Pension Administrator Salary
Median pay for Pension Administrators in the United States is around $52K annually. With some bonuses approaching $10K and certain profit sharing proceeds approaching $4K, overall incomes of Pension Administrators spread between $37K and $77K depending on individual performance. Geographic location is the biggest factor affecting pay for this group, followed by career length. Job satisfaction is reported as high by the vast majority of workers. The majority of Pension Administrators (68 percent) who took the survey are female. Most enjoy medical while more than half get dental coverage. Vision coverage is also available to more than half. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Pension Administrator
Pension administrators are responsible for performing needed maintenance and communications related to administering pension plans. They help clients enroll in the pension fund and maintain communication with current clients; this involves helping the client complete an application and answering all questions about how the pension plan works. They generate reports related that answer specific client questions, as well as more generalized reports for other departments regarding the pension plan(s) as a whole. Pension administrators are responsible for helping clients solve issues related to the IRS or other tax concerns. They must have knowledge of all relevant laws and regulations affecting their specific pension plan and its clients. Pension administrators also must maintain a database of client information to quickly and accurately answer client inquiries regarding status and benefit information.Read More...
Pension administrators generally work in an office environment during regular business hours; they typically work with an assistant or in a small department. These administrators work closely with clients and, on a standard day, they meet with several clients in person and communicate with many clients over the phone and through email. They meet with other departments to give updates regarding the pension plan and may be required to give presentations to groups on this issue.
Pension administrators usually are required to hold a bachelor’s degree. However, some positions may only require an associate’s degree. Some experience in pension or employee benefits is preferred. Due to the high degree of direct client contact, this position requires strong interpersonal skills as well.
Pension Administrator Tasks
- Administer employee pension and savings plans, working with plan carriers.
- Ensure compliance to plan provisions and federal regulations.
- Prepare, submit and maintain employee benefit records and documents.
- Reconcile employee accounts and brokerage summary statements.
- Determine eligibility for benefits, calculate benefits and payments.
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Popular Skills for Pension Administrator
Survey results suggest that Pension Administrators use a fairly large toolkit of professional skills. Most notably, skills in Microsoft Word, Windows Operating System General Use, 401k Plan Administration, and Microsoft Office are correlated to pay that is above average, with boosts between 5 percent and 10 percent. Those familiar with Microsoft Excel also tend to know 401k Plan Administration and Microsoft Office.
Pay by Experience Level for Pension Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Pension Administrators. The average worker who claims fewer than five years of experience earns around $45K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $55K. After working for 10 to 20 years, Pension Administrators make a median salary of $61K. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $69K.
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Key Stats for Pension Administrator
Rated 5 out of 5
based on 52 votes.