Senior Benefits Analyst - Compliance
Your Career Begins at Timken
If you’re ready for a challenging career that provides you with the ability to advance personally and professionally, look to Timken. Our associates make the world more productive by improving the efficiency and reliability of the machinery that keeps industry in motion.
The Senior Benefits Analyst – Compliance will be responsible for the administration of the Company’s global benefits compliance programs; assists in the development and implementation of compliance strategies in the administration of the Company’s qualified employee benefit plans and programs and non-qualified benefit plans and programs; ensures understanding of relevant US federal and state laws and regulations and foreign laws and regulations as they relate to employee benefit plans and programs; provides input and compliance expertise for the development of US and global benefit strategy and plan designs and the implementation of such plans.
This role requires the ability to interact with our US consultants and vendor partners, such as Lockton, MetLife, and Empower; the company’s outside legal counsel, such as Jones Day; and the company’s global professional service firms such as Mercer, Willis Towers Watson, and Aon, to ensure these advisors provide prompt, complete, and accurate compliance data and statistics and legal and regulatory guidance. As a global role, this interaction relates to matters involving the Company’s Global Brokerage process for all countries with Timken operations.
Company benefit plans: defined contribution, defined benefit, medical and prescription drug program for active employees and retirees, short-term disability, long-term disability, other health & welfare programs, and the supplemental executive retirement plan and other executive benefit programs. This includes global and US benefit programs and union and salaried participants.
Essential Duties & Responsibilities:
- Ensure administrative compliance with applicable federal, state, and local regulations related to active and retiree health & welfare plans, retirement plans, and executive benefit plans in the US (e.g. ERISA, HIPAA, 409A, ACA, etc.).
- Ensure understanding of and compliance with applicable foreign laws and regulations related to the design and operation of the company’s global health, welfare, wellness, and retirement plans and programs.
- Monitor the legal and regulatory environment in the US and fully understand all compliance and administrative requirements of employee benefit plans including interpretation and application of regulations, plan design, and processes; advise management and plan fiduciaries of changes in applicable US employee benefits laws, rules and regulations for the purpose of maintaining compliance and to foresee and protect against legal risks. This includes ensuring plan documents and Summary Plan Descriptions are updated timely and appropriately and maintaining a compliance calendar for internally administered US employee benefit plans.
- Achieve subject matter proficiency concerning the Company’s active and retiree US healthcare, retirement, and welfare plans; assist with the administration of those plans; and provide input into the strategic development, design, and implementation of those plans as it relates to compliance matters.
- Serve as the focal point for all internal and external audits, SOC-1 reviews, internal control measures, and other compliance efforts, including the financial and/or IT systems aspects of such efforts. This includes managing IRS Forms 5500 and other federal filings for all plans.
- Serve as the focal point for legal actions and issues involving benefits, including but not limited to, subpoenas, court orders, inquiries/demands from opposing counsel, state and federal government actions, and lawsuits, and work closely with the Legal Department on such matters.
- Serve as the focal point for foreign legal and regulatory requirements related to employee benefit plans in the various foreign locations in which the Company operates; serve as the administrative contact for Timken global brokerage provider and oversee service agreement renewals, multinational pooling, the company’s global benefit governance process, and data compilation and storage; provide input into the strategic development, design, and implementation of the Company’s global benefit plans as it relates to legal and regulatory matters.
- Research and answer associate, retiree, and HR department questions pertaining to benefit plans with the highest quality of service while partnering with the Senior Manager – Benefits and Human Resources, the Manager – Benefit Strategy and Design, other Benefits Department team members, and vendors. Assist in claims administration, problem solving, and resolving issues and concerns for associates and retirees.
- Serve as the Company’s HIPAA Administrator and develop a functional understanding of other federal and state medical privacy laws, financial privacy laws, and other privacy laws and regulations.
- Liaise with various internal departments (including, for example, the External Reporting, Internal Audit, Payroll, and Benefit Finance Departments), regional and local HR Business Partners, and with external benefit providers, actuaries, consultants, third party administrators, trustees, financial organizations, and regulatory authorities concerning aspects of benefit compliance, policies, procedures, changes and government-mandated disclosures, and other benefit plan administration issues.
Education and Experience Required:
- Bachelor’s degree in Human Resources, Business Administration, Legal Studies, or related degree
- 2 to 5 years of benefits experience, benefits compliance experience highly preferred OR 2 to 5 years of compliance experience
All qualified applicants shall be treated equally according to their individual qualifications, abilities, experiences and other employment standards. There will be no discrimination due to gender or gender identity, race, religion, color, national origin, ancestry, age, disability, sexual orientation, veteran/military status or any other basis protected by applicable law. #LI-