Retirement and Benefits Consultant
- Full Time
What You Will Do:The University of Maryland Medical System (UMMS) is a university-based regional health care system focused on serving the health care needs of Maryland. We bring innovation, discovery and research to the care we provide all while educating the state's future physicians and health care professionals. As one of the largest private employers in the state, the health system's 25,000 employees and 4,000 affiliated physicians provide primary and specialty care in more than 150 locations and at 14 hospitals. Be a Part of Something Greater by working in a world class organization.General Summary Provides input into the development of strategy and design for the University of Maryland Medical System retirement, health, and welfare benefits. Partners with HR Business Advisory, Talent Acquisition and HR Operations to obtain input on current benefit programs and assess need for new or updated benefit programs. Demonstrates understanding of business needs and internal and external environment. Provides support to facility Operations for all benefit programs.Principal Responsibilities and TasksHealth and Welfare: Serves as subject matter expert and COE team member for all benefit programs. Understands administration requirements for all employee benefits such as life, health, dental and prescription insurance, flexible spending accounts, disability plans, retirement plans (qualified and non-qualified), voluntary benefit plans, disability and leave plans in accordance with plan documents and UMMS benefit policies/procedures.Handles complex employee cases where interpretation of plan documents or UMMS policies is not clear. Counsel and assist employees with questions, usually taking-on more challenging, complex, in-depth casesOversees and supports all health and welfare programs including regular reporting, monitoring of plan results, claim analysis and utilization reports.Reviews both short and long range cost estimates/projections and relevant statistical analyses regarding modifications in benefit programs and implementation of new programs. Develops comprehensive business case/models for changes or new program proposals, taking into consideration competitive market, employee perception, and financial cost/benefits.Project manages large systems level program implementations such as open enrollments, new plan designs, new plan offerings to include systems configuration, employee and management communications, and policy development.Oversees input to benefits surveys.Analyzes results and makes recommendations to managements for updates/improvements in benefit programs. Researches and recommends plan design changes.Assists with contract reviews and RFP/renewal process. Assists in RFP distribution and analysis including development of specifications, summaries of responses, experience data and analysis of responses. Assists with implementation of new vendors and programs.Oversees the creation and design of employee benefit communications including periodic benefits updates, Summary Plan Descriptions, new hire materials, and enrollment materials.When needed, acts as liaison between Total Rewards and executive team members for benefits questions or concerns. Administers Executive benefits plans, 457 processing and communications for executives and directs transactions via external vendor accordingly. Conducts Benefits On-Boarding/NEO one-on-one with newly hired/promoted Executives.Provides assistance to HR Operations on any benefit program questions, concerns or administrative issues. Researches and responds to complex questions regarding interpretation of benefit plans. Develops recommendations for policy changes or clarifications.Maintains knowledge of and analyzes government regulations, benefit program trends, and prevailing practices among similar organizations in order to provide strategic input on plan design and direction. Ensures compliance of benefit programs with federal and state laws including IRS, ERISA, and DOL regulations. Reviews, edits, updates, and manages proper distribution of legal documents, such as SMMs & SPDs, in accordance with Federal Gov't compliance regulations.Monitor vendor performance including compliance with all applicable laws and regulations. Resolves service level issues with vendors; holds partners accountable for exceptional customer service.Reviews, validates, and approves transactions for bi-weekly contribution funding.Retirement:Oversees and supports all retirement plan programs including regular reporting, monitoring of plan assets, annual plan audits and government reports/filings. Oversees the production and distribution of retirement plan communications. Ensures that retirement calculations are performed in accordance with legal plan documents.Leads annual pension statement preparation & distribution, liaises with actuaries about data, prep, review/validation, communication, and distribution.Leads annual PBGC filings & payments, pension de-risking programs, including all communications & execution; and contract renewal & activity coordination with executive personal financial planning benefit vendor.Serves as interdisciplinary liaison for Retirement COE with other departments, employees, and vendors. Conducts educational sessions for other HR functional units, such as Service Center, TA Staff, and other HR Colleagues. Serves as primary liaison with PRU Reps, Financial Planners and legal counsel. Participates in Benefits Workgroup Meetings.Lead on external audits, including scheduling, preparations, and research and responses to Auditors' inquiries.What You Need to Be Successful:Education and ExperienceBachelor's Degree in Human Resources, Business, Management, or related field required.Minimum of five years of professional Human Resources experience with progressively responsible benefits design experience.Prior benefits course work in CEBS, CBP, PHR or similar certification or current pursuit thereof preferredKnowledge. Skills and AbilitiesDemonstrated knowledge and application of concepts, principles, practices, and procedures related to Benefits strategy and design. Ability to develop sound strategies and business cases for maximizing employee satisfaction and cost relative to benefit offerings.Expert knowledge of Federal and State regulations to include Consolidated Omnibus Budget Reconciliation Act (COBRA), The Employee Retirement Income Security Act (ERISA), Family and Medical Leave Act, Health Insurance Portability & Accountability Act (HIPAA), Internal revenue Service (IRS), Family Medical Leave Act (FMLA), Maryland Family and Medical Leave Act (MFMLA), and related state and federal regulations requiredDemonstrated analysis skills as applied to benefit design changes, cost measurements, and program performance benchmarking.Strong aptitude with Microsoft Office, especially Excel required.Excellent oral, written, and interpersonal communication skills, specifically with ability to speak publicly.Ability to work in a dynamic environment with multiple deadlines and priorities required.We are an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected veteran status, age, or any other characteristic protected by law.