SVP, Plan Administration - Office of Employee Benefits

Federal Reserve Bank-posted 2 months ago

Full-time

Newark, NJ

5,001-10,000 employees

Monetary Authorities-Central Bank

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The Office of Employee Benefits (OEB) plays a crucial role in administering the Federal Reserve System's comprehensive benefits programs, supporting the broader benefits strategy. This position will be based out of the Newark office, and candidates must reside within a reasonable commuting distance. On-site presence is required, along with occasional travel to the Atlanta Bank and other Federal Reserve System locations to engage with oversight committees and stakeholders.

Lead team of benefits professionals responsible for the operation and administration of the Federal Reserve System's qualified and non-qualified defined contribution plans, defined benefits plans and senior executive plans that include employees and retirees of the 12 Reserve Banks, the Board of Governors and the Consumer Financial Protection Bureau
Establish strategic goals for the Plan Administration team and Office that align with the overarching FRS benefits strategy and mission and goals of the OEB
Achieve long-term results by providing strategic direction, evaluating benefit trends and the environmental landscape in recommending benefit plan design and enhancements
Communicate developments in the benefits marketplace, leverage information to make informed strategic recommendations, and make vendor recommendations as appropriate
Accountability for compliance with IRS rules documentation governing qualified and non-qualified plans
Research and respond to complex participant issues and appeals
Direct activities related to procurement, audits and vendor management for the benefits plans
Establish and manage relationships with stakeholders, external consultants and vendor partners involved in benefits plan operations and administration
Provide oversight, strategic direction and development opportunities for other People Leaders and experienced professionals
Advise, educate and influence others cross-functionally within the OEB and across the FRS on topics including plan design, new benefit programs, regulatory changes and related policies
Serve as a member of the OEB's Senior Leadership Team including service on the OEB's Budget Committee and Risk Management Committee

Comprehensive experience in benefits program design and administration, with a thorough understanding of assigned benefits plans
Proven track record as a senior-level officer in Benefits Plan Administration
Strong skills in negotiation, facilitation, communication, influence, and relationship-building
Exceptional people management abilities, demonstrating inspirational leadership and a proven capacity to coach and develop high-performing, diverse teams
Commitment to the highest level of personal and professional integrity, instilling these values within the team
Excellent business management capabilities, including strategic planning, project management, and financial oversight
Technical aptitude to assess complex automation and information security needs, risks, and solutions, with a keen focus on data security due to the sensitive nature of the information managed
Outstanding interpersonal, written, and verbal communication skills
Highly credible leadership with extensive functional expertise in employee benefits and significant knowledge of products
Resilience in overcoming challenges related to program development and administration
In-depth understanding of innovative approaches to employee benefits across industries, with the ability to identify and leverage effective strategies

Master's degree in Finance or Accounting is preferred but not required
Actuarial experience is a plus
Additional valuable credentials include Qualified Pension Administrator (QPA), Certified Employee Benefits Specialist (CEBS), and experience with federal benefit programs such as retirement plans, health and wellness plans, and familiarity with Office of Personnel Management (OPM)

Defined-Benefit Retirement Plan
Thrift Savings Defined-Contribution Plan (401k)
Health and Wellness Programs
Long-term Disability Programs
Various Executive Benefits Options
Voluntary Insurance Plans, including Personal Accident, Business Travel, and Group Universal Life
Other Voluntary Benefits

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