ERISA Technical Consultant at Voya Financial

Boston, Massachusetts, United States

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Not SpecifiedCompensation

Mid-level (3 to 4 years), Senior (5 to 8 years)Experience Level

Full TimeJob Type

UnknownVisa

Financial ServicesIndustries

Requirements

Bachelor’s degree in Business Administration or related work experience in ERISA compliance
Knowledge of ERISA and applicable IRS Code
Knowledge of Actuarial Systems Corporation Administration (ASC) or equivalent testing software
Knowledge of Microsoft Word and Excel (v-lookup, pivot table, formulas)
Exceptional oral and written communication skills with ability to interact with senior managers
Ability to multitask, prioritize, and problem solve independently
Preferred: 8-10 years industry experience, with 5-7 years in an ERISA compliance setting
Preferred: Industry designation (SPARK, NIPA, ASPPA, CEBS, ERPA)
Preferred: Experience with Multiple Employer Plans
Preferred: Experience with project management and/or drafting business and technical requirements for new programs

Responsibilities

Provide technical support to a team of professionals conducting compliance services for Profit Sharing, 401(k), and 403(b) plans
Help develop and implement processes, procedures, and controls to enhance Voya’s existing standard compliance testing and Form 5500 service enhancements
Lead project planning and execution for new ERISA-related service offerings
Perform compliance testing including with a strong focus on 410(b) (ratio percentage test/average benefit), 414(s) testing, 401(a)(4), and Rights Benefits and Features
Monitor project timelines, risks, and dependencies to ensure successful delivery
Calculate employer contributions for Safe Harbor and New Comparability plans
Provide consulting and plan design assistance to relationship management, plan management, and clients
Work and gain knowledge of Voya’s recordkeeping system and valuation reports
Other duties as assigned

Skills

Key technologies and capabilities for this role

ERISACompliance Testing5500 Reporting401(k)403(b)Profit Sharing PlansTechnical TrainingSystems DevelopmentProceduresControls

Questions & Answers

Common questions about this position

Is this position remote-friendly?

Yes, the work location is flexible, allowing 100% remote work from home or work in major office locations with a hybrid schedule.

What qualifications are required for this role?

A Bachelor’s degree in Business Administration or related work experience in ERISA compliance is required, along with knowledge of ERISA and applicable IRS Code.

What is the salary for this ERISA Technical Consultant position?

This information is not specified in the job description.

What is the company culture like at Voya Financial?

Voya fosters a work environment where differences are understood, valued, and intentionally pursued, with employees owning the culture and bringing their whole selves to work to positively influence culture, serve clients, and enrich communities.

What skills make a strong candidate for this role?

Strong candidates will have a Bachelor’s degree or related ERISA compliance experience, deep knowledge of ERISA and IRS Code, and expertise in compliance testing such as 410(b), 414(s), and 401(a)(4).

Voya Financial

Provides financial services and retirement solutions

About Voya Financial

Voya Financial offers a range of financial services, including retirement plans, investment management, and insurance products, to help individuals and businesses achieve financial wellness. Their services cater to individuals seeking retirement planning, employers looking to enhance employee benefits, and institutions needing tailored investment management. Voya stands out from competitors through its commitment to inclusiveness and corporate responsibility, which helps attract clients and talent. The company's goal is to build long-term relationships with clients, ensuring they achieve financial confidence and a fulfilling life.

New York City, New YorkHeadquarters

2014Year Founded

IPOCompany Stage

Fintech, Financial ServicesIndustries

5,001-10,000Employees

Benefits

Health Savings Account (HSA)

Flexible Spending Accounts (FSA)

Rally wellness program

Employee Assistance Program (EAP) and Work Life Services

Behavioral Health Family Support Program

Livongo support for diabetes, hypertension, and weight management

AccessHope cancer support

Wellthy caregiving assistance

Back-up child care and elder care

Health Advocate

ABLE accounts

Legal insurance

Identity theft protection

Voya Foundation Matching Gift Program

Risks

Increased competition from fintech companies may erode Voya's market share.

Operational challenges in integrating OneAmerica's business could affect service quality.

Regulatory scrutiny on fees may impact Voya's pricing strategies and profitability.

Differentiation

Voya's commitment to inclusiveness and corporate responsibility sets it apart in the market.

The acquisition of OneAmerica's retirement plan business expands Voya's client base significantly.

Voya's focus on digital financial planning tools enhances client engagement and satisfaction.

Upsides

Voya's ESG commitment aligns with the growing investor focus on sustainable investing.

The financial wellness market's growth offers significant opportunities for Voya's programs.

AI integration in investment management can enhance Voya's strategies and client outcomes.

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