Profit Sharing Administration Specialist
4 weeks ago
- Develop ability to interpret and administer provisions of the Plan according to the Summary Plan Description and the governing Plan document.
- Improve and/or develop administrative policies and procedures.
- Participate in resolving and clarifying inconsistencies, ambiguities, and omissions in the Plan and other related documents.
- Maintain accurate records pertaining to Plan service requirements, eligibility, reemployment, qualification for benefits, and accrual of benefits as defined by the Plan.
- Maintain accurate records pertaining to participant vesting, forfeitures, and breaks in service.
- Determine benefit restorations for participants returning from active/reserve duty.
- Interact with participants and factory Human Resources representatives to answer and/or resolve profit-sharing related questions and issues.
- Administer and review participant requests for profit-sharing distributions as defined by the Plan.
- Collect and maintain participant beneficiary records.
- Coordinate issuance and receipt of all necessary profit-sharing forms/letters of communication to retirees.
- Review Domestic Relations Orders to determine ERISA compliance.
- Prepare quarterly accrual for service provider fees.
- Assist in calculation of quarterly profit-sharing allocations and annual contributions.
- Support the annual profit-sharing audit process and IRS 5500 filing.
- Bachelor's degree in business administration or related field, preferred
- Experience in employee benefits with exposure to design, compliance, and administration of a range of benefits plans (e.g., retirement plans and 401K) a plus
- Prior knowledge of payroll, HR, and financial systems a plus
- Ability to present recommendations to upper management and/or Plan Committee
- Understand and apply internal controls (segregation of duties)
- Excellent oral and written communication skills
- Ability to work well independently and as part of a team.
- Strong analytical and organizational skills.
- Intermediate experience in Excel and Word
Ability to define problems, collect data, establish facts, and draw valid conclusions. Regularly exercises discretion and independent judgment.
Certifications, Licenses & Registrations
None required
Physical Demands
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the essential functions of this job, the employee is regularly required to talk or hear. The employee is frequently required to sit; use hands and fingers to handle, feel or reach with hands and arms. The employe is occasionally required to stand and walk. The employee is occasionally required to lift 10 lbs up to 25 lbs. Specific vision abilities required for this job include close vision.
Work Environment
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.
Compensation
- Salary Range: $70,000 to $85,000 annually
- Non-Exempt Position
We offer medical, dental, vision, profit sharing, life insurance, voluntary spouse life insurance, voluntary dependent life insurance, FSA, DCA, long term disability, accident insurance and more
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