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.

$38,910 - $82,298
$39K
$53K
$82K
MEDIAN: $52,817
10%
50%
90%

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$15.23 - $29.66
$15
$21
$30
MEDIAN: $20.52
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$29K$58K$87K
Salary
$38,910 - $82,298  
   
Bonus
$506 - $11,821  
Profit Sharing
$771 - $6,977  
Commission
$13,500  
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  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 315
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
$15.23 - $29.66  
   
Overtime
$23.67 - $43.53  
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
$506 - $11,821  
   
Commission
$13,500  
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  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 73

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • 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, 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

National Average: $53,047

Larger city markers indicate a job is popular in that 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).

Related Job Salaries

Key Stats for Retirement Plan Specialist

Gender

Female
54 %
Male
46 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 68 votes.
Less than 1 year
6%
1-4 years
30%
5-9 years
24%
10-19 years
27%
20 years or more
13%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Retirement Plan Specialist Salaries

▲49%

▲22%

▲2%

National Average
$53,000

▼15%

Skills That Affect Retirement Plan Specialist Salaries


National Average
$53,000

Oral / Verbal Communication
▼3%



Customer Service
▼6%


Pension Plan Administration
▼8%


Investment Management
▼10%

401k Plan Administration
▼15%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 68 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
6%
1-4 years
30%
5-9 years
24%
10-19 years
27%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 73%
vision benefits
Vision: 63%
no benefits
None: 12%
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