Benefits Analyst in Hyderabad at Advance Auto Parts

Date Posted: 8/29/2021

Career Snapshot

Career Description



Job Description

Retirement Analyst

Responsible for overseeing the administration of the retirement programs at Advance, including the Advance Auto Parts Inc 401k Plan, the Western Auto of Puerto Rico Retirement Plan and the Non-Qualified Deferred Compensation Plan (DCP). Serves as subject matter expert on the retirement programs and provides consulting/guidance regarding the same.   Ensures all programs are in compliance with applicable state and federal regulations related to retirement programs, including ERISA, IRC, SOX, and other laws/regulations related to team member benefits.

ROLES AND RESPONSIBILITIES

  • Oversees and processes bi-weekly funding for the 401k plan; prepares bi-weekly payment for timely remittance to 401k Plan Provider and ensures accuracy of posting to team member accounts; obtains proper review and approval before processing                                                 
  • Audits all 401k and DCP files for accurate deductions, taxation, and SOX compliance.  Conducts and documents audits on recordkeeper and trustee files and reports to Finance on a bi-weekly, monthly, and/or quarterly basis as needed for compliance and accrual purposes. 
  • Maintains DCP compliance, reporting and distributions.  Administers the open enrollment period and works closely with vendor and investment advisor on communication and training to increase engagement.
  • Manages vendor relationships related to the administration of the retirement programs, including trustee, recordkeeper, auditor, external counsel, etc.                                                                      
  • Supports the design, implementation, communication and administration of the retirement programs                                                                    
  • Assists in the coordination of quarterly Investment Committee meetings; provides agenda topics and other reporting as requested.                                                                
  • Administers all 401k testing for year-end compliance; administers all annual audits with external auditors.                                                                               
  • Performs various compliance activities including preparation and filing of 5500 and other required reporting for the retirement plans.                                             
  • Conducts benchmarking and analyses related to the retirement programs as needed.                     
  • Ensures proper retirement plan documentation is maintained and distributed to team members in accordance with applicable laws, including plan documents, SPDs, annual notice requirements, etc.                                                 
  • Upholds the security and confidentiality of documents and data within area of responsibility.
  • Assists with related special projects as assigned.

QUALIFICATIONS

Education/Certification:

  • Bachelors degree in Business Administration, Human Resources, Accounting / Finance or related field.
  • At least five years’ progressively responsible experience in Human Resources Benefits functions.

Required Knowledge:

  • Requires in depth knowledge of retirement and Health & Welfare benefit plan rules and provisions, HR and payroll software skills (Workday, PeopleSoft, etc.,) is required. Advanced PC skills with Microsoft Office (Outlook, Excel and Word) is required.

Required Skills and Abilities:

  • Strong attention to detail
  • Strong customer service, relationship building skills
  • Strong time management and project management skills, & ability to prioritize and handle multiple projects concurrently.
  • Ability to interact with business partners of all levels
  • Proven experience running business reports
  • Ability to work in a time sensitive work environment, adhere to deadlines
  • Must demonstrate excellent verbal and written communication skills