The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.
Our highly skilled team of 225 is innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.
Position Summary
The Senior Benefits Analyst role is primarily responsible for the Bank’s benefits administration activities and managing the Bank’s wellness and leave of absence programs, all elements of the Bank’s robust Total Rewards offering. This role blends strong technical and analytical expertise with a high-touch, service-orientated approach, serving as a trusted resource for employees, vendors, and other key stakeholders. The role ensures accurate and timely maintenance and processing of employee data, reconciles benefits program billing and deductions, and proactively researches and resolves complex issues through clear, empathic communication. The role is also responsible for ongoing configuration, enhancements, testing and maintenance of Benefits programs within Workday and serves as the backup system and security administrator. This role offers involvement in a wide variety of department projects and initiatives, such as supporting the Bank’s efforts to increase employee engagement. The Senior Benefits Analyst leads the Bank’s Wellness Committee, which is comprised of volunteers from across the Bank.
The selected candidate will bring deep experience administering a broad range of employee benefit programs, including health and welfare, retirement, wellness, and leave of absence programs, and will lead and own the end-to-end administration of these offerings. The role requires sound judgment and discretion to navigate complex, and often sensitive, situations. The role requires a strong customer service mindset and the ability to partner effectively with employees, vendors and key stakeholders. Digital fluency and a strong technical aptitude are required, with a focus on leveraging HR technology, data integrity, and automation to improve accuracy, efficiency, and the overall employee experience.
This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program. More time is expected in the office to support onboarding initially.
Anticipated Pay Range
The anticipated base pay range for this role is $80,500 - $132,250
This role is based in Boston with weekly in-office expectations. The base pay posted represents the annual base pay range or hourly wage range that we expect to offer for this job opportunity. The actual base salary offer will depend on a variety of factors including relevant experience, required skills and other relevant factors. The range noted here is not indicative of all positions in the job grade within which this position falls.
All Bank full-time positions are eligible to participate in our annual incentive program and our robust total rewards offerings, in addition to the base pay.
For more information, visit Careers - FHLBank Boston
Specific Responsibilities
- Serves as the primary point of contact for employees, benefit providers and vendors for day-to-day benefit program administration, including but not limited to:
o Communicates benefit options to employees, facilitates informational meetings, creates educational materials, and addresses inquiries and resolves issues using various methods and tools.
o Coordinates new hire benefits on-boarding process.
o Develops annual and on-going employee communications to ensure employees understand, utilize and value our total rewards program.
o Manages Open Enrollment end-to-end, including planning timelines, coordinating vendors and communications, supporting employee enrollment activities, and ensuring accurate Workday setup and post-enrollment processing.
o Maintains relationships with vendors to ensure the smooth administration of benefits programs, while also adhering to internal vendor due diligence processes.
o Manages and maintains benefit integrations (via Workday) of employee enrollments, changes and terminations by established deadlines.
Following payroll close, prepares and transmits employee benefit contribution files and payments to applicable vendors (e.g., HSA, 401(k), and other benefit providers), ensuring accuracy, timeliness, and alignment with plan provisions and vendor requirements.
- Runs reporting for various Bank benefit programs including but not limited to medical, dental, life, long-term disability, defined contribution, defined benefit, transportation subsidies, and fitness subsidies, including:
o Reviews the inputs of employee data and actions within Workday and generates regularly scheduled reports. May develop or modify reports on an as-needed basis. Coordinates and verifies changes with Accounting.
o Reconciles benefit deductions between vendors and Workday, researches any discrepancies and takes appropriate, timely action to adjust discrepancies in payroll, and vendor records as necessary. Works with Accounting Control, internal HR staff, vendors and employees to identify and reconcile discrepancies. Follows-up to ensure adjustments are completed and outstanding items are cleared. Maintains accurate records and documentation throughout the process.
o Processes timely payment of associated premiums.
- Manages and oversees the administration of employee leaves of absence, including federal, state, and Bank‑specific programs (e.g., FMLA, MA Paid Family and Medical Leave (PFML), and long‑term disability), ensuring compliance, accurate coordination with vendors, and timely support for employees throughout the leave process.
- Manages the Bank’s wellness programs and evaluates program effectiveness, including analysis of participation, utilization, and return on investment.
- Manages the benefits budget, including annual budgeting/forecasting, monitoring spend against plan, investigating variances, and partnering with Accounting/Finance and vendors to support accurate invoicing, accruals, and cost projections.
- Leads Workday benefits configuration, testing, and ongoing maintenance, including implementation of enhancements, coordination of testing cycles, validation of integrations, and support of system changes to ensure accurate benefits administration and data integrity.
- Manages benefits‑related regulatory reporting requirements, including responsibility for Affordable Care Act (ACA) reporting and preparation of Forms 1094‑C and 1095‑C, ensuring accuracy, compliance, and timely filing.
- Provides support, when applicable, to retirees and Board members for benefits in which they are eligible to participate, serving as a point of contact for inquiries, coordination with vendors, and ensuring accurate administration in alignment with plan provisions.
- Leads annual compliance and nondiscrimination testing for the Bank’s retirement and benefits plans, including fiduciary related testing for the 401(k) plan and nondiscrimination testing for the Flexible Spending Account (FSA) plan, ensuring compliance with regulatory requirements and plan provisions.
- Performs quarterly true up calculations for the Bank’s retirement plans.
- Supports preparation of the Compensation Discussion & Analysis (CD&A) as it relates to benefits, including providing data, analysis, and narrative input on benefit programs to support disclosure and governance requirements.
- Maintains courteous and confidential relationship with employees, consultants, vendors, other entities and agencies, within and outside the FHLB System, and with other members of the HR staff with an emphasis on collaboration.
- Maintains the benefits related sections of the Bank’s Employee Handbook, including revisions and updates, to ensure clarity, accuracy and compliance.
- Maintains the department procedures and plan documents pertaining to benefits.
- Assists Human Resources colleagues with projects or tasks, as needed.
- Provides back-up for other departmental tasks, as needed.
- Performs other duties as assigned.
Knowledge/Skills
- Proficient in the use of Microsoft Office. Advanced Excel skills strongly preferred.
- Experience with Workday or other cloud based HCM systems is preferred. Training will be provided for Workday·
- Excellent quantitative skills with strong attention to detail.
- Demonstrates organizational and time management skills.
- Customer engagement skills and demonstrated success in a role collaborating with various stakeholders.
Education
- Bachelor’s degree preferred or relevant work experience.
Experience
- Must have 6+ years’ experience administering a broad range of employee benefit programs, including health and welfare, retirement, wellness, and leave of absence programs relevant to the Bank’s offerings and plans.
- Role-specific credentials are attractive. Currently-held or work towards a PHR and/or CEBP designation considered to be a plus.
As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.
