Head of US Benefits (Norwalk)

Company Overview

Verition Fund Management LLC (“Verition”) is a multi-strategy, multi-manager hedge fund founded in 2008. Verition focuses on global investment strategies including Credit, Fixed Income & Macro, Convertible & Volatility Arbitrage, Event-Driven, Equity Long/Short & Capital Markets, and Quantitative Strategies.

Job Title

Head of US Benefits

Location

NYC

Reports to

Head of Human Resources

Job Responsibilities

Strategy & Plan Design

• Health plan design decisions: Recommends plan structures, networks, deductibles, copays, coinsurance, OOP maximums, and employer/employee contribution splits across medical, dental, and vision plans. Balances richness, cost, and employee experience. Makes final carrier/vendor recommendations to the Head of Human Resources and Chief Financial Officer.
• New benefits evaluation & recommendation: Evaluates emerging benefits (GLP-1 drug coverage, fertility, student loan repayment, caregiver support) against utilization data, cost modeling, employee demand, and competitive benchmarks. Recommends additions/modifications to current decisions.
• Wellbeing strategy (physical, mental, financial): Designs the holistic wellbeing strategy across four pillars: physical (fitness, preventive care), mental (EAP, therapy platforms), and social (community, ERG support).

Vendor and Broker Management

• Vendor & Broker Management Benefits broker / consultant relationship: Works with the broker on renewal strategy, market analysis, RFP scope, and negotiation approach. Looking to move Verition to a self-funded approach for medical.
• Quarterly business reviews (QBRs): Holds QBRs with key vendors and the broker. Reviews claim data, member satisfaction, and compliance requirements.
• Benefits administration platform ownership: Owns the benefits admin system (Workday Benefits) — the technology employees use to enroll and manage benefits. Oversees annual OE configuration, carrier data feed accuracy, integrations with HRIS and payroll.

Compliance & Governance

• US federal & state compliance: Manages compliance with ERISA, ACA (employer mandate, 1094/1095 reporting), HIPAA, COBRA, FMLA, Section 125, and state-specific mandates. Stays up to date with legal and compliance requirements. Partners closely with legal counsel on regulatory changes and requirements.
• Plan document management (SPDs, SBCs, wrap docs): Maintains Summary Plan Descriptions (SPDs), Summary of Benefits and Coverage (SBCs), plan amendments, and wrap plan documents. Ensures accuracy, timely distribution to employees, and DOL filing compliance.
• Form 5500 filing & plan audit: Works with broker on the annual Form 5500 filing. Coordinates with the broker on plan testing requirements and for plans requiring audit.
• ACA reporting (1094-C / 1095-C): Manages ACA employer mandate reporting in collaboration with the payroll vendor ADP. Reviews and ensures the 1095-C generation and distribution to employees happens and confirms that ADP submits 1094-C filing to the IRS.
• Invoice Management: Reconcile invoices and ensure payments are made to ensure there is no lapse in coverage.
• Operational efficiency: Partners with payroll on LOA benefits coordination, payroll deduction accuracy, HRIS data feeds, and benefits administration process design.

Open Enrollment & Ops

• Open enrollment planning & execution: Plans and runs the annual OE window (typically 2–4 weeks in Oct/Nov). Coordinates system configuration, carrier data feeds, decision-support tools, employee communications, benefits fairs, open enrollment informational sessions and deadline tracking.
• Benefits communications strategy: Develops and oversees all employee-facing benefits communications: enrollment guides, comparison tools, explainer videos, FAQs, and manager toolkits. Partners with Employee Experience on channel and tone. Ensures materials are accessible and clear.
• Life event & qualifying event processing: Sets policy and oversees the process for mid-year benefit changes due to qualifying life events (marriage, birth/adoption, divorce, loss of other coverage).
• COBRA administration oversight: Owns COBRA policy and manages the COBRA administrator vendor relationship. Oversees compliance, vendor performance, and premium structure.
• Benefits data integrity & carrier audits: Ensures accuracy of carrier data feeds from the benefits platform. Audits enrollment data against carrier invoices regularly to prevent coverage errors, billing discrepancies, and phantom enrollments. Runs annual dependent eligibility audits.

Employee Wellbeing

• EAP (Employee Assistance Program) management: Owns EAP vendor relationship. Integrates EAP into crisis response. Reviews clinical program quality and employee feedback.
• Human Resources Business Partner (HRBP) partnership on employee needs: Serves as escalation point for HRBPs when employee benefits issues are complex (e.g., unusual claims denials, accommodation needs, expat benefits questions). Provides HRBPs with talking points and updates on benefits changes.
• Employee Engagement: Participates and coordinates wellness-related efforts with the ESG committee and HRBPs. Step Challenges, Mental Health Awareness Activities, and fitness-related runs/walks for charity.
• Human Resources Policy Design: Ensures all leave policies and time off policies are competitive with peers. Partners with HRBPs to ensure managers and employees understand the current policies and are informed of policy updates.

Workday

• Life event & qualifying event processing: Processes mid-year benefit changes triggered by qualifying life events (marriage, birth/adoption, divorce, loss of other coverage) in Workday. Validates documentation, applies correct coverage change, updates payroll deductions, and sends updated elections to carriers — all within legally required 30-day windows.
• COBRA event tracking & notifications: Ensures COBRA qualifying events (terminations, hours reductions, status changes) are identified and routed to the COBRA administrator within 30 days. Workday must be configured to trigger COBRA notifications automatically upon termination. Audits COBRA event log quarterly to ensure no events were missed.
• Leave of absence processing & tracking: Processes all formal leaves of absence in Workday: FMLA, state leaves (NY PFL, CA CFRA), parental leave, and personal leaves. Sets up the leave plan, adjusts pay and benefits continuation, coordinates return-to-work, and ensures Workday records the leave correctly for payroll and benefit eligibility purposes.

Annual Calendar

• Q1: Renewals, Form 5500, post-OE analysis (Jan–Mar): Finalizes Q1 carrier renewals. Manages Form 5500 preparation and filing (due Jul 31 or with extension). Conducts post-open-enrollment analysis: enrollment counts, decision-support tool effectiveness, employee feedback. Files ACA 1094-C/1095-C. Ensures any new benefits are running effectively and billing is accurate.
• Q2: Mid-year planning, ACA, broker strategy (Apr–Jun): Begins mid-year plan design planning for the following year. Runs broker strategy sessions for fall renewal. Completes ACA employer mandate reporting. Conducts dependent eligibility audit if scheduled. Reviews mid-year utilization trends.
• Q3: Renewals, RFPs, plan design decisions (Jul–Sep): Renewal negotiations in full swing with all carriers. Runs any open RFPs. Finalizes plan design changes for the following year. Begins open enrollment materials development. Presents annual benefits strategy and cost scenarios to Head of HR and CFO.
• Q4: Open enrollment, year-end, 401(k) testing (Oct–Dec): Open enrollment window runs (Oct–Nov) — highest operational intensity of the year. Year-end carrier transitions. Budget finalization for the coming year.

Salary Range: $200,000 USD - $200,000 USD