Benefits Specialist

About This Role

The Benefits Specialist develops policies and benefit plan documents for qualified and non-qualified retirement plans across all employee classes. This role involves analyzing current retirement and pension plans against market trends, ensuring compliance with legislative requirements, and working with outside counsel for legal guidance. It requires familiarity with accounting and deals with confidential information, unique project work, and data management.

Responsibilities

• Ensure the accuracy of participant/employee data for all Covenant Retirement Plans
• Oversee and maintain the accuracy of Plan deduction information in the HRIS system
• Oversee and coordinate retirement Plan contribution data in the HRIS system and ensure transfer to Fidelity each payroll
• Ensure Benefits Associates are trained and up to date on retirement plan information to assist employees with general retirement plan information
• Act as a lead to Benefits Associates and provide guidance on day-to-day tasks and special projects as needed and directed by management
• Ensure familiarity with all Covenant Benefits to enable leading Benefits Associates with their daily tasks
• Work with Benefits Administrator and UKG Pro Team to obtain reports as needed for Human Resource leadership, Finance, and Internal and external auditors
• Lead and coordinate the Deceased Affairs program, ensuring all claims from beneficiaries are processed per established guidelines and completed
• Process non-Fidelity retirement Plan distribution/loans and Qualified Domestic Relations Orders
• Work with Benefit Analyst to provide necessary information for processing the annual Form 5500 tax filing for retirement and health and welfare plans with tax accountants, TPAs, and Finance
• Assist auditors annually with the audit of the Covenant Health 401-k Plan, Methodist Medical Center 403b Plan, Morristown Hamblen Hospital Association 401k Plan, and other Benefit plan audits as needed
• Facilitate the distribution of Summary Annual Reports for retirement and health and welfare plans
• Work with Benefit Analyst to obtain data extracts to perform semi-annual non-discrimination testing for retirement plans with Fidelity Investments and the IT department
• Work with Benefit Analyst to facilitate the calculation of annual employer match and deposit of employer match for Covenant Health 401-k Plan, Methodist Medical Center 403b Plan, and Morristown Hamblen Hospital Association 401k Plan with the IT department, Fidelity Investments, and Finance
• Calculate and coordinate the deposit of Executive Non-qualified Deferred Compensation Plans
• Lead the edit and approval process for all employee communications created by Fidelity Investments
• Facilitate transition of retirement plan assets during acquisitions and/or divestitures of companies to/from Covenant Health