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Payroll and Benefits Coordinator
1 month ago
Job Summary
The Payroll and Benefits Specialist will play a crucial role in ensuring the timely and accurate compensation and benefits administration for our employees. This position requires a combination of technical expertise, attention to detail, and strong interpersonal skills to effectively manage payroll and benefits processes.
Key Responsibilities
- Process bi-weekly/monthly payroll for all employees, ensuring accuracy and compliance with bank policies and regulations.
- Reconcile payroll data and resolve any discrepancies.
- Handle payroll tax submissions, filings, and year-end W-2 processing.
- Collaborate with the HR department to ensure new hires, terminations, and other changes are accurately reflected in the payroll system.
- Manage the day-to-day operations of group benefits programs, including group health, dental, vision, short-term and long-term disability, worker's compensation, life insurance, travel and accident plan, flexible spending plan, retirement plans, etc.
- Coordinate and conduct benefits enrollment for new employees and during the annual open enrollment period.
- Ensure benefits changes are entered appropriately in the payroll system for payroll deduction.
- Liaise with benefit providers to resolve any issues related to claims, enrollments, or other concerns.
- Maintain knowledge of trends, best practices, regulatory changes, and new technologies in human resources, talent management, and employment law to ensure the bank's compliance.
Additional Responsibilities
- Collect and verify daily timesheets and attendance logs.
- Update and maintain employee personal and payroll information in the system.
- Process and distribute paychecks.
- File and archive payroll documentation.
- Assist employees with payroll and benefits queries.
- Maintain records of paid leave, sick days, and other necessary deductions.
- Set up employee profiles in the payroll system for new hires.
- Coordinate with department heads to verify departmental payroll data.
- Liaise with external payroll providers or software support for system issues.
- Calculate bonuses, overtime, and commission payments.
- Manage benefits enrollments, changes, and terminations.
- Communicate with insurance providers to update employee information.
- Verify and process billing statements from benefits providers.
- Stay updated on federal, state, and local tax, payroll, and benefits regulations.
- Manage complex payroll scenarios, e.g., multi-state tax calculations.
- Conduct in-depth analyses to identify payroll discrepancies and recommend corrective actions.
- Draft, update, and maintain payroll and benefits policies and documentation.
- Ensure effectiveness and optimization of payroll and benefits systems or software.
