Torchora
Back to Home

Key Responsibilities and Required Skills for Pension Coordinator

💰 $55,000 - $75,000

Human ResourcesBenefits AdministrationFinanceRetirement Services

🎯 Role Definition

The Pension Coordinator is a pivotal role within the Human Resources and Finance ecosystem, acting as the dedicated subject matter expert and primary point of contact for all matters related to employee retirement plans. At its core, this position is the guardian of the company's pension programs, ensuring they are administered with precision, in full compliance with complex regulations, and communicated effectively to employees. This individual bridges the gap between employees, the company, and third-party administrators, providing compassionate support and expert guidance to team members as they navigate one of the most important aspects of their financial future. Success in this role is defined by meticulous accuracy, proactive problem-solving, and a deep commitment to serving employees' long-term wellbeing.

📈 Career Progression

Typical Career Path

Entry Point From:

  • HR Assistant / Coordinator
  • Benefits Administrator
  • Payroll Clerk

Advancement To:

  • Senior Pension Coordinator / Analyst
  • Retirement Plan Specialist
  • Benefits Manager

Lateral Moves:

  • Compensation Analyst
  • HR Generalist
  • Payroll Specialist

Core Responsibilities

Primary Functions

  • Serve as the primary day-to-day contact for all employee and retiree inquiries regarding defined benefit (DB) and defined contribution (DC) pension plans, providing clear, accurate, and timely information.
  • Diligently process and verify all pension-related transactions, including new enrollments, contribution changes, terminations, retirements, deaths, disabilities, and rollovers.
  • Perform complex and precise pension benefit calculations for various life events, such as retirement estimates, termination payouts, and pre-retirement death benefits, ensuring strict adherence to plan documents.
  • Manage the administration of Qualified Domestic Relations Orders (QDROs), from initial review to final processing, coordinating with legal counsel and third-party administrators.
  • Conduct regular audits of pension data within the HRIS and vendor systems to ensure data integrity, reconcile discrepancies between payroll contributions and vendor records.
  • Collaborate closely with payroll to ensure the accurate and timely remittance of employee and employer contributions to the respective retirement plan custodians.
  • Act as the main liaison between the company and third-party administrators, record-keepers, and actuaries, resolving administrative issues and ensuring service level agreements are met.
  • Assist in the preparation and review of data for annual non-discrimination testing, Form 5500 filings, and other government-mandated reporting to ensure regulatory compliance.
  • Maintain a deep and current understanding of all plan provisions, as well as federal regulations such as ERISA, PPA, and relevant IRS codes, to ensure all processes are compliant.
  • Develop and maintain comprehensive process documentation for all pension administration tasks to ensure consistency and facilitate cross-training.
  • Coordinate and deliver employee education sessions, webinars, and communication materials (e.g., newsletters, plan summaries) to enhance understanding and appreciation of retirement benefits.
  • Manage the pension commencement process for retiring employees, guiding them through paperwork, explaining payment options, and ensuring a smooth transition into retirement.
  • Process and track all pension-related invoices from vendors, ensuring they are accurate and paid on time.
  • Support the annual audit process by providing requested documentation, running reports, and answering inquiries from internal and external auditors.
  • Administer retirement plan loan programs, including processing applications, monitoring repayments, and handling defaults according to plan rules.
  • Calculate and verify employee vesting service and eligibility for various plan features, maintaining accurate service records.
  • Research and resolve complex or escalated participant issues that require in-depth plan knowledge and investigation.
  • Maintain all pension-related files and records with the utmost confidentiality and in accordance with the company's record retention policy.
  • Participate in the review and implementation of plan amendments or changes, assisting with system updates and employee communications.
  • Monitor legislative and regulatory changes affecting retirement plans and assist in assessing their impact on the company's programs and administrative procedures.

Secondary Functions

  • Support ad-hoc reporting requests from Finance, HR, and leadership regarding plan participation, funding, and demographics.
  • Contribute to the continuous improvement of benefits administration processes and employee communication strategies.
  • Collaborate with HRIS and IT teams to ensure the integrity and functionality of benefits modules and data feeds between internal and external systems.
  • Participate in annual benefits open enrollment planning and execution, with a specific focus on retirement plan communication and materials.

Required Skills & Competencies

Hard Skills (Technical)

  • Retirement Plan Expertise: Deep knowledge of defined benefit (DB) and defined contribution (DC) plans, including 401(k), 403(b), and cash balance plans.
  • Regulatory Compliance: Strong, practical understanding of pension regulations, particularly ERISA, DOL, and IRS requirements related to plan administration and reporting.
  • Advanced Excel Proficiency: Mastery of Microsoft Excel for data analysis, auditing, and reporting, including VLOOKUPs, pivot tables, and complex formula creation.
  • HRIS & Benefits Software: Proficiency using Human Resources Information Systems (HRIS) like Workday, PeopleSoft, or ADP, specifically their benefits and payroll modules.
  • Pension Calculation: Ability to manually calculate pension benefits, vesting, and service credits based on plan document formulas.
  • QDRO Administration: Familiarity with the legal and administrative process for reviewing and processing Qualified Domestic Relations Orders.
  • Vendor Management: Experience liaising with third-party administrators (TPAs), record-keepers, and other benefits vendors.

Soft Skills

  • Exceptional Attention to Detail: An unwavering commitment to accuracy and precision, especially when handling financial data and calculations.
  • Analytical & Problem-Solving: The ability to investigate complex issues, analyze data to find root causes, and develop effective solutions.
  • Empathetic Communication: Skill in explaining complex topics clearly and compassionately to employees with varying levels of financial literacy.
  • Discretion and Confidentiality: A high degree of integrity and the ability to handle sensitive personal and financial information with complete confidentiality.
  • Organizational & Time Management: Outstanding ability to prioritize multiple, time-sensitive tasks and manage a high-volume workload effectively.
  • Interpersonal Skills: The capacity to build strong, collaborative relationships with employees, managers, and external partners.

Education & Experience

Educational Background

Minimum Education:

  • Associate's Degree or equivalent combination of education and relevant work experience.

Preferred Education:

  • Bachelor's Degree.

Relevant Fields of Study:

  • Human Resources
  • Finance
  • Business Administration
  • Accounting

Experience Requirements

Typical Experience Range:

  • 2-5 years of direct experience in benefits administration with a significant focus on retirement and pension plans.

Preferred:

  • Experience in a role with direct responsibility for pension calculations and compliance. A professional designation such as CEBS (Certified Employee Benefit Specialist) or similar certification is a significant plus.
Explore More Careers