Mutual Opportunities
Business Operations Consultant, Funding Agreements
Springfield, Massachusetts
Thank you to our employees for voting us one of the top places to work in Massachusetts for five consecutive years!
Overview
A career with us 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 enables MassMutual to deliver on our purpose to help people secure their futures and protect the ones they love.
We embrace the idea that we all are stronger and better through our support for one another. We strive to create a culture where employees feel valued and are celebrated for who they are.
“Since our founding in 1851, mutuality has put our policyowners at the center of everything we do. At our core, we’re a company of people helping people in their time of need, and that spirit extends to the culture we’ve built at our company. Our employees support and rely on each other each day, collaborating to deliver the best solutions for our customers and help millions more secure their future and protect the ones they love.”
Job Description
The Opportunity
We’re looking to hire a Business Operations Consultant, Funding Agreements to be a member of our small funding agreements operations team. With an operational and entrepreneurial mindset, you’ll participate in driving enhancements to our administration system as we seek to grow the business for MassMutual. You’ll assist and drive the process for new business acquisition either closed block or bidding new business.
The Team
As part of the Funding Agreements team, you'll work strategically and tactically. In this small team, members collaborate to handle daily tasks and plan for future growth. You'll also interact with internal teams like systems, cash operations, and expenses, as well as external clients.
The Impact:
As the Business Operations Consultant, Funding Agreements, your responsibilities will include but not be limited to the following:
- Drive general program level implementation of Funding Agreement operational development and acquisition of future business opportunities (Muni GIC, FABN, and other product solutions)
- Become an expert with Muni GIC contract adjudication, system administration and calculation of coupon interest across different methods of payment.
- Work closely with systems teams to drive development, testing, business readiness and general implementation of CML Administration System and development and utilization of the Filenet & P8 electronic workbench.
- Administer MassMutual’s Funding Agreement daily transaction and business flows:
- Utilize SAP based CML administration system to initiate contract payments and deposits and produce periodic client reports
- Respond to client requests for information such as financial data and projected contract balances and reconciliation questions
- Understand month end contractual reserves and balances via SAP for financial reporting and business performance measures
- Operational Responsibilities:
- Provide service for daily interactions with external customers and partners (Bond Trustees, Municipalities, GIC Service Recipients (GECC), Paying agents - answer questions and provide necessary day to day support – handle deposits and withdrawals
- Support daily interactions with internal partners (Finance, Treasury, Actuarial, Legal and Systems) - in support of specific customer questions, support build and enhancements of our day-to-day operations and system and month end accounting and financial analysis
- Produce periodic reports for management, compliance requirements, risk management and general audit requests
- Drive the development, implementation and utilization of standard work in support of servicing Funding Agreement contract holders, with respect to services that include, but are not limited to:
- Scheduled and unscheduled cash flow activity (interest payments, principal payments, additional contract deposits)
- Contract maturity /early termination (including Make-Whole calculation, where applicable)
- Monthly contract statement processes and reconciliations
- Assist in the development of a customer service culture, including building and leveraging relationships with key stakeholders (contract holders, Trustees, MM shared services providers, etc.).
- Proactive collaboration with MassMutual shared services and internal stakeholder teams to develop, implement and, where necessary, adjust, standard work related to the processes that will support the Funding Agreement business, including, but not limited to:
- Treasury: Collateral Management; Bank account reconciliations, Wire maintenance and Relationship management with banks and collateral agent.
- Corporate Finance: Monthly/Quarterly close activities related to accounting and reporting of business results in the Company’s books and records and, ultimately, financial statements.
- Corporate Actuarial: Valuation and reserving for the underlying GIC obligations.
- Investment Management: Tracking and reporting of assets transferred
- Legal and Compliance: Contract amendments
- MassMutual Technology: All aspects of information technology support for the Funding Agreement Business
- Learn and become subject matter expert on CML - SAP administration system and serve as a technical resource when the system is updated and tested for new products or features.
- Learn and understand Funding Agreement contracts – be able to interpret legal language and properly adjudicate customer requests for deposits, withdraw requests, termination and other provisions
The Minimum Qualifications
- Bachelor’s degree or a High School Diploma with 10+ years of experience working in funding operations
- 8+ years of experience in financial services operations
- 4+ years of experience partnering internal stakeholders and external clients
The Ideal Qualifications
- Strong Finance skills with ability to understand Funding Agreement contract economics
- Ability to work independently and be part of designing a high-performance team
- Strong organizational skills with attention to detail
- Strong written and verbal communication skills
- Strong customer service skills
- Drive innovation and change relating to servicing the customer and developing efficient day to day operations
What to Expect as Part of MassMutual and the Team
- Regular meetings with the Funding Agreements 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. The job description includes the main duties of this position, which may evolve over time. You may be required to perform other duties not listed.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment.
Salary Range: $104,900.00-$137,700.00
Hiring Process
Explore
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.
Apply
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.
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.
Interview
If you are invited for an interview, you will be scheduled to meet with the hiring manager and hiring team.
Offer
If you are extended an offer to join MassMutual and accept, your start will be contingent upon a satisfactory background check.
Hire
If you accept the offer, we will be so excited to welcome you to the MassMutual community!
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
By the numbers*
- 88% of employee respondents say they are proud to work at MassMutual
-
90
% of employee respondents say they feel encouraged to bring forth new ideas - 86% of employee respondents say MassMutual cares about and supports the well-being of their employees
*Source: 2024 MassMutual employee engagement survey
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.
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.
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 $1,250 annual Well-Being Wallet, and up to 320 hours of caregiver leave.
Explore some of our offerings below. Benefit details can be found here.
Why MassMutual?
Kevin
Compliance Consultant
Seth
Service Management Consultant
Kymberly
Head of Experience Journey Mapping
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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