Avp, Benefits Manager

The Bancorp, Inc. Wilmington , DE 19801

Posted 3 months ago

Overview

Direct, manage, and implement long and short-term strategies, associated projects and initiatives covering health and welfare, retirement, and wellness programs for the organization.

Responsibilities

Develop and implement long and short-term strategies and goals for the health, welfare, wellness, and associated programs, e.g. STD, LTD, Workers Compensation, Life Insurance, HSA, FSA.

Investigate program design options based on market trends. Provide recommendations including a 3 5-year strategy with projected costs for the plans as well as employee/employer cost sharing goals. Manage the cost effectiveness of the benefits plans to drive employees to be good health care consumers through plan design, offerings, and pricing.

Evaluate and recommend vendors and/or brokers for benefits and wellness coverage. Direct the retirement (401(k)) programs. Work closely with vendors to ensure employees have the retirement security they need through fund options, plan features such as opt out, automatic annual percentage increases, loan rules, and company match selections.

Evaluate existing program usage and encourage increased savings and plan participation. Ensure programs comply with all legal and regulatory requirements. Test program as needed.

Manage benefits communications to employees and managers. Plan and develop an annual communications and program calendar, create and maintain an online benefits presence on the company intranet and direct the annual open enrollment activities. Partner closely with Marketing, Learning & Development and vendors to create and deliver timely multi-media communications and campaigns as needed to drive employee behaviors and participation levels in programs.

Ensure employees receive and/or have access to all required communications including privacy statements, Summary Plan Descriptions, etc. Prepare and deliver benefits-related dashboards, reports, presentations and recommendations to senior leadership to ensure sponsorship and fiduciary accountability for plan direction, design, and strategy. Maintain monthly, semi-annual, and annual statistics on the programs.

Ensure vendor reports are provided and customized as needed for assessing employee usage and costs. Direct and manage vendor relationships. Set high performance standards and evaluate vendor performance against SLAs, prepare vendor reports and assessments and provide direct feedback on issues as they arise.

RFP vendor contracts, participate in vendor negotiations and ensure cost effective services are delivered that meet the needs of the organization and its' employees. May be responsible to oversee and manage vendor invoices and billing. Act as the primary contact on benefits audits with internal and external auditors and regulatory authorities.

Meet with auditors to understand audit scope and needs. Develop reports and/or complete data requests as needed. Implement data, operations, and/or process changes and controls as needed to meet audit and compliance findings and recommendations.

Act as an employee resource. Respond to employee questions and needs on health, welfare, 401(k) and related issues. Meet with employees on retirement, FMLA, health care coverage and related issues to ensure they understand how to best apply the benefit offerings to their personal situation and make the appropriate selections.

Manage the benefits data and systems to ensure employees have real time access to their benefits information including retirement balances, health bills, wellness points, etc. Work with vendors as needed to customize the employee experience. Automate reports and data flows between vendors and Bancorp as needed to ensure efficient operations.

Qualifications

Education/Experience:

  • An undergraduate degree in a related field or an equivalent combination of training and experience.
  • A minimum of 5 8 years related benefits management experience

Other Qualifications:

  • Strong working knowledge of retirement, health and welfare benefits, rules and regulations

  • Excellent verbal, written, and interpersonal communication skills

  • A team player able to work effectively in a team fostered, multi-tasking environment

  • Proficient in Microsoft Office suite, e.g. Excel, PowerPoint, Word, Outlook

  • Position is required to travel between sites occasionally

Employment with The Bancorp includes successfully passing a background check including credit, criminal, OFAC, education and past employment.

The Bancorp is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, status as a protected veteran, among other things, or status as a qualified individual with disability.



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Avp, Benefits Manager

The Bancorp, Inc.