Company: Federal Reserve Bank of Boston

Job description:

Federal Reserve Bank of Boston

As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank’s values: diversity, equity and inclusion, innovation, integrity, and leadership.

This job is eligible for a hybrid schedule with some on-site work expected.

A requirement of this position is that the employee must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank’s vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank.

Benefits Specialist
This position is responsible for assisting in the administration of the Bank’s leave case management program. This position would also assist with the administration of worker’s compensation, retirement, health and welfare benefit programs and benefits analysis. This position is knowledgeable in department and Bank policies and procedures and can also assist the team with the Bank’s payroll, time & attendance programs.

Principal Accountabilities:

1. Assist in the administration of the Bank’s leave case management program, including managing and tracking employee leaves. Analyze and resolve outstanding leave issues. Work closely with business lines and HR Business Partners on individual leave cases. Support the manual coordination for leave case management with the Workday system and a transition to permanent solution in the future.

2. Assist with the administration of the Bank’s worker’s compensation program. Investigate and reconcile ongoing claim payments, extract claim activity data, and discuss open claims with management. Analyze and resolve outstanding claim issues. Work with the Bank’s insurance carrier to reconcile salary liability to the Bank’s contract.

3. Analyze benefits usage in order to respond to inquiries and to assist in the Bank’s decision-making process of what new and changes to implement. Assist in the preparation of local benefits related RFPs, analyze results and make recommendations.

4. Review, analyze and process enhance retirement severance offsets.

5. Serve as primary liaison between employees/retirees and related benefits providers. Counsel employees and assist them in their preparation of benefits (System or Bank) long term disability retirement, thrift and coordinate with third party advisory services.

6. Prepare weekly/monthly/quarterly/annual reports.

7. Ensure adherence to applicable COSO and business continuity plans.

8. Assist the payroll team with input changes, updates and corrections to payroll and employee records including salary actions, status changes, direct deposits, federal/ state/ local withholdings, payroll deductions, garnishments, etc.

9. Input adjustments and corrections to time & attendance system.

10. Coordinate with the Recruiting department to assist with candidate questions and onboarding activities

11. Provide backup to the Benefits Manager as needed.

Other Accountabilities:

Perform other duties as assigned.


This position is not required to directly supervise others.


Knowledge and experience normally acquired through, or equivalent to, the completion of a Bachelor’s degree and a minimum of 2-3 years of job-related experience.

Advance knowledge of Time and Labor systems including Workday is highly preferred.

The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Job type: Full Time

Fully remote: Hybrid

Salary range:

Location: Boston, Massachusetts, United States Massachusetts


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