Manages the design, implementation, communication and administration of all CITGO retirement and savings benefit plans. Assures that all plans are administered in compliance with all legal and regulatory requirements. Directs the administration and development of applicable policies and procedures. Supervises the production and activities of the Retirement Plans Analyst(s). Works closely with and monitors the retirement plans' vendors. Provides input to the operating budget and manages applicable budgetary expenses.
The minimum number of years of job related experience required by this job is a minimum of 7 years with a Bachelor’s degree in Business, Finance, HR or other related field. Minimum of 12 years of job related experience may be considered in lieu of a college degree.
1. Administers activities, processes, policies and procedures for the two CITGO defined contribution plans and three defined benefit plans. Assures the plans are administered in accordance with plan documents and in compliance with applicable legal and regulatory requirements. Analyzes the impact of changes in laws and regulations to determine their applicability to the plans and the need, if any, to make recommended amendments. Participates in the development of strategic direction/design regarding retirement plans. Assists in the preparation, communication and delivery of benefit presentations to the Benefit Plans Committee, Union Committees, etc. Assists the Legal Department in drafting amendments to plan documents, trust agreements, and other benefits related legal documents. When applicable, assists with acquisitions/divestitures with respect to retirement plan issues.
2. Prepares, coordinates, delivers and/or directs the development and distribution of all retirement plan communications, such as Plan Documents, Summary Plan Descriptions, Summary of Material Modifications, Summary Annual Reports, Annual Funding Notices, benefits brochures, plan change announcements, educational materials, etc. Prepares and presents pre-retirement and other benefits presentations as needed.
3. Directs, evaluates and monitors the performance of the plans record keepers, trustees, actuaries and consultants to ensure their compliance with plan provisions, contracts/agreements, and fee arrangements. Responds to inquiries and assists the retirement plans' vendors as needed. Assists in the development of requests for proposal and contract negotiations with current/new vendors.
4. Monitors, reviews, approves, and communicates all the requirements indicative of Qualified Domestic Relations Orders for the pension plans, including communicating with participants, alternate payees, and legal counsel, reviewing and approving orders, and directing the respective record-keeper to establish the appropriate allocation of accounts between the QDRO parties. Works with the Legal Department as needed.
5. Manages the production and activities of the Retirement Plans Analyst(s). Plans and directs their work, provides on-the-job training and formalized training opportunities, facilitates their interaction with other work groups, establishes goals and objectives and sets performance criteria. Reviews candidates for open positions, conducts performance reviews and recommends salary increases and bonus allocations.
6. Collaborates with Finance in evaluating investment alternatives and on relevant projects, as needed. Assists HR consultants and service center associates in interpreting plan provisions and their application. Supports peers and Management as needed. Responds to employee, participant and retiree inquiries.
7. Provides reporting, data, and other applicable audit support to Benefits Accounting, the external audit firm, Internal Control, etc. Coordinates year-end nondiscrimination testing.