Benefits Data Analyst

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Date: Jun 10, 2021

Location: New York, NY, US

Company: New York Life Insurance Co

 

When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

 

 

 

The Associate for health and welfare benefits is responsible for gathering and monitoring plan data, assisting in consolidating plan financials and assisting in plan analytics, i.e., identifying key cost drivers and emerging issues. The Associate is required to assess large amounts of data and must be able to maintain databases and summarize results.  Basic knowledge of ERISA, health and welfare self–insured and fully-insured benefits, including financial analysis, Form 5500 audit/filing and budgeting are an integral component of the position. Familiarity with actuarial valuations of post-retirement health and welfare benefit plans, as well as general financial accounting concepts in MAR/SOX would also be helpful.  Strong analytical skills, i.e., ability to break down complex problems, recognize synergies, critical  thinking, ability to efficiently handle multiple tasks/projects and drive to resolve issues are a must. 

 

Responsibilities

  • Review and perform claim and financial analytics using health care data
  • Report and present findings with strategic recommendations and rationale
  • Maintain benefit claim data including updating, tracking premiums and administrative fees paid to third party administrators and insurers
  • Assist in the annual governmental filing of Form 5500 – this includes assimilating large amount of financial data, consolidating plan financials, providing information to auditors, partner with external auditors and Finance department and Treasury department on the submission of Form to DOL
  • Develop expense budgeting and forecasting of benefit program costs
  • Derive income and expense projections of corporate owned life insurance policies that back benefit obligations
  • Prepare quarterly and annual reports on the results of company’s sponsored health incentive programs
  • Assist in completing the annual group plan renewals - this includes collection of data needed by our benefit consultants and preparing rate files for annual enrollment testing
  • Support the contribution and withdrawal transactions involving the VEBA trusts
  • Prepare special reports and conduct different ad-hoc projects related to benefit plans
  • Assist in preparing and developing communications and educational materials regarding the benefits package for all employees and agents

 

Qualifications and Experience  

  • Bachelor’s degree and minimum 2-3 years relevant experience required
  • Ability to review and interpret large amounts of data. Intermediate proficiencies in Microsoft Office programs i.e. MS Excel, Word and PowerPoint and basic accounting knowledge 
  • Knowledge of employer sponsored group health benefit plans, including medical, dental, prescription drug, long term disability, life and other ancillary benefits 
  • Strong analytical skills, attention to detail and familiarity of health care benefits and policies
  • Ability to multi-task and set priorities
  • Ability to handle confidential information
  • Ability to work with other team members on items assigned, as required
  • Knows when to escalate an issue
  • Strong written, verbal and presentation skills

 

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by our Foundation. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

Job Requisition ID: 83588

 

 

 


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