Benefits and Deferred Compensation Analyst

Job Description

What is the opportunity? Focus on retirement, deferred compensation, and benefit plan administration. Work to resolve complex service issues.

Working closely with internal partners, active and inactive employees and outsourced vendors. Additionally, this role provides specialized support and expertise with internal and external audits and accounting requirements. What will you do?

• Provide day-to-day administration of the RBC U.S. Deferred Compensation Plans and serve as subject matter expert and contact for escalated issues or questions
• Work with Fidelity to post all company contributions to participants’ Deferred Compensation accounts, including annual company contributions and any special contributions
• Determine eligibility for and prepare and deliver communications regarding the in-service re-deferral option for participants.

Work with Fidelity to make the distribution election changes

• Prepare Record 91 files and upload to Fidelity to keep participant distribution elections accurate and current
• Communicate FICA withholding to participants. Work with payroll to have FICA taxes collected from participants' paychecks
• Download and distribute monthly trial balance reports to each U.S. business line
• Collaborate with Fidelity, U.S. payroll to process annual distributions
• Work with various U.S. business lines and companies to determine annual and mid-year eligibility. Coordinate the online annual enrollment process and mid-year paper enrollment process
• Partner with Payroll and Accounts Payable to process all distributions due to death or disability
• Work with HR business partners, Legal and Compensation to prepare quarterly forfeiture file for review and approval, listing participants that are subject to either forfeiture or accelerated vesting on unvested company dollars in the deferred compensation due to termination of employment
• Provide day-to-day administration of the RBC U.S.A. Retirement and Savings Plan (401(k)) and serve as subject matter expert and contact for escalated issues or questions
• Perform several ad-hoc and scheduled audits
• Partner with Talent Cycle to monitor rehire employees and international transfers to ensure eligibility and vesting dates are calculated accurately
• Calculate annual match true-up to ensure maximum company contributions have been made to employee’s accounts. Work with U.

S. business lines and Fidelity to fund the contribution.

• Prepare Return of Excess forms at Fidelity for new employees who exceeded the 402(g) limit
• Provide backup support on administrative tasks related to active, LTD, retiree, fully insured benefit plans and other legacy plans
• Partner with all RBC US companies and outsourced vendors in the delivery of required compliance documents, reporting and annual valuations for RBC’s defined benefit retirement plan

What do you need to succeed?

• Bachelor's Degree or equivalent work experience
• 3-5+ years of experience in employee support functions
• Experience utilizing Microsoft Excel for calculations and reporting

Nice to Have

• Experience using Microsoft Access
• Records reconciliation and balancing
• Payroll tax experience

What's in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper.

We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable
• Leaders who support your development through coaching and managing opportunities
• Ability to make a difference and lasting impact
• Work in a dynamic, collaborative, progressive, and high-performing team
• Flexible work / life balance options
• Opportunities to do challenging work
• Opportunities to take on progressively greater accountabilities
• Access to a variety of job opportunities across business

Job Skills Benefit Programs, Critical Thinking, Group Problem Solving, Human Resources Policies, Interpersonal Relationship Management, Process Management, Program Management, Risk Analysis Management, Vendor Management Additional Job Details

Address :

250 NICOLLET MALL : MINNEAPOLIS

City : Minneapolis

Minneapolis

Country :

United States of America

Work hours / week : Employment Type :

Employment Type : Full time

Full time

Platform : HUMAN RESOURCES

HUMAN RESOURCES

Job Type : Regular

Regular

Pay Type : Salaried

Salaried

Posted Date : 2024-04-23

2024-04-23

Application Deadline :

I nclusion and Equal Opportunity Employment

At RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work.

We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.

We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.

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Expand your limits and create a new future together at RBC. Find out how we use our passion and drive to enhance the well-being of our clients and communities at jobs.rbc.com.