Benefits Financial Specialist

Salary/Grade: EXS/5

Job Summary

The Benefits Financial Specialist administers benefits financial transactions with discretion, ensuring accuracy and appropriate validation, and using prudent judgment on departmental matters. The incumbent: reconciles monthly payroll benefit contributions for active staff, reconciles and verifies billing information for individuals who are on leave of absence, COBRA or retired from the University, and develops reports to issue payments to vendors. Incumbent also works with reconciling benefit clearing accounts, taxable tuition calculations and any corresponding worksheets or analysis reports. Works as subject matter expert to assist and research account inquires for vendors or university colleagues.

Principal Accountabilities

• Data Analyst / Billing / Account Reconciliation Reporting and Analytics Regularly queries the database of payroll deductions and use billing-administrator-reported inactive payment reports to facilitate accurate vendor payment. Monthly summaries and reports on payroll deductions (using pivot tables and spreadsheets), benefit plans and bills, and uses controls to validate accuracy; process vendor payments accordingly. Conducts ad-hoc analyses as needed.
• Billing: Data Management: Analyzes, reconciles, and resolves discrepancies with enrollment and eligibility data for active and inactive employee benefits. Works with Financial Analyst and Benefits team in resolving discrepancies between Northwestern and the vendors. Prepares schedules for payments. Works with the Benefits team in resolving issues as they arise. Works with the Benefits Specialist and Benefits Operations Supervisor to resolve discrepancies with billing administrator and enrollment vendor
• Account Reconciliations: Reconciles monthly balance sheet benefit clearing accounts to ensure accounts are properly stated and transactions accurately reported and discrepancies identified and corrected
  Taxable Tuition Process
  
  • Queries tuition non-cash benefit reports monthly and quarterly, verifies calculation, and assists with imputed income to employees’ paychecks. Assists with questions on taxable tuition.
  • Process Improvement Demonstrates continuous effort to improve operations, decrease turnaround times, and streamline work processes. Contributes to internal development of policies and practices that have a broad impact related to tuition benefits. Subject Matter Expert Demonstrates a strong knowledge of provisions in the plan document for the various tuition benefit plans. Proactively responds to employee inquiries/problems in a way that the employee is satisfied with and understands the answer. Remains current in profession, staying abreast of proposed laws and regulations which may affect plans.
    Invoicing
    
    • Processing and maintaining miscellaneous invoices through NU Financials.

    Department backup
    

    • Backup for posting checks to update accounts and verifying receipts for accuracy. Process Backup for reduced tuition paperwork

    Preferred Qualifications
    

    • Bachelor’s Degree in Accounting or Finance
    • Two or more years work experience in benefits, accounting or related area

    Northwestern requires all staff and faculty to be vaccinated against COVID-19, subject to limited exceptions. For more information, please visit our COVID-19 and Campus Updates website.

    The Northwestern campus sits on the traditional homelands of the people of the Council of Three Fires, the Ojibwe, Potawatomi, and Odawa as well as the Menominee, Miami and Ho-Chunk nations. We acknowledge and honor the original people of the land upon which Northwestern University stands, and the Native people who remain on this land today.

    Northwestern University is an Equal Opportunity, Affirmative Action Employer of all protected classes, including veterans and individuals with disabilities. Women, racial and ethnic minorities, individuals with disabilities, and veterans are encouraged to apply. Click for information on EEO is the Law.