Retirement Benefits Manager

Job Description

Examples of Duties

• Prepares and files all federal tax returns (Form 5500) and Annual Statements Identifying Separated Participants with Vested Benefit forms (8955-A) on an annual basis.
• Ensures plans are in compliance with deferral regulations including the preparation and distribution of all required participant/regulatory notices. Responsible for communications between regulatory agencies (IRS,PBGC, and Department of Labor) and plan sponsor with respect to retirement plans.
• Coordinates all legal, actuarial and audit services for the plans, Responsible for responding to all requests resulting from on-site audits by IRS, DOL and plan auditors.
• Schedules, facilitates and records the minutes associated with all pension trustees’ meetings.
• Creates and maintains the databases needed to track all participant pension benefits. Designs and modifies tables, forms and reports to incorporate administrative/regulatory compliance changes.
• Liaison with servicers providing recordkeeping functions for the plans.
• Ensures plan documents are properly amended. Files plan documents with the IRS as required to obtain Determination Letters and maintain qualified status.
• Updates Summary Plan Description booklet as required and distributes to all plan participants.
• Ensures highly compensated testing is completed and plans are in compliance.
• Monitors governmental and regulatory bulletins to keep abreast of changes that may impact the plans.
• Reviews and approves Qualified Domestic Relations Orders (QDRO’s). Ensures separate accounts are established for Alternate Payees.

• Prepares the yearly census files (the Renewal Data List) for annual actuarial plan valuations.
• Prepares and distributes the Annual Employee Benefit and Normal Retirement Notices to participants.
• Calculates the benefits for participants such as normal, early, and late retirement as well as vested deferred pensions and pension refunds. Determines the taxable and tax-free portions of all pension payments.
• Responsible for filing required PBGC submissions and making estimated and final annual PBGC payments.
• Responsible for the monthly pension payrolls. Changes to pensioner data, amounts, federal/state taxes, and medical deductions are submitted to the servicer on a monthly basis.
• Prepares and distributes monthly activity reports for the Trustees.
• Responsible for the timely submission of employee and employer contributions to the Trust accounts. Ensures quarterly and annual employer minimum requirement amounts are met.

• Approves and processes participant contribution changes, hardship loans and weekly contribution transmittals. Ensures records keeper is notified of participant status changes.
• Coordinates participant education programs and communicates plan changes to employees.

• Supervision of Retirement Benefits Specialist.
• Works cooperatively with Boards of Trustees and all levels of personnel
• Provides guidance to participants with respect to retirement planning, and plan provisions.
• Maintains beneficiary information for participants for each of the retirement plans.
• Assists the Manager of Employee Health Benefits with any benefits administration matters as needed.
• Assesses training needs for the organization and makes recommendations.
• Oversees & performs analysis and reporting of personnel information as required by executive management and outside agencies.
• Responds to inquiries for information from employees, senior leadership, and/or external partners as needed.
• Coordinates and schedules meetings with staff, consultants, and external partners as needed.
• Attends in-service training, seminars or other opportunities for professional development as made available by the Agency. Provides training for Agency personnel as required. Actively participates in staff meeting, trainings, etc.
• Has thorough working knowledge of Agency policies and procedures, and collective bargaining agreements.
• Travels and provides support to other departments and divisions with retirement benefits issues, questions and other administrative related functions as needed.
• Work cooperatively with all levels of personnel.
• Assists other departments and divisions as assigned.
• Other duties and responsibilities as assigned.

Qualifications

• A bachelor’s degree with major course work in Human Resources Management, Accounting, Business Administration, Public Policy, Mathematics, or a related field and five (5) years of relevant full time work experience is required.
• Significant post graduate training of a specialized nature in the areas of transit industry accounting, benefits and pension plan administration, taxes, or financial management may be a substitute for a portion of the work experience requirement.
• A Certified Public Accountant certificate or postgraduate education in these fields is highly desirable.
• A sound understanding of the Federal Income Tax laws and computer programs (word processing, spread sheet and data base) is required.
• A minimum of three (3) years of leadership experience is required.
• Experience working in a union environment, interviewing, hiring, training, employee development, employee discipline up to and including termination.
• Ability to handle sensitive and confidential information with discretion.
• Ability to prioritize projects and have excellent communication (written and oral) interpersonal skills, tact and diplomacy. Ability to work both independently and in a team environment.
• Knowledge of the advanced principles of supervision, knowledge of progressive discipline processes, including demonstrated ability to communicate clearly, build commitment to goals, offer instruction, with excellent written and verbal communication skills, interpersonal skills, tact and diplomacy.
• Ability to work in a fast-paced environment, to multitask, manage multiple employees, ability to conduct training when necessary.
• Customer-focused and capable of relating well at all levels of the organization.
• Impeccable judgment and high personal/professional integrity.
• Flexible availability including nights and weekends as needed to support a 3-shift 24/7/365 operation.
• A Valid Driver’s License is required. Individual may be required to travel in the course of their daily work

How To Apply

To view full job description and apply visit our careers website https://www.governmentjobs.com/careers/cttransit\ Please attach your resume and cover letter with your application.

Why work at CTtransit ?.......

CTtransit offers a highly competitive benefit package to all full-time eligible employees.

Competitive Wages

• Competitive Pay
• Paid Time Off (vacation, sick and holidays)
• 401k and Pension Retirement plans

• Low cost no deductible medical, dental and vision including family
• Life Insurance
• Company paid Life Insurance and short term disability plans
• Voluntary Supplemental family, Accident Insurance an Additional Disability Plans

• Flexible Spending Account
• Employee Assistance Program
• Tuition Reimbursement