Senior pension administrators have several job responsibilities, but they generally oversee the administration of retirement plans. They review records for these plans and make sure that they are up-to-date and comply with federal regulations. They are concerned with the normal operation of the plan, including customer service and billing. On occasion, they may work with clients to make the plan more personalized for the individual. For instance, they may assist in deciding on benefit distribution.
The minimum education required for this position is a bachelor’s degree and five years of experience in a related field. Employers also look for someone who is knowledgeable about a range of the policies and procedures involved in this type of work, since senior pension administrators often rely on their own judgment to make recommendations to clients and accomplish their goals.
Senior pension administrators are often considered first line management, so they may oversee a team and give them direction in their own work. At times, senior pension administrators may take part in training new hires in the field. In addition to being familiar with the laws and procedures governing these plans, anyone interested in this position should be independent and creative and know how to take initiative. A lot of the work will be self-directed, although typically, a senior pension administrator does report to a manager. Senior pension administrators must also have great research, critical thinking, and communication skills. A proficiency with Microsoft Word and Excel is a bonus.
Senior Pensions Administrator Tasks
Facilitate communication between individual plan holders, financial advisors, and investors.
Process financial statements and keep beneficiaries informed about changes to their retirement plan.
Oversee the administration of a company’s retirement plan.
Conduct audits and ensure plan is in compliance with government regulations.