Benefits Manager in Newark, New Jersey | DiversityInc Careers
 
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Benefits Manager

About the position

The Employee Benefits Center of Expertise within Human Resources is responsible for the design, implementation and delivery of the company's employee benefit plans and programs. The employee population includes U.S. based employees, retirees and deferred vested pensioners. Plans and programs encompass a broad array of benefits, including healthcare, personal protection, absence, pension and savings, and financial wellness. In this role, you will be responsible for the day to day operations of the numerous pension and savings plans as well as oversight of service provider/vendors. This role will require strong analytical skills to identify and resolve operational issues, including root cause analysis reviews and must have a customer advocacy focus to resolve participant escalations/complaints. The individual should also have experiences in implementing new programs/services, performing user acceptance testing and managing vendor performance/service levels. Responsibilities also include data support for plan financial reporting, e.g., 5500s, plan statements, audits, plan valuations, etc. Responsibilities:
  • Provides day-to-day vendor oversight to ensure the accuracy of operations and processes related to the administration of the pension plans and savings plans administration, including adherence to 409A, QDROs, protected benefits processing, overpayments, monthly pension payroll processing, etc.
  • Partners with the vendors to manage open items to ensure that issues are identified, appropriate analysis is performed, corrective actions are implemented, and participant impacts are determined and remediated.
  • Conducts operational reviews of the vendor systems and calculation engines to validate the accuracy of the outputs both automated and manual transactions; includes implementation of updates (e.g., IRS limits, plan design changes, etc.) to outsource calculation program, tools and systems.
  • Evaluates pension calculations to ensure vendor proficiency; identifies and recommends solutions for system defects and data issues; reviews necessary training materials for the vendor operational team and the customer service representatives.
  • Ensures the accuracy and timeliness of the monthly (and off-cycle) Pension payroll process performed by the vendor (e.g., (validation, reconciliation, audit, funding authorization and allocation, financial report review) and coordinates the funding approvals across the various Prudential sources.
  • Supports collection and reconciliation of defined benefit (DB), defined contribution (DC) and health and welfare (H&W) plan data and information for financial reporting, e.g., 5500s, and internal and external audit needs, actuarial valuation process, PBGC reconciliation and premium filings. Work with data source in requests and understanding information. Collaborates with Planning and Compliance team to ensure information provided is accurate and delivered in a timely fashion. Provides responses to inquiries associated with data and information provided. Responds to ad hoc request and queries.
  • Supports implementation of program changes, benefits tools and system modifications. Identify process gaps, develop solutions and manage any changes to systems, including mergers and acquisitions work and performs client acceptance testing.
  • Participant advocacy: advocates for participants optimal customer experience while adhering to the regulatory and Plan; corresponds with participants escalated from the vendors or with extenuating circumstances provides support to Director, Retirement Plan Operations for executive package development.
  • Accountable for escalations, appeals and inquiries. Supports the Director – Benefit Operations – Retirement Plans to monitor appeals; interact with vendors to address issues and escalations. Includes oversight of Claims and Appeals teams at the vendors as well as Prudential Retirement for PESP/SESP appeals and escalations. Includes preparation of Administrative and/or Management Committee packages and possible attendance at meetings.
  • Provides subject matter expert (SME) reviews for retirement plan benefit communications, including system-generated letters, presentations, SPDs.
Qualifications
  • BS/BA degree is preferred
  • CEBS certification preferred
  • At least five years professional work experience with about two years managing retirement benefit programs, particularly complex pension plans
  • Strong working knowledge of retirement programs, and related outsource systems (e.g., calculation engines, pension formulas, 401(k) compliance needs
  • Strong vendor management skills focusing on metric/SLA monitoring, issue management, calculation & process reviews and employee escalation
  • Strong organizational and analytical skills
  • Exhibit financial acumen
  • Clear and concise oral and written communication skills
  • Strong collaboration skills
  • Customer-centric mindset
  • Superior problem-solving skills
  • Ability to adapt to changing demands and operate in a fast paced environment  

Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.

We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.

Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.

Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at staffingagencies@prudential.com for more information about doing business with Prudential.