The Benefits Analyst will have a broad range of responsibilities related to the planning and administration of the company’s various benefit plans. This position will be heavily involved the analysis and administration of our retirement plans, including 401(k), defined benefit and SERP plans. In addition, this role will provide support in Health and Welfare benefit programs. Duties will include ensuring that the plans are administered in compliance with ERISA and other laws and regulations and benchmarking the plans against market practices. This role will manage assigned vendor relationships and serve as the internal subject matter expert regarding the company’s retirement plans.
- Maintain and administer the company’s retirement plans, including 401(k), defined benefit and SERP plans, including weekly funding, reconciliations and coordination with third party vendors, the company’s treasury department and other stakeholders.
- Act as point person for third party vendors supporting retirement plan administration, including nonqualified plans.
- Partner with the company’s legal department and third party vendors to ensure retirement plans are in compliance with all company and government regulations
- Ensure plan documents and amendments are updated/created in a timely manner as plan changes/circumstances dictate.
- Maintain pension file system and perform annual audits of files, including electronic imaging.
- Liaise with retirement plan auditors and develop and implement process improvements and/or remedial actions as necessary.
- Administer nonqualified/executive plans in partnership with the company’s Compensation & Benefits department.
- Manage inbound calls from active employees and retirees; redirecting as needed and/or responding in a timely manner to resolve retirement-related inquiries/questions.
- Evaluate and develop process improvements to maintain proper controls and department efficiency
- Participate in the preparation of Retirement Plan Committee agendas, materials and meeting minutes
- Monitor new regulations that affect the company’s retirement plans.
- Benchmark plans against competitive market practices, research industry and employment trends and track regulatory and legislative developments and potential plan impacts.
- Conduct employee surveys and other employee research and evaluate employee responses.
- Evaluate proposed employee benefit contracts.
- Explain employee benefits by conducting meetings, preparing written and graphic announcements and explanations and responding to employee inquiries.
- Provide management planning and control information by collecting, analyzing, and summarizing employee benefit data and trends.
- Bachelor’s degree in Business Administration, Human Resources or equivalent combination of education and experience
- Certified Employee Benefits Specialist (CEBS) and/or Certified Benefits Professional (CBP) preferred
- Minimum 4 years of experience in retirement plan or health and welfare administration
- Demonstrated analytical, customer service, time management and project management skills
- Experience working retirement plans covering both union and non-union employees
- Ability to multi-task, think independently and work collaboratively in a team environment
- Knowledge of retirement plan regulations, including ERISA and 409A
- Strong attention to detail with the ability to work periodically under pressure and meet tight deadlines as required
- Strong Word, Excel and PowerPoint skills required