Benefits Analyst
Location: Statewide, VA; United States
Please use Google Chrome or Mozilla Firefox when accessing Candidate Home.By joining the American Red Cross you will touch millions of lives every year and experience the greatness of the human spirit at its best. Are you ready to be part of the world’s largest humanitarian network?
**** As a condition of employment with American Red Cross, you are required to provide proof that you are fully vaccinated for COVID 19 or qualify for an exemption, except in states where it is prohibited by law. Accordingly, employment is conditioned on providing proof of vaccination or having an approved exemption prior to starting employment ****
Job Description:
The Analyst, Retirement Programs must provide continuous improvement for all aspects of retirement benefits administration in collaboration with management. Focusing on 401(k), 457(b), 403(b) (frozen), and a frozen defined benefit plan, the position holder provides leadership for monitoring program compliance, ensuring data accuracy, timely transactions, and for the ongoing analysis of financial and utilization metrics.
**PLEASE NOTE** This position is virtual. The selected individual can work from anywhere within the U.S.A.
Responsibilities:
- Build and maintain a comprehensive set of metrics demonstrating the level of employee engagement, diversification, and retirement readiness. Monitor and analyze financial reports and utilization measures of retirement plan performance; identify areas of opportunity and describe significant budget variances.
- Prepare or revise required regulatory notices such as the Summary Annual Report, Annual Funding Notice, Annual Fee Disclosure, Qualified Default Investment Alternative Notice, etc. and ensures accurate and timely communication to plan participants. Ensures accurate and timely submission of Forms 5500 and other matters as appropriate.
- Assess and ensure procedures, processing, and vendor requirement documents are up to date and in compliance with government regulations and plan provisions. Due to changes in federal, state, or local regulations, recommend changes and implement as needed.
- Address escalated participant/retiree complaints and appeals, research benefit entitlements on various databases or with Iron Mountain, manage outsourced relationships including testing and troubleshooting vendor applications.
- Maintains integrity of plan participant data to ensure retirement plan information is accurate and administered in accordance with plan provisions and government regulations.
- Provide SOC-1 analysis and support for annual plan audits, plan document/summary plan document review and preparation, report generation, and work with the Investment group to coordinate fund manager, trustee or benefit payment activities.
- Reviews (audits) defined benefit calculations, and payments with vendor for accuracy and timeliness. This also includes special computations (QDROs), death benefit processing, eligibility and vesting, Rule of 60 grandfathering, and payment sources.
- Assists with Pension Benefit Guaranty Corporation (PBGC) premium payments and coordinates filing and payment to IRS.
- Provide support for the annual Defined Benefit valuation reports – both funding and expense. Test data, resolve complex issues and work effectively with both the administrator and the actuary.
- Organization and upkeep of electronic files for department use.
- Responsible for daily demographic and compensation/contribution/hours data feeds and feed-back files to/from vendors.
- Other duties as assigned within the Total Rewards department, including special project management.
Qualifications:
- Education: Bachelor’s degree required.
- Experience: Minimum 1 year of related experience or equivalent combination of education and related experience required.
- Skills & Abilities: Knowledge of applicable principles, concepts, practices, and standards. Good interpersonal, verbal, and written communication skills. Basic proficiency in use of Personal Computer, word-processing, spreadsheet applications, and database applications. Ability to work on a team.
- Travel: May travel and participate in meetings and conferences throughout chapter jurisdiction, state and Red Cross system.
For those candidates located in Colorado and Connecticut, the salary range for this position is: $50,000 – $60,000