The Manager of Retirement Plans will lead the team responsible for the administration of all Hormel Foods retirement plans. This role will ensure controls are in place to provide accurate calculations of benefits and payments and will design programs of review and communication to fulfill the fiduciary responsibility of the company as we provide these programs.
-Manage the team responsible for administration of all retirement plans. The incumbent will develop and design review processes to ensure the Company is meeting its standards for fiduciary responsibility. This would include items such as investment monitoring, employee financial education, and monitoring processes for pension application and calculation review. The incumbent will monitor and advise on fiduciary practices on retirement plans.
-Identify employee educational initiatives to enhance employee’s understanding of our retirement programs recognizing the differences in the specific populations. This may include developing presentations, workshops, financial wellness calculators, etc. focused on newly hired employees, mid-career, age 50+ containing different content working with our third-party administrator, -Empower, to develop and distribute these communications.
-Manage and lead the due diligence process for the acquisition or divesture targets for all retirement programs. Duties include service contract amendments, termination of contracts with prior recordkeepers/trustees, trustee changes, written actions for board approval, plan document review, weekly implementation calls.
-Manage the team functions for the post acquisition integration efforts regarding retiree programs.
-Responsible for managing the administration of the defined contribution plans to ensure that the Plans are compliant with state and federal regulations and Plan documents. The incumbent will counsel employees and HR Managers on any issues or decisions regarding the Plans that arise out of the compliance review process. The incumbent is responsible for the annual plan testing ADP/ACP, 402(g) and 415 Limit testing processes, audit and variable match processes, prepare annual government reporting, designate and communicate ”highly compensated” status, and provide direction to external trustee, actuary and record keepers. -The incumbent will ensure that all contributions and distributions from the defined contribution plans are correctly made and accounted for by the record keeper.
-Manage the annual benefits audit and SOX compliance process for all retirement plans.
-Manage the development of new and revised plan documents and SPDs as needed including any discussion with legal counsel.
-Manage the third party relationships, including system upgrades and conversions, involving the retiree health care and pension plans (exchanges/HRA administration for both bargaining and non-bargaining populations, pension calculations/payments with our vendor partners CBIZ, US Bank, Via Benefits, AON.)
-Complete other projects and duties as assigned.
-A Bachelor’s degree
-5+ years of retirement plan administration experience.
-5+ years of experience managing a team within a corporate setting.
-Strong management and leadership skills.
-Excellent interpersonal skills with well-developed written and verbal communication.
-A strong pattern of initiative and achievement.
-Demonstrated ability to work successfully both independently as well as in a team environment on a variety of complex projects.
-Strong written and verbal communication skills.
-Must be a Citizen or National of the United States, a lawful, permanent resident or have the authorization to work in the United States.
-Applicants must not now, or any time in the future, require sponsorship for an employment visa.
Travel Requirements: Travel may be necessary 10% of the time.
Hormel Foods offers an excellent benefits package. Competitive base salary plus bonus, annual merit increase performance reviews, medical, dental, vision, non-contributory pension, profit sharing, 401(k), stock purchase plan, relocation assistance, paid vacation.