Benefits Analyst

Job Overview: A Benefits Analyst is responsible for managing and analyzing employee benefits programs within an organization. This role involves evaluating, administering, and enhancing employee benefits offerings, including health insurance, retirement plans, wellness programs, and other perks. The Benefits Analyst works closely with HR and other departments to ensure benefits plans are competitive, cost-effective, and compliant with relevant laws and regulations.

Key Responsibilities:

Benefit Plan Administration:

• Administer and manage employee benefits programs (e.g., health insurance, retirement plans, life insurance, disability, wellness programs).
• Coordinate open enrollment periods, ensuring that employees have access to necessary resources and can make informed decisions.
• Resolve benefits-related inquiries and issues from employees, ensuring timely and accurate responses.
• Work with benefits vendors and providers to manage contracts and resolve issues as needed.

Data Analysis & Reporting:

• Collect, analyze, and report on benefits data to assess the effectiveness and competitiveness of benefits programs.
• Conduct surveys and market research to stay updated on trends and benchmarks in benefits offerings.
• Monitor and report on program costs, identifying opportunities to optimize expenses while maintaining employee satisfaction.

Compliance & Documentation:

• Ensure compliance with federal, state, and local laws and regulations related to employee benefits (e.g., ERISA, ACA, HIPAA).
• Maintain accurate and up-to-date records for all benefits programs.
• Assist in the preparation of required filings, such as Form 5500 for retirement plans.

Communication and Education:

• Develop communication materials to inform employees about their benefits options and changes to the programs.
• Provide training sessions for employees on how to maximize their benefits and answer any questions related to plan details.
• Act as a point of contact for employees, helping them understand benefits options and how to navigate the enrollment process.

Vendor Management:

• Coordinate with benefits providers to ensure services are delivered according to contractual terms.
• Assess the performance of benefit vendors and recommend changes or improvements to services offered.

Program Evaluation and Improvement:

• Evaluate current benefits offerings and recommend changes to improve employee satisfaction and the organization’s competitiveness in the market.
• Assess employee feedback to identify areas for improvement or new benefits offerings.

Skills and Qualifications:

Education & Experience:

• Bachelor's degree in Human Resources, Business Administration, or a related field.
• 2-4 years of experience in benefits administration, HR, or a related role.
• Knowledge of federal and state benefits regulations (e.g., ACA, ERISA, COBRA).

Skills:

• Strong analytical skills and attention to detail.
• Excellent communication and interpersonal skills, with the ability to explain complex benefits concepts in a clear and concise manner.
• Proficient in Microsoft Office Suite (Excel, Word, PowerPoint) and HRIS systems.
• Ability to manage multiple tasks and deadlines effectively.