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Retirement Plan Specialist Salary (United States)

For Retirement Plan Specialists, yearly average wages total $49K annually. Final cash compensation to Retirement Plan Specialists varies from around $36K to approximately $74K; choice pay grades include potential for bonuses and profit sharing as high as $8K and $5K, respectively. Experience level is the biggest factor affecting pay for this group, followed by geography. The majority of Retirement Plan Specialists (67 percent) who took the survey are women. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. Work is enjoyable for Retirement Plan Specialists, who typically claim high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.
Retirement Plan Specialist Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$35,769 - $73,389
(Median)
36K
49K
60K
73K
MEDIAN: $48,800
10%
50%
75%
90%
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Retirement Plan Specialist Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$14.45 - $26.21
(Median)
14
20
22
26
MEDIAN: $19.00
10%
50%
75%
90%
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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$25K$50K$75K
Salary
$35,769 - $73,389  
   
Bonus
$0.00 - $8,105  
Profit Sharing
$783 - $4,965  
Commission
$1,021 - $19,574  
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).
)
$35,518 - $73,922  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 303
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$14$28$42
Hourly Rate
$14.45 - $26.21  
   
Overtime
$20.11 - $41.10  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$28K$56K$84K
Bonus
$0.00 - $8,105  
   
Commission
$1,021 - $19,574  
Profit Sharing
$783 - $4,965  
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).
)
$35,518 - $73,922  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 72
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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 401k Plan Administration, Retirement Plan Administration, Microsoft Excel, and Windows Operating System General Use are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Microsoft Office, Microsoft Word, and Windows Operating System General Use. Most people who know Microsoft Excel also know Microsoft Office.

Pay by Experience Level for Retirement Plan Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.
Retirement Plan Specialists with a rich background of experience are typically rewarded with larger paychecks. Workers with less than five years' experience earn around $42K on average, and those who have five to 10 years under their belts see a higher median salary of $51K. Retirement Plan Specialists who work for 10 to 20 years in their occupation tend to earn about $56K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $70K on average.

Pay Difference By Location

New York
up arrow 33%
Denver
up arrow 24%
Dallas
up arrow 16%
Atlanta
up arrow 12%
Los Angeles
up arrow 12%
Charlotte
up arrow 10%
National Average
$49,000
Larger circles over a city indicate a job is popular in that location.
New York offers some of the highest pay in the country for Retirement Plan Specialists, 33 percent above the national average. Retirement Plan Specialists can also look forward to large paychecks in cities like Denver (+24 percent), Dallas (+16 percent), Los Angeles (+12 percent), and Atlanta (+12 percent).

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Experience Affects Retirement Plan Specialist Salaries

National Average
$49,000

Skills That Affect Retirement Plan Specialist Salaries

401k Plan Administration
up arrow 4%
Retirement Plan Administration
up arrow 2%
National Average
$49,000
Microsoft Excel
up arrow 3%
Windows Operating System General Use
up arrow 3%
Microsoft Office
up arrow 4%
Microsoft Word
up arrow 4%

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 98 votes.

Gender

Female
67%
female alumni
 
Male
33%
male alumni

Years of Experience

Less than 1 year
2%
1-4 years
34%
5-9 years
26%
10-19 years
28%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 70%
vision benefits Vision: 58% employee benefits None: 14%