Retirement Plan Specialist Salary
Earnings for Retirement Plan Specialists in the United States come in at around $53K annually on average. Total cash compensation to Retirement Plan Specialists approaches anywhere from $38K on the lower end to $85K on the higher end; in exceptional cases, this can include more than $12K from bonuses and upwards of $7K from profit sharing. Residence is the biggest factor affecting pay for this group, followed by years of experience. Most Retirement Plan Specialists like their work and job satisfaction is high. Women make up a slight majority of Retirement Plan Specialists (54 percent) survey respondents. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. The data in this summary comes from the PayScale salary survey.
|Salary||$38,910 - $82,298|
|Bonus||$506 - $11,821|
|Profit Sharing||$771 - $6,977|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$37,571 - $85,394|
|Hourly Rate||$15.23 - $29.66|
|Overtime||$23.67 - $43.53|
|Bonus||$506 - $11,821|
|Profit Sharing||$771 - $6,977|
|Total Pay (||$37,571 - $85,394|
Job Description for Retirement Plan Specialist
Retirement plan specialists are in charge of providing effective advice on plan options regarding retirement for individuals. They are responsible for providing sound financial-planning programs to interested parties. In addition, retirement plan specialists develop strong business relationships with individuals who need retirement planning advice, provide forms to customers, and guide people through the entire retirement financing process. These specialists also suggest new ideas for product and service development within their company, as well as research financial issues and recommend new retirement program options.Read More...
Retirement plan specialists verify pricing, deal with accounting errors, participate in training sessions to learn new plan details, submit completed documentation for review, and keep accurate records for government agencies. They generally report to the retirement plan supervisor or manager in their department. These specialists use a personal computer to keep accurate client records, communicate with existing and prospective customers, and promote retirement programs online.
A bachelor's degree in finance, banking, business, or a related field is generally the minimum educational requirement for this position. Previous experience in an advising and/or sales capacity may be required or preferred, and industry certifications may be helpful. Retirement plan specialists must have excellent communication skills, pay close attention to detail, and have the analytical skills to match customers' needs with available retirement plans. They must be organized individuals that can multitask on a variety of projects. These specialists must perform well in a team environment with other specialists to reach all organizational goals in a timely fashion, as well as work effectively on their own with minimal supervision.
Retirement Plan Specialist 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.
Popular Skills for Retirement Plan Specialist
Retirement Plan Specialists generally report applying a varied skill set to their work. Most notably, skills in Retirement Plan Administration, Oral / Verbal Communication, Microsoft Office, and Microsoft Excel are correlated to pay that is above average. At the other end of the pay range are skills like 401k Plan Administration, Investment Management, and Windows Operating System General Use. Those proficient in Microsoft Excel are, more often than not, also skilled in Microsoft Office.
Pay by Experience Level for Retirement Plan Specialist
Pay by Experience for a Retirement Plan Specialist has a positive trend. An entry-level Retirement Plan Specialist with less than 5 years of experience can expect to earn an average total compensation of $45,000 based on 165 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Retirement Plan Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $54,000 based on 115 salaries. An experienced Retirement Plan Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $65,000 based on 117 salaries. A Retirement Plan Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $79,000 based on 44 salaries.
Pay Difference by Location
Surpassing the national average by 48 percent, Retirement Plan Specialists in St. Louis receive some of the highest pay in the country. Retirement Plan Specialists can also look forward to large paychecks in cities like Los Angeles (+36 percent), Denver (+34 percent), Cleveland (+32 percent), and Chicago (+23 percent). Retirement Plan Specialists in Scottsdale take home the lowest salaries, earning a whopping 35 percent less than the national average. Employers in Phoenix and Boston also lean toward paying below-median salaries (22 percent lower and 8 percent lower, respectively).
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Key Stats for Retirement Plan Specialist
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