Job Information
HarborOne Bank Benefits Analyst in Brockton, Massachusetts
HarborOne is looking for an experience Benefits Analyst. This role is responsible for daily benefit administration, benefit vendor coordination and analytics.
This is a Hybrid role allowing flexibility to work remotely and in-office as business needs allow.
General Administration and Analytics
Plans and directs implementation and administration of employee benefit programs such as health, disability, life insurance, employee assistance, wellness, retirement, and other plans. Analyzes and evaluates benefit vendor services, coverage, and options available through insurance and benefit vendor/partners to determine the best solutions to meet the needs of the bank. Coordinates with benefit plan providers, vendors, auditors, and consultants for benefit services, premiums, and plan administration. Proactively assesses and recommends benefit plan changes to management. Serves as company contact with third party vendors providing benefits to employees. Participate in benefit surveys, benchmark the bank’s benefits, identify best practices and proposes recommended changes. Audit the benefit health & welfare and retirement vendor/partners enrollments/terminations/eligibility on a periodic basis to ensure accurate accounting of participation, contributions and plan requirements.
Financial Management
Prepare for annual benefit budgeting.
Develops, tracks and monitors benefits budget and financial spend for all employee benefits.
Analyzes participation and utilization for all benefits on a monthly, quarterly and annual basis.
Analyzes benefits experience for cost-control and risk-assessment factors. Uses data to monitor trends and recommend educational initiatives, proposed plan design changes, vendor changes, cost-sharing, etc.
Regulatory Compliance and Audit Management
Ensure compliance with Federal & State Regulations including the IRS and Department of Labor are being followed consistently in regards to benefits administration. Escalating any concerns to management. Perform necessary Vendor/Risk Management for vendors related to benefits. Maintains knowledge of and analyzes government regulations, benefit program trends, and prevailing practices. Ensures timely completion and submission of required filings/reports, such as annual Form 5500, SAR’s, etc. Provides information to consultants and auditors for testing and preparation of reports. Ensures necessary plan documents are up-to-date and are available to employees including government-mandated disclosures, e.g. summary plan documents. Works closely with the bank divisions and third-party vendors to provide various reports and information for annual audits. Liaise with auditors in advance to have a clear understanding of what is needed. Gather the necessary reports, procedures, policies and employee information that is requested. Investigate any discrepancies and have a clear understanding of how to resolve. Provide any follow up that is requested. Review & update controls as necessary.
Benefits Communications and Employee Meetings
Conduct new hire enrollment meetings and annual open enrollment meetings to ensure employees receive accurate information, understand the benefits provided and ensure enrollments are completed on a timely basis. Coordinate with external financial advisor to organize financial education programs and meetings to help employees understand financial concepts and understanding retirement plans.
Health and Wellbeing
Develop, implement and evaluate wellness and health care educational programs to promote healthy lifestyles and changes in health care utilization and compliance. Participate in and coordinate Wellness meetings and strategy sessions with the Wellness vendor to implement activities that support the health and wellbeing of our employees and their family members. Organize events that facilitate wellness such as benefit fairs, flu shots, blood drives and wellness challenges.
Miscellaneous
As needed, investigate and resolve issues with service providers, benefit plan providers, and employees. Research and respond to complex employee questions regarding interpretation of benefits plans, including eligibility, covered services and exclusions. Maintain vendor contact to investigate discrepancies and provide information in non-routine situations.
Skills and Experience
College degree preferred
At least five years of direct benefits experience.
Working knowledge of benefits compliance requirements including Section 125 regulations, COBRA, FMLA, HIPAA, IRS, ACA.
Extensive knowledge and hands on experience with the administration of various employee benefits including Health & Wealth and qualified retirement plans including ESOP and 401K.
Possess excellent organizational skills in prioritizing workload and managing multiple matters in a fast-paced environment.
Ability to maintain highest level of confidentiality regarding personal employee information.
Proficient in MS Office (Word, Excel, Outlook)
Strong verbal and written communication skills
Strong analytical skills and a demonstrated ability to analyze, interpret information and identify trends; Ability to bring ideas for innovation and improvement in the processes to management.
Strong aptitude to conduct financial analyses, budget forecasting, projections, trend analyses and evaluate market intelligence.
Ability to research complex questions/problems, identify and evaluate viable options and recommend a sound resolution.
Ability to conduct complex analysis of financial trends, claims, budget projections and spend, etc.
CBP or CEBS preferred
ID: 2023-3275
External Company Name: HarborOne Bank
External Company URL: www.harborone.com