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Benefits Financial Analyst

New York, NY 10001

Posted: 08/24/2023 Employment Type: Direct Hire Industry: Benefits Representative Job Number: 40619 Pay Rate: 105,000

Job Description

Benefits Financial Analyst
This position supports the Benefits team by participating in all aspects of the U.S. health and welfare benefit plans and programs including collecting and maintaining financial data and preparing and reviewing data analytics to assist in the management of the programs. This position will be based in our New York City office and will have a hybrid remote/in-office schedule. Responsibilities include:
  • Support the financial planning and development of various U.S. and international benefit plans including but not limited to medical, dental, vision, life, and disability.
  • Understand and participate in the financial aspects of the benefit programs including the development of rate setting, forecasting, and the impact to the P&L and balance sheet.
  • Updates budget spreadsheets and maintains all related financial accounting and reconciliation data including collecting data from both internal and external resources, maintaining census information, premium and claim spreadsheets and other related reports.
  • Prepare and analyze monthly claims tracking reports for self-insured plans and perform data analysis of paid claims, and fixed costs associated with the plans.
  • Develops self-insured medical plan trend reports utilizing databases provided by the insurance carriers.
  • Analyzes trends and assists in the development of recommendations of plan design and contributions by identifying savings opportunities to control costs.
  • Support day-to-day project management by coordinating the scheduling of meetings with carriers and brokers and maintaining records and notes, tracking take-aways items from meetings and
  • responsible to follow-up with stakeholders for associated items.
  • Assist with the review of materials provided.
  • Work with brokers, consultants, and vendors and support the management of third-party vendor relationships to ensure efficient and effective management and administration of all benefit plans.
  • Assist with the annual renewal processes for all U.S. and international health and welfare benefit plans and programs including but not limited to: guiding the renewal timelines, analyzing
  • proposals and negotiating pricing and applicable contract terms and developing associated budget and financial analysis spreadsheets and presentations.
  • Assist in reviewing benchmark data to identify industry and competitor trends. Supports research of best practices using market surveys, networking, and other sources of industry information, to recommend competitive and cost-effective benefit packages.
  • Anticipates and meets partner and employee needs in a timely and professional manner.
  • Performs other duties as assigned.
  • Strong attention to detail and data accuracy
  • Ability to work well independently, take initiative and work well with limited supervision
  • Strong written communication skills including strong grammar and proofreading ability
  • Ability to synthesize, interpret and summarize information in a clear, concise manner
  • Must be highly organized with ability to work well under pressure and manage multiple high-priorities in a fast-paced environment; flexible and adaptable.
  • Strong computer skills; high proficiency in MS Word and expert level MS Excel skill set, HR systems, Database systems
  • Strong skills in data mining, manipulation, and analysis
  • Knowledge of U.S. laws and regulations impacting employee benefits
  • Knowledge of payroll and accounting functions, as they relate to the interaction with benefits
  • Proficient in mathematical and accounting principles, general ledger, budgeting, and budget variance analysis
  • Ability to keep matters confidential.
  • Strong customer service and interpersonal skills
Base salary to $105K DOE

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