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Job Description
Job Summary This position reports to Senior Manager - Employee Benefits and is responsible for the data integrity and compliance of PSEG and PSEG Long Island's Retirement programs and serves as the Subject Matter Expert (SME) for the Qualified and Non-Qualified Defined Benefit and the Qualified Defined Contribution Plans. Direct and manage the triennial assumption study in partnership with Treasury, Finance, Accounting, and plan actuaries to determine appropriate funding obligations for future pension liability. Additionally, annually review the mortality and demographic assumptions to ensure ongoing accuracy of pension funding requirements in partnership with Treasury and Accounting. Has accountability for Key SOX controls around pension and OPEB. Responsibilities include vendor management, compliance, implementation of regulatory and benefit-related changes (e.g., Secure 2.0), overseeing reviews of benefit calculations, development and delivery of participant communications, and the development, implementation, and continuous improvement of reconciliations and audits to ensure compliance with Plan Provisions, administrative requirements, and government regulations. This position is also responsible for the management of special projects, analysis of benefits data and trends to support strategic decision-making, and supports the development of the retirement benefits budget. Additionally, this position is responsible for management of the Benefits Department's SOX Controls and for leading and partnering in cross-functional initiatives between Corporate Benefits, Information Technology, Payroll/Business Center, Legal, Treasury, Finance, Internal Audit, external auditors, and third-party vendors for Defined Benefit and Defined Contribution initiatives to align benefits with organization goals. At this time, only current PSEG employees are being considered. Job Responsibilities Develop, continuously improve, and lead SOX controls/routine audits for the DB and DC Plans and lead internal/external audits. This includes successfully identifying, tracking, and resolving root cause of data issues while collaborating with other key stakeholders, departments, vendors, and/or IT to develop improved processes. Also includes develop/distribute participant communications and present issues to leadership and appropriate Committees when required. Evaluate all reoccurring projects with an eye towards process improvement to identify, analyze, and implement more efficient and robust processes that also enhance the participant experience. Oversee all aspects of data integrity and adherence to the DB and DC Plan Documents. Serve as the Subject Matter Expert; respond to ongoing administrative team's higher-level questions, project manage the drafting and review of participant communications (SPDs, SMMs, web portal, etc.), direct annual projects (PBGC, AFN, SAR, AFDN, etc.). Lead and participate on cross functional teams to achieve HR initiatives.
Oversee reoccurring projects:
Proxy (review of retirement benefits sections), review of pensionable pay in connection with status as of bonus payout date, annual RMDs, and financial reporting retirement benefits sections, etc. Project manage plan implementations, vendor changes, enhancements, legislative changes, and special projects within identified timelines. Includes reviewing plan documents, Summary Materials Modifications (SMMs) or Summary Plan Descriptions (SPDs), vendor requirements, and communicating plan changes to internal stakeholders. Manage the ongoing operation and vendor management of the DB and DC Plans including continuous oversight of third-party vendors to resolve systemic/complex participant issues, implement process improvements, and monitor service levels. Partner with IT, vendors, and/or internal groups to determine root-cause, coordinate cleanup strategy with Legal, oversee participant account cleanup with vendors, draft/review presentations/present to leadership and various Committees, and work with Legal to file necessary Voluntary Correction Program (VCP) applications. Communicate with employees, retirees, and union leaders to close out issues and provide benefit education as needed. In coordination with the Senior Manager-Employee Benefits, project manage the strategy and design of the DC Plans, and collaborate with Treasury, Finance, Legal and external consultants to support the benefits strategy of the DB Plans. Identify and present recommendations on plan design changes to Employee Benefits Committee and/or Employee Benefits Policy Committee. Job Specific Qualifications Bachelor's degree in Actuarial Science, Business, HR, Finance/Accounting, or related field and 12+ years actuarial or benefits experience Specific Skills /
Other Basic Qualifications:
Expert-level Excel skills Advanced Microsoft Word/PowerPoint, and HRIS system skills Excellent analytical skills and superior attention to detail Strong knowledge of ERISA and other regulatory provisions related to DB and DC Plans Strong experience in data management and reconciliations Ability to interpret plan provisions from plan documents, SPDs, or other related plan materials Ability to understand detailed pension calculations and concepts Strong organization and project management skills Ability to work independently with minimal guidance and balance and prioritize multiple projects at one time in a fast-paced environment Strong interpersonal skills, including written and oral communication, strong vendor management skills Ability to work cross-functionally, partnering with other departments and lines of business and third-party resources to achieve mutual goals Ability to provide strategic recommendations to improve overall efficiency of department and benefit programs Occasional travel to Long Island Some positions at PSEG require access to information covered by the Department of Energy's regulation 10 CFR 810 (Part 810). If applicable, the successful applicant must prove they are: (1) a citizen or national of the USA; OR (2) a lawful permanent resident of the United States (Non-Conditional Permanent I-551 / Green Card / Permanent Resident Card holder); OR (3) a citizen, national, or permanent resident of a "Generally Authorized" destination on the attached list not also a citizen, national, permanent resident of any country not listed; OR (4) a "Protected Individual" under the Immigration and Naturalization Act (8 U.S.C 1324b(a)(3)). As an employee of PSEG, you should be aware that during emergency restoration efforts, you may be required to perform functions outside of your routine duties and on a schedule that may be different from normal operations. For all roles, PSEG's drug and alcohol testing program includes pre-employment testing, testing for cause, and post-incident/accident testing. Employees who are hired or transfer into a federally regulated role (including positions covered by USDOT, PHMSA, or NRC regulations) are subject to random drug and alcohol testing, inclusive of marijuana. Although numerous states throughout the country have legalized marijuana/cannabis products recreationally and medically, the use of these products are prohibited for employees in federally regulated roles. Please note that the use of CBD products may result in a positive drug test for THC/Marijuana and such use is not a legitimate medical explanation for a positive result. If you are a current PSEG Long Island (PSEGLI) employee and offered an opportunity with PSEG or any of its subsidiaries other than PSEGLI, you will be treated as a new hire. Please note that as a new hire to PSEG, your benefits will change and generally will be consistent with other similarly situated PSEG new hires. Similarly, for PSEG employees who accept job opportunities with PSEGLI, your benefits will change and generally be consistent with other similarly situated new hires of
PSEGLI. PSEG
is an equal opportunity employer, dedicated to a policy of non-discrimination in employment, including the hiring process, based on any legally protected characteristic. Legally protected characteristics include race, color, religion, national origin, sex, age, marital status, sexual orientation, disability or veteran status or any other characteristic protected by federal, state, or local law in locations where PSEG employs individuals. PSEG is committed to providing reasonable accommodations to individuals with disabilities. If you have a disability and need assistance applying for a position, please call 973-430-3845 or email accommodations@pseg.com. If you need to request a reasonable accommodation to perform the essential functions of the job, email accommodations@pseg.com. Any information provided regarding a disability will be kept strictly confidential and will not be shared with anyone involved in making a hiring decision.
