This multifaceted position supports the Sr. Global Benefits Manager to participate in all aspects of the U.S. health and welfare benefit plans and programs Firm-wide for partners and employees including but not limited to planning, development, designing, implementing, administration and presenting findings. Serves as the financial and data analyst subject matter expert on U.S. benefit plans and programs by developing, maintaining and performing data analysis all of the associated financial information.
Responsible for the planning and developing of various U.S. benefit plans including but not limited to medical, dental, vision, life, and disability. Ensures that the programs are current, competitive and in compliance with legal requirements.
- Monitors, analyzes and researches utilization, experience and trends. Develops recommendations for Plan revisions to existing benefits and the implementation of new benefits as appropriate and consistent with the Firm’s benefits' objectives and strategies.
- Responsible for managing the financial costs and associated risks for U.S. benefit plans.
- Delivers timely, targeted, cost effective and coordinated benefit solutions.
- Manages relationships with benefits' brokers, consultants, and vendors.
Responsible for the maintenance of current U.S. benefit plans and the implementation of new programs and vendor management for the health and welfare benefit plans and programs.
- Develops strong relationships and works closely with the U.S. Benefits Department staff to educate, provide guidance, and ensure that the U.S. benefit plans are administered in accordance with contract provisions.
- Manages benefits activities with local regional HR business partners when applicable.
- Assists personnel at all levels within the Firm on the available programs.
- Drives annual renewal processes for all U.S. health and welfare benefit plans and programs including but not limited to: partnering with benefits' brokers to negotiate with benefit providers on annual renewals, analyzing proposals and negotiating pricing and applicable contract terms, developing associated budget and financial analysis spreadsheets, and determining related HRIS system needs.
- Responsible for health and welfare benefit plan performance reviews to control costs by managing claims data and identifying cost savings opportunities and making recommendations for appropriate changes.
- Work closely with brokers in conducting benchmark analysis to identify trends in industry and with competitors. Researches benefits best practices using market surveys, networking, and other sources of industry information, to recommend competitive and cost effective benefit packages.
- Manages third-party vendor relationships to ensure efficient and effective administration of all benefit plans. Manages and leverages vendor relationships and platforms to ensure efficient, automated and cost effective administration of benefit programs. Monitors vendor performance in accordance with service level agreements. Develops and presents benchmarking reports by gathering and analyzing health benefits data.
- Prepares and updates a wide range of documentation relating to the U.S. benefit plans.
- Assists with ad hoc retirement plan projects.
- Works with the applicable departmental staff on partners/employees communications.
Responsible for the financial accounting and data analysis of all U.S. health and welfare benefit plans and programs and the departmental budget.
- Develops budgetary spreadsheets and maintains all related financial accounting and reconciliation data including but not limited to: collecting all relevant data from both internal and external resources, maintaining and updating all related annual/monthly carrier premium, claim spreadsheets and related census data, departmental budget spreadsheets, and all other related reports.
- Understand and participate in financial aspects of benefit programs including the development of rate setting, forecasting, and the impact to the P&L and balance sheet.
- Prepares monthly claims tracking reports for self-insured plans and performs data analysis of paid claims, IBNR and fixed costs associated with the plans to report trends and make strategic recommendations for plan design and funding levels.
- Partners with finance, vendors and brokers to ensure accurate and timely payment of vendors and carriers as well as performing the associated accounting reconciliation. Tracks benefits spend, analyzes trends, and ensures proper inputs for annual budgeting process
- Responsible to develop an in-depth understanding of the data and utilizes this information to continually monitor the benefits budget.
- Analyzes actual versus expected incurred plan costs. Check data for reasonableness and follows-up with vendors regarding missing or inaccurate data.
- Develops recommendations for medical plan cost share analysis for annual open enrollment.
- Work closely with outside benefits brokers/consultants to monitor benefit utilization and cost to the Firm.
- Provide strategic recommendations with regard to cost containment and increasing the return on investment in employee benefits given changes in the benefits market and organization demographics.
Supports the Global Benefits Compliance Manager to ensure the compliance of U.S. benefit plans and programs.
- Maintains awareness of and analyzes current and developing legislation and regulations affecting U.S. benefit plans to assess their potential impact to the Firm.
- Uses compliance knowledge to make recommendations and facilitates necessary changes to modify benefit plans and administrative practices.
- Assists in developing and maintaining legal and compliance documents and governance procedures.
- Regulatory reporting as required.
Anticipates and meets partner and employee needs in a timely and professional manner.
- Answers benefit inquiries
- Assists in resolving complex issues
Performs other related duties as assigned.
- Pays attention to detail and high data accuracy
- Works well independently and takes initiative and works well with limited supervision
- Strong written communication skills including exceptional 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; excellent time management, prioritization and respect for deadlines with the ability to be flexible and accommodate unforeseen priorities; consistently deliver timely and accurate work products, and respond with a sense of urgency
- Ability to research, identify and implement solutions for business issues
- Strong computer skills; high proficiency in MS Word and expert level MS Excel skill set (with extensive experience in and knowledge of formulas, VLOOKUP, HLOOKUP, pivot tables and charts, formulas etc.), HR systems, Database systems
- Strong skills in data mining, manipulation, and analysis
- Extensive knowledge of U.S. laws and regulations impacting employee benefits
- Strong critical thinking skills to allow the candidate to recognize situations where additional investigation may be required
- Strong mathematical and accounting skills; understanding of payroll and accounting functions, specifically related to their interaction with benefits
- Proficient in accounting principles, general ledger, budgeting and budget variance analysis.
- Proven project management skills required; need to have taken projects from idea to implementation with focus on communication and analysis
- Keeps matters confidential
- Highly effective verbal and presentation skills
- Strong customer service and interpersonal skills
- Is a team player; deals courteously/effectively with others
- Flexibility to adjust hours to meet operating needs
- Bachelor's degree, Masters preferred, in Business, Health Care Administration or Accounting required
- Minimum of six years of health/welfare benefits related and financial analysis experience including working on self-insured medical plans required
- Qualified retirement plan (defined benefit and defined contribution) knowledge preferred
Skadden is an Equal Opportunity Employer. It adheres to an employment policy that prohibits discriminatory practices or harassment against applicants or employees based on any legally impermissible factor including, but not necessarily limited to, race, color, religion, creed, sex, national origin, ancestry, age, alienage or citizenship status, marital or familial status, domestic partnership status, caregiver status, sexual orientation, gender, gender identity or expression, change of sex or transgender status, genetic information, medical condition, pregnancy, childbirth or related medical conditions, physical or mental disability (where the applicant or employee is qualified to perform the essential functions of the job with or without reasonable accommodation), any protected military or veteran status, or status as a victim of domestic or dating violence, sexual assault or offense, or stalking.
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