Pension Risk Transfer Business Consultant
Springfield, Massachusetts
Overview
A career with us means you’ll help our customers secure their future and protect the ones they love. It also means you’ll work alongside exceptional people and be empowered to reach your professional and personal goals. Our employees are at the foundation of what makes MassMutual a strong, stable, and ethical business.
Our culture embodies the idea that we all are stronger and better through our support for one another. By valuing people for who they are, how they think, and what they bring to the table, we’ve become a better, more innovative company.
We invite you to explore the possibilities.
What our employees say
Job Description
The Opportunity
The 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 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.
- 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-BC1
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.
MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment.
Salary Range: $88,300.00-$115,900.00
Hiring Process
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Explore
To get started, explore our open jobs by clicking 'search jobs' to find a position that aligns with your experience and skills. You may also consider joining our Talent Network to receive information on jobs that may interest you and stay up-to-date with the latest MassMutual news.
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Apply
To apply for a specific position, please click the “apply” button on that job posting to complete and submit your application. Your application will be reviewed by a recruiter which, due to the volume of applications received, may take some time as we carefully consider each application.
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Screen
After your application has been reviewed, if you meet the qualifications for the role, a recruiter will reach out to you to start a conversation.
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Interview
If you are invited for an interview, you will be scheduled to meet with the hiring manager and hiring team. Coordinating calendars for interview schedules can take time, so your patience and flexibility is appreciated.
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Offer
If you are extended an offer to join MassMutual and accept, your start will be contingent upon a satisfactory background check.
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Hire
If you accept the offer, we will be so excited to welcome you to the MassMutual community!
Recruitment Fraud Awareness
Job recruiter fraud is a scam by impostors posing as recruiters or representatives of a company promoting fake job opportunities to job seekers.
MassMutual will never ask job candidates to pay any kind of fee, make cash or check advancements, cash checks or make an investment in any product or service or provide information such as credit card numbers or banking PIN numbers as part of our hiring process.
If you are contacted by anyone asking for information outlined above it is likely fraudulent. If you have any concerns about the veracity of a request, please contact us directly to verify its legitimacy.
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
Award-Winning Culture
MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company operated for the benefit of our members and participating policyowners, we are defined by mutuality and our vision to provide financial well-being for all Americans. 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.
We strive to embrace diversity in every sense, focusing on building a thriving community where everyone is valued, included, and feels that they belong.
At MassMutual, we Live Mutual.
Benefits for the whole you (and your loved ones)
There’s more to your life than your job and there’s more to your aspirations than a paycheck. We take a holistic view of compensation and benefits that provides the flexibility to create a healthy balance in your life for work, family, and community. We offer the benefits you’d expect, like medical, dental, 401(k), and generous vacation time, but we also offer ones you might not expect, like three paid days for volunteering, a $1250 annual wellness wallet, and up to 320 hours of caregiver leave.
Explore some of our offerings below. Full benefits details can be found here.
- In addition to generous vacation time, paid holidays, and flexible holidays, MassMutual offers 'take care' time to take care of yourself or someone you love—whether for physical illness or mental health.
- Medical and dental insurance
- Life, disability short-term and long-term insurance
- Well-being wallet: $1,250 per year for a wide range of qualifying wellness expenses
- Well-being support: Mindfulness, nutrition, fitness
- Personalized mental health solutions
- Adoption and surrogacy reimbursement programs
- Competitive salary and bonuses
- 401(k): Up to 10% total benefit, consisting of a 5% company match and a 5% annual contribution
- Educational assistance program
- Childcare support
- Financial counseling
- Caregiver Leave (up to 320 hours)
- Maternity Leave (a total of 18 weeks, 10 maternity + 8 parental)
- Parental Leave (8 weeks for all parents, birth or adoption, continuous or intermittent)
- Bereavement Leave: Up to 15 days to mourn the loss of a loved one, and you define 'loved one'
- Matching Gift: 100% match on employees’ charitable contributions to non-profits up to $5,000
- Volunteering: Three paid days for employees to volunteer with eligible nonprofits of their choice
- Matching time: MassMutual Foundation awards dollars to organizations for which employees volunteer
- Qualified Commuter Program through which eligible employees can pay qualified workplace commuting expenses with before-tax dollars
- Commuter wallet option for employees based at Boston and NYC campuses
Why MassMutual?
Compliance Consultant
Service Management Consultant
Head of Experience Journey Mapping
How we work
MassMutual’s flexible workplace approach combines the importance of connecting in person and the flexibility of working remotely. Our hybrid model puts collaboration first with employees coming in at least three days per week to our spectacular campus settings and also enjoying the flexibility of remote Fridays, company-wide remote weeks, and a bank of flexible remote weeks to use throughout the year.
Where we work
Springfield Office
1295 State Street,
Springfield, MA
Boston Office
10 Fan Pier Blvd,
Boston, MA
New York Office
2 Park Ave,
New York, NY
Virtual
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Interested in pursuing a career as a financial professional? Learn how you can build your business and help people secure their future and protect the ones they love.