Benefits Specialist in New York Salary
The average pay for a Benefits Specialist in New York, New York is $59,492 per year. A skill in Benefits Administration is associated with high pay for this job. Most people move on to other jobs if they have more than 20 years' experience in this field.
|Salary||$42,574 - $73,974|
|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).)
|$41,366 - $74,125|
Job Description for Benefits Specialist
A company with a large number of employees holding company-sponsored benefits may have a benefits specialist. Much of the specialist's work involves administration of the organization’s health plan and providing information to employees related to these benefits. The benefits specialist helps select administrators of the organization’s employee retirement plans as well.Read More...
Much of the specialist’s job is ascertaining the best benefit plans for the company to offer. The specialist is expected to take into account not only the utility of health plans to employees, but the costs involved as well. The benefits specialist is expected to maintain ongoing research on available plans an ongoing fashion. If the specialist feels the company and employees may benefit from a plan switch, they must design and execute all aspects of moving the organization’s personnel to any new plans.
Another job of the benefits specialist is keeping employees on the best-performing and most stable 401(k)s and similar retirement plans. The specialist is expected to perform detailed analysis for the financial branch of the company showing the expected matching costs and affordability to the organization. The other side of this coin is presenting employees with a plan administrator that provides the organization’s personnel with choices, stability, and growth.
To work as a benefits specialist, a person must typically possess a bachelor’s degree in some sort of human resources-related discipline, and many organizations prefer postgraduate education in this field. A benefits specialist typically works in an office environment during regular business hours. (Copyright 2017 PayScale.com)
Benefits Specialist Tasks
- Maintain records and procedures for the administration process.
- Analyze employee benefits data to ensure accuracy, including service from third party vendors.
- Participate in preparation and communication to employees about benefit programs, procedures, claims and any other government mandated disclosures.
- Administer and provide specialized support for employee benefits programs.
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