Benefits Specialist

Reference #: R CompanyFederal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

Supports the Benefits division within the Bank's Human Resources department. Performs strategic, analytical and administrative duties related to the comprehensive benefits package that is offered to active employees and retirees. The Benefits Specialist will display an exceptional ability to communicate directly with employees and retirees in order to explain benefit programs and eligibility requirements. Collaborates cross-functionally within Total Rewards and the Human Resources department and provides support and performs work on projects and initiatives as needed.

What You Will Do:Provides, through a consultative approach, exceptional customer service to employees seeking assistance related to benefits enrollment/explanation, retirement, leaves of absence, etc.Prepares and presents benefits-related information to new employees of the Bank.Prepares annual open enrollment materials and coordinates employee/retiree and vendor participation in the annual benefits fair.Administers the Bank's leave management program, ensuring the effective processing of all leaves and ADA requests.Administers the Bank Workers' Compensation program, managing relationship with workers' compensation insurers, monitoring claims, as well as developing and administering loss prevention.Supports Benefits Manager with various projects related to benefits, leaves, safety, and vendor management.Key contact for Commuter Benefits program. Educates employees on program, researches and resolved employee issues with vendor. Reconciles and submits monthly invoices for payment.Collaborates cross-functionally within Total Rewards team as well as Human Resources Department, offers suggestions and supports and performs work on projects and department initiatives.Prepares benefits and medical communications as needed and coordinates with the Bank's Strategic Communications department to publish information in the Bank's newsletter and intranet.Coordinates educational seminars with outside vendors that focus on financial planning, retirement planning, and work/life balance.Performs other related duties as assigned.Works directly with Strategy, Risk, and Financial Management (SRFM) to provide updated data related to benefit plan valuations and methodology.Monitors and maintains Benefits department general ledger accounts associated with employee payroll deductions and provides detailed instruction for the correct distribution of funds.

What You Have:

Knowledge and Skills:Well informed on the topics of:Health & Wellness: Substantial knowledge of medical, prescription drug, and vision plan structures and the interactions that takes place between plan sponsors, vendors, and participants.Thrift & Retirement: Working knowledge of defined contribution (DC) and defined benefit (DB) offerings and how these plans are used to both attract and retain employees.Understanding of plan administration and familiarity with financial planning concepts (401k, Roth 401k, , Contribution Limits, etc.).Personal Protection Plans: Life insurance, personal accident insurance, identity/theft protection, long-term disability, and group legal insurance.Leave Administration: Competent in leave administration programs as well as OSHA, FMLA and HIPAA laws and regulations.Ability to explain the fundamental structure of these plans to employees and retirees.Strong project management skillsAdept at handling confidential and sensitive information with discretion and working to ensure confidentiality is respected throughout the organization.

Additional Skills:Strong MS Office Excel & PowerPoint skills.Demonstrated organizational and administrative skills and the ability to maintain a realistic balance among multiple priorities and handle a wide variety of activities.Excellent time management, planning and organization skills, with an intelligent, proactive approach to problem solving.Attention to detail with high degree of accuracy, and the ability to work independently and exercise good judgment.The ability to multitask, work under tight deadlines, and prioritize conflicting needs; handle matters expeditiously, proactively, and follow-through on projects to successful completion.Excellent interpersonal and customer service skills, with the ability to communicate verbal and in writing with all levels of the organization.Well-developed analytical skills and logical reasoning.Ability to work harmoniously and effectively with others as part of cross-functional teams.Experience with policies, practices, and procedures.Flexibility and adaptability to change in work and priorities.Manage relationships and balance customer, project, organization, and team needs to ensure mutually beneficial outcomes.Fosters teamwork, collaboration and learning within the HR team.Promotes proactive approaches in using existing and new HR systems to solve business needs/problems.

Education and Experience:Bachelor's degree in Human Resources Administration, Business Administration or related field, however in lieu of a degree a combination education and relevant work experience could be considered.CEBS or other professional HR certifications is a plus.A minimum of eight years` related experience.

Physical Requirements: Ability to sit, enter data, and verify data at the Personal Computer (PC) for extended periods of time.

The for this position is: 13/14.

We offer a great benefits package that features:Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period401k/Thrift Plan with generous employer matchEmployer-funded Pension PlanPaid Vacation/Sick Time & HolidaysMonthly $100 Commuter AllowanceFlexible Spending Accounts and Healthcare Spending AccountsFlexible Work Schedule available in most departmentsLife Insurance and Long Term Disability InsuranceTuition Reimbursement (undergraduate and graduate)Parental LeaveFree onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilitiesOnsite Cafeteria & Coffee ShopAdditional Convenience Benefits, Discounts and More...

Additional Information:The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career