The Sr. Benefits Specialist is responsible for processing and compliance services associated with assigned qualified and non-qualified plan accounts for both US and International locations, including traditional 401(k), Roth 401(k), money purchase pension, profit sharing, thrift, defined benefit, 403(b) and executive deferred compensation plans.
Key Competencies for success include:
• Customer Service
• Problem Solving and Decision Making
• Analytics and Reporting
• Basic Computer Skills
• Mathematical Reasoning
• Oral Comprehension
• Reading Comprehension
KEY RESPONSIBILITIES (include the major areas of responsibility and the percentage of time allocated to each)Managing Work, Projects, and Policies
o Monitors and updates work in progress report for assigned qualified and non-qualified plan accounts
o Processes assigned plans with defined customers service standards
o For multiple employer plans, coordinates processing among various plan specialists
o Reviews and provides appropriate status reports to appropriate parties (Tax, Treasury, Legal, Accounting, Finance)
o Prepares census data request fields to HRIS data team for year-end allocation.
o Verifies each participant’s eligibility and status in accordance with plan document provisions and regulatory requirements. Refers any unresolved discrepancies or administrative issues to appropriate parties (vendors and escalation to Global Retirement Manager)
o Programs record keeping system to process profit sharing, employer matching, and forfeiture allocations in accordance with plan documents and regulatory guidelines. Verifies contribution reports for accuracy.
o Coordinates with HRIS data team the entry of participant data. Reviews legal documents for verification of plan provisions, including amendments. Reconciles the trust accounting to the record keeping, accounting, verifying all contributions, distributions, forfeitures and income allocations are complete and in accordance with the plan provisions and regulatory requirements. Verifies the accuracy of each participant’s account and vesting percentages. Prepares participant statements and mail according to procedure for each plan.
o Programs recordkeeping system to process any required compliance testing including ADP, ACP, coverage, 402(g), 415 and rate group testing in accordance with plan documents and regulatory guidelines. Verifies compliance tests for accuracy.
o Monitors age limits for participants required minimum distributions. Sends notification and applicable forms as required.
o Reviews plan document distribution policy and prepare distribution form worksheets for lump sum, partial, direct rollover, required minimum, hardship, and in-service distributions. Calculates applicable amounts available for distribution. o Calculations and prepares invoices for applicable fees and services.
o Calculates allowable loan amounts for participant loans, process loan issuance transactions on recordkeeping system, pension payment, advantage systems, prepare promissory note and related loan documents.
o Coordinates ongoing changes in recordkeeping system for fund involvement and participant data updates. Processes participant fund transfers and security trades.
o Balances and processes quarterly and annual earnings allocations and participant statements.
o Assists with plan conversations, including input of enrollment information and setup of plan and participant information in recordkeeping systems.
Demonstrating and Applying Discipline Knowledge
• Ensure that the plans are administered in accordance with Global and US rules (IRS and DOL regulation) and each specific plan document.
• Maintain up-to-date plan documents and SPDs, including participant communications materials.
• Escalates issues that cannot be resolved by the plans’ record-keepers to Global Retirement Manager and VP of Benefits.
• Understand record keeping practices and how to document processes SOP’s domestic and globally.
• Provide coordinate to ensure the integrity of the Company’s general ledger records as they relate to the retirement plans’ liability.
• Coordinates with local and global payroll, tax, and reporting issues for the retirement plans. Participates in all accounting deliverables are met for Accounting and Finance teams for US GAAP reporting.
• Informs and/or updates executives, peers, and subordinates on relevant information in a timely manner.
• Manages time effectively and conducts activities in an organized manner.
• Presents ideas, expectations and information in a concise, organized manner.
• Uses problem solving methodology for decision making and follow up.
• Performs other reasonable duties as assigned by manager.
Talk to us about flexible working arrangements! We strive to foster a highly inclusive and diverse workplace in order to attract, retain and develop healthy, happy and productive employees.
MINIMUM JOB QUALIFICATIONS
Education / Training: • 4-year degree from an accredited university
• 3 to 5 years’ Defined contribution recordkeeping experience preferred
• 5 to 7 years’ experience in benefits plan administration a plus.
Excellent analytical, problem solving skills and critical thinking skills
Proficiency with Microsoft Office (Excel, Access, Word and PowerPoint)
High volume of projects with multi-tasking abilities
Inspiring a Better Healthcare System
Change Healthcare is one of the largest, independent healthcare technology companies in the United States. Working alongside our customers and partners, we enable better patient care, choice, and outcomes at scale. As a new company, Change Healthcare has increased capabilities for innovation, investment, and customer service.
We provide software and analy...tics, network solutions and technology-enabled services. Through our broad portfolio of solutions, Change Healthcare is able to serve the needs of multiple stakeholders in the healthcare system, including commercial and governmental payers, employers, hospitals, physicians and other providers, laboratories and consumers.
15,000 team members help our customers improve efficiency, reduce costs, increase cash flow, and manage complex workflows. We are a healthcare technology solutions company that uniquely champions improvement before, after, and in-between care episodes.
Through our unique knowledge and interconnected position at the center of healthcare, we help provide a visible measure of quality and value for all major stakeholders across the healthcare system.
We have 2,100 payer connections reaching nearly all United States government and commercial payers.
We serve 5,500 hospitals and over 800,000 physicians helping health system leaders achieve strategic objectives.
Our Intelligent Healthcare Network™ processed over 12 billion healthcare-related transactions, covering over $2 trillion in claims, and touching one in five United States patient records in fiscal year 2016.
Our industry-leading criteria, InterQual®, is used by the Centers for Medicare & Medicaid Services and over 4,600 hospitals and facilities to help ensure clinically appropriate care.
Our leading imaging solutions are used in over 3,300 facilities across the United States and internationally.
With our customers and partners, we are helping to create a stronger, better coordinated, increasingly collaborative, and more efficient healthcare system. We are a significant part of today's healthcare market - playing a vital role in helping the system not only function, but also work smarter.