Senior Specialist, Benefits (Retirement plans focus)
The Senior Specialist, Benefits has a primary role with respect to the administration of CME's Benefits programs with a core focus on retirement benefits, including Company’s cash balance Pension Plan, 401(k) Plan and deferred compensation benefits. This role will administer retirement plans and assist in the execution of the financial wellness strategy of the Company. Additional administrative responsibilities in areas of life and disability insurance benefits, wellness and ancillary benefits, reporting and audit-related tasks. This role executes Benefits administration tasks, performs data analysis, develops benefits communications, is responsible for compliance tasks, conducts system testing, researches issues, and provides customer service to employees and retired participants.
Principal Accountabilities:
Perform administrative oversight of active cash balance Pension Plan. Serve a lead role in various processes with respect to the provision of data from the HRIS system to third-party pension administrator. Develop subject matter expertise with third-party system capabilities, reporting and automation. Identify and research employee and participant issues utilizing acclimation with internal systems and records, plan documentation review and interpretation. Oversee Plan compliance, audits and required regulatory testing such as nondiscrimination testing. Coordinate valuation data requests. Maintain detailed Plan documentation and records and develop and review communications.
Administrative responsibilities for the 401(k) and Deferred Compensation Plans. Utilize extensive knowledge of 401(k) and Plan provisions to identify and resolve issues. Oversee nonqualified deferred compensation plans, including top-up/make-whole calculation provisions. Coordinate defined contribution plan investment fund changes and plan integrations/M&A.
Perform administration of executive benefits plans including the executive individual disability benefits program. Facilitate Open Enrollment of executive nonqualified deferred compensation plans and corresponding participant communications. Enhance the administration of vendor systems by ensuring data accuracy and system integrity. Manage vendors in the day-to-day administration of the plans, and maintain detailed internal records and documentation.
Develop report specifications and/or run reports in order to ensure benefits accuracy and data integrity and perform data analysis on operation of CME benefits plans.
Support ancillary benefits plans including paid time off programs, wellness program, and health and welfare plans. Utilize knowledge and familiarity of CME health and welfare, life insurance, Section 125 plans, and other provisional knowledge of benefits policies and programs to deliver operational excellence, identify issues, or assist in the resolution of issues. Utilize Workday system knowledge to assist in issue resolution, data analysis and system configuration as necessary.
Oversee other areas of benefits administration ranging from Commuter Plan funding processes, Payroll integrations, Spending Accounts and other programs, and provide plan provisional support utilizing strong analytical and excellent communication skills.
Primary day-to-day retirement plans vendor contact, building vendor relationships to ensure quality and excellent customer service to the organization and to employees. Utilizes experience implementing new benefit vendors and strong benefits system testing skills to manage components of new implementations. Provide regular updates to Benefits management on performance and suggest corrective actions and or recommendations for improvement.
Assists with Open Enrollment communications, assists with configuration and testing of new programs, rules and rates associated with benefits; helps with the planning, coordination and delivery of educational events, and audits accuracy of benefits enrollment setup.
Manage day-to-day administration of benefits department processes by overseeing administrative tasks, responding to employee questions, researching employee issues, and supporting special projects.
Skills, Experience and Requirements:
8+ years of direct employee Benefits experience in the retirement benefits area. Highly skilled in retirement plans administration, including pension plan administration, 401(k) plan administration, and nonqualified deferred compensation plan administration. Strong working knowledge of benefits plans (Health and Welfare, Insurance, Leave, Wellness, other) a plus.
Deep understanding of retirement benefits plans, including pension plans, 401(k), and nonqualified deferred compensation plans. Skilled at reading and interpreting Plan Documents and policies.
Particular strengths in highly detailed processing and calculations, data analysis, and QA.
A consultative approach. Strong communication skills in a variety of channels (written, one-on-one, group).
Experience with new vendor implementations and overall vendor management.
In depth knowledge of benefits regulations such as IRS nondiscrimination testing, form 5500 and associated plan audit requirements, COBRA, HIPAA, ERISA, and other benefits-related DOL and IRS regulations.
Demonstrated data and technical skills (benefits systems, file comparisons, testing).
Experience with HRIS systems, Workday experience a plus.
CME Group is committed to offering a competitive total rewards package for our employees that recognizes their contributions to the business and reflects our long-term investment in their future. The pay range for this role is $38.99-$64.95. Actual salary offered will be dependent on a wide array of factors including but not limited to: relevant experience, skills, education and comparison to internal employees (where relevant). Our compensation program also includes an annual target bonus opportunity for all employees, as well as the opportunity to become an owner in the company through our broad-based equity program. Through our benefits program, we strive to offer flexibility, value and choice. From comprehensive health coverage, to a retirement package that includes both a 401(k) and an active pension plan, to highly competitive education reimbursement provisions, paid time off and a mental health benefit, CME Group offers a holistic benefits package for our team and their dependents.
CME Group: Where Futures are Made
CME Group is the world’s leading derivatives marketplace. But who we are goes deeper than that. Here, you can impact markets worldwide. Transform industries. And build a career by shaping tomorrow. We invest in your success and you own it – all while working alongside a team of leading experts who inspire you in ways big and small. Problem solvers, difference makers, trailblazers. Those are our people. And we’re looking for more.
At CME Group, we embrace our employees' unique experiences and skills to ensure that everyone’s perspectives are acknowledged and valued. As an equal-opportunity employer, we consider all potential employees without regard to any protected characteristic.
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