What are the responsibilities and job description for the Retirement and Benefits Specialist position at City of Norwalk?
Position Overview: The City of Norwalk seeks a highly skilled and dedicated Retirement and Benefits Specialist to oversee the administration of three (3) pension plans and provide support to City retirees. This position requires extensive knowledge of retirement benefits, pension systems, and employee benefits administration. The ideal candidate will ensure accurate and timely processing of pension-related activities, act as the primary contact for retirees regarding benefits, and provide support to the monthly Pension Board meetings.
Key Responsibilities:
Pension Plan Administration:
•Administer and manage three (3) pension plans, ensuring compliance with all applicable laws, policies, and regulations.
•Prepare and process monthly pension payments, ensuring accuracy and timeliness.
• Assist with the creation and distribution of pension estimates for active and prospective retirees.
• Maintain accurate records for all pension-related activities, including beneficiary updates and service credit calculations.
Retiree Benefits Support:
•Serve as the primary point of contact for retirees regarding pension plans, health insurance, and other employment-related benefits.
•Assist retirees with enrollment, changes, and inquiries related to their benefits.
•Provide guidance and support for retirees navigating Medicare, COBRA, and other related programs.
Pension Board Support:
•Prepare agendas, reports, and presentations for the monthly Pension Board meetings.
•Attend monthly Pension Board meetings and provide administrative support, including taking and distributing meeting minutes.
•Coordinate with actuaries, investment managers, and legal advisors to ensure the board has the necessary data for decision-making.
Compliance and Reporting:
•Ensure all pension plan operations comply with federal, state, and local laws, including IRS regulations and GASB standards.
•Prepare and submit required financial and compliance reports.
•Collaborate with auditors to provide documentation and address inquiries related to pension plans.
Employee and Retiree Relations:
•Conduct individual and group counseling sessions for employees and retirees regarding pension and retirement benefits.
•Coordinate educational workshops and communications to inform employees about retirement planning.
•Resolve escalated issues related to benefits and pensions in a professional and timely manner.
General Duties:
•Work collaboratively with other departments, including payroll, finance, and legal, to ensure seamless administration of retirement benefits.
•Stay updated on trends and changes in retirement planning, pension administration, and related laws.
•Perform other duties as assigned to support the Human Resources Department.
Supervised By: Receives general supervision from the Chief Human Resources Officer.
Note: The above description is illustrative of tasks and responsibilities. It is not all-inclusive of every task and responsibility.•In-depth knowledge of pension plans, employee benefits, and retirement planning.
•Strong understanding of IRS regulations, GASB standards, and compliance requirements for pension plans.
•Excellent mathematical and analytical skills to calculate pension estimates and payments.
•Proficiency in Microsoft Office Suite (Excel, Word, Outlook).
•Exceptional organizational skills with the ability to manage multiple priorities and meet deadlines.
•Strong interpersonal and communication skills to interact with employees, retirees, and board members.
•Discretion and confidentiality when handling sensitive information. •Bachelor’s degree in Human Resources, Finance, Accounting, Business Administration, or a related field.
•Minimum of five (5) years of experience in pension administration, benefits management, or a related field within the last ten (10) years.
•Equivalent combination of experience as outlined above may be substituted.
•Experience working with public sector pension plans is highly preferred.License or Certificate: Certified Employee Benefits Specialist (CEBS), Certified Pension Consultant (CPC), or similar certification is preferred.
Work Environment:
•Office setting with occasional attendance at monthly Pension Board meetings.
•May require occasional evening hours for special meetings or events.
This position is a Grade 19.
Key Responsibilities:
Pension Plan Administration:
•Administer and manage three (3) pension plans, ensuring compliance with all applicable laws, policies, and regulations.
•Prepare and process monthly pension payments, ensuring accuracy and timeliness.
• Assist with the creation and distribution of pension estimates for active and prospective retirees.
• Maintain accurate records for all pension-related activities, including beneficiary updates and service credit calculations.
Retiree Benefits Support:
•Serve as the primary point of contact for retirees regarding pension plans, health insurance, and other employment-related benefits.
•Assist retirees with enrollment, changes, and inquiries related to their benefits.
•Provide guidance and support for retirees navigating Medicare, COBRA, and other related programs.
Pension Board Support:
•Prepare agendas, reports, and presentations for the monthly Pension Board meetings.
•Attend monthly Pension Board meetings and provide administrative support, including taking and distributing meeting minutes.
•Coordinate with actuaries, investment managers, and legal advisors to ensure the board has the necessary data for decision-making.
Compliance and Reporting:
•Ensure all pension plan operations comply with federal, state, and local laws, including IRS regulations and GASB standards.
•Prepare and submit required financial and compliance reports.
•Collaborate with auditors to provide documentation and address inquiries related to pension plans.
Employee and Retiree Relations:
•Conduct individual and group counseling sessions for employees and retirees regarding pension and retirement benefits.
•Coordinate educational workshops and communications to inform employees about retirement planning.
•Resolve escalated issues related to benefits and pensions in a professional and timely manner.
General Duties:
•Work collaboratively with other departments, including payroll, finance, and legal, to ensure seamless administration of retirement benefits.
•Stay updated on trends and changes in retirement planning, pension administration, and related laws.
•Perform other duties as assigned to support the Human Resources Department.
Supervised By: Receives general supervision from the Chief Human Resources Officer.
Note: The above description is illustrative of tasks and responsibilities. It is not all-inclusive of every task and responsibility.•In-depth knowledge of pension plans, employee benefits, and retirement planning.
•Strong understanding of IRS regulations, GASB standards, and compliance requirements for pension plans.
•Excellent mathematical and analytical skills to calculate pension estimates and payments.
•Proficiency in Microsoft Office Suite (Excel, Word, Outlook).
•Exceptional organizational skills with the ability to manage multiple priorities and meet deadlines.
•Strong interpersonal and communication skills to interact with employees, retirees, and board members.
•Discretion and confidentiality when handling sensitive information. •Bachelor’s degree in Human Resources, Finance, Accounting, Business Administration, or a related field.
•Minimum of five (5) years of experience in pension administration, benefits management, or a related field within the last ten (10) years.
•Equivalent combination of experience as outlined above may be substituted.
•Experience working with public sector pension plans is highly preferred.License or Certificate: Certified Employee Benefits Specialist (CEBS), Certified Pension Consultant (CPC), or similar certification is preferred.
Work Environment:
•Office setting with occasional attendance at monthly Pension Board meetings.
•May require occasional evening hours for special meetings or events.
This position is a Grade 19.
Salary : $88,545 - $97,621
