The employee trust administrator is an employee benefits specialist and a member of the human resources team. The trust administrator is specifically charged with the responsibility for managing employee benefit trust accounts. Other titled positions that may also be responsible for the administration of an employee trust fund could be trust administrator, employee relations manager, trust clerk, human resource specialist, benefits specialist and employee relations specialist.
According to the US Bureau of Labor Statistics, a human resource specialist and benefits specialist can expect to earn a median wage of $26.75 per hour. The median annual salary for an employee trust administrator and benefits specialist was $52,690 in 2010. For the period of 2010-2020, the BLS report an occupation growth of 23% for this field of expertise.
The increase for this field is significantly above average compared to all occupations for the same period. A successful candidate for this position would require a minimum of a Bachelor’s degree and 2-4 years experience as a trust benefits specialist or similar work experience in a related field and position. The number of jobs for this occupation in 2010 was 442,400 with an expected change of 90,700 for the period of 2010-2020.
An employee trust administrator is responsible for maintaining the records of the trust account for each eligible employee. They must ensure compliance with federal regulations. They are specifically responsible for educating employees and providing objective financial advice while communicating the details of their organization’s benefit trust plan.
The employee trust administrator will assist with the plan design during its initial formulation period. They will continue to manage funds and benefits throughout the duration of the trust. They will also oversee benefit distributions to trust account holders.
The individual in this position would work closely with the organizations human resource department and communicate regularly with team members. They are required to have outstanding communication skills, both verbal and written. Superior understanding of federal, state and local regulations would be a must. An excellent track record with handling accounting, bookkeeping and other types of financial data is essential for a qualified candidate.
They should be familiar with trust fund development and administration, and function efficiently with a variety of policies and procedures within the financial field. This individual will rely heavily upon experience and practice setting and accomplishing goals. A degree of latitude is given in this position, and they typically report to the head of the department.