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Compensation and Retirement Specialist
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Primary Accountability
The Compensation and Retirement Specialist is responsible for managing and administering compensation and the 403b and 401a retirement programs and the 457b deferred compensation program for Family HealthCare Network.
Description of Primary Responsibilities
- Responsible for carrying out responsibilities in the following functional areas, as assigned: compensation and 403b, 457b, and 401a programs.
- Responsible for achieving department goals and metrics for functional areas assigned.
- Develops recommendations for updating workflows and policies.
- Serves as a subject matter expert in functional area assigned.
- Performs high level administrative functions to comply with regulations and department deadlines.
- Responsible for the accuracy of all records and the integrity of employee data in the HRIS database.
- Conducts audits and analysis of ad-hoc reports.
- Supports the overall FHCN employee compensation program.
- Manages the salary analyses and annual market analysis process and makes recommendations to management.
- Conducts market analysis and benchmarking to ensure competitive pay rates, including performing salary surveys.
- Administers and evaluates annual salary increases, bonuses, and merit-based pay programs.
- Collaborates with HR and leadership teams to design and implement compensation strategies that align with company objectives and ensure fairness and equity.
- Monitor the effectiveness of compensation policies and practices, making recommendations for improvements.
- Responsible for retirement plan administration of 403b and 401a plans and the 457b deferred compensation plan for FHCN.
- Administers the retirement and deferred compensation programs, ensuring compliance with all regulatory requirements.
- Provide guidance to employees regarding retirement plan options, eligibility, and enrollment procedures.
- Performs audits of retirement plans to ensure that they comply with both internal policies and external regulations.
- Coordinates with external plan administrators, such as third-party recordkeepers or investment advisors.
- Manages the external audit of all retirement plans and implementation of any changes as a result of audits.
- Has oversight of compliance and reporting for compensation and retirement programs.
- Ensures all compensation and retirement plans comply with federal and state regulations, including IRS, ERISA, and DOL requirements. Also, handles inquires from those entities.
- Prepares and submits regulatory filings, reports, and other required documentation related to compensation and retirement programs.
- Stays updated on changes in labor laws, tax laws, and benefit regulations to ensure compliance.
- Manages the data analysis and reporting for compensation and retirement programs.
- Analyzes compensation data to provide insights and support decision-making, including trend analysis, cost projections, and cost-benefit evaluations.
- Prepares reports for leadership, including compensation reviews, retirement plan performance, and overall program effectiveness.
- Utilizes data tools to track and analyze compensation and retirement data.
Professional & Technical Knowledge:
- Possesses specific advanced knowledge and skills, including written and verbal communication skills, computational, computer and technical skills, and mathematical knowledge frequently acquired through the completion of a Bachelor’s degree in Human Resources, Business Administration, Finance, or a related field or comparable experience, and;
- Two years of progressive responsibility in functional areas of payroll, accounting, or human resources.
- Performance of the job duties and responsibilities requires administrative knowledge of payroll or HR technologies, knowledge of databases, and spreadsheets.
Technical Skills:
- Ability to create highly complex documents in Microsoft Word, including linking multiple files and embedding objects linked to other documents.
- Ability to use advanced functions of Microsoft Excel, such as to create and manage databases, including creating standardized reports, or link multiple worksheets and workbooks.
- Ability to develop sophisticated presentations in Microsoft PowerPoint, including the use of embedded objects, transitions and other elements.
Licenses & Certifications: None required.
Communications Skills:
- Job duties require the compilation and analysis of information prepared in effective written form, including correspondence, reports, articles or other documentation.
- Duties require preparation and execution of presentations to large groups
Physical Demands: The physical demands in this job description are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this position, the employee is regularly required to sit and use repetitive hand movement to type and grasp. The employee is frequently required to stand or walk; and occasionally lift and/or move up to 20 pounds.
Pay Scale:
Minimum: $68,640.00
Maximum: $108,967.10
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