Benefits Analyst jobs in Norfolk, VA

This position offers Remote Opportunity

The Retirement Benefit Analyst serves as an expert resource regarding the company’s retirement plan. The Retirement Benefit Analyst is responsible for the daily administration and operation of the company’s qualified 401(k) plans, union 401(k) plans and nonqualified deferred compensation retirement plans in compliance with the retirement plan document, applicable regulations, collective bargaining agreements, and contracts. The Retirement Benefit Analyst ensures the system configurations and data interface setups support accurate retirement plan enrollment, benefits, and annual nondiscrimination and compliance testing administration and government reporting. The Retirement Benefit Analyst also performs a variety of highly complex and detailed administration, technical and analytical work in support of the company’s retirement plan administration.

• Serves as an expert resource regarding the retirement plan operations, regulations, policies, and procedures.
• Advises retirement plan participants, on matters regarding the company’s retirement plans.
  • Promotes value of corporate retirement plan and company match.
  • Researches and resolves employee inquiries.
  • Provides education to eligible participants on regulatory notices and fee disclosures.
  • Communicates regulatory or plan changes impacting participant’s options or benefits.
• Interfaces with the retirement plan vendors regarding the retirement plans.
  • Serves as contact to vendors regarding the retirement plans.
  • Researches and resolves vendor inquiries.
• Analyzes and interprets retirement plan documents and applicable regulations.
• Accurately determines and calculates an employee’s eligibility, enrollment, contributions, benefit payments, Highly/Nonhighly Compensated status and/or Key employee status, plan compensation.
• Transmits ongoing payroll contributions and monthly fringe contributions for Employer Sponsored and union 401(k) and deferred compensation plans.
• Reconciles retirement plan trust accounts monthly.
• Reviews system specifications and data mappings to ensure accuracy and compliance with retirement plan provisions.
  • Updates and coordinates system specifications and data mappings with internal teams and external vendors to ensure accurate retirement plan offerings.
  • Coordinates with HRIS team and other members of the HR Team to ensure retirement plan data accuracy.
  • Regularly audits and validates employee elections and enrollment data internally and against vendor records – regularly review the employee classification as it relates to retirement plan eligibility and investigates variances in status.
  • Proactively identifies inconsistencies and inaccuracies and determine resolution
• Ensures system configurations and data interface return expected results for ongoing administration, new contract awards and contract modifications.
• Coordinates retirement plan audits, the corporate audits and government regulatory agency audits.
• Prepares and analyzes employee census data for retirement plan vendors.
• Reviews and approves compliance and nondiscrimination testing, and Form 5500 filings.
• Maintains professional and technical knowledge by attending educational workshops, reviewing professional publications, establishing personal networks, and obtaining professional certifications.
• Participates in ongoing education opportunities offered by vendor.
• Develops, maintains, and improves standard operating procedures, forms or correspondence related to retirement plans and associated responsibilities.
• Identifies, manages, and successfully completes retirement plan related goals and projects.
• Assists with implementation of new vendors, plans or changes to existing plans. Including, but not limited to, required system and vendor updates, design and documentation of new plan provisions and procedures, preparation of communication materials, and working with external and internal resources to implement required changes.
• Other duties from the Human Resources Management Team as assigned.

Required Education and Experience:

• Five (5) or more years Retirement Plan administration experience
• High School Diploma or Equivalent
• Superior knowledge of ADP/ACP, 415, 410(b), top heavy and 401(a)(4) nondiscrimination testing as well as the IRS and DOL correction programs
• Advanced knowledge/understanding of ERISA as it pertains to defined contribution plans
• ASPPA’s Qualified 401k Administrator or an equivalent certification
• Intermediate/advanced math and accounting skills
• Proficiency in Microsoft Office: Outlook, Word, Excel and PowerPoint

Preferred Education and Experience:

• Bachelor's degree in Accounting or Mathematics
• Deferred Compensation Plan (nonqualified plan) experience
• Deltek Cost Point experience

Competencies:

• Ability to communicate effectively with all levels of employees
• Superior written and oral communication skills
• Problem solving, analytical and research skills
• High level of critical thinking
• Planning and organizational skills with attention to detail
• Independent and proactive worker with a sense of urgency
• Personal Integrity
• Time management skills
• Resourceful