Benefit Accountant

Municipal Employees' Annuity and Benefit Fund of Chicago; Chicago (IL); On-site; USD 77,000 - 87,000; Full time

Benefits offered by this job

MEABF pension/Disability benefits

Medical insurance

Dental plan

Vision plan

457(b) savings plan

Job summary

Municipal Employees' Annuity and Benefit Fund of Chicago seeks a Benefit Accountant to reconcile annuity benefit payroll and verify new annuitant data. The role interfaces with the benefit, member service and IT departments to ensure accurate payroll processing and deductions.

The position requires a bachelor’s degree in accounting or business and at least five years of accounting experience, with strong proficiency in Microsoft 365 and Dynamics-Great Plains.

Qualifications

• Bachelor’s degree in accounting or business required.
• Minimum of 5 years of relevant accounting experience.
• Proficiency with Microsoft 365 (Outlook, Excel, Word, PowerPoint, Teams) and Dynamics-Great Plains.

Responsibilities

• Reconcile monthly annuity benefit payroll and confirm changes including deaths, health insurance costs and deductions.
• Verify new annuitant data (New Business Summary Report) with SSN, tax info, service years, COLA date and payment details.
• Review and approve monthly transmission files to the custodial bank for new annuitants.
• Handle overpayments and adjust tax payments with the custodial bank.
• Coordinate with IT on health insurance provider data for Medicare and Non-Medicare deductions.
• Reconcile health insurance deductions and insurance liability accounts.

Skills

5+ years accounting

Verbal and written comms

Confidentiality

Education

Bachelor’s degree in accounting or business

Tools

Microsoft 365

Microsoft Dynamics-Great Plains

Job description

Class Title: Benefit Accountant

Reports to: Comptroller

Characteristics of the Class: Reconcile and confirm annuity benefit payroll. Monitor and confirm new additions to monthly annuitant payroll payments calculation and ensure the insurance deductions are remitted appropriately. This position interfaces with the benefit department, member service department and IT department.

Essential Duties:

• Reconcile monthly annuity benefit payroll. Confirm all benefit changes including any deaths for the month, health insurance cost and other deductions.
• Perform verification of new additions to the monthly annuity payroll (New Business Summary Report) created for each new annuitant. Verify pertinent information such as social security number, tax information, years of service, cost of living date and payment information.
• Review and approve monthly transmission files sent to the custodial bank for payment set up for new annuitants.
• Review Overpayment List for Deceased report and prepare adjustment forms to request the return of tax payments from custodial bank.
• Work with IT Department to review files from approved health insurance providers for Medicare, and Non-Medicare deductions.
• Reconcile annuitants’ health insurance deductions for payment of monthly health insurance to approved providers and reconcile insurance liability accounts.
• Review, analyze, and approve annuity payment replacements and updates for annuitants and beneficiaries.
• Monitor accounts receivable from annuitants and ensure their recovery.
• Collaborate with the Benefits Department regarding any set up and/or changes for Qualified Illinois Domestic Relations Orders (QILDRO)
• Reconcile and prepare yearly Unclaimed Cash/Liability Report and perform updates to annuitant records in custodial bank benefit payment system to recoup funds.
• Review and assist with annuitant set up for the Excess Benefit Plan.
• Assist the IT Department with the annual cost of living adjustments for annuitants.
• Other duties as assigned.

Knowledge, Skills and Abilities:

A bachelor’s degree in accounting or business and a minimum of 5 years of relevant accounting experience is required. The MEABF uses the cloud-powered Microsoft 365 platform. Proficiency with this platform is required, specifically Outlook, Excel, Word, PowerPoint, Teams, and Microsoft Dynamics-Great Plains.

Minimum Requirements:

• Ability to maintain MEABF member confidentiality.
• Adherence to MEABF data protection policy.
• Effective verbal and written communication skills.
• High level of organizational skills
• Ability to work under deadline pressure.
• Ability to pivot to address reprioritized objectives.

Experience in the pension industry and experience in new system implementation is a plus.

Minimum Physical Requirements:

• Must be able to remain in a stationary position for extended periods of time.
• Must be able to operate a computer extensively for five (5) or more hours per day.

Comprehensive Benefits:

The MEABF has a generous benefits package including MEABF pension and disability benefits, medical, dental and vision plans and an optional 457(b) savings plan.

The MEABF is an Equal Opportunity Employer. The MEABF does not discriminate due to race, color, creed, religion, sex, sexual orientation, gender and/or gender identity or expression, marital or parental status, national origin, ethnicity, citizenship status, veteran or military status, age, disability, unemployment status, or any other legally protected basis. Qualified candidates of diverse backgrounds are encouraged to apply for any vacant positions.

Salary:

This position’s annual salary ranges from $77,000-87,000 DOQ.