A pension plan administrator is in charge of other people’s retirement accounts. She might be in charge of maintaining and updating accounts, preparing paperwork, and dealing with customer service issues. This person could work as a pension department employee for a private or public company, or for a variety of businesses and government agencies that oversee employee retirement plans. A pension plan administrator will most likely report to a senior executive, and she may also be responsible for supervising and training others, depending on the size of her company.
The primary responsibility of this position is to manage other people’s retirement accounts. This could include tasks like assisting others in determining their pension parameters, processing payments, and keeping track of plan changes. She could write account reports and send them to the appropriate department, agency, or individual customer. She’ll almost certainly have to calculate profits, losses, and payments, as well as track and distribute payments correctly. In addition, the pension plan administrator will be expected to have a thorough understanding of government laws and regulations that apply to the pension plans she manages.
A pension plan administrator is used by a wide range of organizations. Employee pension plans in private companies may require the services of a plan administrator. The plan administrator may focus solely on this job duty or combine it with other duties, depending on the size of the company. Governmental agencies that offer benefits to a large number of employees may also require an in-house plan administrator. A plan administrator may also work for a company that assists others in investing or securing retirement income, such as pension providers or advisors.
In many cases, the pension plan administrator will have to collaborate with experts from a variety of fields, such as banking, accounting, and planning management. Budgeting, audits, and forecasting may require her to consult with internal or external advisors. She will almost certainly be working with people in the financial sector. This administrator may also be in charge of participating in strategic planning sessions and developing related procedures.
A pension plan administrator spends a significant amount of time working with others to ensure that plan parameters are correctly set, regulations and procedures are followed, and plans are effectively monitored. She may spend the majority of her day with others, but she may also spend a significant amount of time alone working on paperwork and computer work. She’ll almost certainly have to work closely with senior management on a regular basis, but she’ll also have a lot of autonomy in making decisions based on her industry knowledge and experience.