Benefits Consultant at Federal Reserve Bank (FRB) in Newark, New Jersey

Job Description:

Company

Federal Reserve Bank of Atlanta

As an employee of the Atlanta Fed, you will help support our mission of promoting the stability and efficiency of the U.S. economy and financial system. Your work will affect the economy of the Southeast, the United States, and the world. The work we do here is important, and how we do it is just as important as what we do. We live our values of integrity, excellence, and respect every day. We do the right thing, we do things right, and we treat people right. A career at the Federal Reserve Bank of Atlanta gives you the chance to do work that touches lives and helps communities prosper.

We are a dynamic hybrid workplace environment that requires at least 2 days a week in the office.

Position Summary:
Oversees the relationship and service performance of outsourced administrators and insurance providers. Ensures plan compliance with HIPAA, Affordable Care Act and other regulations (if applicable); Research best practices, performs benchmarking analysis and comparisons, and evaluate emerging trends. Act as benefits consultant in rolling-out benefits processes to streamline and enhance workflow and increase employee appreciation of the Benefit Program. Partner with communications, stakeholders, and vendors on employee benefit communications, including annual enrollment materials, employee benefits handbook and letters to carriers/participants, and ensure that all benefits are effectively communicated to employees. Work with Reserve Bank representatives and vendors to identify/resolve issues in a timely manner. Compile, analyze and maintain data to support and measure benefit plan strategies, plan design changes, cost evaluation and member impact while keeping abreast of industry trends and regulatory issues in employee benefits. Responsible for the day-to-day operations, administration, communications and compliance of the Federal Reserve’s qualified and non-qualified retirement plans, non-qualified deferred compensation plan and other executive programs. Interacts with plan participants, retirees and senior leadership of the Federal Reserve Banks, the Board of Governors and the Consumer Financial Protection Bureau (CFPB). The Specialist manages vendor relationships involved in the delivery of the System benefits programs.

Key Responsibilities:

• Work with vendors in achieving best-in-class administration and provide recommendations.


• Work with Reserve Bank representatives and vendors to identify/resolve issues in a timely manner.


• Coordinate research and response to participant issues and tracking.


• Compile, analyze and maintain data to support and measure benefit plan strategies, plan design changes, and evaluate costs and member impact.


• Partner with Communications and vendors on employee benefit communications, including annual enrollment materials, employee benefits handbook and letters to carriers/participants and ensure that all benefits are effectively communicated to employees.


• Responsible for the administration and day-to-day operations, communications, and legal/regulatory/plan compliance of one or more of the System’s benefits programs; Keep current on legal/regulatory changes impacting ERISA, nonERISA and governmental benefits plans.


• Develop and lead presentations and training sessions for senior executives and HR personnel on benefits programs, present to oversight committees.


• Manage multiple and simultaneous projects with a strong sense of priorities and ensure all deadlines and objectives are achieved; lead internal team in the execution of user acceptance testing of all benefits plan changes working with plan recordkeeper(s)

Education: Bachelor's degree or 4 years equivalent experience preferred

Experience: 5+ years preferred

Qualifications:

• Foundational experience in compensation and/or benefits administration

Our total rewards program offers benefits that are the best fit for you at every stage of your career:

• Comprehensive healthcare options (Medical, Dental, and Vision)


• 401K match, and a fully funded pension plan


• Paid vacation and holidays, flexible work environment


• Generously subsidized public transportation


• Annual tuition reimbursement


• Professional development programs, training, and conferences


• And more…

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change (e.g. emergencies, rush jobs, change in workload or technological developments).

The Federal Reserve Bank of Atlanta is an equal opportunity employer.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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