Senior Associate - Benefits Strategy, DC Plans

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Date: Nov 21, 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 DC retirement plans specialist to join New York Life’s HR Benefits group. This Senior Benefits Strategy Associate will support the Retirement team with the administrative and analytical functions for defined contribution and non-qualified deferred compensation plans for employees and agents.  This role also supports the defined benefit plans as needed. The candidate must have good analytical skills and strong knowledge of compliance, plan administration, reporting and communication of defined contribution plans.  The position reports to a CVPBenefits Administration and 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 compliance operations of the defined contribution and deferred compensation plans, including but not limited to compliance, communications strategy, financials and annual enrollment.  The position also is responsible for the administration of the Corporate Owned Life Insurance (COLI) blocks that informally fund the Deferred Compensation Plans, including managing the rebalancing and administering death claims.

 

Responsibilities

  • Responsible for supporting the design, compliance, financials and communication of the employee and agent 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 the compliance requirements, including the filing of the 5500's, ADP/ACP testing, SAR's, updating of summary plan descriptions, plan documents and participant communications. 
  • Coordinates annual enrollment for the non-qualified plans including eligibility files, communications, systems updates, etc.
  • Coordinates annual variable company contribution process for agents and NYLIM subsidiaries.
  • Creates and maintains analytics and metric for the 401(k) plans and non-qualified deferred compensation plans.
  • Supports the communication strategies that drive education and value of the 401(k) plans and non-qualified deferred compensation plans provided to employees and agents.
  • Completes the monthly and quarterly administration of the COLI and report out to internal departments and vendor. 
  • Administers death claims.
  • Special projects, as necessary

 

Required Qualifications and Experience  

  • Bachelor’s degree and minimum 5 years relevant experience
  • Excellent knowledge of and experience with 401(k) and non-qualified Deferred Compensation plans compliance and record keeping
  • Knowledge and experience with HR and vendor systems and data interfaces. 
  • Excellent communication skills (verbal and written) 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. 
  • Intermediate to advanced Excel skills and strong data management skills
  • Understanding of the department's business and financial objectives as well as industry drivers relative to our competitors.
  • The ability to lead small projects with internal clients 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 to resolve data and operational issues.  The ability to assess and identify problems with processes and pose solutions or alternative approaches.
  • Strong decision-making skills and the ability to anticipate the downstream impact of decisions on the plans, employees, agents, operations, and vendors and know when to escalate. 
  • The ability to effectively collaborate with peers, managers, and vendors on projects.

 

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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: 88049

 

 

 


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