Guest Sara H Posted January 9, 2002 Posted January 9, 2002 I know that this question isn't related to plan administration, but I thought that I would get the best response here. I am planning to go to our HR person to discuss a raise and I was wondering what the "average pension/benefits administrator" is earning. Does anybody have any suggestions of what I should shoot for?? THANKS!
david rigby Posted January 9, 2002 Posted January 9, 2002 As usual, BenefitsLink is the place to go for references. This was posted on BenefitsBuzz 01/07/02. http://www.ifebp.org/2002/01/05/37516/9804...ORD.Missing.asp I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Guest Sara H Posted January 10, 2002 Posted January 10, 2002 Is the information in that article is true (that the average pay for a pension or benefits administrator is $80,000)????
david rigby Posted January 10, 2002 Posted January 10, 2002 The number does not surprise me, but be careful how you use averages. As the article points out, there are noteworthy differences by geography, by size of company, by duties. In addition, a majority of those included had a bonus. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
pmacduff Posted January 10, 2002 Posted January 10, 2002 Pax - I think Sara H. is looking for salary numbers for a Pension Administrator, not a complete benefits person! Many people I know have searched a long time for "industry standards" as far as what an administrator should make, I've never seen anything and the salaries seem to vary all over.
Guest Sara H Posted January 10, 2002 Posted January 10, 2002 Thanks, pmacduff - you are correct. I was looking for something more specific to pension administrators & I am having a hard time finding anything out on the Internet. I am going in to our HR person this afternoon - would I be way off in saying that $40,000 might be average?
pmacduff Posted January 10, 2002 Posted January 10, 2002 How much experience do you have? How many plans/clients are you responsible for? How much of the plan administration do you do? Do you have any desiginations ie., from ASPA or NIPA? There are so many variables here, it's hard to tell where to begin. I also realize that location has a lot to do with it, as far as demographics, I see you are in Iowa, perhaps there is someone out there on these boards in your area who could help you get a better idea. I'm in upstate New York and can tell you that the salaries here vary widely all over the state and not just between upstate and New York City!! Sorry I wasn't more help. Good Luck.
Tom Poje Posted January 10, 2002 Posted January 10, 2002 Good Luck Sara. I think the wonderful pmacduff hit the important points determining how much one can get or is worth. (ok, I can call her wonderful cuz we exchanged a few emails regarding reports for the software we use, and one of her ideas saved me a bunch of time and energy!) and now for some other thoughts: and the famous...$ are not everything. (else I am extremely underpaid) as pointed out, there are a lot of factors to consider: daily vs traditional. you could not pay me to do daily. I will gladly work for less. is your position strictly number crunching? (ugh) I have had the opportunity to speak at ASPA and other small group seminars, share info at user group meetings with the software being used, etc. I wouldn't give up those teaching opportunities for the life of me.
david rigby Posted January 10, 2002 Posted January 10, 2002 I apologize for misinterpreting the original question. This discussion might relevant: http://benefitslink.com/boards/index.php?showtopic=11691 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
AndyH Posted January 10, 2002 Posted January 10, 2002 ASPA has a wage survey available for $75. I haven't seen it and I'm not sure if it costs more for a non-member. They call it a "Financial Survey". It was originally supposed to be $350 for non-members and $200 for members, but the price has been obviously chopped.
pmacduff Posted January 10, 2002 Posted January 10, 2002 Tom - thanks for the compliment...Everyone - The order form for the survey that AndyH mentions is available on the ASPA website (aspa.org) under the "What's New" section (scroll down). It's not under the "members only" section, so I assume that anyone who wishes to can order it for $75. I tried to attach the order form, but it's a *.PDF file format and wouldn't attach to this thread!
Tom Poje Posted January 10, 2002 Posted January 10, 2002 Ask and you shall receive. Look, Dave added .pdf ability to the system, so maybe you can attach file now.
Tom Poje Posted January 10, 2002 Posted January 10, 2002 gotta love Dave, don't you! That was fast service. by the way, his comment was "Yikes; I'll fix that right away."
jeanine Posted January 11, 2002 Posted January 11, 2002 Have any of you tried salary.com? You can narrow your search geographically, level of position, etc. Plus, it's free.
pmacduff Posted January 11, 2002 Posted January 11, 2002 jeanine - The problem is that you won't find a "pension administrator" position in those types of salary surveys. I think our field is just too specific. In fact, you will rarely find any type of pension position in those types of surveys, I think that is why ASPA decided to create one (and charge for it!!!)
jeanine Posted January 11, 2002 Posted January 11, 2002 True enough, and my specific job classification is not listed either. I looked for professional degree, general area of employment, and found three job descriptions that most closely fit. I took the high and low to determine whether I was in the ballpark range. Also, if HR person is listed, or benefits position, if her (his?) job is more detailed, then it should pay more (as a starting point for an arguement for an increase). Again, it's free.
Guest Barry Max Levy Posted January 11, 2002 Posted January 11, 2002 I attended the BLC (Business Leadership Conf.) last year and it was terrific. The Financial Survey that was presented was very insightful.
Guest Rosemary Raymer Posted January 11, 2002 Posted January 11, 2002 In Alabama the $40,000 you mentioned would be for an administrator with about 8 to 10 years of experience without a degree and 3 to 5 years with a degree.
AndyH Posted January 11, 2002 Posted January 11, 2002 If all of us who have read this thread as of right now chip in 8.4 cents each, we'll be able to buy the survey!
Guest Dave Danziger Posted January 14, 2002 Posted January 14, 2002 We purchased a copy of the ASPA survey. It is remarkably well organized and detailed. I was a little concerned about the validity of the numbers because only 101 organizations responded. However, my firm's numbers are pretty closely in line. We're at the higher end in most job categories, but that's where we want to be. I think ASPA has really served our community well by putting the survey together. I hope they continue it in the future.
Guest Ben S Posted January 14, 2002 Posted January 14, 2002 The information most closely resembling what we do in the "service Sector" was at Salary.com, though the job titles and descriptions were still geared toward benefits administrators and benefits managers (etc.) in a corporate environment. Take it with a grain of salt.
stephen Posted January 14, 2002 Posted January 14, 2002 There are lots of websites offering information on how to ask for a raise. (Monster.com comes to mind)
Guest ChristieB Posted December 12, 2002 Posted December 12, 2002 Hi, I am new to the pension world and was recently offered a position as a pension analyst. I have 5 years experience as an office manager and just graduated from a very reputable college with a 3.6 in Business Administration/Accounting. I was wondering what a fair offer would be for me. I have searched and searched, and I have found averages, but they are for experienced individuals. Any one have any ideas? Thanks for your help!
Guest Rosemary Raymer Posted December 14, 2002 Posted December 14, 2002 $28 - $32k in the Southeast appears to be the going rate for "newbies" fresh out of college.
2muchstress Posted December 26, 2002 Posted December 26, 2002 I would say that 28k - 32k would also seem fair in the Northwest as well.
Guest hpaine Posted December 26, 2002 Posted December 26, 2002 Then I guess I would count myself lucky. I'm about 2 years away from completing my B.A. and have around 4 years experience with administration and recordkeeping of DC plans and my salary range is around 32K - 38K. (Keep in mind that I live in CO).
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