of birth.

QUALIFIED INDIVIDUAL means any individual (Participant, alternate payee,Beneficiary) who meets one or more of the criteria described inparagraphs (1), (2), (3), or (4). Participants, alternate payeesand Beneficiaries of deceased Participants can be treated asQualified Individuals. The Plan Administrator may rely on anindividual’s certification that the individual satisfies acondition to be a Qualified Individual unless the PlanAdministrator has actual knowledge to the contrary. In applying thecriteria, “COVID-19” means either the virusSARS–CoV–2 or coronavirus disease 2019; “anapproved test” means a test approved by the Centers forDisease Control and Prevention (including a test authorized underthe Federal Food, Drug, and Cosmetic Act); and a “member ofthe individual’s household” means someone who sharesthe individual’s principal residence. The criteria are asfollows:

(1)The individual was diagnosed withCOVID-19 by an approved test;

(2)The individual’s spouse ordependent (as defined in Code §152) was diagnosed withCOVID-19 by an approved test;

(3)The individual has experienced adversefinancial consequences because: (a) the individual or theindividual’s spouse, or a member of the individual’shousehold was quarantined, furloughed or laid off, or had workhours reduced due to COVID-19; (b) the individual, theindividual’s spouse, or a member of the individual’shousehold was unable to work due to lack of childcare due toCOVID-19; (c) A business owned or operated by the individual, theindividual’s spouse, or a member of the individual’shousehold closed or reduced hours due to COVID-19; or (d) theindividual, the individual’s spouse, or a member of theindividual’s household had a reduction in pay (orself-employment income) due to COVID-19 or had a job offerrescinded or start date for a job delayed due to COVID-19;or

(4)The individual satisfies any othercriteria determined by the Treasury or the IRS, includingcircumstances provided in IRS Notice 2020-50.

REEMPLOYMENT COMMENCEMENTDATE means the date on which aParticipant is first reemployed by a Participating Employerfollowing a Severance from Service Date.

RESTRICTED DISCRETIONARYCONTRIBUTIONS means amounts contributed by a ParticipatingEmployer as determined under Section 4(b).

RETIREE MEDICAL SAVINGSCONTRIBUTIONS means amountscontributed by a Participating Employer as determined under Section4(c).


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

RETIREMENTmeans termination of Continuous Servicewith rights to a pension other than a deferred vested pensionbenefit under a retirement plan of Howmet Aerospace and/or aSubsidiary and/or an Affiliate, termination of Continuous Serviceupon or after attainment of age 55 and completion of 10 years ofContinuous Service, or Normal Retirement Age.

ROLLOVER CONTRIBUTIONmeans an eligible rollover distribution as described in Section402(c)(4) of the Code, or a direct transfer of an eligible rolloverdistribution as described in Section 401(a)(31) of the Code("Direct Rollover") which is transferred to the Plan pursuant toSection 7.

SAVINGSmeans the total amount of Pre-Tax Savingsand After-Tax Savings contributed to the Plan in accordance withSection 2.

SEVERANCE FROM SERVICEDATE means the date Continuous Service terminates and is theearliest of the date the Eligible Employee quits, retires, isdischarged (including Permanent Layoffs), or dies, the firstanniversary of the first date he or she is absent due to aTemporary Layoff , or the second anniversary of the first date heor she is absent from work for any other reason (including adisability). Notwithstanding the foregoing, an employee will not bedeemed to have terminated from Continuous Service until the secondanniversary of the employee's absence, if the absence is due to thepregnancy of the Eligible Employee, the birth of a child of theEligible Employee or the placement of a child with the EligibleEmployee in connection with adoption proceedings, or for purposesof caring for that child for a period beginning immediatelyfollowing such birth or placement. The period between the firstanniversary and second anniversary of the first day of absence willnot constitute Continuous Service. Severance from Service Date willalso mean the date on which a participant ceases employment withHowmet Aerospace or a Subsidiary in connection with a sale ofassets or interest in a Participating Employer and commencesemployment with the purchaser of such assets or interest, providedthere is no transfer to the purchaser of Plan assets andliabilities relating to such participant.

SUBSIDIARYmeans a corporation, a majority of whosevoting stock is owned or controlled by Howmet Aerospace and/or oneor more other Subsidiaries.

TARGETED MATURITYFUNDS means the investmentvehicles that are pre-mixed funds consisting of varying assetallocations that follow an investment strategy based on a targetedretirement date. Targeted Maturity Funds are Core Funds.

TEMPORARY EMPLOYEEmeans a person who does not work on aregular schedule, or works less than fifty percent of the regularhours for the location where he or she is employed, or works fiftypercent or more of the regular hours for the location but is hiredfor a specified period of time not to exceed twelvemonth.

TEMPORARY LAYOFFmeans an absence from employment due to areduction of the work force by a Participating Employer due to lackof work, where it is intended that the Participant will not besubject to recall or the Participant has been designated as atemporary recall in the Company’s human capital managementsystem (currently, the Global People System), but where there is anexpectation that the Participant may return to work within thecalendar year. A Participant’s Continuous Service willbe terminated on the first anniversary of the first day ofTemporary Layoff.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

TOTAL AND PERMANENTDISABILITY means disability byinjury or disease which, on the basis of medical evidencesatisfactory to a medical doctor chosen by the Benefits ManagementCommittee, prevents the employee from engaging in any employmentwith Howmet Aerospace, a Subsidiary or Affiliate suitable to his orher training and experience and that will be permanent andcontinuous during the remainder of the employee's life, and theemployee is not otherwise employed by Howmet Aerospace, aSubsidiary or Affiliate.

TRUSTEEmeans the Trustee or Trustees appointedby the Board or its delegate, including but not limited to theBenefits Investments Committee in accordance with the provisions ofSection 18.

U.S. means the United States of America.

VARIABLE COMPENSATIONAWARDS means performance pay,profit sharing or gain sharing awards or other variablecompensation awards as determined by the Participating Employer andapproved by the Plan Administrator.



An Eligible Employeeparticipates in the Plan:

(a)by submitting an application or request forparticipation that is Properly Received, or by receiving NegotiatedDeferral Contributions, Discretionary Contributions, RestrictedDiscretionary Contributions, Participating Employer Contributions,or Employer Retirement Income Contributions; or

(b) by being Automatically Enrolledsixty (60) days following Employment Commencement Date orReemployment Commencement Date, or after an employee employed on atemporary basis becomes an Eligible Employee.

(c)by being Automatically Enrolled sixty(60) days following the initial participation of a new Company orLocation resulting from an acquisition or restructuring of abusiness unit.


(a)An Eligible Employee may elect to pay intothe Plan through Payroll Deductions properly authorized by suchemployee, a whole percentage of his or her Eligible Compensation(other than Performance Pay, which can be deferred pursuant toSection 2.b, below). In no event may the amount in Pre-Tax Savingsin an amount equal to one through twenty-five percent (25%), andAfter-Tax Savings equal to one through ten percent (10%), theaggregate of which cannot be greater than twenty-five percent(25%).

(b)An Eligible Employee may also elect to payinto the Plan through Payroll Deductions properly authorized bysuch employee, a whole percentage of his Performance Pay in tenpercent (10%) increments, up to fifty percent (50%).


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

(c) An Eligible Employee subjectto Automatic Enrollment will be subject to automatic PayrollDeductions equal to three percent of Eligible Compensation for anyapplicable payroll period, which will be contributed to the Plan asPre-Tax Savings. Absent the Participant's election of investmentfunds, such Pre-Tax Savings will be deposited into the appropriateQDIA, as described in Section 8(a). Automatic Enrollment shall notapply to Performance Pay.

(d)Payroll Deductions for Pre-Tax Savings madepursuant to Automatic Enrollment are subject to Automatic Pre-TaxRate Escalation whereby, providing the Participant has participatedin the Plan at least ninety days, the Participant's Pre-Tax Savingsrate will be increased by one percent on each April 1 after his orher Participation Date until the Pre-Tax Savings rate attains atarget rate of six percent of Eligible Compensation. A Participantmay change the percentage rate in whole percentages up to themaximum permitted by the Plan or opt out of Automatic Pre-Tax RateEscalation at any time in a manner designated by the PlanAdministrator that is Properly Received.

Any Participant may elect tobegin or end Automatic Pre-Tax Savings Rate Escalation at any timein a manner designated by the Plan that is Properly Received. Anelection to begin Automatic Pre-Tax Saving Rate Escalation shalldesignate a beginning Pre-Tax Savings rate, a target rate up to themaximum permitted by the Plan, and an annual rate (in wholepercentages) by which the Pre-Tax rate increases until the targetrate is attained.

(e)Any employee contributions which have beencontributed to a Participant's account under a qualified definedcontribution plan of a Participating Employer which has been mergedwith this Plan, are credited to the Participant as Pre-Tax andAfter-Tax Savings Accounts, as applicable, as determined by thePlan Administrator, and thereafter be treated like Pre-Tax andAfter-Tax Savings with respect to withdrawals, loans, andinvestment options under the Plan. Any protected optional form ofbenefits provided under said qualified defined contribution planwill be maintained under the Plan.

(f)All Participating Employer Contributionsand Negotiated Deferral Contributions, Restricted DiscretionaryContributions, Discretionary Contributions, Employer RetirementIncome Contributions, and Retiree Medical Savings Contributions areirrevocable, except that any such contribution which was made by amistake of fact or conditioned upon qualification of the Plan orany amendment thereof under Section 401 of the Code or upon thedeductibility of the contribution under Section 404 of the Code,will be returned to the Participating Employer within one yearafter the payment of the contribution made by mistake, the denialof the qualification or the disallowance of the deduction (to theextent disallowed), whichever is applicable.

(g)A Participant may change his or herelection for Payroll Deductions, effective for the first fullPayroll Period following the date that such request is ProperlyReceived.

(h)A Participant may direct that PayrollDeductions for Savings be discontinued beginning with the firstfull Payroll Period following the date that such direction isProperly Received. A Participant may direct that such deductions beresumed beginning with the first full Payroll Period following thedate that such direction is Properly Received, except as providedin the definition of Financial Hardship.


Howmet Aerospace Hourly RetirementSavings Plan

Amended and Restated Effective as ofJanuary 1, 2021

(i)Payroll Deductions are paid to the Trusteeas soon as practicable, but no later than the period prescribed bythe Department of Labor for depositing contributions.

(j)Additional limitations on Savings,Participating Employer Contributions, Negotiated DeferralContributions, Discretionary Contributions and RestrictedDiscretionary Contributions are provided in Appendices A, B and C.Notwithstanding the foregoing, in the event it is determined by theBenefits Management Committee or its Designee that for anyparticular month the maximum percentage of Eligible Compensationwhich a Participant may elect to pay into the Plan as Pre-TaxSavings must be reduced so as to prevent the actual percentage ofPre-Tax Savings for Participants who are Highly CompensatedEmployees from exceeding the elected percentage of Pre-Tax Savingsof all other Participants, pursuant to the limitations in theAppendices, the maximum percentage of Pre-Tax Savings for saidHighly Compensated Employees may be reduced, for any particularMonth to the extent deemed necessary by the Benefits ManagementCommittee or its designee. The said Participants’ previouslyelected percentage of After-Tax Savings will not be affected in anymanner by a reduction of the maximum percentage of Pre-Tax Savingsin accordance with the foregoing.

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(k) An Eligible Employee whomeets the requirements listed below may make an election for a PlanYear to defer extra Pre-Tax Catch-Up Contributions in an amountthat equals an annual maximum amount of six thousand five-hundreddollars ($6,500), or such other amount adjusted for cost-of-livingincreases as may be provided by the Secretary of the Treasurypursuant to Section 414(v)(2) (C) of the Code. Eligible Employeeswho meet the requirements are individuals who i) have attained 50or will attain age 50 during the applicable taxable year, ii) arecontributing no less than six percent (6%) of Eligible Compensationin Pre-Tax Savings; and iii) have submitted an election to makePre-Tax Catch-Up Contributions for applicable Plan Year.

In the case where a BargainedP


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