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Retirement Benefit Analyst
Career Insights for Compensation / Benefits Analyst
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Scorecard
Based on Pennsylvania data
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What they do
A Compensation or Benefits Analyst evaluates and works to maintain the pay structure and benefits program at an organization. Analyzes wage and salary data and trends, monitors market conditions; works with benefits vendors, processes benefit claims for employees; monitors government employment regulations. May focus specifically on job classifications and compensation or on benefits programs such as pensions.
$86,838 / year median in Pennsylvania
+7% projected growth
Job Description
WHY DO WE NEED YOU?
What's the job? The Retirement Benefit Analyst will be responsible for the funding processes across North American qualified and non-qualified retirement plans, retirement plan audits and reconciliations, and data management for the Defined Benefit and Defined Contribution plans with third party vendors. Will provide support to the retirement benefits administration team on projects and acquisitions/divestitures as appropriate. The Analyst is responsible for understanding plan documents, plan administration policies, ERISA, and complex governmental regulations for U.S. and Canadian, qualified and non-qualified retirement plans. Incumbents should have strong executive functioning skills, including scheduling and meeting competing deadlines successfully. Must be detail oriented and organized as responsibilities will include multiple plans in the US and Canada. Independent thinking is required for determining corrective actions for errors as well as researching and resolving participant issues. This position will routinely interact with third party administrators, plan administrators, attorneys, and accountants so incumbents must have the ability to communicate complex subject matter in a logical, understandable fashion- both in verbal and written form.
Responsibilities include:
- Managing the funding process from the payroll system to vendors for the US 401(k) and Canadian
RRSP/DPSP
retirement plans, analyzing and reconciling the payroll data to assure a timely and accurate wire to our recordkeepers, review and resolve all funding issues- Managing the administration of the nonqualified deferred compensation plan, collaborate with Benefits/Compensation team and IT on annual enrollment including reviewing/updating plan enrollment documents, testing, auditing and implementing enrollment elections, weekly funding reconciliation
- Manage weekly demographic data feeds to third party recordkeepers for both US and Canadian Defined Contribution and Defined Benefit plans, researching and resolving all indicative data errors, support inbound interface files with recordkeepers, audit data between TPA and HRIS systems
- Responsible for reviewing 401(k) loan delinquency reports, analyzing loan data, and administration of 401(k) plan loans to conform to plan provisions and
IRS & DOL
regulations- Monitor employee benefit level changes as a result of employee hire, rehire, transfer, or termination
- Support Retirement Team with special projects such as amalgamations, acquisitions, divestitures, labor renegotiations, and vendor changes in both US and Canada
IS THIS JOB FOR YOU?
What do you bring? Bachelors degree in mathematics, business, or related field is required 2-3 years experience in finance/accounting, with a preference for benefits/retirement plan administration support Working knowledge of ERISA and retirement benefit regulations in U.S. and Canada preferred Strong analytical and math skills are required Ability to successfully prioritize tasks while working independently Strong computer skills- Microsoft Office, Workday payroll system and HRIS experience preferred
TO MAKE SURE NOTHING IS FORGOTTEN
What are our perks? Employees have the flexibility to choose the benefits that best fit their individual needs:- Health and Wellbeing
- Supporting your wellbeing, to thrive in life and work.
- Medical, Prescription Drug, Vision, and Dental Insurance
- Healthcare Saving Account and Flexible Spending Account options
- LiveWell Wellness Program
- Employee Assistance Program (EAP)
- Paid Time Off and Paid Parental Leave
- Retirement and Protection
- Helping to make the future life you want a reality.
- 401(k) with Company Match, Retirement Accumulation Plan (RAP), Cash Balance Pension Plan
- Company-provided Life Insurance, AD&D, Short-Term Disability
- Voluntary employee and dependent life insurance, Long-Term Disability, Critical Illness, and Accident Insurance Additional Benefits
- Helping shape the experience and impact you want
- Group Legal
- Identity Theft Protection
- Auto and Home Insurance
- Pet Insurance and Discounts
- Back-up Child & Elder Care
- PerkSpot Employee Discount Program