Payroll and Benefits Specialist

Job Description

Job Description

** Job Title: Payroll and Benefits Specialist **

** Location: NYC **

3 months Contract

Hybrid: onsite 4 days a week

JOB DESCRIPTION:

· Report to Senior Manager, HR Operations & Office of Minority, Women & Inclusion Director. This position includes responsibilities relating to the administration of health benefits plans and/ Flexible Spending Account (the “Plans”). Federal health privacy regulations (the “HIPAA Privacy Rule”) treat the Plans as if they were separate entities, distinct from the Bank.

· Payroll reconciliation, Leave of absence and benefits administration. Payroll processing when needed. Help implement and administer programs and strategies.

· Information created or received by the Plans to which the employee has access may be used only for Plan purposes and cannot be shared with other parts of the Bank or used for other human resources purposes or any other purposes unless authorized by the HIPAA Privacy Rule. Assisting with trends and developments in health & welfare plans.

** Job Responsibilities: **

· A customer – focused mindset that prioritizes a positive employee experience.

· Proficiency in computer skills; strong Excel skills preferred.

· Strong understanding of inter-relationships of changes in payroll/benefits.

· Ability to understand and process general accounting transactions.

· Detail oriented, strong communication skills, organizational skills, analytical,

· problem solving and research skills.

· Ability to accurately reconcile and process payroll on a consistent basis.

· Prioritize and manage complex projects within deadlines and with extreme

· attention to detail.

· Proficiency in Workday business processes surrounding payroll, and benefits

Skills Required

· At least five years of hands-on, full-cycle payroll processing experience.

· At least three years' experience in benefits & HRIS systems.

· Workday HCM experience required.

· Knowledge of general accounting principles and multi-state taxation a plus.

· Payroll reconciliation experience preferred.

** Payroll Reconciler: **

· Ensure accurate review and execution of bi-weekly payroll for 300+ employees:

· Timely processing of payroll-related entries

· Bi-weekly post-payroll submission of Health Savings Account (HSA) contributions to vendor

· Review and complete post-payroll reconcilement reporting and funding to Financial Accounting

· Work with payroll system vendor to ensure timely resolution to open items.

· Respond to employees’ inquiries on various benefit plans and understand their impact to payroll.

· Analyze monthly reporting from Financial Accounting to identify and reconcile transactions with Payroll Processor and report any discrepancies.

· Accurate balancing of benefit and payroll earnings, deductions, reporting and registers, making corrections where necessary.

· Evaluate payroll processes for improvements and efficiencies, creating workflows and processes for enhanced operations.

** Benefits Administration: **

Health & Welfare Plans

· Administer benefits and understand all health & welfare programs and applicable laws that govern the plans.

· Review and communicate enrollment, manage qualifying event changes, terminations of coverage and Continuation of Healthcare Coverage to brokers.

· Review benefits forms for submission to corresponding health vendors.

· Investigate and resolve all employee claims, benefits, and billing issues.

· Monitor medical claims experience, administration charges and expenses for high claims and ensure stop loss claim payments are recovered where applicable.

· Regularly monitor and reconcile the self-insured medical funding account.

· Liaising with HRIS team and vendors to resolve discrepancies with eligibility feeds.

· Process invoices and track payment for all health & welfare plans via 1Link: Medical, dental, vision, group life insurance and long-term disability (Sunlife).