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Defined Benefit Analyst, Retirement Plan Services Job Details
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| Defined Benefit Analyst, Retirement Plan Services (Ref: 00826) | |
| Sector, Sub Sector: | Other |
| Compliance Type: | Regulatory/Compliance |
| Expertise: | - |
| Company: | T. Rowe Price |
| Location: | Owings Mills , Maryland Americas, United States |
| Employment Type: | Permanent |
| Job Description: |
PRIMARY PURPOSE OF THE POSITION The Defined Benefit Analyst is responsible for the successful delivery of Defined Benefit administration services for one to several clients that may contain multiple plans, qualified and non-qualified, of varying design (e.g. traditional, cash balance, etc.). PRINCIPAL RESPONSIBILITIES 1. DB Administration Services • Plan Expert - Primary resource on one to several plans. SME on DB plan attributes, plan provisions and business requirements for assigned clients. Monitors internal and external changes, like interest rate, law, and/or compliance changes, that could impact client plans and proactively implements solutions. Works with client(s) to develop communication plan for any changes. • Data Management - Perform all data management tasks for the client plan(s) utilizing various tools, including Benefits Workstation (BW), the defined benefit recordkeeping system. Generates import and export files, analyzes results and utilizes client plan(s) and systems knowledge to resolve issues as necessary. Data analysis often requires the use of tools outside of BW including Access, Excel, Beyond Compare KEDIT, and SQL. • Payment Processing file - Set up/update retiree payment elections, transmit instructions to trustee or checkwriter, and reconcile payments initiated or modified. Researches any issues that arise. Quality controls Sr Defined Benefit Specialist work before it is sent to the vendor for processing. • Issue Management - For assigned clients, monitors, reviews and resolves all requests received via Automatic Workflow Distributor (AWD). Requests include participant questions, benefit estimates and final retirement calculations with complex plan, benefit or formula specific questions. Resolution of requests requires plan provision research and follow up with internal (Client Admin Mgr, DB, Compliance, PSC) and external (client, vendor) resources as required. • Valuation - Generate and analyze data for annual valuation process. Resolve data questions and provide updates as necessary for the client and Actuary. Analyzes client plan payouts and works with client plan actuaries to project plan costs. 2. Benefits Workstation (BW) • Calculation Processing - requires mathematical acumen, including actuarial math, interest rate methodology and time value of money concepts. The Analyst will have a comprehensive understanding of these concepts as well as benefit calculation formulas in order to perform independent verification of each calculation component generated by the system, as necessary. In some instances, performs more complex, often manual DB calculations (e.g. QDRO). Reviews calculations performed by Sr DB Specialist. • BW Testing - Identify test cases and execute test plans for Benefits Workstation (BW) new client implementations, ongoing system enhancements/modifications for existing BW client databases, and regression testing for new and existing BW client databases. Utilize TRP testing tools, including Excel, Access, and PLSQL to query test populations, analyze test results. Test plan design and execution requires quantitative and qualitative approaches; must be able to identify, think through and document abstract "what-if" impacts to program/process changes being tested. • Cyclical Processing - Process all periodic deliverables as documented in client process flows and client team processing calendars. Review and reconcile process output/reports as necessary. 3. Systems Management • Systems Issue Submission - Document any BW issues and submit detailed findings to the New Business Team using HP Quality Center (QC). Succinctly summarize and log system bugs and provide detailed support documentation. Identify severity of issue; escalate and share issue with team(s) as necessary; devise workaround, and assign priority. • Issue Tracking and Resolution - Upon receipt of returned issues, promptly test and document results and re-submit or close as appropriate. • Monitors work processes- streamlines existing work processes and identifies new work processes. Works with New Business to incorporate new functionality into BW and other systems 4. New Business Team Support • New Business Conversion Support - Partner with Installation Consultant(s) to convert new clients including drafting, reviewing, and finalizing plan process flows, participant forms, PSC Plan Text, and client specific processes for AWD. Assists in requirements; development and testing of BW back-office and employee self service website functionality; communications review and finalization; and transition to go-live. 5. Client Relationship • Client Contact - Primary day to day contact for client questions/requests. • Client Status Updates- Own portions of internal and external client status meetings. Provide detailed feedback to client team and client contacts. Sets agendas and conducts weekly client meetings for more complex client accounts, in conjunction with defined contribution counterpart when appropriate. 6. Projects • Analysts will typically lead data clean up projects for the clients for which they are responsible. Analyst will map out plan, work with New Business, Compliance, and any other needed entities to implement clean up. 7. DC Team Coordination • Generate and review quarterly statements with DC counterpart. Work with DC counterpart to resolve any ongoing administration issues impacting both teams. Coordinate client and participant communications and status meetings with DC counterparts. QUALIFICATIONS Required · College degree and one year related work experience, · Associate degree and three years related work experience, or · High school diploma/equivalent and five years related work experience. · Knowledge of Defined Benefit Administration/Outsourcing including DB plan design, provisions, formulas and calculations · Strong oral and written communication skills · High level mathematical, analytical and problem solving skills · Knowledge of testing concepts and skilled in formulating test strategies, managing and executing testing · Experience interacting with client/customer contacts of various job/experience levels · Interpersonal skills · Negotiation skills · Effective follow-up skills and ability to meet deadlines · PC Skills - Strong Word and Excel, PL/SQL and general PC knowledge Preferred · Bachelor's Degree and two years of defined benefit plan administration experience · Business Systems Analysis skills, specifically experience working with the System Lifecycle Development Methodology · Comprehensive knowledge of defined benefit plans (traditional vs. cash balance plan processing) · Prior experience with plan configuration in SBC Benefits Workstation · CEBS, ASPPA, or SHRM credentials a plus T. Rowe Price is an Equal Opportunity Employer
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| Job Ref No: | 00826 |
