Analyst II - HR Benefits at FirstEnergy in Akron, OH

Job description

Position Summary The Analyst is responsible for providing analytical, financial, compliance, and program support across the organization’s Total Rewards portfolio, with a primary focus on Health & Welfare Programs. This role combines a strong understanding of employee benefit programs with financial and analytical capabilities to evaluate program performance, support forecasting and budgeting, fulfill regulatory and financial reporting requirements, and provide insights that support Total Rewards strategy and decision-making. This role requires an understanding of how benefit programs operate, how they are funded and administered, and how financial, utilization, compliance, and vendor data should be interpreted within the context of the Total Rewards strategy. The analyst will partner closely with Benefits leadership, Finance, Accounting, Rates, vendors, consultants, and internal stakeholders to turn total rewards program data into meaningful business insights and recommendations. Benefits & Total Rewards Program Analysis Develop a strong working knowledge of the organization’s Health & Welfare and Total Rewards programs, including medical, prescription drug, dental, vision, life insurance, disability, wellness and other benefit programs. Serve as an analytical resource to Total Rewards leadership by evaluating program cost, utilization, participation, employee experience, vendor performance, emerging trends and providing responses to rate case inquires. Analyze benefit program results to identify cost drivers, utilization trends, opportunities, risks, and areas requiring additional review. Support evaluation of benefit plan design changes, new programs, vendor solutions, and Total Rewards initiatives. Assist with development of business cases and financial analyses for proposed benefit changes and investments. Translate complex benefit and financial information into concise findings and recommendations for Total Rewards leadership. Financial Analysis, Budgeting & Forecasting Partner closely with Finance and Accounting in the development and management of annual Total Rewards budgets. Support annual budgeting, forecasting, accruals, and variance analysis for total rewards programs. Monitor actual program expenses against budget and forecast and investigate significant variances. Analyze medical, pharmacy, administrative, insurance premium, Workers’ Compensation and other benefit-related expenses. Support forecasting of benefit costs using factors such as enrollment, claims experience, utilization, trend, plan changes, contractual fees, and other cost drivers. Prepare recurring financial analyses and management reporting that provide leadership with visibility into benefit program and Total Rewards financial performance. Support financial evaluation of potential benefit changes and programs, including anticipated cost, savings, return on investment, and employee impact. Health & Welfare Reporting & Compliance Support required Health & Welfare regulatory, financial, and compliance reporting. Coordinate data collection, validation, reconciliation, and reporting associated with Other Post-Employment Benefits (OPEB) obligations and related financial reporting. Support Affordable Care Act (ACA) compliance activities, including data validation, monitoring, reconciliation, and annual reporting requirements. Assist with total rewards related audits and rate case requests from Finance, Accounting, Internal Audit, external auditors, consultants, and other stakeholders. Maintain appropriate documentation and controls supporting benefit reporting and compliance requirements. Partner with Total Rewards subject-matter experts and external partners to ensure regulatory and financial reporting deliverables are accurate and completed timely. Vendor Management & Program Performance Work closely with vendors, consultants, actuaries, and other external partners to obtain, validate, and interpret program data. Develop and maintain vendor and progra