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Pension Risk Transfer Business Consultant

MassMutual

MassMutual

Sales & Business Development
Springfield, MA, USA
Posted on Friday, April 26, 2024

The Opportunity

The Pension Risk Transfer Business Consultant provides technical support for the Pension Risk Transfer administration team. The Business Consultant supports the new business process by programming the calculation system with plan-specific provisions and working with Data Analysts to ensure the quality of incoming participant/annuitant data. The Business Consultant supports on-going contract administration by troubleshooting and correcting setup errors, debugging existing script programming, and adding new code for existing contract builds. Additionally, collaboration with digital experience operations as a subject matter expert, helping to support Pension Risk Transfer innovation.

The Team

The 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.
  • 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, LGBTQ, 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-BC1

Salary Range:

$88,300.00-$115,900.00

At MassMutual, we focus on ensuring fair equitable pay, by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component.

Why Join Us.

We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.

We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.

MassMutual 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.

At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component. For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.