Senior Manager, HR Retirement

At CVS Health, we’re building a world of health around every consumer and surrounding ourselves with dedicated colleagues who are passionate about transforming health care.

As the nation’s leading health solutions company, we reach millions of Americans through our local presence, digital channels and more than 300,000 purpose-driven colleagues – caring for people where, when and how they choose in a way that is uniquely more connected, more convenient and more compassionate. And we do it all with heart, each and every day.

Position Summary:

Sr Manager, HR Retirement & Benefits is a mixed role that supports the HR Retirement and Health & Welfare benefit teams in two critical areas; investment operations and benefit compliance. Benefit plans include retirement plans, health, and welfare (H&W), voluntary employee benefit associations (VEBA’s), multiple employer welfare arrangements (MEWA’s), wellbeing plans and other benefit programs offered to CVS Health colleagues.

Specific duties include, but are not limited to:

401(k) Plan Investment Operations

• Manage qualified defined contribution plan investment administrative operations between the trustee, investment advisor(s), consultants and recordkeeper for fiduciary oversight, investment changes and related issues including preparing directives, reconciling of monthly asset statements, managing day-to-day investment issues and reviewing manager invoices; (Note: this role does not interact with investment managers, rather it supports the execution and operations of investment transactions with and among the various vendor banks, trustees, recordkeepers, consultants & technology specialists) and internal stakeholder teams.
• Coordinate with the independent investment advisors and vendors to ensure smooth operations and optimize workflow of investment activity needs.
• Assist in fiduciary oversight matters, including support of Investment Subcommittee meetings.
• Manage and facilitate investment related contracting between vendors and the plans in partnership with internal ERISA legal teams and outside counsel including but not limited to learning about Investment Management Agreements (IMA’s) and creating a process to review and validate all documentation (e.g., Form ADV updates, SSAE 16/SOC 1, proxy voting policies, etc.).
• Interact and liaise as needed with various internal and external stakeholders to communicate complex investment structures/transactions effectively.
• Continually analyze, review, and improve the working processes and controls of the execution of investment related transactions and matters impacting the 401(k) plans.
• Familiar with ERISA, internal and external audit, including Form 5500, audited financial statements is a plus to assist with investment reporting and reconciliation as needed, including support of 11-k filing needs and participant communication needs (e.g., fund changes)

Benefit Compliance

This is both a strategy and hands on role. The Sr Manager will manage, execute, and report on the compliance obligations and needs of CVS Health HR Benefit teams. 

Duties include:

• Monitor regulatory changes and their impact on benefit compliance obligations
• Enact practices to ensure adherence for regulatory obligations associated with the HR Benefit programs and recommend enhance to processes or services related to HR Benefit compliance efforts with ERISA, IRS, DOL and various state mandates
• Create efficiencies and identify opportunities to continuously improve the overall HR Benefit compliance experience for stakeholders;
• Serve as a strategic partner for the business and as a subject matter expert on HR benefit compliance matters and documenting process.
• Interact with CVS Health legal team on regulatory, M&A, and privacy matters
• Provide oversight, adherence, and delivery of regulatory obligations, for the H&W, VEBA, MEWA, wellbeing and retirement plans (areas include external reporting (11-K), federal and state tax filings (Form 5500, 8955-SSA, M-1, etc.), participant communications (401(a)(5), SARs, etc.), internal controls (SOX), external controls (SOC1, SOC2), external standards (GAAP) and controlling documents (plan documents, SPDs, SMMs, etc.)
• Serve as a subject matter expert on cross functional mergers, acquisitions, and divestitures teams as needed

Required Qualifications:

• 7+ years plus functional experience with employee benefit plans in one or more areas (Retirement, Investments, Audit, Finance)
• Concrete knowledge of plan operations, administration, and compliance of retirement plans
• Demonstrated organizational skills and attention to detail required.
• Experience with numbers and investments