Benefits Associate (Plan Operations and Administration – Executive Benefits Plans)
The Office of Employee Benefits (OEB) is an entity within the Federal Reserve System with responsibility for plan operations, including strategy, plan design and vendor management of the Federal Reserve's benefits plans serving employees and retirees nationwide. The Benefits Associate will apply strong analytical skills and draw upon relevant experience to provide a thoughtful and consultative approach to benefits operations, vendor management and issue resolution in support of the Federal Reserve System's executive benefits programs. This position is located in Newark, New Jersey and offers nearby access to public transportation and parking.
The successful candidate will support the Vice President of Operations and Plan Administration and other team members responsible for the day-to-day operations, communication and compliance of the Federal Reserve's executive benefits programs that include administration of qualified and non-qualified retirement plans, a non-qualified deferred compensation plan and other executive programs. The position includes interacting with multiple vendors involved in the operations of those plans. Responsibilities for the position include:
- Researching and responding to participant inquiries and requests for benefits plans information with a focus on non-qualified plan administration;
- Coordinating annual enrollment processes, including eligibility, communications webinars, annual deferral elections and reporting;
- Establishing and maintaining effective relationships with third party service providers, including monitoring and reporting on performance;
- Compiling, analyzing and maintaining data to support and measure plan strategies and cost effectiveness and to recommend plan design changes;
- Working with the payroll and accounting groups for the 12 Federal Reserve Banks, the Board of Governors and the Consumer Financial Protection Bureau to resolve contribution / funding issues and to validate amounts reported as imputed income and accruals;
- Partnering with OEB Communication group and vendors on benefits communications, including Annual Enrollment materials, handbooks and participant communications;
- Researching best practices, performing benchmarking analysis and comparisons, and evaluating emerging trends;
- Acting as a benefits consultant in identifying opportunities to redesign and implement process flow enhancements to reduce risks by streamlining and enhancing workflows;
- Developing and participating in presentations and training sessions for senior executives on executive programs;
- Participating in internal and external benefit plan audits and compliance reviews; and
- Working with team members responsible for the administration of the Federal Reserve System's Retirement and Thrift (401(k)) Plans to gain an understanding of those plans.
- Undergraduate degree is required;
- Three to five years of work experience in retirement plan and/or non-qualified plan administration, operations (payroll and or recordkeeping preferred) and data analysis;
- Experience with administration of non-qualified executive benefits programs, including annual enrollment events is required;
- Ability to manage third-party vendors and build productive business relationships;
- Demonstrated ability to take a strategic and consultative approach to benefits operations;
- Background applying an analytical approach to business process, cost control, and data review;
- Excellent written and verbal presentation and communication skills;
- Proficiency in Microsoft Office including the ability to create spreadsheets and PowerPoint presentations;
- Strong organizational and project management skills with the demonstrated capability to manage complex projects involving the coordination of internal and external resources;
- Ability to think critically and make sound recommendations; and
- Ability to work independently and collaboratively in a fast-paced environment.
Mail: Please respond to company website and reference job 260648.