Pension Analyst

Description

DEPARTMENT: Pension

POSITION TYPE: Hourly, Non-Exempt

BARGAINING UNIT: OPEIU, Local 9 Bargaining Unit

SEIU Healthcare IL Benefit Funds is a dynamic benefits administration organization committed to providing the highest quality health and retirement benefits in the most financially responsible manner, while always acting in the best interest of the union members. The Fund serves over 20,000 union workers in the Nursing Home, Home Care, Child Care and Personal Assistant industries with the delivery of health and pension benefits.

Our employees epitomize the Fund’s core values of quality service, interdependence, effectiveness, and accountability, and forge an alliance with one another to carry out our shared mission and common agreements for those we serve.

In collaboration with internal and external stakeholders, the Pension Analyst will act as a subject matter expert and point of contact in the fulfillment of the Pension Department’s efficient and effective pension administration, data analytics and system requirements. The Pension Analyst will provide technical and analytical support to end users while collaborating with other interdepartmental teams and external stakeholders to ensure system is appropriately configured and maintained and all user and system requirements are successfully gathered, communicated, documented, and achieved in alignment with plan provisions, IRS requirements and ERISA rules and regulations under the direction of the Pension Director.

This position will also assess, identify, and resolve processing, and reporting issues, while ensuring that all data reporting and analytical needs of the Pension Department are met.

The Pension Analyst will be responsible for the following:

• Perform daily, recurring and ad hoc pension administration tasks including but not limited to analyzing and calculating various pension benefits by applying the appropriate tax rules under the IRS, the federally governed rules under ERISA, and rules and regulations of the plan.
• Investigate and troubleshoot issues within the pension benefit administration system in collaboration with technical and non-technical resources.
• Maintain knowledge of trends, developments, and changes in pension regulations and compliance while applying this knowledge to ensure that pension plans are properly administered.
• Demonstrate and maintain a thorough understanding of the pension plan provisions and the corresponding requirements for the pension system.
• Research retirement plan issues and regulations.
• As a subject matter expert and point of contact, provide analytical support, and serve as a data and technical resource for the Pension Department.
• Assist in preparing information reporting for quarterly Board of Trustee meetings.
• Prepare and provide weekly, monthly, quarterly, and annual compliance reports.
• Report on status of tasks and goals assigned to the Pension Department while adhering to and meeting established departmental and organization project plan timelines.
• Coordinate with internal and external stakeholders in the planning and analysis of efforts for new system implementations, system upgrades, enhancements, and maintenance.
• Create and execute test plans for new system implementations, system changes, and user acceptance testing.
• Effectively communicate with internal departments, such as Contributions and Eligibility, Accounting and Member Service, to understand and document departmental and interdepartmental policies, procedures, and workflows, and externally with employers, the union, plan participants and vendors.
• Demonstrate a high degree of accountability and decision-making responsibilities in relation to data maintenance and reporting.
• Provide support in annual pension planning and auditing processes.
• Analyze credited service history for various scenarios including, applicable pension calculations for members applying for disability pension benefits and attaining retirement age.
• Ensure accuracy in the completion and delivery of complex and non-standard calculations.
• Record, enter, and update member status to track progress…