Senior Benefits Analyst II

Requires excellent analytical ability and effective oral and written communications skills, typically received through a Bachelor's degree or equivalent experience. FR-26 requires five years of experience. Requires expertise in benefits design, administration and compliance. Strong analytical skills and a thorough knowledge of plan designs. The ability to balance competing interests and adjust priorities to respond to pressing and changing demands is highly desirable. Proficient with Microsoft Office Suite or related software; experience with HR systems and benefits databases; experience with Workday or ServiceNow preferred. A broad understanding of the interrelationships between benefits and other human resources disciplines is also desirable. Must have demonstrated strong customer relations skills and ability to interact with all levels of the Board's staff effectively.

FR-27 is a Sr. Benefits Analyst III and requires meeting the minimum qualifications of the FR-26 in addition to six years of experience.  Requires excellent interpersonal, oral and written communication skills. Must be able to anticipate and meet the needs of clients while maintaining high-quality end products.

The expected salary range for this role is $128,600 - $190,900. Final offers are determined by experience and education, as well as internal and external factors.
This position requires US citizenship and a fully on-site presence at our offices in Washington, DC.

Minimum Education
Bachelor's degree or equivalent experience
Minimum Experience
5
Summary
The Sr Benefits Analyst II applies expertise in Board, System, and federal benefits as well as knowledge of benefits law and IRS rules to perform complex analyses and lead projects on a wide range of benefits issues.  Develop communications material, establish new and revised procedures, ensure benefit plan compliance, analyze plan costs, and research or resolve unusual or complex issues or problems. Make presentations to senior management.
Duties and Responsibilities

• Research benefit-related issues and develop new plans, policies and procedures to ensure that programs incorporate sound cost-containment principles, achieve regulatory compliance, and meet organizational needs and goals. 

• Coordinate documentation and data for benefits audits and compliance reviews in line with regulatory and internal requirements.
• Coordinates with Legal Division, the Office of Employee Benefits (OEB), external consultants, and outsourced plan administrator to identify and resolve any compliance related issues.
• Develops and revises oral and written benefit communications, including updates to plan booklets and plan documents. Develop systems and communication tools to facilitate the delivery of benefits services.
• Research and respond to inquiries from vendors, stakeholders, plan participants and Federal Reserve System partners. Collaborates with Benefits specialists and benefits technical specialists to resolve complex benefits issues with employees, insurance carriers, OEB, or outsourced plan administrator.
• Participates in plan negotiations through timely identification of relevant issues, preparation of plan cost projections and supporting analysis of vendor proposals.  Partners with Procurement to negotiate with vendors and administrators for best plans, options and rates.
• Review new, or changed, procedures received from OEB or Office of personnel Management (OPM) and coordinates implementation with benefits specialists.  Represents the section and/or Board on System work groups.
• Prepare and reconcile monthly vendor invoices, eligibility files, and reports to ensure accurate billing and recordkeeping.
• Monitor regulatory developments and ensure compliance with applicable laws and internal processes.
• Partners with vendors to process employee benefit enrollments changes, in vendor systems with accuracy and timeliness.
• Serve as contact for plan vendors and third-party administrators.
• Complete benefits surveys and review information obtained from the results.