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Key Responsibilities and Required Skills for a Pension Specialist

💰 $60,000 - $95,000

Human ResourcesFinanceBenefits Administration

🎯 Role Definition

A Pension Specialist is a dedicated professional at the heart of an organization's employee benefits structure, serving as the primary subject matter expert for all retirement-related plans. This role is responsible for the meticulous day-to-day administration, compliance, and communication of both Defined Benefit (DB) and Defined Contribution (DC) pension plans. Beyond mere administration, the Pension Specialist acts as a trusted advisor to employees, guiding them through one of the most significant financial aspects of their lives. They ensure the company's retirement offerings are not only competitive and well-managed but also fully compliant with complex federal regulations like ERISA. This position requires a unique blend of analytical rigor, regulatory knowledge, and empathetic communication to successfully manage plan operations, vendor relationships, and participant services.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Benefits Administrator or Coordinator
  • HR Generalist with a focus on benefits
  • Payroll Specialist with benefits exposure

Advancement To:

  • Senior Pension Specialist or Retirement Plan Analyst
  • Pension or Retirement Plan Manager
  • Manager, Total Rewards or Employee Benefits

Lateral Moves:

  • Compliance Specialist (HR or Finance)
  • HR Business Partner
  • Financial Wellness Program Manager

Core Responsibilities

Primary Functions

  • Oversee the end-to-end daily administration of all qualified and non-qualified defined benefit (DB) and defined contribution (DC) retirement plans.
  • Accurately calculate complex pension benefits for retiring or terminating employees, including estimates, final calculations for lump sums, annuities, and various payment options.
  • Serve as the primary point of contact for employees, retirees, and beneficiaries, expertly addressing inquiries regarding plan provisions, eligibility, vesting, and distribution options with clarity and empathy.
  • Process and review all retirement-related transactions, including enrollments, contribution changes, beneficiary updates, loan requests, rollovers, and distribution paperwork.
  • Ensure strict compliance with all applicable federal, state, and local regulations, including ERISA, the Pension Protection Act (PPA), and IRS/DOL requirements.
  • Manage the entire Qualified Domestic Relations Order (QDRO) process from initial review to final determination and payment processing, coordinating with legal counsel as needed.
  • Collaborate with external vendors, such as recordkeepers, trustees, actuaries, and legal counsel, to ensure seamless plan administration and resolve any operational issues.
  • Lead the data collection, preparation, and review process for annual non-discrimination testing (ADP/ACP, top-heavy) and take corrective actions as necessary.
  • Prepare and file all required governmental forms in a timely and accurate manner, with a primary focus on the Form 5500 series and related schedules, and distribute Summary Annual Reports (SARs).
  • Reconcile and process funding for pension trusts, ensuring contributions, loan payments, and other transactions are remitted accurately and on schedule.
  • Manage the annual audit process for retirement plans, working closely with internal and external auditors to provide required documentation and support.
  • Develop, update, and deliver clear and engaging communication materials, including Summary Plan Descriptions (SPDs), educational presentations, and online resources, to enhance employee understanding of their benefits.
  • Calculate and process Required Minimum Distributions (RMDs) for eligible participants, ensuring compliance with IRS rules.
  • Maintain the integrity and accuracy of all pension-related data within the HRIS and benefits administration systems through regular audits and reconciliation.

Secondary Functions

  • Actively participate in the evaluation, selection, and implementation of new retirement plan vendors or administrative platforms to enhance service and efficiency.
  • Support merger and acquisition (M&A) due diligence and integration activities as they relate to retirement and pension plans.
  • Stay abreast of new legislation and regulatory changes affecting retirement plans, assessing the impact on current plans and recommending necessary amendments.
  • Identify opportunities for process improvement within the pension administration function and lead projects to implement changes that increase accuracy and efficiency.
  • Assist in the design and modeling of potential plan changes to ensure the company's retirement offerings remain competitive and aligned with strategic goals.
  • Create and maintain comprehensive documentation for all pension-related processes and procedures to ensure business continuity and consistency.
  • Partner with the Payroll department to resolve any discrepancies related to employee and employer contributions, deductions, and reporting.

Required Skills & Competencies

Hard Skills (Technical)

  • Deep Regulatory Knowledge: Comprehensive understanding of ERISA, PPA, IRS, and DOL regulations governing retirement plans.
  • Plan Administration Expertise: Proven experience in administering both Defined Benefit (DB) and Defined Contribution (DC) plans.
  • Advanced Excel Proficiency: Mastery of Microsoft Excel for data analysis, including VLOOKUPs, pivot tables, complex formulas, and data modeling.
  • HRIS & Benefits Software: Hands-on experience with major HRIS and benefits administration platforms (e.g., Workday, SAP, PeopleSoft, or specialized vendor portals).
  • Pension Calculation: Ability to perform complex manual and system-based pension calculations for various scenarios.
  • Compliance Reporting: Direct experience with the preparation and filing of Form 5500 and associated schedules.
  • Vendor Management: Skill in managing relationships and service level agreements with third-party administrators, trustees, and actuaries.

Soft Skills

  • Exceptional Attention to Detail: A meticulous and precise approach to data management, calculations, and compliance documentation is non-negotiable.
  • Analytical & Problem-Solving Skills: Ability to dissect complex issues, research regulations, and formulate compliant, practical solutions.
  • Communication & Interpersonal Skills: Capable of explaining complex pension concepts in simple terms to a diverse audience, both in writing and verbally.
  • Empathy & Customer Focus: A genuine desire to help employees navigate their retirement planning with patience and professionalism.
  • Time Management & Organization: Proven ability to manage multiple priorities, meet strict deadlines, and maintain order in a fast-paced environment.
  • Discretion & Confidentiality: Absolute integrity and the ability to handle sensitive personal and financial information with the utmost confidentiality.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor’s Degree or equivalent work experience in a relevant field.

Preferred Education:

  • Bachelor’s Degree in a relevant field of study.
  • Professional certification such as Certified Employee Benefit Specialist (CEBS), Qualified Pension Administrator (QPA), or Certified Pension Consultant (CPC).

Relevant Fields of Study:

  • Human Resources
  • Finance
  • Business Administration
  • Accounting
  • Economics

Experience Requirements

Typical Experience Range: 3-7 years of direct experience in pension and retirement plan administration.

Preferred: 5+ years of dedicated experience in a corporate benefits department or at a third-party administrator (TPA), with significant hands-on responsibility for both Defined Benefit (DB) pension calculations and Defined Contribution (DC) 401(k) plan compliance and administration.

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