New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2015 operating earnings of $1.875 billion. Total assets under management at year end 2015, with affiliates, totaled $528 billion. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/11/15).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
With the greater focus on corporate governance company-wide, the Benefits Compliance Associate will be responsible for keeping the benefits area in compliance with all governance rules and procedures. This includes knowing the guidelines, collecting and monitoring data to be in compliance with the guidelines and working with the auditors to demonstrate our compliance. In addition, this position will be responsible for administering the Benefits budget, mentoring our summer intern and helping to support the Retirement team with various administrative tasks. Must have strong communication and written skills and must be able to work well within a team.
BUDGET (Across Retirement and Health and Welfare teams)
Work with manager to maintain the budget process in compliance with department guidelines, contracts, change orders and statements of work. Responsibilities include:
o Managing the day to day administrative invoice processes and systems
o Determine monthly accruals
o Prepare quarterly reports to management
o Participate in the mid-year budgeting process
o Work with the accounting team to answer any budget questions
COMPLIANCE (Across Retirement and Health and Welfare teams)
• MAR/SOX - Work with Benefits team and auditors to ensure proper compliance and adherence to document
controls and procedures
o Ensure that all procedures are being followed by collecting and organizing data
o Work with the auditors and team to provide data requested
o Update procedures and MAR/SOX documentation as needed
• Manage and monitor Benefits network drives to ensure adherence to electronic file retention
o Approve and add new folders to the network drive
o Annually archive and/or delete appropriate files
o Monitor naming conventions to ensure compliance
• Function as the point person for Benefits Disaster Recovery activities and testing
o Attend company-wide meetings to learn the schedule and plan for the recovery exercises
o Coordinate the employees on the team responsible for the different pieces of the recovery
• Coordinate and plan periodic paper files archiving and retention activities during the year
o Make sure files are in compliance with the company wide retention schedule and procedures
o Coordinate an annual review and disposition of all documents on the floor
• Work with procurement on all contracting done by Benefits
o Gather information needed
o Maintain signed contracts
o Notify team when a contract is coming up for renegotiation
• Maintain a compliance library
o Work with OGC (Legal Department) to maintain all compliance documents for our team
• Work with OGC on all compliance issues and documents
AUDITS (Across Retirement and Health and Welfare teams)
• Work with team members and following through on any outcomes for an internal or external audit
• Mentor summer intern
• And any and all responsibilities as assigned by management.
REQUIRED SKILLS AND EXPERIENCE:
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*Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 15, 2015. See http://fortune.com/fortune500/2015/ for methodology.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US(GAAP), with certain adjustments Company believes to be appropriate as a measurement approach ( non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.