Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Retirement Specialist job description.
What does a Retirement Specialist do?
A retirement specialist helps employees of a company choose the best retirement plan for them. They calculate benefits, savings, and profit-sharing options, and review pension programs for eligible employees. They also work with the HR department to solve any issues related to benefits.
Job Description
We are looking for an experienced retirement specialist to help our employees choose a retirement or pension plan that fits their needs. Your main responsibilities will include evaluating pension programs, explaining benefits to employees, and resolving any benefits-related problems.
To be successful as a retirement specialist, you should have the ability to review and advise on benefits plans based on financial data. You should also have a good understanding of labor laws, regulations, and company policies related to retirement benefits.
Job Duties and Responsibilities
- Explain retirement benefit plan policies, procedures, and legal requirements to eligible employees and beneficiaries.
- Give presentations to groups of beneficiaries or hold individual interviews with employees to discuss retirement and pension options.
- Perform calculations and analysis related to retirement and benefits, such as withdrawals and deferred retirement.
- Collaborate with the financial department to provide accurate data for benefits administration.
- Work closely with the HR department to resolve any issues related to benefits.
- Maintain records of participants and beneficiaries, including active, deferred, retired, and separated members.
- Ensure retirement plans are managed according to company guidelines and labor laws.
Requirements and Qualifications
- Bachelor's degree in human resource management, business administration, accounting, or a related field.
- At least 3 years of experience in retirement, insurance benefits, financial planning, or a similar role.
- Solid understanding of laws, regulations, and company policies related to retirement benefits.
- Ability to interpret financial data and apply it to benefit plan policies and documentation.
- Proficiency in accounting software and HR database programs, such as Zenefits and Bamboo HR.
- Strong communication skills and ability to conduct professional interviews with employees.
- Organizational skills and ability to work well in a team.
Retirement Specialist Salary
The earning potential of a Retirement Specialist can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Retirement Specialist in the United States is approximately $65601.
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