Retirement Plan Specialist Salary
Retirement Plan Specialists in the United States can expect wages of $52K annually on average. In the world of Retirement Plan Specialists, total cash compensation can vary between $37K and $84K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $12K and $7K, respectively. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 56 percent. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. The majority of workers are highly satisfied with their job. The data for this synopsis comes from respondents who took the PayScale salary survey.
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.
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Popular Skills for Retirement Plan Specialist
Survey results imply that Retirement Plan Specialists put a diverse skill set to use. Most notably, skills in Retirement Plan Administration, Oral / Verbal Communication, Microsoft Office, and Microsoft Excel are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include 401k Plan Administration, Investment Management, and Windows Operating System General Use. Most people skilled in Microsoft Excel are similarly competent in Microsoft Office.
Pay by Experience Level for Retirement Plan Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Retirement Plan Specialists, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Salaries of relatively inexperienced workers fall in the neighborhood of $45K, but folks who have racked up five to 10 years see a notably higher median of $55K. Retirement Plan Specialists with one to two decades of relevant experience report an average salary of approximately $66K. Retirement Plan Specialists who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $77K.
Pay Difference by Location
Home to some of the best pay for Retirement Plan Specialists, Los Angeles offers exceptional salaries, 37 percent above the national average. Retirement Plan Specialists can also look forward to large paychecks in cities like Denver (+35 percent), San Diego (+33 percent), Cleveland (+33 percent), and Chicago (+28 percent). Place of residence plays a huge part in a Retirement Plan Specialist's salary, with Scottsdale Retirement Plan Specialists earning salaries that are 35 percent less than the national average. Employers also pay below the national average in Phoenix (22 percent lower) and Boston (7 percent lower).
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Key Stats for Retirement Plan Specialist
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