Pension Administration Analyst Exp

Description:
DB Pension Administrator, working as part of the RFM Pension Administration Group, which is responsible for providing defined benefit administrative services to multiple actuarial clients.

Spe cific Accountabilities
Perform benefit calculations
Respond to participant/member calls and facilitate requests
Consult with participants/members on pension plan provisions and payment elections
Handle benefit plan administration and management of special projects associated with defined benefit plans for various clients
Review participant/member data and clean it up if information is missing or inaccurate.
Assist in the collection of data
Respond to employee inquires and facilitation of requestsMaintain client databases and benefit calculation log
Assist in collection of data for client billings
Responsible for quality control of the client's pension calculation system
Analyze plan provisions
Coordinate monthly pension payments with trustee
Assist with the set-up and testing of the system for new clients according to the plan provisions and administrative requirements
Assist with the development of plan administrator documents
Customize employee communication material
Consult with client on special projects such as nonstandard benefit calculations, benefit statements, changes to requirements, special programs or other administrative requests
Under supervision, consult with clients on changes to requirements
Maintain current knowledge of client specific plan provisions
Broaden knowledge of defined benefit administration rules

Deliverables and Performance Measures
Provide defined benefit administrative services to multiple actuarial clients.

Qualifications:
Education/ Certifications/ Work Experience Required
Undergraduate degree
Three plus years relevant work experience
Knowledge of Defined Benefit plans/administration
Spreadsheet knowledge (i.e Excel)
Database Knowledge (i.e., Accesss )

Knowledge Base Required
Defined Benefits
Behavioral Competencies (Staged)
Client Knowledge, Responsiveness & Relationships Stage I
Communication Stage II
Numeracy, Programming and Computing Skills Stage II
Personal Effectiveness, Adaptability & Professionalism Stage II
Problem Solving & Decision Making Stage II
Working with Others Stage II

Technical Competencies/Skills Required
Benefit Design
Key Concepts
General knowledge of benefit design spectrum (e.g. DC, DB, hybrid)

Pension Plan Administration
Key Concepts
Plan/scheme requirements
Ability to read and understand documents
Ability to create, maintain and update documents
Legal Plan Document
Ability to read and understand
Assist with modifications
Identify inconsistencies with administration documents and procedures
Calculation administration
Calculate all standard benefit calculations (running and checking) for all events (retirement, termination, death, disability, etc.)
Calculate all nonstandard benefit calculations (calculations not typically automated)
Process batch calculations
Use of factors and age interpolation
Reconciliation of participant/member data
Understand and be able to apply concept of Actuarial Equivalence
Administration of participant/member letters and forms
Familiarity with standard templates
Ability to modify standard templates as required
Process participant/member elections
Knowledge of professional and internal guidance regarding best practices for administration
Calculation knowledge
Service crediting rules for vesting and benefit service including hours method, elapsed time method, and break in service rules
Components of pay, applying the pay/earnings cap, calculating final average pay, and understanding the impact of breaks in service
Different types of benefit formulas
Social security offset plans
Reduction factors
Employee contributions (impact of benefit calculation and taxation of benefits)
Coordinate collection and maintenance of participant/member data
Develop data requirements
Coordinate data collection with client
Load and process data (weekly, bi-weekly, monthly, etc.)
Run batch data edit reports

United States Knowledge Areas
Calculation knowledge
Offset for prior distributions
Optional forms of payment
Coordinating with the plan trustee
Completing the disbursement forms
Completing a reconciliation of the trust against the payments processed
Social Security
Covered Compensation
Age 70 ½ minimum distribution rules
Schedule SSA
30/90/8 day processing rules

Payroll
United States Knowledge Areas
Federal withholding requirements
State withholding requirements
Form W4P
Excise tax rules
Form 1099R

Statutory Framework and Professional Guidance
Key Concepts
Review of legal documentation

United States Knowledge Areas
Fiduciary requirements (and Hewitt s avoidance of Fiduciary designation)
Administration requirements
Actuarial Technical Forum database
Utilize RFM DB Administration Group Database

Salary/Benefits: Salary commensurate with experience


Job Location: Atlanta, GA

Job Number: 300735

Company URL: http://www.hewitt.com/careers

Company Profile:
Hewitt Associates is a global outsourcing and consulting firm delivering a complete range of human capital management services to companies, including HR & Benefits Outsourcing, Payroll, Health Management, Retirement & Financial Management, and Talent & Organization Consulting.

Our associates have been instrumental in developing innovative solutions that have helped our clients become some of the most successful companies in the world. Today, our client roster includes more than half of Fortune 500 companies and more than a third of Fortune Global 500 companies.