Assistant Director, Health & Welfare Benefits

We are seeking an Assistant Director, Health & Welfare Benefits to join our New York office (hybrid). This multifaceted position supports the Director, Health & Welfare Benefits to participate in all aspects of the global health and welfare benefit plans and programs Firm-wide for partners, retirees, and employees including but not limited to planning, development, designing, implementing, and administration. Serves as the financial and data analyst subject matter expert for the benefit plans and programs by developing, maintaining and performing data analysis of the associated financial information. Responsibilities include but are not limited to: Responsible for the planning and developing of various global benefit plans including but not limited to medical, dental, vision, life, and disability. Ensures that the programs are current, competitive and comply with all related regulations. Monitors, analyzes and researches utilization, experience and trends. Develops recommendations for benefit plan enhancements consistent with the Firm’s benefits' objectives and strategies. Work with Benefits Department staff members and global HR partners to implement changes to existing benefit plans as well as new benefit programs. Develops performance standards; negotiates benefit contract terms, manages RFP process for new vendors/carriers and develops quality improvement plans as necessary Responsible for health and welfare benefit plan performance reviews to control costs by managing claims data and identifying cost savings opportunities and making recommendations for appropriate changes. Work closely with brokers in conducting benchmark analysis to identify trends in industry and with competitors. Researches benefits best practices using market surveys, networking, and other sources of industry information, to recommend competitive and cost effective benefit offerings. Develops and presents benchmarking reports by gathering and analyzing benefits data. Responsible for managing the financial costs and associated risks for the benefit plans. Delivers timely, targeted, cost effective and coordinated benefit solutions. Manages relationships with benefits' brokers, consultants, and vendors. Responsible for the maintenance of current global benefit plans and the implementation of new programs and vendor management for the health and welfare benefit plans and programs. Collaborates with the Benefits Department staff and global HR business partners to ensure that the benefit plans are administered in accordance with contract provisions. Drives annual renewal processes for all global health and welfare benefit plans and programs including but not limited to: partnering with benefits' brokers to negotiate with benefit providers on annual renewals, analyzing proposals and negotiating pricing and applicable contract terms and associated performance standards, developing associated budget and financial analysis spreadsheets. Works with internal HRIS partners to determine related HRIS system needs. Manages third-party vendor relationships to ensure efficient and effective administration of all benefit plans. Manages and leverages vendor relationships and platforms to ensure efficient, automated and cost effective administration of benefit programs. Monitors vendor performance in accordance with service level agreements and develops quality improvement plans as needed. Works with insurance carriers and counsel to update benefit plans’ related documents (e.g., Plan Document, Summary Plan Description, Benefit Outlines, booklets). Collaborates with the applicable departmental staff on partners/employees communications. Responsible for the financial accounting and data analysis of all global health and welfare benefit plans and programs and the health and welfare departmental budget. Develops budgetary spreadsheets and maintains all related financial accounting and reconciliation data including but not limited to: collecting all relevant data from both internal and external resources, maintaining and updating all related annual/monthly carrier premium, claim spreadsheets and related census data, departmental budget spreadsheets, and all other related reports. Understand and participate in financial aspects of benefit programs including the development of rate setting, forecasting, and the impact to the P&L and balance sheet. Overseas the monthly claims tracking reports for self-insured plans and performs data analysis of paid claims, IBNR and fixed costs associated with the plans to report trends and make strategic recommendations for plan design and funding levels. Partners with Accounts Payable and Receivable and the General Ledger, vendors and brokers to ensure accurate and timely payment of vendors and carriers as well as performing the associated accounting reconciliation. Tracks benefits spend, analyzes trends, and ensures proper inputs for annual budgeting process Develops an in-depth understanding of the data and utilizes this information to continually monitor the benefits budget. Analyzes actual versus expected incurred plan costs. Check data for reasonableness and follows-up with vendors regarding missing or inaccurate data. Develops recommendations for medical plan cost share analysis for annual open enrollment. Work closely with outside benefits brokers/consultants to monitor benefit utilization and cost to the Firm. Provide strategic recommendations with regard to cost containment and increasing the return on investment in employee benefits given changes in the benefits market and organization demographics. Conducts auditing functions to ensure data accuracy and integrity Supports the compliance of the global Health & Welfare benefit plans and programs. Maintains awareness of and analyzes current and developing legislation and regulations affecting the benefit plans to assess their potential impact to the Firm. Recommends and facilitates, as necessary, changes to benefit plans and administrative practices to comply with regulatory changes. Assists in developing and maintaining governance procedures. Regulatory reporting as required. Ensures data privacy, security and integrity of all benefits related information. Anticipates and meets partner and employee needs in a timely and professional manner. Assists in resolving complex issues Conducts partner and employee new hire orientations as needed. Management of Benefits Department Operations Staff Work with staff to set priorities and manage workflow to ensure goals and deadlines are met. Organizes, assigns, delegates and coordinates the work of staff to ensure tasks, duties and department objectives are completed timely and accurately. Works with staff to ensure assignments and projects are running efficiently. Be responsive and interact with staff in a timely and effective manner, providing information and constructive guidance as necessary. Fosters teamwork, collaboration, and learning within the team contributing to a positive work environment. Participates in the interviewing, selection and training process. Reviews and evaluates the performance and work of staff and prepares performance evaluations and recommends internal promotions when warranted. Initiates disciplinary procedures with the Human Resources Department. Performs other related duties as assigned. Qualifications Knowledge of Firm operation, policies and procedures Pays attention to detail and high data accuracy Works well independently and takes initiative and works well with limited supervision Strong written communication skills including exceptional grammar and proofreading ability Ability to synthesize, interpret and summarize information in a clear, concise manner Must be highly organized with ability to work well under pressure and manage multiple high-priorities in a fast-paced environment; flexible and adaptable; excellent time management, prioritization and respect for deadlines with the ability to be flexible and accommodate unforeseen priorities; consistently deliver timely and accurate work products, and respond with a sense of urgency Ability to research, identify and implement solutions for business issues Strong computer skills; high proficiency in MS Word and expert level MS Excel skill set (with extensive experience in and knowledge of formulas, VLOOKUP, pivot tables and charts, formulas etc.) Strong skills in data mining, manipulation, and analysis Extensive knowledge of U.S. and international laws and regulations impacting employee benefits Strong critical thinking skills to allow the candidate to recognize situations where additional investigation may be required Strong mathematical and accounting skills; understanding of payroll and accounting functions, specifically related to their interaction with benefits Proficient in accounting principles, general ledger, budgeting and budget variance analysis. Proven project management skills required; need to have taken projects from idea to implementation with focus on communication and analysis Keeps matters confidential Highly effective verbal and presentation skills Strong customer service and interpersonal skills Is a team player; deals courteously/effectively with others Flexibility to adjust hours to meet operating needs Education and Experience Bachelor's degree, Masters in Business, Health Care Administration or Accounting preferred Minimum of ten (10) years of current health and welfare benefits administration, program development, implementations, vendor management, and contract negotiations. Financial analysis experience including working on self-insured medical plans required Minimum of five (5) years managing staff Minimum of three (3) years of Workday experience in administration of benefits Skadden is an Equal Opportunity Employer (Disability/Vet/other protected categories). For more information, please visit Skadden.com/careers. #J-18808-Ljbffr Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates