Senior Pensions Administrator Salary
Senior Pensions Administrators in the United States tend to be well-versed in their field, and more than two-thirds have more than 10 years of experience. Average salary is expected to be around $64K per year, but may range from $47K to $89K per year. Job satisfaction is reported as high by the vast majority of workers. There are far more female Senior Pensions Administrators who answered the questionnaire than men, making up 87 percent. A fair number enjoy medical while a majority get dental coverage. Vision coverage is also available to just under a half. This snapshot results from replies to PayScale's salary survey.
Job Description for Senior Pensions Administrator
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.Read More...
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
- Conduct audits and ensure plan is in compliance with government regulations.
- 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.
Senior Pensions Administrator Job Listings
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Pay by Experience Level for Senior Pensions Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $56K, but people who have been around for five to 10 years earn a noticeably bigger sum of $63K. Senior Pensions Administrators bring in $62K after working for 10 to 20 years. Average wages for folks with more than 20 years of experience come out to around $67K.