Senior Retirement Plan Specialist
New York NY
Title: Senior Retirement Plan Specialist
Location: New York City, NY
Occupational Category: Administrative/Operations
Description: Hiring a Senior Retirement Plan Specialist for a renowned academic medical center and integrated healthcare delivery system. The Senior Retirement Plan Specialist will administer the day-to-day activities of the hospital’s retirement plans (403b, 457b Executive plans, Deferred Compensation) and work on projects as needed associated with those plans.
- Act as the primary source of information regarding the qualified and non-qualified retirement plans for all current and prospective Plan participants and various third-party vendors to the Plan(s).
- Assist in the coordination of files for all data sharing.
- Maintain integrity between Payroll and the recordkeeper.
- Research and respond to all inquiries from the recordkeeper’s service team for correction to administration records (DOTs, DOBs, SSNs, LOA’s, etc.).
- Research and advise HCM Team, Payroll and others regarding corrections to retirement plan deductions.
- Reconcile, coordinate authorize, and deliver wire transfers/check requests to fund employee and employer contributions to the retirement plans.
- Coordinate and post the enrollments and employee changes to the non-qualified plan bi-weekly in the Payroll system, as needed.
- Coordinate and assist with all legally and Plan-required summary plan documents, notices and forms.
- Coordinate and research all regulatory compliance activities including annual audits, Form 5500 preparation and filing, and compliance testing.
- Responsible for monitoring activities such as loans, deferments, and coding issues and corrections in Payroll system.
- Responsible for authorization of loans, withdrawals, service provider death notifications and beneficiary confirmation, and completion of service requests as required.
- Research and respond to inquiries from past and current employees about their retirement benefits.
- Research and correct any data-related errors received from employees regarding the retirement plans.
- Responsible for all participant forms for the non-qualified plan distributions, transfers, withdrawals, and deferred elections. Assist in creation and maintenance of annual procedure manual for employer sponsored plans.
- Bachelor's degree or equivalent experience required. Masters preferred.
- At least three years of related pension/retirement plan experience.
- Extensive knowledge of retirement plans and related contractual documents and laws.
- Must have knowledge of pension regulations and possess an understanding of related accounting, recordkeeping and PC applications.