Retirement Analyst

Company: Illinois Tool Works Inc.
Location: Glenview
Posted on: November 26, 2022

Job Description:

Founded in 1912, Illinois Tool Works (NYSE: ITW) is a global industrial company centered on a differentiated and proprietary business model. The company's seven industry-leading segments leverage the ITW Business Model to generate solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW's more than 50,000 dedicated colleagues around the world thrive in our decentralized, entrepreneurial culture.Position OverviewThe retirement analyst/senior retirement analyst will be responsible for supporting the administration of the U.S. Defined Contribution (DC) and Defined Benefit (DB) retirement plans, serving over 30,000 members. This role will be responsible for all analytical and reporting tasks such as pension research and calculations, completion of the annual valuation process, 401(k) weekly payroll funding, annual plan audits, non-discrimination testing and year-end reporting. The retirement analyst will lead research efforts to ensure plan compliance, anticipate potential problems and make strategic recommendations to enhance processes and programs.What you'll do:

• Participate in annual year end processes, including non-discrimination testing (NDT) and annual pension valuations.
• Provide support for annual retirement plan audits and financial statement preparation.
• Participate in ongoing administration of retirement plans with file management, reconciliations, and responding to ongoing employee and HR requests.
• Working closely with external vendors to audit and update information.
• Support the preparation and distribution of all compliance activities, including but not limited to5500 and required schedules, QDIA, SAR,fee disclosures, annual funding notices, SPDs and SMMs.
• Evaluate the current plans' administration processes with an eye toward process improvements; identify, analyze, and implement more efficient and robust processes.
• Project support as needed for any system and technology changes, plan enhancements or any special project specific to the retirement savings plans.
• Help to evaluate services, plan provisions and vendors to determine if there are better solutions that meet the needs of the organization and employees.
• Communicating effectively with corporate and business unit HR colleagues and employees about retirement benefits.
  • Work closely with external vendors and legal teams to resolve complex employee benefit issues, including account access, distributions, roll-over requests, pension calculations, claims and appeals, and QDROs.
  • Ensure plan materials are up to date on intranet and vendor sites.Serve as a liaison for business partner services, internal legal, accounting, tax, and other departments

Keywords: Illinois Tool Works Inc., Glenview , Retirement Analyst, Professions , Glenview, Illinois