Terumo Medical Jobs

Sr. Benefits Specialist

Date: Apr 9, 2024

Req ID: 3043

Location:

Somerset, NJ, US, 08873

Company: Terumo Americas Holding, Inc.

Department: TAH Benefits

Terumo Medical Corporation (TMC) develops, manufactures, and markets a complete, solutions-based portfolio of high-quality medical devices used in a broad range of applications for numerous areas of the healthcare industry. TMC places a premium on providing customers with world-class products, training and education programs that drive clear economic value, better clinical outcomes and improved quality of life for patients. TMC is part of Tokyo-based Terumo Corporation; one of the world’s leading medical device manufacturers with $5+ billion in sales, 20,000+ employees worldwide and operations in more than 160 nations. Terumo Medical Corporation is comprised of two strategic business divisions: Terumo Interventional Systems and Terumo Medical Products.

Job Summary

The Senior Benefits Specialist will provide support to the Benefits department with the development, implementation, administration, and communication of the Employee Health and Welfare Benefits Plans and Executive Benefit Plans. This position will provide support to Retirement Plans, including Pension, 401(k), and Non-Qualified plans and will ensure compliance with policies and regulations. This individual will report findings with appropriate recommendations in a timely manner. This position will assist in driving other initiatives in the areas of Wellness programs. This individual will report to and consult with the Senior Manager of Benefits on complex assignments, precedent setting actions, and actions that impact either other functional area or key working relationships. Additionally, will act as a lead resource for day to day administrative operations of the benefits team.

Job Details/Responsibilities

• Support to Health and Welfare Benefits program including, but not limited to, Medical, Prescription, Dental, Vision, Life, Disability, Employee Assistance Program, and a variety of voluntary benefit programs

• Support for 401(k) Plan, Pension Plans, and Non-qualified Deferred Compensation Plan administration

• Responsible for 401(k) plan reconciliation of payroll deductions to ensure timely and accurate funding to participant’s accounts

• Organize and manage annual 401(k) compliance testing (i.e. non-discrimination testing)

• Analyze current benefits, evaluate usage, services, coverage, plan experience, competitive trends in benefits programs and provide recommendations for annual plan design that will provide enhancement and cost control

• Complete benefits surveys

• Support all aspects of Annual Open Enrollment Process

• Maintain benefit portal plan design and set-up in conjunction with third party vendor.

• Ensure accuracy of data exports to carriers, vendors and payroll system as well as individual Associates

• Organize and manage Annual External Audits and 5500 preparation of 401(k) and Pension plans

• Organize and manage routine and annual audit and reporting of benefit/payroll related data in various systems: Benefit Portal, Vendor/Carrier portals and Payroll Data Base

• Serve as a contact person for vendors and associates on Wellness initiatives and programs

• Provide support for acquisition integration and organization restructuring efforts

• Perform other job related duties as required

Knowledge, Skills and Abilities (KSA)

• Ability to work independently with limited supervision

• Ability to deal effectively with external vendors and carriers

• Interpersonal skills to deal with Human Resources and Finance staff within TAH, group companies, and secure cooperation

• Financial acumen to identify and correct deficiencies in processes in order to maintain compliance in accordance with applicable laws

• Position involves working with numerous subsidiary Human Resource and Accounting/Finance Departments thus experience establishing relationships and working in a matrix organization is critical

Qualifications/ Background Experiences

• BA or BS

• Minimum 5 years benefits experience

• Excellent understanding of Microsoft Office Suite, especially Excel

• Familiarity with payroll systems a plus but not required

It is Terumo’s policy to provide equal employment opportunity to all its employees and applicants for employment regardless of their race, creed, color, national origin, age, ancestry, nationality, marital or domestic partnership or civil union status, sex, pregnancy, gender identity or expression, disability status, liability for military service, protected veteran status, sexual orientation, atypical cellular or blood trait, genetic information (including the refusal to submit to genetic testing), or any other category protected by law. As a Company, we value diversity of background and opinion, and prohibit discrimination or harassment on the basis of any legally protected class in the areas of hiring, recruitment, promotion, transfer, demotion, training, compensation, pay, fringe benefits, layoff, termination or any other terms and conditions of employment.

Nearest Major Market: New Jersey