Pension Administration Specialist 028857 Full-time
Georgia-Atlanta
Consulting
Application link (Please apply directly online):
http://bit.ly/nbVuz5
Description
Aon Hewitt is the global leader in human capital consulting and outsourcing solutions. The company partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Job Purpose/Specific DescriptionPension Specialist works as part of the RFM Pension Administration Group which is responsible for providing defined benefit administrative services to multiple clients. Specific Accountabilities
Perform benefit calculations
Respond to participant/member calls and facilitate requests
Consult with participants/members on pension plan provisions and payment elections
Handle benefit plan administration and management of special projects associated with defined benefit plans for various clients
Review participant/member data and clean it up if information is missing or inaccurate
Maintain client databases and benefit calculation log
Coordinate monthly pension payments with trustee
Assist with the testing of the system for new clients according to the plan provisions and administrative requirements
Customize employee communication material
Maintain current knowledge of client specific plan provisions
Broaden knowledge of defined benefit administration rules
Qualifications
Undergraduate degree or equivalent experience
Basic spreadsheet knowledge preferred, but not required (i.e. Excel)
Basic database knowledge preferred, but not required (i.e. Access)
Knowledge Base Required
-Pension Plan Administration
PENSION PLAN ADMINISTRATIONKey Concepts
Plan/scheme requirements
-Ability to read and understand documents
Legal Plan Document
-Basic knowledge of legal plan provisions
-Use the legal plan document as a reference tool in daily work
Calculation administration
-Calculate all standard benefit calculations (running and checking) for all events (death, disability, etc.)
-Calculate all nonstandard benefit calculations (calculations not typically automated)
-Process batch calculations
-Use of factors and age interpolation
-Reconciliation of member/participant data
-Understand and be able to apply concept of Actuarial Equivalence
Administration of member/participant letters and forms
-Familiarity with standard templates
-Ability to modify standard templates as required
-Process member/participant elections
Coordinate collection and maintenance of member/participant data
-Load and process data (weekly, bi-weekly, monthly, etc.)
-Identify missing data elements required for a calculation
Knowledge of administration tools
-Benefit calculation log
-DBCalc and DB admin system - US
-Excel
-Access
Event Flows/Processes and Procedures
-Familiarity with client event flows/processes and procedures
Administration procedures
-Follow specific client administration procedures
United States Knowledge Areas
Calculation knowledge
-Optional forms of payment
-Components of pay, calculating final average pay, and understanding the impact
-Different types of benefit formulas
-Reduction factors
Coordinating with the plan trustee
-Completing the disbursement forms
-Completing a reconciliation of the trust against the payments processed
General knowledge of the following concepts:
-Covered Compensation
-Pay limits
-Post 65 considerations
-Taxation of benefits
-1099R filings
-QPSA rules
-QJSA rules
-Lump sum provisions
-30/90/8 processing rules
PAYROLLUnited States Knowledge Areas
Federal withholding requirements
State withholding requirements
Form W4P
Form 1099R
STATUTORY FRAMEWORK AND PROFESSIONAL GUIDANCE
Utilize RFM DB Administration Group Database
All positions require an applicant who has accepted an offer to undergo a background check. The checks run are based on the nature of the position. Background checks may include some or all of the following: SSN/SIN validation, education verification, employment verification, criminal check, search against global sanctions and government watch lists, fingerprint verification, credit check, and/or drug test. By applying for a position with Aon Hewitt, you understand that you will be required to undergo a background check should you be made an offer. You also understand that the offer is contingent upon successful completion of the background check and results consistent with Aon Hewitt's employment policies. You will be notified during the hiring process which checks are required by the position.
Aon Hewitt is an Equal Opportunity Employer Committed to Diversity, M/F/D/V
