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Manager, Retirement Plans

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Date: Dec 5, 2018

Location: LAKE FOREST, IL, US, 600455202

Company: Grainger

Grainger is a broad line, business-to-business distributor of maintenance, repair and operating (MRO) supplies and other related products and services. More than 3.2 million businesses and institutions worldwide rely on Grainger for products such as safety gloves, ladders, motors and janitorial supplies, along with services like inventory management and technical support. These customers represent a broad collection of industries including commercial, government, healthcare and manufacturing. They place orders online, on mobile devices, through sales representatives, over the phone and at local branches. Approximately 5,000 suppliers provide Grainger with more than 1.6 million products stocked in Grainger’s distribution centers and branches worldwide.

 

 

Primary Function

  • Serve as the primary liaison between the Company and the recordkeepers, consultants, and other firms that provide services to the U.S. Retirement Programs, inclusive of all:  qualified and non-qualified savings plans.  Develop, recommend, and implement effective communication and educational programs for plan participants as appropriate.  This role owns the administration of the retirement plans and the administration of the U.S. group benefit trusts.
  • Guide and direct the management, administration, recordkeeping, and maintenance of participant accounts for retirement plans. These plans include, but are not limited to qualified and non-qualified defined contribution plans and potential defined benefit arrangements.
  • Manage Grainger’s internal standards and governance supporting defined benefit and defined contribution retirement plans across the enterprise.
  • Develop and manage the deployment of educational programs that support team member financial future.

 

 

Principal Duties & Responsibilities

Plan Administration

  • Develop and manage the delivery of effective communications for retirement plan participants. Topics would cover both investment issues and administrative procedures and changes. Develop effective educational programs supporting team member’s financial future. Topics might include financial planning, retirement planning, and broad investment issues.
  • Direct and supervise the administration of retirement plans. Interpret plan provisions and direct the trustee and participant record keeper in allocating the annual contribution and processing loans, withdrawals, payouts, etc.
  • Supervise the administration and payment of benefits for the U.S. non-qualified retirement plans (e.g.: supplemental profit sharing plans, and deferred compensation arrangements).  These include but are not limited to the Supplemental Profit Sharing Plans I & II (SPSP, SPS II)
  • Supervise the administration of Grainger’s U.S. group benefit trusts.
  • Primary internal retirement plan expert supporting Merger & Acquisition activity. Liaise between external support and internal stakeholders to identify issues, explore alternatives and propose solutions.

Reporting & Governance

  • Determine topics that will be considered for the Profit Sharing Investment Committee (PSIC), prepare and deliver background papers on proposals facilitate meetings, and implement approved recommendations.  This role partners closely with the Vice President, Treasury, to ensure matters related to investment administration and governance are discussed on a timely basis and documented for the committee.
  • Prepare quarterly and annual reporting on the Company's U.S. retirement plans including:  profit sharing plans, pension plan, and group benefit trusts for submission to the appropriate committees and the Audit Committee of the Board of Directors.
  • Responsible for developing and managing efficient enterprise-wide governance supporting retirement plans: both defined benefit and defined contribution.  .
  • Partner and advise business units outside of the U.S. on Grainger’s philosophy and governance in managing employee benefit programs.

Compliance & Controls

  • Examine new developments in legislation, financial methodology, and/or technology that can or will affect the Company's profit sharing plans, pension plan, and group benefit trusts.
  • Ensure that the plans comply with appropriate regulations.  This includes appropriate documentation and regulatory submissions of plans.
  • Partner with Internal Audit and other internal groups to effectively build, execute, and monitor appropriate controls for plans.
  • Review the preparation of data and schedules necessary for the performance of the annual audits of plans by the external auditors. 
  • Analyze all new regulations that affect the Company's profit sharing plans and implement changes that ensure compliance.  This includes, but is not limited to appropriate non-discrimination testing

Team Member Experience & Financial Future

  • Identify and recommend cost effective, scalable strategies to promote financial wellness throughout the organization.
  • Partner with internal and external subject matter experts to design and deploy programs that align with Granger’s strategies.
  • Assess and recommend ongoing improvement opportunities to deploy appropriate programs to key business units and geographies outside the U.S.

 

 

 

Preferred Education & Experience

  • Undergraduate and/or graduate degree in accounting, economics, finance, mathematics, or statistics.
  • Strong oral, written and presentation skills are important.

 

 

 

Work Environment

  • This role travels outside of the Chicago Area (company HQ) less than 10% of the time
     

 

Impact

  • The U.S. retirement plans cover about 22,000 participants.
  • The Company and profit sharing participants together spend about $3 million annually in investment management, recordkeeping, consulting, legal, and administrative fees.
  • The Company's target contribution to the Grainger profit sharing plan is about $180 million.

 

 

Working Relationships

External Relationships

  • Retirement consulting audit firms with expertise in defined contribution, defined benefit, and external ERISA attorneys, record-keepers, and professional service companies with expertise in delivering training and education.

Internal Relationships

  • Payroll , tax and accounting functions, Internal Audit, Employee Service Center,
  • Vice President, Treasury
  • Regularly interact with team members to reinforce the value of programs
  • Other members of the total reward team, with strong integration with the well-being team

 

 

Grainger is an Equal Opportunity / Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, gender identity, sexual orientation, disability, or protected veteran status.


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