Median pay for Pension Administrators in the United States lies in the neighborhood of $52K annually. In the world of Pension Administrators, total cash compensation can vary between $38K and $79K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $10K and $5K, respectively. Residence is the biggest factor affecting pay for this group, followed by tenure. A strong majority report receiving medical coverage from their employers and a majority collect dental insurance. Job satisfaction is reported as high by the vast majority of workers.
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Job Description for Pension Administrator
Pension administrators are responsible for performing needed maintenance and communications related to administering pension plans. They help clients enroll in the pension fund and maintain communication with current clients; this involves helping the client complete an application and answering all questions about how the pension plan works. They generate reports related that answer specific client questions, as well as more generalized reports for other departments regarding the pension plan(s) as a whole. Pension administrators are responsible for helping clients solve issues related to the IRS or other tax concerns. They must have knowledge of all relevant laws and regulations affecting their specific pension plan and its clients. Pension administrators also must maintain a database of client information to quickly and accurately answer client inquiries regarding status and benefit information.
Read More...Pension Administrator 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.
Pension Administrator Job Listings
Popular Skills for Pension Administrator
Survey results suggest that Pension Administrators use a fairly large toolkit of professional skills. Most notably, skills in Microsoft Word, Windows Operating System General Use, 401k Plan Administration, and Microsoft Office are correlated to pay that is above average, with boosts between 6 percent and 12 percent. Most people experienced in Microsoft Excel also know 401k Plan Administration and Microsoft Office.
Pay by Experience Level for Pension Administrator
Pay by Experience for a Pension Administrator has a positive trend. An entry-level Pension Administrator with less than 5 years of experience can expect to earn an average total compensation of $46,000 based on 107 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Pension Administrator 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 62 salaries. An experienced Pension Administrator which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $62,000 based on 77 salaries. A Pension Administrator with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $71,000 based on 38 salaries.
Pay Difference by Location
With a pay rate for Pension Administrators that is 44 percent greater than the national average, Los Angeles offers a comfortable salary for those in this profession. Pension Administrators will also find cushy salaries in San Diego (+13 percent) and New York (+6 percent). Location is a huge contributor to overall pay, with Pension Administrators in Minneapolis earning a whopping 23 percent below the national average. A couple other locations with smaller-than-average paychecks include Atlanta (13 percent lower) and Portland (7 percent lower).
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Key Stats for Pension Administrator
Gender
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Female
67 % |
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Male
33 % |
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Job Satisfaction
| Highly satisfied |
Rated 4 out of 5 based on 104 votes. |
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