Retirement Plan Specialist Salary
Average Retirement Plan Specialists in the United States make around $51K per year. Total cash compensation for Retirement Plan Specialists runs from $37K to $83K depending on bonuses that can occasionally exceed $12K and profit sharing that can reach almost $7K. Location and career duration each impact pay for this group, with the former having the largest influence. For the most part, Retirement Plan Specialists enjoy their work and report high levels of job satisfaction. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a majority. Women Retirement Plan Specialists who took the survey just slightly outnumber men. This snapshot results from replies to PayScale's 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
Retirement Plan Specialists generally report applying a varied skill set to their work. Most notably, skills in Retirement Plan Administration, Oral / Verbal Communication, Customer Service, 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, Windows Operating System General Use, and Investment Management. 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. The average inexperienced worker's salary is approximately $44K, and people with five to 10 years of experience bring in more at around $54K on average. On average, Retirement Plan Specialists make $67K following one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $74K, but it's not much more than what less experienced people make.