Benefits Analyst - (Investment Corporation) - Morris Plains NJ

We are seeking a proactive and experienced Benefits Analyst to establish and manage our comprehensive employee benefits program. As our first dedicated benefits specialist, you will play a critical role in designing, implementing, and administering competitive and compliant benefits packages that attract and retain top talent. You will be the subject matter expert on all benefits-related matters, ensuring a seamless and positive experience for our employees.

Key Responsibilities:

• Benefits Administration: Oversee the administration of all employee benefits programs, including health, dental, vision, life insurance, disability, and retirement plans (401k).
• Plan Management: Manage the day-to-day operations of the benefits plans, ensuring compliance with federal and state regulations.
• Employee Support: Serve as the primary point of contact for employees regarding benefits inquiries, providing exceptional customer service and support.
• Vendor Management: Liaise with benefits providers and vendors to ensure optimal service delivery and resolve any issues that arise.
• Enrollment and Communication: Coordinate and manage the annual benefits enrollment process, including the development of communication materials and conducting informational sessions for employees.
• Data Analysis: Analyze benefits data to identify trends, make recommendations for improvements, and ensure cost-effectiveness.
• Compliance: Ensure all benefits programs comply with applicable laws and regulations, including ERISA, HIPAA, and ACA.
• Reporting: Prepare and present regular reports on benefits utilization, costs, and trends to the HR Manager and senior leadership.
• Policy Development: Assist in the development and implementation of benefits policies and procedures.
• Education and Training: Develop and deliver training programs to educate employees about their benefit options and how to maximize their use.
• Billing Management: Break out invoices to bill cost centers each month.
• 401k Load Management: Create and upload 401k file.
• Manage Employee Leave Program: Manage various employee leaves, track, and communicate with cost centers.
• Daily Data Management: Enter new hires, update addresses, and rate changes.
• Unemployment/Disability requests: Track and respond to inquiries from the state.

Responsibilities:

• Benefits Program Development & Administration:
  • Implement and administer all employee benefit programs, including medical, dental, vision, disability, 401(k), and other voluntary benefits.
  • Conduct market research and benchmarking to ensure our benefits packages remain competitive and aligned with industry best practices.
  • Manage vendor relationships, performance monitoring, and issue resolution.
  • Oversee the annual benefits enrollment process, ensuring accurate and timely communication with employees.
  • Ensure compliance with all applicable federal, state, and local regulations, including ERISA, HIPAA, and ACA.
• Retirement Plan Management (401(k)):
  • Manage the 401(k) plan, including plan administration, compliance testing, and employee education.
  • Work with the 401(k) provider to ensure accurate recordkeeping and timely contributions.
  • Oversee and manage the 401k annual audit.
• Employee Support & Communication:
  • Serve as the primary point of contact for employee benefits inquiries and provide timely and accurate information.
  • Develop and deliver clear and concise benefits communications, including presentations, guides, and online resources.
  • Conduct employee education sessions on benefits programs and changes.
  • Resolve employee benefit issues in an efficient and timely manner.
• Data Analysis & Reporting:
  • Analyze benefits data to identify trends, cost drivers, and areas for improvement.
  • Prepare and present reports on benefits utilization, costs, and compliance.
  • Maintain accurate benefits records and documentation.
  • Provide reports to senior management as requested.
• Compliance:
  • Maintain current knowledge of all benefit related laws and regulations.
  • Conduct audits to ensure compliance.
  • Work with legal counsel as needed.

Required:
1. Bachelor's degree in Business, Human Resources, Finance or related field.



Preferred:

• 5 years of experience in employee benefits administration, with a strong understanding of 401(k) plans.
• SHRM-CP/SCP or CEBS certification preferred.
• Proven ability to implement and manage comprehensive benefits programs.
• Strong knowledge of ERISA, HIPAA, ACA, and other relevant regulations.
• Excellent communication, presentation, and interpersonal skills.
• Strong analytical and problem-solving skills.
• Proficient in 1 HRIS and benefits administration systems.
• Familiar with ADP application.
• Ability to work independently and as part of a team.
• Excellent organizational and time management skills.