Pension Administrator Salary

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.

Pension administrators generally work in an office environment during regular business hours; they typically work with an assistant or in a small department. These administrators work closely with clients and, on a standard day, they meet with several clients in person and communicate with many clients over the phone and through email. They meet with other departments to give updates regarding the pension plan and may be required to give presentations to groups on this issue.

Pension administrators usually are required to hold a bachelor’s degree. However, some positions may only require an associate’s degree. Some experience in pension or employee benefits is preferred. Due to the high degree of direct client contact, this position requires strong interpersonal skills as well. (Copyright 2017 PayScale.com)

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.

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).