Manager of Retirement Benefits
New York Life Insurance
Location Designation: Hybrid
When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.
The role supports the Head of Retirement Benefits with maintaining the qualified and nonqualified defined benefit and defined contribution plans of New York Life and its subsidiaries. Responsibilities include compliance, implementation of new design and legislative changes, supporting the communications strategy of the plans as well as managing vendor relationships. This role should be filled by a passionate experienced benefits professional who can assist the Retirement head with his/her overall accountability and responsibilities for the retirement programs for employees and agents.
- Responsible for supporting the design, compliance, financial reporting and communication of the employee and agent qualified and nonqualified defined benefit and 401(k) plans as well as non-qualified deferred compensation plans
- Support Benefits Operations team to ensure the plans are operationally compliant
- Work with ERISA counsel to maintain summary plan descriptions, plan documents and participant communications.
- Participate and oversee that the annual FAS accounting and funding valuation, the quarterly SOX reporting, and year-end financial statement footnotes processes.
- Manage the annual Cash Balance valuation process for pay and interest credits updates.
- Partner with ERISA counsel and vendor to ensure that compliance requirements are met for all retirement plans including providing guidance regarding new or existing DOL and IRS regulations relating to plan audits, financial reporting, government form filings (e.g., Form 5500), funding notices and PBGC reporting.
- Support the yearend processes to fund the 401(k) plans discretionary company contributions
- Work with the analytic team to design reporting metrics and benchmarking regarding current retirement plan performance
- Support the communication strategies that drive education and value of the retirement plans for employees and agents.
- Provide plan interpretation guidance to the benefits administration team on special benefit calculation requests such as executive retirement calculations, QDRO processing, and FICA tax administration.
- Special projects (acquisitions, outsourcing, etc.) as necessary.
Qualifications and Experience
- Bachelor’s degree and at least 10 years of relevant experience is required
- Excellent knowledge of and experience with pension, 401(k) plans compliance and record keeping are required.
- 5+ years of people management experience is preferred
- Expert working knowledge of 401(k) and non-qualified Deferred Compensation plans is required
- Intermediate to advance Excel and/or data base skills are required,
- Knowledge and experience with HR and vendor systems and data interfaces.
- Excellent communication skills (verbal and written) to communicate to participants and work with a broad range of levels internally and with outside vendors and consultants.
- The position requires an excellent working knowledge of ERISA and IRS regulations governing retirement plans.
- The position requires an understanding of the department's business and financial objectives as well as industry drivers
- The ability to lead interdepartmental projects with internal clients (Agency, NYLIM Boutiques, etc.) and external vendors. The ability to support the team lead on plan design change projects, implement strategy and understand communication needs to employees, agents and interested parties (HRBPs) and senior levels.
- The candidate requires excellent analytical and problem-solving skills. The ability to assess, identify problems and escalate when necessary.
- The candidate must have the ability to make decisions on the daily operations of the plans that conforms with regulatory and plan requirements. It is important to have effective decision-making skills that conform to NYL principles and values.
Salary range: $115,000-$142,000
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.
Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.
Job Requisition ID: 89386