Retirement Plan Specialist Salary

For Retirement Plan Specialists, yearly average wages total $50K annually. The range in cash compensation to Retirement Plan Specialists (largely between $36K and $78K) includes potential earnings of $10K from bonuses, $5K from profit sharing, and commissions of $21K in exceptional cases. Residence is the biggest factor affecting pay for this group, followed by years of experience. The majority of Retirement Plan Specialists (65 percent) who took the survey are women. The majority of Retirement Plan Specialists claim high levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to more than half. Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$36,591 - $76,332
(Median)
$37K
$50K
$76K
MEDIAN: $49,782
10%
50%
90%

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$15.50 - $28.81
(Median)
$15
$20
$29
MEDIAN: $20
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$26K$52K$78K
Salary
$36,591 - $76,332  
   
Bonus
$0.00 - $9,830  
Profit Sharing
$776 - $5,195  
Commission
$1,010 - $20,608  
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).
)
$36,464 - $77,717  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 382
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$15$30$45
Hourly Rate
$15.50 - $28.81  
   
Overtime
$19.84 - $42.40  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$30K$60K$90K
Bonus
$0.00 - $9,830  
   
Commission
$1,010 - $20,608  
Profit Sharing
$776 - $5,195  
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).
)
$36,464 - $77,717  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 88
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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.

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Retirement Plan Specialist Tasks

  • Reconcile employee accounts and brokerage summary statements.
  • Determine eligibility for benefits, calculate benefits and payments.
  • Prepare, submit and maintain employee benefit records and documents.
  • Administer employee pension and savings plans, working with plan carriers.
  • Ensure compliance to plan provisions and federal regulations.

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Popular Skills for Retirement Plan Specialist


Retirement Plan Specialists seem to require a number of specific skills. Most notably, skills in Retirement Plan Administration, Microsoft Excel, Windows Operating System General Use, and Microsoft Word are correlated to pay that is above average. At the other end of the pay range are skills like 401k Plan Administration and Microsoft Office. It is often found that people who know Microsoft Excel are also skilled in Microsoft Office.

Pay by Experience Level for Retirement Plan Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Respondents with less than five years' experience take home $43K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $52K. People with 10 to 20 years of experience make an average of about $59K in this role. Retirement Plan Specialists who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $70K.

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Experience Affects Retirement Plan Specialist Salaries




National Average
$50,000


Skills That Affect Retirement Plan Specialist Salaries

Retirement Plan Administration
up arrow 2%

National Average
$50,000

Microsoft Excel
up arrow 3%

Microsoft Word
up arrow 3%

Windows Operating System General Use
up arrow 3%

Microsoft Office
up arrow 4%

401k Plan Administration
up arrow 10%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 95 votes.

Gender

Female
65 %
Male
35 %

Years of Experience

Less than 1 year
5%
1-4 years
31%
5-9 years
25%
10-19 years
29%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 81%
dental benefits
Dental: 70%
medical benefits
Vision: 59%
dental benefits
None: 14%
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