Retirement Benefits Specialist

If you are motivated and believe in the credit union philosophy of "People Helping People," join our team
Position Overview
To provide support in proper Retirement Plan administration and maintain compliance with Regulatory authorities, such as Department of Labor and Internal Revenue Service. To counsel and assist employees with retirement planning and retirement account questions, and guide employees in the process of retiring from SECU through the proper steps.

Responsibilities
30% -
Oversee duties during payroll processing windows to ensure retirement savings elections for participants are correctly reflected in the Workday payroll system and manage the reconciliation and wiring of contribution funds and 401(k) loan payments to the recordkeeper every pay period, as well as performing earnings adjustments as needed. Additionally, provide employee support and assistance via phone and email, addressing inquiries and resolving issues in a timely and professional manner.

20%
- Obtain and maintain knowledge of current legislation and regulatory changes, trends, and other developments affecting employer-sponsored benefits (HIPAA, COBRA, ACA) and retirement plans (ERISA) and be able to explain retirement benefit plan policies, procedures and legal requirements as well as provide support and counsel to employees and retirees regarding SECU-sponsored benefits, retirement plans, and tax-advantaged accounts.

20%
- Advise, support, and direct employees transitioning into retirement under Rule of 85 including but not limited to: send out relevant internal notices, update retiree enrollment records with vendors, send applicable election forms to retirees and dependents, and ensure all PHI/PII (Personal Health Information/Personally Identifiable Information) is secure and confidential.

10%
- Assists in developing, implementing, and monitoring internal procedures and support systems for Retirement Plans and retirement benefits administration.

10% -
Assist VP with audits, projects, and other duties as needed to ensure recording and compliance accuracy.

10%
- Ensure plaques and gifts are received in a timely manner by the retiring employee's management team before a retirement reception. Also, coordinate and schedule meetings ensuring all logistics are in place, including room setup, technology support and catering or meal arrangements, as needed.

Supervision
Internal Relationships:

• Payroll – work closely with the department to ensure the retirement contributions are properly applied to paychecks and tax forms; make corrections if necessary.
• Benefits – work closely with the department to administer the Retiree Medical and Life Insurance benefits.
• HRIS – coordinate closely with the Information Systems team to provide Subject Matter Expertise (SME) support for required system changes due to new laws and regulations as well as to update reports in Workday.
• Leave Admin – work closely with the department to assist employees on leave to retire under the Rule of 85.
• Financial Advisory Services (FAS) – work closely with FAS specialists when assisting employees with retirement planning.
• Audit – work closely with the department during annual audits.
• Accounting – send them weekly, monthly and quarterly reports; send them the semi-monthly Retirement Plan payroll funding amounts and any corrections, if applicable.
• Enterprise Software Solutions – work with this area to create & maintain the vendor integrations with Workday.
• Talent Development – partner with this department to organize and schedule educational events (e.g. Retirement Readiness Seminar)

External and Vendor Relationships:

• Fidelity (recordkeeper) – partner with the Fidelity team to ensure proper Plan administration. Troubleshoot issues as they come up, coordinate educational campaigns, maintain compliance.
• Alight (Retiree Health Care Exchange and HRA administrator) – Partner with Alight to ensure a smooth transition for retirees into the Medicare/private healthcare marketplace as well as proper administration and funding of the Health Reimbursement Account (HRA)
• UnifyHR (Retiree Medical Billing) – troubleshoot medical payment issues for retirees
• Frameworks (Retiree plaque provider) – coordinate plaque preparation

Qualifications
Required Education -
Associates

Desired Education
- Bachelors

Required Relevant Experience - 2 Years
Desired Relevant Experience
- 2 years

Required Knowledge, Abilities, Skills

• Ability to interpret financial data and apply it to benefit plan policies, as well as conducting retirement and benefits-related calculations and analysis.
• MS Office proficiency with advanced skills in Excel.
• Must be interested in obtaining and maintaining Life, Accident and Health or Sickness, Medicare Supplement Long-Term Care, and Personal Lines insurance licenses.
• Able to communicate effectively and speak English fluently.
• Experience with Workday as the HCM provider.

Desired Knowledge, Abilities, Skills

• Certified Financial Planner (CFP) designation.
• Qualified 401(k) Administrator (QKA) designation.

Special Position Requirements And Job Environment
Hybrid in-office and work from home schedule. In-office setting that has physical proximity to other employees. Some background noise from other employees, copy machine, and telephone. Work from home requires quiet, private working environment free from noise and disruption to maintain a professional at home working arrangement.

• Sitting for prolonged periods
• Carrying up to 15 lbs.
• Lift up to 15 lbs.
• Push/Pull up to 15 lbs.
• Telephone for prolonged periods
• Computer for prolonged periods

SECU provides equal employment opportunity to all qualified persons regardless of race, color, religion, age, sex, sexual orientation, gender identity, national origin, genetic information, disability, veteran status, or other classification protected by law.

Disclaimer
State Employees' Credit Union reserves the right to fill this role at a higher/lower level based on business need.