US Benefits Finance Specialist

  • Company: AstraZeneca
  • Location: Gaithersburg, Maryland
  • Posted: November 29, 2017
  • Reference ID: R-017129
The US Benefits Finance Specialist is responsible for preparing benefit plan financial statements and representations for statutory filing and reporting purposes in the US, supports external resources (e.g. actuary) in preparing financial statements, and prepares and reviews financial budgets for US benefit plans, and maintains current knowledge of regulatory and compliance related matters involving financial reporting, and the AZ US Benefits.  The US Benefits Finance Specialist will work closely with the external auditors.
The Specialist provides financial interpretation and analysis related to benefits programmes, and provides financial analysis updates required to the Global Benefits Finance Lead, to be used in reporting to the Global Compensation and Benefits Committee (GCBC).  The Specialist is responsible for regular management reporting on benefits spend, and is also responsible for the research, analysis and evaluation of benefit plans and programmes..  Reviews US financial budgets and analyzes the cost of plan design changes.
The Specialist supports the US Benefits Lead and the Global Finance Lead in ensuring that the Benefits strategy, plans and policies contribute to the achievement of the Business Strategy, specifically by supporting the Total Reward Strategy.
The Specialist supports the US Benefits team on various projects, as needed. 
Team Accountabilities:
  • To work with colleagues in Benefits, Compensation, HR, Finance, Insurance, and Legal to assist in the execution of the Benefits Strategy to ensure that it reflects the needs of the Business, People, and Reward strategy.
  • To understand the various needs of the Business, as identified regionally and locally [by Global Process owners, and across all SET areas]. 
  • To monitor and provide input as to the overall cost efficiencies of the benefit plans, to maximise value to AZ and employees
  • To understand the impact of current and evolving business needs on benefits, and deliver benefits activities in a way that reflects the overall needs and priorities of the business.
Individual Accountabilities:
  • Works with minimal input & guidance to provide US related financial analysis support to the Global Benefits Finance Lead to be used in global benefits reporting for GCBC
  • Responsible for management reporting of benefits spend in the US
  • Supports country/regional data collection process for the US
  • Manages all aspects of the US benefit plans in compliance with AZ and industry accounting policies, and within appropriate controls to ensure the validity and reliability of financial statements
  • Responsible for providing financial analysis, insight and trend data on Health & Welfare matters
  • Designs and creates dynamic global financial models to analyze benefits costs and the impact of plan changes
  • Conducts benchmarking analyses to identify key issues and trends and recommend changes to benefits programmes in the US
  • Develops and documents procedures to streamline processes and ensure compliance with regulatory requirements
  • Supports program design analysis, budgeting and implementation of assigned projects
  • Compiles ad hoc reports and data to be used in budgeting and forecasting
  • Compiles ad hoc reports and data for and about vendors, as needed
  • Analyses the cost of ongoing plan management, and of changes to benefit plans
  • Anticipates and plans for long-term financial needs and trends
  • Engages with major stakeholders to obtain buy-in for the implementation of changes to benefits financial strategy in the US as required
  • Oversees the implementation of financial policies
  • Develops and administers financial attributes of benefit plans
  • Liaises with HRIS to identify, retrieve and analyse relevant employee benefits data
In scope Benefits:
  • Defined Benefit Plans
  • Defined Contribution Plans
  • Non-retirement Savings Plans
  • Termination Plans (if accrued for)
  • Service Award Plans (if accrued for)
  • Medical Plans
  • Dental / Hearing / Vision Plans
  • Retiree Health Plans
  • Group Life Plans
  • Long Term Disability Plans
  • Health & Wellbeing programmes
  • Flexible Benefit Plans
  • Executive Deferred Compensation Plans (administration only)
  • Long Term Incentive Programme (administration only)
    Assist with localizing and disseminating benefits communication materials
Essential Requirements:
  • Minimum 5 years of experience in health & welfare/retirement benefit management or financial analysis & reporting
  • Minimum 5 years of experience in use of analytical skills - e.g. Structured Business Process Analysis
  • Educated to degree level or equivalent
  • Expert knowledge of employee benefits financial analysis, particularly as it applies in the US
  • Knowledge of trends in US benefits plans
  • Strong analytical, math and critical thinking skills with a detail orientation
  • Strong financial knowledge
  • Excellent interpersonal and teaming skills
  • Project management skills and experience
  • Strong communication and presentation skills
  • Knowledge of HRIS systems
  • Proficiency in MicroSoft Office Suite
Desired Background:
  • Experience as Finance, Reward or HR Partner
  • Experience in executing global processes locally
  • Experience in working effectively in a global team
  • Ability to participate in the development of holistic, total reward solutions
  • Ability to understand drivers of improved business performance in relation to benefits

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