What are the responsibilities and job description for the Retirement Strategy Director - US position at National Grid?
About us
At National Grid, we keep people connected and society moving. But it's so much more than that. National Grid supplies us with the environment to make it happen. As we generate momentum in the energy transition for all, we don't plan on leaving any of our customers in the dark. So, join us as the Director of US Retirement Strategy and find your superpower.
National Grid is hiring a Director, Retirement Strategy, in our Group Rewards organization to be located in our Brooklyn, NY, Waltham, MA or Syracuse NY office.
Job Purpose
As the Director of Retirement Strategy you will lead, inspire and motivate a small team of professionals and oversee all aspects of the US Retirement Plans. Primarily responsible for the development and implementation of the US retirement strategy that includes design, implementation, compliance, communication, education and execution for all US retirement plans and policies for all management and represented employees and retirees. US retirement plans include defined benefit pension plans (traditional and cash balance), defined contribution plans (401K Plan), non-qualified supplemental executive retirement plans and retiree healthcare and life insurance benefit plans. This role reports to the Vice President of Global Benefits.
Key Accountabilities
- Provide leadership, guidance and direction; lead, inspire and motivate a small team of professionals in the US with a keen focus on retirement plans.
- Be a highly motivated, self-starter who is passionate about retirement plans, rewards and other benefits, likes to challenge the norm, reduce complexity and continually ensure alignment with the overall Total Reward Strategy.
- Continue to develop a longer-term retirement benefit strategy for all employees to ensure the retirement plans (including pension, 401(k) and retiree benefit plans) are market competitive and meet the needs of a cross generational and diverse workforce.
- Further develop and execute a comprehensive communication strategy for retirement benefits, to drive participant education, identify opportunities to improve employee engagement and facilitate proactive and effective messaging.
- Evaluate and enhance the effectiveness of retirement programs to ensure they are competitive, cost effective, aligned with corporate goals and comply with company policies, federal legislation and other government and regulatory requirements.
- Design and develop retirement benefit programs and modifications including early retirement offerings; pension de-risking as it relates to plan design; develop business case, where appropriate and present and gain approval for changes.
- Monitor legislative and market developments relative to retirement plans working closely with ERISA counsel to determine impact on National Grid retirement plans. Identify needed amendments and relevant cost impacts working with the actuaries, if needed.
- Lead the HR working group for all rate cases as they relate to benefits provided to management and union employees in support of the successful recovery of benefit cost elements in rates. This includes preparing testimony, overseeing the preparation of exhibits, managing interrogatories during discovery and ensuring all rate case and regulatory requirement deliverables are met on time.
- Ensure retirement plans are compliant by overseeing the accuracy and completion of compliance requirements (amendments, annual funding notices, summary plan descriptions, summary of material modifications and participant communications).
- Play a critical role in the due diligence process during mergers / acquisitions / divestitures as it relates to retirement plans, support integration efforts through a comprehensive review of legacy retirement plans, an assessment of market trends and best practices and recommendations for possible harmonization and alignment.
- Key member of union negotiations team as it relates to pension, 401(k) and retirement healthcare and life insurance plans in support of the overall corporate and labor strategy.
- Partner with actuaries, accountants and Employee Services on financial aspects of post- employment benefits including annual valuation assumptions and retiree VEBA trusts.
- Collaborate and develop strong working relationships with Employee Services, Talent Acquisition, People Partners, Labor Partners, Legal, Actuaries, Finance, US Pension Delivery and Investment Management.
- Provide oversight, expertise and guidance to DB / DC group in employee services who are responsible for all defined benefit, defined contribution and retiree healthcare and life insurance plan administration.
Qualifications
More Information
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Salary
Brooklyn, NY : $208k - $257k a year.
Syracuse, NY : $173k - $214k a year.
Waltham, MA : $195k - $240k a year.
National Grid is an equal opportunity employer that values a broad diversity of talent, knowledge, experience and expertise. We foster a culture of inclusion that drives employee engagement to deliver superior performance to the communities we serve. National Grid is proud to be an affirmative action employer. We encourage minorities, women, individuals with disabilities and protected veterans to join the National Grid team.
Salary : $173,000 - $214,000
