Associate Director - Controller, Pension and Benefit Investments, U.S. Benefit Plans

Associate Director - Controller, Pension and Benefit Investments, U.S. Benefit Plans

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At Lilly, we unite caring with discovery to make life better for people around the world. We are a global healthcare leader headquartered in Indianapolis, Indiana. Our employees around the world work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to our communities through philanthropy and volunteerism. We give our best effort to our work, and we put people first. We’re looking for people who are determined to make life better for people around the world.

Overview

Lilly’s Benefit Plan Investment Team ('PBI') within Global Treasury provides critical fiduciary oversight, controllership, regulatory compliance, and cash management for $32 billion of assets residing in independent trusts that support employee pensions, savings plan accounts, and retirement health benefits. Following the transition to an Outsourced Chief Investment Officer (OCIO) model with Goldman Sachs Asset Management, the PBI team maintains responsibility for plan governance, regulatory compliance, financial reporting, and oversight of external service providers. These plans include significant assets and exposures, $11 billion in liabilities, and the related operations and transactions for Lilly’s U.S. and Puerto Rico employee pension plans, savings plans, retirement health plans, and active employee welfare plan benefits. The team coordinates with Lilly Human Resources and regularly reports through a fiduciary committee established by the Lilly Board of Directors.

Position Summary

The Associate Director ‑ Controller is responsible for leading the fiduciary, controllership, and regulatory compliance management of the $32 billion of benefit plan assets. This role serves as the primary controller for all benefit plan trusts (U.S. and Puerto Rico Pension Plans, U.S. and Puerto Rico Savings Plans, VEBA I and VEBA II master trusts) and owns the financial operations, regulatory reporting, audit coordination, and compliance activities. The position requires financial and regulatory analysis, ERISA compliance expertise, coordination with internal and external partners, and ensuring maintenance of robust controls and documentation. The position reports to the Senior Director ‑ Investments & OCIO Oversight.

Key Responsibilities

Management of External Relationships

• Manage relationships with EY, Plante Moran, Northern Trust, and other key service providers, including all contracts
• Oversee quality, timeliness, fee arrangements, and relationship strategy with key vendors
• Facilitate negotiations, benchmarking, and RFPs as needed
• Drive process improvements and leverage relationships to ensure best practices, in particular on-going integration with GSAM processes to drive efficiencies.

Controllership & Fiduciary Oversight of Plan Assets

• Review and approve daily transactions including vendor payments, plan expenses, retiree payroll funding, and Company 401(k) monthly match coordination with trustees and external partners
• Review and approve account reconciliations, journal entries, and journal voucher logs
• Manage operations support for information requests from internal (Treasury, CFR, Legal, HR) and external (Aon, Northern Trust, EY, OCIO provider) business partners
• Manage payment of Pension Benefit Guaranty Corporation (PBGC) premiums and related annual filings in coordination with Aon and HR
• Ensure maintenance of all required regulatory documents and fiduciary records
• Lead VEBA I Trust company contribution and reimbursement process and balance sheet forecasting for Corporate Financial Reporting
• Coordinate retiree health plan reimbursement to the company
• Identify opportunities for operational improvements, outsourcing, and cost reductions across the plans

Annual Benefit Plan Audits & Regulatory Compliance

• Manage compilation of benefit plan financial statements through outsourced accounting firm
• Manage completion of benefit plan audits for U.S. and Puerto Rico Retirement Plans, U.S. and Puerto Rico Savings Plans, Lilly Employee Welfare Plan, and Lilly Retiree Health Plan
• Oversee Form 11‑K SEC filing for U.S. and Puerto Rico Savings Plans
• Lead completion of Department of Labor Form 5500 filings (9 filings) including all schedules and IRS Form 8955‑SSA filings (4 filings), ensuring timely completion by statutory due dates
• Monitor new accounting pronouncements and regulations for impact on benefit plan financial statement disclosures and regulatory filings
• Coordinate responses to Department of Labor audits as needed
• Lead review and preparation of audit procedures for Alternative Investments driven by “Critical Audit Matter” (CAM) assessments
• Coordinate all tax-related filings and compliance with third‑party tax provider and trustee/custodian, maintaining current knowledge of industry best practices

Lilly Company Processes & Corporate Reporting

• Support Sarbanes‑Oxley (SOx) related activities for PBI in coordination with Payroll, HR, and Corporate Financial Reporting
• Support completion of all PBI work for disclosures in Company's 10‑K Retirement Benefits footnote, including year‑end asset leveling process
• Manage responses to Corporate Audit Services' and EY's interim and year‑end corporate audit requests
• Create reporting for Lilly company annual corporate year‑end audit, including gathering, analyzing, and summarizing pension footnote information
• Support key company financial control and reporting processes including SOx compliance and external audit requests
• Lead annual collection and review of affiliate pension data for compliance with Lilly Financial Policy 2L

Oversight of Savings Plans Master Trust

• Lead compliance and operational aspects for Savings Plan Master Trust
• Review monthly disbursement reconciliation between custodian and administrator
• Analyze and recommend annual accrual settings and prepare required disclosures

Fiduciary Review & Benchmarking

• Prepare annual fiduciary review process for benefit plan oversight committee
• Coordinate gathering and organizing cost and performance data for third‑party benchmarking analysis
• Provide annual historical cost analysis for the trusts and present to management and oversight committee

Basic Qualifications

• Bachelor's degree in Finance, Accounting, or MBA/MS with Finance/Accounting focus
• Minimum 5‑7 years of collective experience in accounting or finance
• Qualified candidates must be legally authorized to be employed in the United States. Lilly does not anticipate providing sponsorship for employment visa status for this position

Required Competencies/Skills

• CPA strongly preferred
• Strong corporate finance/accounting analytical skills and aptitude with inquisitive nature
• Direct controllership experience in previous role
• Deep understanding of GAAP standards, ERISA regulations, and benefit plan compliance
• Strong project management skills to develop detailed plans, direct internal resources (HR/Legal/Corporate Reporting/Audit) and external parties, manage costs/risks, and develop/deliver communication plans
• Process owner/problem solver with proven experience driving productivity and creating repeatable, sustainable practices
• Flexibility and teamwork orientation to goals and changing priorities
• Strong communication, relationship, and teamwork skills
• Learning agility to interpret new accounting and regulatory pronouncements and evaluate risks, impact, and alternatives
• Third‑party relationship management, due diligence, negotiation, and contracting experience
• Knowledge of benefit plans (strategic and operational), trustee/custodian management, and fiduciary/regulatory/tax issues
• Familiarity with actuarial concepts and fiduciary governance
• Actuarial or investment certifications (CFA, CAIA, or EA) are a plus
• Proficiency in Excel, Microsoft Office, and SAP
• Experience working with internal and external auditors and financial management
• Strong interpersonal communication skills and willingness to speak up and raise concerns
• Sense of ownership, integrity, and commitment

Additional Information

• Moderate travel expected, 5‑10%
• Role is based in Indianapolis, Indiana, with at least 3 days per week in office required

Lilly is dedicated to helping individuals with disabilities to actively engage in the workforce, ensuring equal opportunities when vying for positions. If you require accommodation to submit a resume for a position at Lilly, please complete the accommodation request form ( for further assistance. Please note this is for individuals to request an accommodation as part of the application process and any other correspondence will not receive a response.

Lilly is proud to be an EEO Employer and does not discriminate on the basis of age, race, color, religion, gender identity, sex, gender expression, sexual orientation, genetic information, ancestry, national origin, protected veteran status, disability, or any other legally protected status.

Actual compensation will depend on a candidate’s education, experience, skills, and geographic location. The anticipated wage for this position is $127,500 - $187,000.

Full‑time equivalent employees also will be eligible for a company bonus (depending, in part, on company and individual performance). In addition, Lilly offers a comprehensive benefit program to eligible employees, including eligibility to participate in a company-sponsored 401(k); pension; vacation benefits; eligibility for medical, dental, vision and prescription drug benefits; flexible benefits (e.g., healthcare and/or dependent day care flexible spending accounts); life insurance and death benefits; certain time off and leave of absence benefits; and well‑being benefits (e.g., employee assistance program, fitness benefits, and employee clubs and activities). Lilly reserves the right to amend, modify, or terminate its compensation and benefit programs in its sole discretion and Lilly’s compensation practices and guidelines will apply regarding the details of any promotion or transfer of Lilly employees.

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