About this role
Overview
Benefits Specialist, Corporate Benefit Services
Full Time, 80 Hours Per Pay Period, Day Shift
Covenant Health Overview:
Covenant Health is the region’s top-performing healthcare network with 10 hospitals, outpatient and specialty services, and Covenant Medical Group, our area’s fastest-growing physician practice division. Headquartered in Knoxville, Covenant Health is a community-owned integrated healthcare delivery system and the area’s largest employer. Our more than 11,000 employees, volunteers, and 1,500 affiliated physicians are dedicated to improving the quality of life for the more than two million patients and families we serve every year. Covenant Health is the only healthcare system in East Tennessee to be named a Forbes “Best Employer” seven times.
Position Summary:
Under general direction, develops policies and benefit plans documents related to qualified and non-qualified retirement plans for all classes of employees. Works with Benefit Analyst to analyze equity of current retirement and pension plans compared to trends. Ensure that legislated requirements are met and work with outside counsel for guidance to ensure compliance with federal and state legal requirements. This position requires a BS degree in management, business, or human resources (or appropriate equivalent experience) and at least five years of prior experience in HR, pension/retirement benefits with familiarity with accounting. This position deals with confidential information and involves some unique project work requiring data management, data collection, entry, reporting, and auditing skills. As required, will work with the Benefits Team on special projects. Will act in a lead capacity for less senior benefits employees to provide guidance on daily task and projects.
Responsibilities
- Ensure the accuracy of participant/employee data for all Covenant Retirement Plans.
- Oversee and maintain the accuracy of Plan deduction information in HRIS system.
- Oversee and coordinate retirement Plan contribution data in the HRIS system and ensure transfer to Fidelity each payroll
- Ensure the Benefits Associates are trained and up to date on retirement plan information to be able to assist employees with general retirement plan information.
- Act as a lead to Benefits Associates and provide guidance on day-to-day task and special projects as needed and directed by management.
- Ensure a familiarity of all Covenant Benefits to enable you to lead the Benefits Associates with their daily task.
- Work with Benefits Administrator and UKG Pro Team to obtain reports as needed for Human Resource leadership, Finance, and Internal and external auditors.
- Lead and coordination of the Deceased Affairs program including ensuring that all claims from beneficiaries are processed per the established guidelines of the program. Ensure that all claims are processed to completion.
- Process non-Fidelity retirement Plan distribution/ loans and Qualified Domestic Relations Orders.
- Work with Benefit Analyst to provide the necessary information for the processing of the annual Form 5500 tax filing for retirement and health and welfare plans with tax accountants, TPAs, and Finance.
- Assist auditors annually with the audit of the Covenant Health 401-k Plan, Methodist Medical Center 403b Plan and Morristown Hamblen Hospital Association 401k Plan and other Benefit plan audits as needed.
- Facilitate the distribution of Summary Annual Reports for retirement and health and welfare plans.
- Work with Benefit Analyst to obtain data extracts to perform semi-annual non-discrimination testing for retirement plans with Fidelity Investments and IT department
- Work with Benefit Analyst to facilitate the calculation of annual employer match calculation and deposit of employer match for Covenant Health 401-k Plan, Methodist Medical Center 403b Plan and Morristown Hamblen Hospital Association 401k Plan with IT department, Fidelity Investments and Finance.
- Calculate and coordinate the deposit of Executive Non-qualified Deferred Compensation Plans.
- Lead the edit and approval process for all employee communications created by Fidelity Investments.
- Facilitate transition of retirement plan assets during acquisitions and/or divestitures of companies to/from Covenant Health.
- Facilitate the distribution of Participant Fee Disclosure Notices to participants of Qualified Retirement Plans.
- Coordinate and take minutes at the annual Finance Committee Meetings.
- Follows policies, procedures, and safety standards. Completes required education assignments annually. Works toward achieving goals and objectives and participates in quality improvement initiatives as requested.
- Performs other duties as assigned.
Qualifications
Minimum Education:
Bachelor of Science in Management, Business, or related field.
Minimum Experience:
Minimum five (5) years’ experience required in Human Resources, pension/retirement benefits and familiarity with related accounting.
Licensure Requirement:
None