Retirement Benefits Analyst
Full Time
Retirement Benefits Analyst
Position Overview:
We are seeking a highly skilled Benefits Analyst to join our team. The Retirement Benefits Analyst will have a strong background in retirement plan administration and compliance. The ideal candidate will possess in-depth knowledge of retirement plans, including 401(k), pension, and other defined contribution and defined benefit plans, as well as a thorough understanding of regulatory compliance requirements. In addition, the successful candidate will also have an understanding of health and welfare benefit plans and regulatory compliance requirements.
Key Responsibilities:
Retirement Plan Administration:
- Manage day-to-day operations of retirement plans, including enrollment, contributions, distributions, and participant communications.
- Coordinate with retirement plan vendors, trustees, and third-party administrators to ensure smooth plan administration.
- Conduct regular audits of retirement plan data to ensure accuracy and compliance with regulatory requirements.
- Provide support to associates regarding retirement plan inquiries and issues.
- Provide periodic and year-end reconciliation of plan information.
Compliance Management:
- Stay current with all relevant laws, regulations, and compliance standards related to retirement plans, including ERISA, IRS, and DOL regulations.
- Conduct regular compliance reviews and audits to identify and address any potential issues or discrepancies.
- Prepare and file required reports, such as Form 5500 and Summary Annual Reports (SARs), accurately and on time.
- Collaborate with legal counsel and external auditors on compliance-related matters.
- Workers Compensation administration and OSHA reporting.
Plan Design and Implementation:
- Assist in the design, development, and implementation of retirement plan enhancements or modifications to meet the evolving needs of the organization and its associates.
- Analyze data and metrics to evaluate the effectiveness and efficiency of retirement plan offerings.
- Recommend and implement process improvements to streamline retirement plan administration and compliance processes.
Associate Education and Communication:
- Develop and deliver educational materials and resources to help associates understand their retirement plan options, benefits, and investment strategies.
- Conduct retirement planning workshops, seminars, and training sessions for associates at all levels.
- Serve as a trusted resource for associates seeking guidance on retirement planning and financial wellness.
Data Analysis and Reporting:
- Utilize retirement plan recordkeeping systems and data analytics tools to analyze participant demographics, contribution patterns, investment behavior, and retirement readiness metrics.
- Prepare regular reports and presentations for management review, providing insights into retirement plan utilization, effectiveness, and areas for improvement.
- Conduct in-depth analyses of retirement plan costs, fees, and expenses to ensure competitiveness and cost-effectiveness.
Other requirements:
- Payroll and Plan auditing
- Compensation assistance as relates to impacts to benefit plans
- Communication with Board of Directors on benefit plans and requirements as needed
- Assist with new hire orientation
This job description is intended to convey information essential to understanding the scope of the position and is not exhaustive. Duties may be modified or added based on organizational needs and the evolving nature of the role.
Qualifications:
- Bachelor's degree in Human Resources, Business Administration, Finance, or a related field.
- 3+ years of experience in benefits administration, with a focus on retirement plans.
- Strong understanding of retirement plan regulations, including ERISA, IRS, and DOL requirements.
- Experience working with retirement plan vendors, trustees, and third-party administrators.
- Excellent Excel, analytical, and critical thinking skills and attention to detail.
- Exceptional communication and interpersonal skills.
- Ability to manage multiple priorities in a fast-paced environment.
- Certified Associate Benefits Specialist (CEBS) or Certified Retirement Counselor (CRC) designation preferred.
Benefits:
Your Benefits Start Day 1! At National Life, we respect your individuality and all you bring to the table. Each of us arrive with many qualities and skills that make us unique and important to the organization. That’s why we’ve designed a comprehensive benefits package that is multifaceted with the ability to be flexible and customizable to your and your family’s specific needs. Check out the Benefits Guide.