Manager, Benefits
Commonwealth Fusion Systems
Accounting & Finance
Devens, MA, USA
Posted on Sep 27, 2024
Commonwealth Fusion Systems (CFS) has the fastest, lowest cost path to commercial fusion energy.
CFS collaborates with MIT to leverage decades of research combined with groundbreaking new high-temperature superconducting (HTS) magnet technology. HTS magnets will enable compact fusion power plants that can be constructed faster and at lower cost. Our mission is to deploy these power plants to meet global decarbonization goals as fast as possible. To that end, CFS has assembled a team of leaders in tough tech, fusion science, and manufacturing with a track record of rapid execution. Supported by the world’s leading investors, CFS is uniquely positioned to deliver limitless, clean, fusion power to combat climate change. To implement this plan, we are looking to add dedicated people to the team who treat people well, improve our work by adding multifaceted perspectives and new ways of solving problems, have achieved outstanding results through a range of pursuits, and have skills and experience related to this role.
The Manager, Benefits will lead the design, implementation, and administration of our benefits programs, ensuring they are competitive, cost-effective, and aligned with company goals. This includes managing health, wellness, and retirement benefits, with a specific emphasis on the 401(k) plan. In addition, they will manage and develop a small team, ensuring high performance and operational efficiency within the benefits function. They will work closely with People Operations and external partners to ensure compliance with regulations and deliver an exceptional employee experience.
Key Responsibilities:
- BENEFITS STRATEGY & ADMINISTRATION
- Develop, implement, and maintain comprehensive benefits programs, including health, wellness, and retirement (401(k)) plans
- Plan and execute annual open enrollment
- Ensure compliance with legal and regulatory requirements, including ERISA, ACA, HIPAA, COBRA, and other applicable laws
- Collaborate with external vendors to manage relationships, ensuring the benefits offerings, including the 401(k) plan, remain competitive, efficient, and well-communicated to employees
- Continuously assess the competitiveness of our benefits package and recommend improvements based on industry trends and employee feedback
- EMPLOYEE SUPPORT & ENGAGEMENT
- Act as a subject matter expert for benefits, providing clear communication and education to employees about their health, wellness, and retirement options, including 401(k)
- Lead employee engagement initiatives to promote the value of benefits offerings and increase utilization, ensuring employees understand how to maximize their benefits
- TEAM MANAGEMENT
- Manage and develop a small benefits team, providing leadership and mentorship
- Ensure the team is aligned with company objectives and executes benefits administration efficiently and accurately
- COMPLIANCE & RISK MANAGEMENT
- Maintain compliance with all relevant federal, state, and local laws governing employee benefits, with a strong focus on 401(k) plan regulations and other retirement benefits
- Oversee 401(k) audits and annual filings, ensuring accuracy and timeliness of all required documentation, including Form 5500 and other compliance measures
- Proactively identify and address potential compliance risks related to benefits administration
- COST ANALYSIS & MANAGEMENT
- Analyze and manage the financial impact of benefits programs, providing insights on cost-saving opportunities without compromising the quality of offerings
- Prepare and manage the benefits budget, including projecting 401(k) liabilities and employer contribution costs, while reporting regularly to senior leadership on program performance and financial health
- PROCESS IMPROVEMENT & INNOVATION
- Continuously improve benefits processes and technology to ensure seamless benefits administration and employee experience
- Identify opportunities to enhance operational efficiency and leverage technology to streamline benefits delivery
- Proactively identify and address potential compliance risks in the 401(k)-plan administration, including nondiscrimination testing and participant contribution limits
The ideal candidate will have most, if not all, of these requirements:
- Bachelor’s degree in Human Resources, Business Administration, or a related field; advanced degree or HR certification preferred
- 7+ years of progressive experience in benefits management, with a strong focus on health and retirement plans
- Experience managing and developing a team, with a proven ability to lead, mentor, and elevate team performance
- Deep understanding of benefits compliance and regulations, including ERISA, ACA, COBRA, HIPAA, and 401(k) plan administration
- Strong communication skills, with the ability to simplify complex benefits information for employees and enhance their understanding and engagement
- Experience collaborating with external vendors and managing third-party administrators for benefits programs
- Ability to analyze benefits programs, manage budgets, and make data-driven decisions to optimize offerings and control costs
- Experience in fast-growing environments is a plus, particularly in tech, tough tech, or manufacturing sectors
- Desire to learn, support the employees at CFS, and grow as a part of the People Operations team
- Prioritization of the employee experience alongside compliance
- Resiliency to work through challenges with optimism and adaptability
- Strong verbal/written communication and interpersonal skills as well as strong customer service experience
- Attention to detail
- Ability to handle confidential information with integrity and professionalism
- Ability to take initiative, multitask, and manage priorities
Additional experience and/or qualifications:
- HRIS systems; specifically, UKG
- Perform activities such as typing, standing, or sitting for extended periods of time
- Work in a facility that contains industrial hazards including heat, cold, noise, fumes, strong magnets, lead (Pb), high voltage, high current, pressure systems, and cryogenics
- #LI-Hybrid
CFS team members thrive in a fast-paced, dynamic environment and have demonstrated exceptional results through a range of different pursuits. We all tightly align with our company values of integrity, execution, impact and self-critique. As we grow, we are looking to add talented people who are mission driven and bring diverse perspectives and new ways of solving problems.
At CFS, we deeply value diversity and are an equal opportunity employer by choice. We consider all qualified applicants equally for employment. We do not discriminate on the basis of race, color, national origin, ancestry, citizenship status, protected veteran status, religion, physical or mental disability, marital status, sex, sexual orientation, gender identity or expression, age, or any other basis protected by law, ordinance, or regulation.