Benefits Business Analyst

Company: System One
Location: Minneapolis
Posted on: May 16, 2022

Job Description:

Job DescriptionBenefits Business AnalystMinneapolis, MNSystem One is currently seeking a Benefits Business Analyst on a 12-month contract position located in Minneapolis, MN.This position will be with our client, a utility holding company serving more than 3.3 million electric customers and 1.8 million natural gas customers.Benefits Business Analyst Responsibilities:

• Participates in all operational activities of the company's qualified and non-qualified retirement benefit programs including, but not limited to, defined benefit and contribution plans; and special executive plans (e.g., supplemental retirement and deferred compensation programs)
• Provides extensive systems expertise in the development and maintenance of retirement recordkeeping systems
• Makes administrative recommendations including technological enhancements and process changes for more efficient and effective program delivery
• Responsible for ongoing administration of retirement policies and programs
• Ensures compliance in daily administration with all applicable legal and regulatory requirements as directed by leadership
• Provides education, interpretation and support to regulated and non-regulated business units, employees and external vendors and company retirement plans
• Develops, implements and consolidates pension and 401(k) recordkeeping systems, including making recommendations for all qualified and non-qualified retirement benefit programs
• Works with vendors to define appropriate data specifications and processes, ensuring data integrity
• Provides system, program and technological support to employees, business units and vendors, including the development of new processes and system support and testing
• Ensure compliance with legal and regulatory requirements in all aspects of daily operations
• Coordinates compliance-related projects such as internal audits, pension valuations, 5500 preparation and non-discrimination tests
• Assists in the SOX related controls such as the Reconciliation of Trust Statements
• Problem solves service and earnings-related issues
• Reviews and approves pension payment set-ups including pension calculations
• Reviews application and distribution processes with employees, managers, along with providing education on a variety of decision-making requirements
• Responsible for coordinating all aspects of Qualified Domestic Relations Order (QDRO) administration
• Assists in the development and delivery of retirement communications, including but not limited to orientation programs and application processes
• Analyzes non-IT business problems and articulates requirements to support process improvement opportunities
• Creates framework for assessing financial payback
• Identifies alternative solutions and makes recommendation
• Prepares documentation of current and desired state
• Develops requirements and builds a common understanding between process owners and solution developersBenefits Business Analyst Requirements:
  • High School Diploma or GED
  • Role demands ability to assess process performance, strong written and verbal communication skills, and experience in preparing ROI statements for proposed investmentsDuration: 12-monthsLocation: Minneapolis, MNPay Rate: $36.36/hr.

Keywords: System One, Minneapolis , Benefits Business Analyst, Professions , Minneapolis, Minnesota