Benefit Calculation Analyst
2 weeks ago
Our mission is to manage and safeguard the State's public deposits and investments through sound business practices for the exclusive benefits of our citizens, and perform these duties with integrity, excellence, and leadership. Additionally, we strive to provide economic opportunity, stability, and security for every Massachusetts resident.
We are committed to excellence in recruiting, hiring, and retaining diverse and qualified individuals. We value the culture of diversity and professionalism in the workplace, and strongly believe that our workforce should reflect our community.
PURPOSE OF THE POSITION
The Massachusetts State Retirement Board (MSRB) administers a defined benefit retirement plan for eligible employees of the Commonwealth and certain independent entities. The MSRB supports over 87,000 active members and 67,000 retirees.
The Benefit Calculation Analyst counsels and provides educational support to members of the State Employees' Retirement System (MSERS) regarding all aspects of available benefits. The Analyst also manages and processes to conclusion retirement applications and related benefit transactions by performing routine and moderately complex calculations, payment processing, and other operational processes using plan rules and tools used to perform calculations.
ESSENTIAL FUNCTIONS AND RESPONSIBILITIES
- Accurately review and process benefit applications to conclusion on a timely basis, for all forms of retirement benefits and disbursements and properly apply benefit rules and regulations;
- Regularly counsel and provide educational support to MSERS members regarding all aspects of available benefits and related transactions
- Analyze, research and input data necessary to properly calculate and determine members' creditable service, salaries and related information.
- Respond promptly and accurately to all internal and external member requests in a professional and service friendly manner.
- Actively remain current with changes to plan rules and possess ability to explain provisions to members.
- Approve and adjust benefit calculations with regard to worker's compensation, offset settlements, retroactive salary increases, service modifications, group classifications, domestic relations orders, survivor benefits, and individual situations as they arise;
- Assist in preparation of monthly Board meeting agenda;
- Develop proficiency with OnBase ECM (document scanning) System and demonstrate ability to integrate with daily responsibilities;
- Attend retirement seminars and health fairs for groups of retirement system members, explaining retirement rights and benefits. Travel as required;
- Adhere to Treasury and Board human resource and operational policies.
- Ensure high quality and quantity of work within established deadlines
- Develop skill necessary to understand plan rules related to service purchase requests, refund / rollover requests, survivor benefit requests;
- Assist other Retirement Board departments as necessary
- Develop working knowledge of MARIS computer system
- N/A
KNOWLEDGE AND SKILLS
- Excellent communication, inter-personal and organizational skills are required.
- Minimum of three years of experience in the field of Massachusetts public employee retirement benefits or comparable field, including all forms of benefit calculations, disbursements, payroll administration, and/or human resources.
- Associate degree or higher in relevant field of study such as business, math, finance, actuarial science, or related field, or equivalent education / experience
- Knowledge of retirement industry in general and related benefits
- Strong math skills
- Ability to develop detailed knowledge of plan rules under M.G.L. c.32
- Ability to manage high volume caseload against established operational deadlines
- Develop skills to conduct retirement seminars to groups of state employees explaining retirement benefits.
- Travel as required.
- Ability to work flexible schedule
- Currently proficient in Microsoft Word, Excel, Windows
- Familiarity or prior experience working with electronic document management systems
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