Benefits Analyst I

Teachers' Retirement System of the State of Illinois • Springfield, IL

2d • Onsite

About The Position

The Benefits Analyst I plays a crucial role in delivering expert pension service to Illinois public educators, ensuring their retirement security. Under the supervision of the Benefits Manager, this position is responsible for processing and calculating one specific type of claim (such as retirement, refund and single sum, APB, disability, or survivor benefit) and its associated recalculations with proficiency, or alternatively, processing and calculating five types of optional service adjustments with proficiency. These tasks must be performed in strict adherence to the Illinois Pension Code, related administrative rules, and appropriate procedural manuals. The role involves responding to inquiries concerning benefit claims or optional service adjustments and collaborating with the Benefits Manager on assigned tasks. Additionally, the Benefits Analyst I provides essential technical and clerical support to the Benefits Department. This position operates within the Retirements, Member Accounts and Refunds, or Survivor and Disability areas. Key responsibilities include analyzing, researching, and gathering necessary documents and information to ensure the accurate and timely processing of benefit claims or optional service adjustments. The incumbent is expected to possess a basic understanding of the assigned benefit calculations or optional service adjustments, routine rollover information, and familiarity with Article 16 of the Illinois Pension Code as it pertains to their assigned duties. Further responsibilities include assisting with mailings, handling telephone inquiries, resolving refund discrepancies, and processing Social Security and divorce estimate requests. The position demands strong organizational and analytical skills, along with the ability to communicate the provisions of the Pension Code clearly and concisely, both verbally and in writing, to co-workers and the public. A significant challenge of this role is managing a high volume of work at a rapid pace while maintaining exceptional quality.

Requirements

• Bachelor’s degree in math, statistics, accounting, education, business, or a related degree
• Candidates without a degree must possess four (4) years of progressive responsibility in a related business or education field.
• Excellent analytical and organizational skills and the ability to communicate effectively with co-workers and the public both verbally and through written correspondence.
• Analytical skills
• Computational skills
• Communication skills
• Interpersonal skills
• Ability to utilize existing computer applications and interact effectively and diplomatically with members

Nice To Haves

• Experience with pensions, benefits and or employee relations

Responsibilities

• Maintain an understanding of existing statutory requirements, rules and procedures that determine retirement options and benefits.
• Receive requests for income verification letters, publications, specialized forms, and other documents; respond in an accurate and timely manner.
• Use Excel spreadsheets and computerized procedures to calculate benefit claims including age retirement annuities, reversionary, optional service adjustments, and single-sum retirements.
• Analyze and prepare all necessary calculation and benefit information to provide comprehensive and concise information to members.
• Organize refund and single sum, disability, APB, survivor benefits, and/or retirement applications for claim processing as needed.
• Provide technical and clerical support to the benefits department including but not limited to preparing letters for review and approval, mailing, scanning, recording receipt of documents, and reviewing voicemails, emails, and various User Action Request reports.
• Review daily work and determine how work should be distributed throughout the unit including identifying “Rush” requests.
• Calculate one type of claim or five types of optional service adjustments using the appropriate applications for verification by another analyst.
• Contacting employers when necessary to determine excess salary cost and excess sick leave cost billed to employers on retirement claims.
• Reviewing and analyzing documentation such as contracts, board minutes and salary charts received from employers to make sure calculation, and billing is accurate and ensuring proper documentation is received per Pension Code.
• Reviewing QILDRO court documents to calculate anticipated adjustments on retirement claims.
• Analyze changes, review, and submit claim recalculations, as needed.
• Analyze and submit miscellaneous adjustments, as needed.
• Review, analyze, and interpret homebound documentation, W2 forms, Social Security Itemized Statement of Earnings and other pertinent documentation sent to TRS from the member or their employer with assistance from more senior staff members.
• Analyze and audit member records following the Illinois Pension Code and statutory requirements to determine eligibility for benefits or optional service.
• Respond to inquiries and correspondence received from members and internal staff.
• Modify standard letters or create customized letters, as needed.
• Review and submit Excess Contribution Refunds and 1% Survivor Benefit Refunds.
• Follow up with members, school districts, retirement systems, and financial institutions as necessary.
• Analyze and research returned warrants to determine steps needed to ensure the acceptance of transactions to financial institutions.
• Collaborate with State Comptroller’s office, accounting department, members, and financial institutions to safeguard the acceptance of the funds as needed.
• Calculate and submit divorce estimates
• Analyze, research, and meet IRS mandated time guidelines for the annual Required Mandatory Distribution as needed.
• Analyze and research the annual Member Accumulated Contribution research project as needed.
• Retrieve reciprocal service histories via the Illinois Municipal Retirement Fund (IMRF) and State Universities Retirement System (SURS) website and maintain a follow up system with the Chicago Teachers’ Pension Fund (CTPF) via email or phone contact when required or requested.
• Receive, review, and process out of state verification forms (OSV’s) regarding past Illinois teaching service.
• Send responses to member or employer as required
• Analyze and calculate Social Security eligibility letters and/or income verifications as needed.
• Review legal documents, including trust and probate documents for proper payment of death claims.
• Review workers compensation documentation, to calculate credit and process miscellaneous adjustments.
• Assist in special projects using the agile scrum methodology as needed.
• Participate in training as required.
• Perform other duties as assigned.

Benefits

• State of Illinois comprehensive benefits program which includes medical, dental and vision coverage.
• All employees participate in the TRS retirement pension plan
• Option to contribute to additional State of Illinois deferred compensation plans.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 11-50 employees