|Verizon HR Senior Benefits 401(k) Analyst: Job Description
The Senior Analyst –Benefits is responsible for the management of control system interfaces to ensure accurate ongoing administration of the Verizon 401(k) Plans and compliance with IRS regulations. This position will evaluate “day to day” administrative processes, initiate and enhance ad hoc projects, maintain ongoing efforts to determine trends in the 401(k) participation, and provide recommendations on changes to better enhance general processes. The main responsibilities include, but are not limited to:
- Oversight of the weekly outbound indicative data feed to Fidelity as well as the weekly inbound loan and deferral files from Fidelity to Verizon Payroll. In addition to performing a detailed reconciliation of the data records sent on each file to what was loaded into the inbound system, the Senior Analyst – Benefits will identify all data elements that failed to load successfully and will subsequently determine the proper course of action to clean up each error.
- Management of the weekly 401(k) payroll files from Verizon Payroll to Fidelity. This includes reviewing content of the file, ensuring the reconciliation of the file is completed, calculating and determining the timing of forfeiture usage, creating wire requests, and ensuring proper funding is wired to Fidelity Investments.
- Direct Fidelity on the handling of participant issues that are outside of the vendor’s scope or immediate duties. This includes the manual tracking and lifting of certain hardship suspensions, reinstatements of loans, and indicative data verification, to ensure compliance with IRS regulations.
- Partner with external auditors to ensure the successful and timely completion of the annual Defined Contribution Audits.
- Perform ongoing audits of administrative processes, both internally and externally with vendors, to ensure compliance with ERISA and IRS regulations- Assist with the annual Profit Sharing allocation and administration
- Develop and distribute personalized communications to educate employees on Benefit Plan enhancements, IRs regulatory changes, and annual events (i.e., Profit Sharing allocation, HCE notification etc.)
- Research and resolve participant issues and escalations, including verbal and written communication with participants, vendors, and others.
- Maintain a log of all participant escalations being managed by the Verizon 401(k) Savings Plan team to ensure proper tracking, and timely resolution of participant-issues.
- Track, analyze, and report company participation rate in 401(k) Plan. Provide recommendations for participation improvements based on historical data analysis by locating opportunities to increase participation.
- Support the delivery of 401(k) educational training to Verizon employees
- Responsible for the day-to-day administration of the Verizon Employee Phone Program and Tutor.com
- Support the ongoing administration of the Verizon Executive Deferral Plan
- Ad hoc reporting, as needed
|You’ll need to have:
- Bachelor’s degree and relevant experience.
- Experience in Benefits, Payroll, or Compensation
- Knowledge of IRS codes Sec 401, 402, 415 and ERIS
- Advanced experience with Microsoft Office (Excel, PowerPoint, Access, Word)
- Strong technical and analytical skills with proven math/financial aptitude
- Ability to handle and coordinate multiple projects with limited supervision
- Excellent written and verbal communication skills
- Logical approach to problem solving and ability to learn and apply new concepts
- Strong organizational, problem solving and consultative skills
- Proactive, detail oriented, self-starter who can deliver value and quality in their assignments
Even better if you have:
- PeopleSoft HRIS experience
- Demonstrated ability to work effectively with a team and partner with external vendors
Graduating seniors or recent alumni interested in applying can contact Katie Wysocki at firstname.lastname@example.org