Senior Associate - Benefits Strategy, DB Plans

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Date: Nov 15, 2022

Location: New York, NY, US

Company: New York Life Insurance Co

Location Designation:  

 

 

When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.

 

 

Job summary

We are looking for an experienced retirement plans specialist to join New York Life’s HR Benefits group. This Senior Benefits Strategy Associate role will support the Retirement team with administrative and analytical functions for Defined Benefit plans for employees and agents.  This role also supports the Defined Contribution and Non-Qualified Deferred Compensation plans as needed. The candidate must have advanced analytical skills and strong foundational knowledge of the design, compliance, administration, 5500 reporting and communication of qualified plans with strong experience with defined benefit plans. The position reports to the CVPRetirement Benefits Administration. The candidate must be comfortable working with all levels and departments within NYL as well as outside vendors. This position will be responsible for the day-to-day strategic operations of the qualified and non-qualified defined benefit plans, including but not limited to plan compliance and administration, vendor management, as well as managing the annual valuations and 5500 Schedule SB processes with the actuary.

 

Key Responsibilities

  • Responsible for supporting the design, compliance, financials and communication of the employee and agent defined benefit, as well as the defined contribution and non-qualified deferred compensation plans and projects as needed. 
  • Supports functions to ensure the plans are fully compliant in design and administration by overseeing the accuracy and completion of compliance requirements, including the nondiscrimination testing of Benefits Rights and Features (BRF) of the plans and updating of summary plan descriptions, plan documents and participant communications. 
  • Ensure that the annual FAS accounting and funding valuation processes are completed in a timely and accurate manner including the actuarial valuation data reconciliation, maintaining the MARS/SOX controls, and year-end processes. In addition, the Associate oversees the annual Cash Balance valuation process to update pay and interest credits for cash balance participants.
  • Assist in making sure that compliance requirements are met for all retirement plans including providing guidance with regard to new or existing DOL and IRS regulations relating to plan audits, financial reporting, government form filings (e.g. Form 5500), funding notices and PBGC reporting. Ensure government form filings, funding notices and PBGC notices are complete and accurate.
  • Create and maintain analytics and metrics for the qualified pension plans and non-qualified pension plans.
  • Support the communication strategies that drive education and value of the retirement plans for employees and agents.
  • Work with and/or provide plan interpretation guidance to the benefits administration team on special benefit calculation requests such as executive retirement calculations, QDRO processing, and FICA tax administration. 
  • Special projects as necessary.                                                                                                               

 

Required Qualifications and Experience  

  • Bachelor’s degree and minimum 5 years relevant experience
  • Excellent knowledge of and experience with pension plans compliance and record keeping 
  • Good working knowledge of 401(k) and non-qualified Deferred Compensation plans
  • Intermediate to advanced Excel skills and data management skills
  • Knowledge and experience with HR and vendor systems and data interfaces 
  • Excellent communication (verbal and written) and presentation skills in order to communicate to participants and work with a broad range of levels internally and with outside vendors and consultants
  • Good working knowledge of ERISA and IRS regulations governing retirement plans
  • An understanding of the department's business and financial objectives as well as industry drivers
  • The ability to lead small projects with internal clients (Agency, NYLIM Boutiques, etc.) and external vendors 
  • The ability to support the team lead on plan design change projects, implement strategy and understand communication needs to employees, agents and interested parties (HRBPs) and senior levels 
  • Excellent analytical and problem-solving skills.  The ability to identify and assess problems and escalate when necessary
  • Ability to make decisions on the daily operations of the plans that conforms with regulatory and plan requirements 
  • Able to collaborate and communicate clearly and effectively     

 

 

Salary range: $72,500-$107,500 

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

Sales bonus eligible: No 

 

Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.

 

 

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 the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. 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: 88144

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