Sr. Benefits Analyst - 401K & Pension (JM)
Job Location: Morristown, NJ
Morristown, N.J. - The Sr. Benefits Analyst administers Company Benefits Programs with an emphasis on retirement programs including 401(k) and pension plan administration. Benefit plans include but are not limited to 401(k), pension, medical, dental, disability and wellness. Specific responsibilities include, but are not limited to: Retirement: Administer 401(k) and Pension plans. Analyze 401(k)/Pension plan design issues. Assists with 401(k) and Pension Plan annual audit. Prepare appropriate educational communication pieces regarding retirement plan opportunities and eligibility criteria as needed for both company 401(k) and pension plans. Serve as liaison between company, employees and trustee regarding retirement application, pension calculation and service valuation as needed. Coordinate and assist trustee with lump sum plan payments for employees as part of retirement process and/or termination process (i.e. plant closings). Coordinate with Third Party Administrator regarding retirement plan applications as needed. Interpret and explain policies, procedures, and retirement law to current employees. Review the prepared retirement benefit estimates from Actuary as needed. Read, review and apply legislative changes affecting the retirement system and collect, verify and provide retirement data to the funds actuary as needed for final computation of benefits and reserves. Coordinate annual open enrollment for retiree health insurance; assist retirees with health insurance enrollment changes; and act on behalf of the retiree to resolve health insurance billing and eligibility problems. Periodically audits the administration of retiree plan programs throughout the company and make recommendations to executive management as needed. Respond to retiree questions and complaints, interfaces with third-party administrators to resolve claims appeals, and provides guidance in policy interpretation and plan documents. Review retirement documents (included but not limited to plan documents, contracts, service agreements and enrollment forms-including electronic versions) to ensure clarity, consistency, readability and to maintain updates and changes as applicable. In addition, ensure that all administrative issues and changes are addressed in a timely manner. Maintain a master file of all active, deferred, retired and separated members of the retirement system along with maintaining accurate retirement enrollment records and files Health & Welfare: Analyze the effect of new laws or administrative regulation on Benefits related programs and recommends policies and procedures implementation. Develop and revise Benefits program, documents, and SOPs; assists with the development of policies, regulations and procedures. Consult with supervisors, managers and employees regarding Benefits-related issues, needs, and services; counsels employees on Benefits programs, policies and processes; explain program provisions, procedures and eligibility requirements; and assists employees with forms and Benefits documents. Analyze and make independent recommendations regarding the solution of complex problems related to the design, development, implementation and administration of Benefit programs. Responsible for the administration of multi-tiered employee benefits programs, including plans such as retirement, health, life, dental vision, short-and long-term disability, deferred compensation and employee assistance. Work with employees to promote health and wellness in the workplace; develops programs, distributes education and resources materials and provides training opportunities to achieve and maintain a health workforce. Respond to employee benefit questions and complaints, interfaces with third-party administrators to resolve claims appeals, and provides guidance in policy interpretation and plan documents. Act as liaison with insurance carriers to obtain claims, utilization data, and enrollment information. Troubleshoot discrepancies pertaining to the manner in which insurance plans are administered. Periodically audits the administration of benefit programs throughout the company.
Maintain plan/policy level documentation and files and insurance contract files. Ensure project deadlines are met including, but not limited to, plan modification reviews, reporting of changes to vendor and annual plan reporting. Troubleshoot discrepancies pertaining to the manner in which benefit/retirement plans are administered. Assist with the preparation of medical and life plan reporting to determine employee utilization and claims costs. Draft internal communications regarding benefits changes, explanations, documents, etc. Ensure proper documentation (plan documents, forms instructions, etc.) is obtained and maintained to assist employees with insurance-related requests. Plan and participates in special projects and studies requiring coordination of activities across departmental and functional lines. Ensure proper documentation (plan documents, forms instructions, etc.) is obtained and maintained to assist employees with retirement-related questions. Provide technical research, plan interpretation and educational support to employees as needed. Process 401(k) loans, roll-overs and hardship withdrawals as needed. Perform other duties as assigned.
Bachelors degree in Human Resources, Business or related field, coupled with 7+ years of experience in human resources with a proven, comprehensive understanding of benefits administration to include retirement (401(k) and Pension), Health and Welfare.
Please contact John Marconi at email@example.com
Up to 90K + Bonus
Recruiter LinkedIn Page