Retirement Benefits Analyst
Position Overview:
We are seeking a highly proficient Retirement Benefits Specialist to join our team. The Retirement Benefits Specialist will be pivotal in supporting the administration of our retirement benefits programs, ensuring they remain competitive, compliant, and aligned with our organizational objectives. The ideal candidate will possess a deep understanding of retirement plans, including 401(k), pension, and other defined contribution and defined benefit plans, along with a strong grasp of health and welfare benefit plans and associated regulatory compliance requirements.
Key Responsibilities:
- Manage day-to-day operations of retirement plans, including enrollment, contributions, distributions, and participant communications.
- Cultivates partnerships with internal partners, retirement plan vendors, trustees, and third-party administrators to ensure accurate and efficient plan administration.
- Participate in monitoring the performance and financial health of retirement plans, analyzing key metrics such as participation rates and contribution levels.
- Research best practices for retirement plan governance and make recommendations for updates to oversight, plan documentation and compliance monitoring.
- Responsible for periodic and year-end reconciliation of plan information.
- Maintain industry knowledge of all relevant laws, regulations, and compliance standards related to retirement plans, including ERISA, IRS, and DOL regulations.
- Prepare and submit annual compliance activities such as Form 5500 filings, nondiscrimination testing, Summary Annual Reports (SARs), and participant disclosures.
- Identify risks associated with benefits administration, including legal and financial risks, through proactive monitoring and compliance measures.
- Workers Compensation administration and OSHA reporting.
- Participate in assessment of the organization's current retirement benefits offerings and submit recommendations for enhancement or redesign.
- Analyze retirement plan options to ensure alignment with employee needs, organizational objectives, and regulatory requirements.
- Assist with the design and implementation of process improvements to streamline retirement plan administration and compliance processes.
- Serve as a point of contact for benefit programs, responding to associate inquiries and providing guidance on retirement planning and financial wellness.
- Develop and deliver retirement planning education programs, workshops, and materials to help employees understand their retirement benefits, investment options, and savings strategies.
- Provide benefits onboarding support (review benefits offerings, requirements and enrollment support) for new members of the Board of Directors.
- Participate in benefits portion of New Hire Orientation sessions.
- 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.
- Payroll and Plan auditing
- Compensation assistance as relates to impacts to benefit plans
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.
- 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.
- Proficiency in 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.
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.