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Pension Risk Transfer Business Consultant

Company: MassMutual
Location: Springfield
Posted on: June 7, 2024

Job Description:

The OpportunityThe Pension Risk Transfer Business Consultant provides technical support for the Pension Risk Transfer operations teams. The Business Consultant supports the entire PRT operations lifecycle through a deep understanding of defined benefit pensions and related plan provisions, with the ability to properly interpret the plan provisions and apply to complex calculations and formulas. This consultant could support any aspect of the PRT lifecycle, including pricing, installation, data conversion, new business, in-force retirements, deaths, etc. The Business Consultant also provides troubleshooting and corrections, debugging existing programming, and adding new code for existing plan builds. Additionally, will support technology projects and collaborate with digital experience leads as a subject matter expert, helping to support Pension Risk Transfer digital and technology transformations.The TeamThe Pension Automation Team works to create automated calculations, utilizing contract/calculation knowledge. In doing so, translation of contract information is built into a provision guide, along with operations processing notes. Specifically, making sure to maintain the automated calculation engine which drive operations daily estimate/retirement processing calculations, through interest rate and factor updates as well. Additionally, the team subsequently releases contract/plan calculations tools on the PRT web portal for annuitant use.The Impact:As a the Pension Risk Transfer Business Consultant your responsibilities will include, but not limited to the following:

  • Understand complex calculation concepts for plans with different benefit structures.
  • Identify data elements needed for benefit calculations.
  • Work with business partners to ensure annuitant data is complete and formatted correctly for use by the calculation system.
  • Apply calculation concepts to produce expected results for system testing.
  • Translate standard plan provisions into formula elements within the calculation system.
  • For non-standard provisions of varying levels of complexity, develop script programming required to produce expected results.
  • Identify and implement required changes to an existing contract setup when errors in the calculation are reported.
  • Debug existing script code when errors in the calculation are reported.
  • Test and document system output to ensure accuracy of benefit calculations.
  • Build and support benefit calculation worksheets utilized by business partners.
  • Analyze Bid Specifications and Requests for Proposals (RFPs) for New Business Sales.
  • Ability to manage and prioritize multiple daily tasks and projects successfully.The Minimum Qualifications
    • 3+ years of experience in Defined Benefit or Pension Risk Transfer calculations.
    • 1+ year of experience with back-end use of calculation systems.
    • 2+ years of experience working Microsoft Excel with the ability to use complex formulas and data management functions.
    • Bachelor's degree or HS diploma with 5+ years of experience in Defined Benefit or Pension Risk Transfer calculations.The Ideal Qualifications
      • Bachelor's degree in mathematics or finance
      • Experience working with FIS OmniDBEN a plus.
      • Experience working with Vitech V3locity a plus.
      • Intermediate knowledge of programming in OmniScript.
      • Experience writing and understanding code language (e.g. python, JavaScript, java, c+/c++, SQL)
      • Knowledge of complex pension and actuarial concepts.
      • Operates from a mentality of end-to-end ownership.
      • Strong project management skills.
      • Ability to manage multiple urgent priorities.
      • Continuous Improvement mindset, with effective execution.
      • Excellent analytical and problem-solving skills.
      • Strong written and verbal communication skills - ability to explain technical concepts to clients or internal partners at a level appropriate for their background.What to Expect as Part of MassMutual and the Team
        • Regular meetings with the Pension Automation Workflow Team
        • Focused one-on-one meetings with your manager
        • Access to mentorship opportunities
        • Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQIA+, veteran and disability-focused Business Resource Groups
        • Access to learning content on Degreed and other informational platforms
        • Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits#LI-BC1MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

          If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

Keywords: MassMutual, Springfield , Pension Risk Transfer Business Consultant, Professions , Springfield, Massachusetts

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