Responsibilities/Description:
Position Objective: Responsible for the research, analysis and day to day administration of defined benefit plan administration, as well as ensuring retirement plan (DB and DC) compliance (SARs, annual pension notices), plan testing, reconciliation of pension trust activity and completing required reporting. Principle Responsibilities: - Responsible for the production of plan document restatements, SPDs, DB annual notice to participants, annual proxy statement information, QDIA notice to participants, SARs for participants. Gathers input from legal and HR as needed on various communication pieces.
- Responsible for the data analysis and integrity of participant/member data required for annual valuation, cost studies and performing pension calculations and compliance testing. Includes, but is not limited to ensuring the data in the Pension Data Base is accurate throughout the year and provides the consulting actuary with data extracts for cost studies and annual pension valuation. Requires thorough understanding of the pension plans and data requirements for computing plan liability.
- Accountable for ensuring all data required for annual or periodic compliance testing is accurate and (1) provides the data to vendors to complete testing or (2) performs test in-house. Works with IT to develop reports, data requirements, etc. Works with HR staff to ensure data integrity of data entered into Oracle. Works with Payroll staff to ensure data in payroll is accurate.
- Accountable for the completion of Form 5500 for the DB plan and ensures the PBGC filings are completed and submitted in a timely manner. Coordinate PBGC filings and payments along with Plan Actuary.
- Responsible for leading all annual audits. Works with internal and external auditors to ensure the data is provided to them for annual audits. Reviews drafts of plan financial reports to ensure accuracy of current plan information/description of activity.
- Responsible for the preparation and distribution of the legally required Pension Statements to participants.
- Manages the benefit claims and appeals processes. Includes, but is not limited to tracking and monitoring the progress of each claim to ensure legal compliance and deadlines are met.
- Responsible for researching and responding to inquiries from past and current employees with regards to their Retirement benefits.
- Is responsible for the development and maintenance of database of predecessor plans to ensure appropriate vesting, accruals, payouts, etc.
- Responsible for completing all transactions required to issue pension payments. Including but not limited to: all entry for the "pension payroll" via the pension plan trustee. Setup new retirements, change payment amounts, change tax withholdings, stop payments, etc. There are approximately 3,500 pension checks issued monthly. Reconciles monthly activity with trust reports to ensure accuracy.
- Special projects: oversees or completes all special projects related to retirement benefits (DC and DB) This includes M&A studies, union cost studies, benefit (re)design, plant reductions/closures. Must have knowledge of all related compliance requirements for these and other situations.
- Validates pension calculations, requiring complete knowledge of pension plan administration.
- Reconcile data in pension database with data provided to the trustee. Research variances and correct as needed.
Qualifications:
Position Qualifications: Required A minimum of a Bachelor degree in Human Resources, Business or related field A minimum of 7 years benefits or related experience Advanced data management and analytical skills. Working knowledge of defined benefit, defined contribution retirement plans (qualified/non-qualified programs). Proven ability to read, interpret and apply complex principles and regulations. Must have the ability to compile statistical data, interact with retirement plan vendors and review and reconcile plan data in accordance with applicable regulations. Excellent verbal and written communication and comprehension skills Ability to provide a high level of customer (internal and external) service Self directed, forward thinking, organized and able to meet strict deadlines Advanced PC knowledge - (Windows, e-mail, Excel, Word, file management, imports, uploads, interfaces) Strong aptitude for working with HR systems, and various web-based tools, vendor web-sites. Familiarity with all facets of the day-to-day operations of qualified and non-qualified plans Ability to make recommendations to management on daily administrative issues and seek out process improvements Ability to use sound judgment skills and be accountable Strong organization skills, excellent interpersonal skills, and high level of attention to detail
Preferred - Masters Degree
- HR Systems-Oracle
Job Specific Responsibilities/Qualifications:
Position Requirements: Must work very well in a team environment and take a lead as needed to ensure procedures and data requirements are met to support the pension calculation and recordkeeping process. Will work with consulting actuaries and legal staff on a regular basis. Will work with HR staff and IT staff on many projects.
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