Job Description
Pension Benefit Analyst
International Brotherhood of Teamsters Benefits and Pension
The International Brotherhood of Teamsters is looking to fill a Pension Benefit Analyst position. Under the general supervision of the Director and Assistant Director, Benefits and Pension Administration, the Pension Benefit Analyst performs duties associated with processing of applications for benefits and end-of-month reports, special annual projects and the daily operations of the Plan.
Duties and Responsibilities: - Maintains thorough knowledge of all applicable U.S. Federal and Canadian laws and regulations, International and Department Policies and Procedures as well as the Plan history, in order to accurately compute all benefits annuities and to determine eligibility of members.
- Compiles and analyzes all pertinent data for new pension applications as a basis for computing and processing benefit annuities.
- Calculates estimated and actual benefit amounts, taking into account contributions to the Plan, the rules applicable to the frozen Plan, the minimum Top Heavy rules (with and without the offset of other plan amounts), the IRS 415 limits, Qualified Domestic Relations Orders (QDRO), In-Service benefits and Levies.
- Upon approval of the Special Projects Coordinator, processes benefit calculations based on the proposed QDROs specifications.
- Compiles other Plan benefit amounts and earnings information of applicants to ensure compliance with IRS 415 limits. Responsible for the annual update to monthly payments based on the IRS annual increase to C.O.L.A. on the W-2 Average on Dollar Limits.
- Attends periodic staff meetings and participates in conference calls with Director and Assistant Director, Plan Counsel and Actuaries to discuss Plan Procedures, changes and resolutions to outstanding issues.
- Codes tax information on the database for the 1099R's issued to Plan Participants.
- Codes information related to retired, active, vested and terminated Plan Participants in the database.
- Assists with the project regarding the Annual Census Report, which is completed by all Affiliates, for the purpose of updating employee data and actuarial valuation.
- Receives and responds verbally and/or in writing on a daily basis to inquiries received by telephone, mail and facsimile from Affiliate Members in regard to the Plan itself, benefit options, benefit amounts and eligibility requirements.
- Reviews all outgoing correspondence for completeness and accuracy.
- Assists with the monitoring of active Plan participants who reach their In-Service benefit age as mandated by Federal Law, which includes initial new applicant processing, benefit calculations, IRS 415 limit requirements, earnings and service verification as well as the annual review of this data.
- Responsible for recovering any funds, which may be overpaid due to the death or re-employment of a Pensioner.
- Coordinates with Plan Attorney to realize the recovery.
- Prepares end-of-month applications, letters and lists for approval by Trustees.
- Performs all other duties and responsibilities related to the position and as assigned by the Director, Assistant Director, Assistant Administrative Manager or designee.
Experience and Qualifications: - Bachelor's degree or related work experience required.
- College level course work in mathematics required.
- Knowledge of ERISA laws required.
- Two or more years of experience in an employee benefits environment required.
- Demonstrated ability to perform multiple tasks simultaneously.
- Strong organizational and verbal skills.
- Ability to perform detail-oriented work with above average data retrieval skills.
- Responds quickly to special project requests.
- Understands the role of the position within the organizational structure.
- Ability to exercise tact when interacting with peers, employees from other departments, IBT affiliates, pensioners, beneficiaries and government offices.
- Works independently with minimal supervision.
- Demonstrated emotional maturity to function in stressful situations.
- Excellent verbal and written communication skills.
- Must be available to work occasional extended hours.
Starting salary ranges from $64,392.00 to $75,851.00. The IBT offers a robust benefits package including a 100%-employer paid health & welfare plan, vacation & sick leave, pension, FICA reimbursement, and 401(k).
Please submit a cover letter and resume with your application. No phone calls please.
The IBT is an Equal Opportunity Employer and strongly encourages women, people of color, LGBTQ individuals, and candidates with diverse backgrounds and life experiences to apply.
Job Tags
Part time, Work experience placement,