What are the responsibilities and job description for the Retirement Analyst position at American Water?
Diversity of backgrounds, ideas, thoughts, and experiences is vital to our culture and the way we do business. Creating an environment where differences are embraced and where every person feels engaged and included makes us safer, stronger, and more successful.
With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter , Facebook and LinkedIn .
PLEASE NOTE: In order for American Water to evaluate decisions about new regulations, reintegration, and safe operating practices, all employees are required to report their vaccination status.
Primary Role
Serves as the knowledge expert and primary administrator and point of contact for the 401(k) savings, pension and retiree health & welfare plans. This position contributes towards the strategy, design, day to day administration, compliance, program implementation, communications, vendor management and ongoing data analysis and metrics of the Plans.
Key Accountabilities
Assist Retirement Lead in the administration of the retirement benefit plans including plan setup and updates with vendors.
Work with the external plan actuary on cost projections and annual plan valuations.
Work with Payroll Accounting to reconcile and fund to the plan trustee of the savings plan contributions (employee, company match, and DCA).
Work with the plan recordkeeper to perform and review the annual ADP/ACP testing and based on results communicate corrective action to impacted participants.
Assist in the maintenance and update all plan materials including plan documents, amendments, and Summary Plan Descriptions (SPD).
Assure the compliance with all ERISA mandated issues and benefit notifications such as Annual Funding Notices, Summary Annual Reports, and other required notices.
Research and answer escalated retirement benefit and policy interpretation questions from the benefits administrator, employees, and retirees.
Assist Labor Relations with pension and retiree health & welfare benefits in preparing for and during negotiations.
Work with external plan auditor on all requests related to the annual benefit plan audits (Retirement plans) for all government required filings including 1095Cs and 5500s (Retirement Plans).
Assist with annual RMRA payment and funding
Coordinate Medicare RDS application
Stay abreast of government regulations, administrative requirements and statutory limits on all retirement plans.
Help with special projects, as needed.
Recommend and assist in the implementation of process improvements.
Coordinate and comply with all SOX Compliance control issues.
Knowledge/Skills
MS Office, with strong Excel skills
SAP preferred
Strong project management skills
Analytical, problem solving, mathematical and communication skills.
Ability to gather, organize, and analyze financial data
Vendor and contract management experience.
Strong interpersonal, communication skills and the ability to work effectively across all employee populations
Strong project management, execution, attention to detail and the ability to creatively and quickly solve problems are essential to the success of this role
Strong written and verbal communication skills
Flexible, thrives in fast-paced environment
Attention to detail and ability to creatively and quickly solve problem
Experience/Education
Bachelor's Degree or equivalent work experience.
Minimum three (3) years’ experience working with defined benefits, defined contribution, and retiree health & welfare plans.
Prior experience within utility industry preferred
Prion experience working with labor unions
Experience on acquisitions and divestures helpful.
Working knowledge of payroll/benefit systems, SAP preferred
Knowledge of other Benefits functions a plus.
Certifications & Licenses
CEBS, CBP preferred
Work Environment
Hybrid work Model 3 days in the office 2 days from home;
Join American Water... We Keep Life Flowing ™
American Water is firmly committed to Equal Employment Opportunity (EEO) and prohibits employment discrimination for employees and applicants based on his or her age, race, color, pregnancy, gender, gender identity, sexual orientation, national origin, religion, marital status, citizenship, or because they are an individual with a disability, protected veteran or other status protected by federal, state, and local laws.
With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter , Facebook and LinkedIn .
PLEASE NOTE: In order for American Water to evaluate decisions about new regulations, reintegration, and safe operating practices, all employees are required to report their vaccination status.
Primary Role
Serves as the knowledge expert and primary administrator and point of contact for the 401(k) savings, pension and retiree health & welfare plans. This position contributes towards the strategy, design, day to day administration, compliance, program implementation, communications, vendor management and ongoing data analysis and metrics of the Plans.
Key Accountabilities
Assist Retirement Lead in the administration of the retirement benefit plans including plan setup and updates with vendors.
Work with the external plan actuary on cost projections and annual plan valuations.
Work with Payroll Accounting to reconcile and fund to the plan trustee of the savings plan contributions (employee, company match, and DCA).
Work with the plan recordkeeper to perform and review the annual ADP/ACP testing and based on results communicate corrective action to impacted participants.
Assist in the maintenance and update all plan materials including plan documents, amendments, and Summary Plan Descriptions (SPD).
Assure the compliance with all ERISA mandated issues and benefit notifications such as Annual Funding Notices, Summary Annual Reports, and other required notices.
Research and answer escalated retirement benefit and policy interpretation questions from the benefits administrator, employees, and retirees.
Assist Labor Relations with pension and retiree health & welfare benefits in preparing for and during negotiations.
Work with external plan auditor on all requests related to the annual benefit plan audits (Retirement plans) for all government required filings including 1095Cs and 5500s (Retirement Plans).
Assist with annual RMRA payment and funding
Coordinate Medicare RDS application
Stay abreast of government regulations, administrative requirements and statutory limits on all retirement plans.
Help with special projects, as needed.
Recommend and assist in the implementation of process improvements.
Coordinate and comply with all SOX Compliance control issues.
Knowledge/Skills
MS Office, with strong Excel skills
SAP preferred
Strong project management skills
Analytical, problem solving, mathematical and communication skills.
Ability to gather, organize, and analyze financial data
Vendor and contract management experience.
Strong interpersonal, communication skills and the ability to work effectively across all employee populations
Strong project management, execution, attention to detail and the ability to creatively and quickly solve problems are essential to the success of this role
Strong written and verbal communication skills
Flexible, thrives in fast-paced environment
Attention to detail and ability to creatively and quickly solve problem
Experience/Education
Bachelor's Degree or equivalent work experience.
Minimum three (3) years’ experience working with defined benefits, defined contribution, and retiree health & welfare plans.
Prior experience within utility industry preferred
Prion experience working with labor unions
Experience on acquisitions and divestures helpful.
Working knowledge of payroll/benefit systems, SAP preferred
Knowledge of other Benefits functions a plus.
Certifications & Licenses
CEBS, CBP preferred
Work Environment
Hybrid work Model 3 days in the office 2 days from home;
Join American Water... We Keep Life Flowing ™
American Water is firmly committed to Equal Employment Opportunity (EEO) and prohibits employment discrimination for employees and applicants based on his or her age, race, color, pregnancy, gender, gender identity, sexual orientation, national origin, religion, marital status, citizenship, or because they are an individual with a disability, protected veteran or other status protected by federal, state, and local laws.
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