Benefits consultant vs plan administrator

The differences between benefits consultants and plan administrators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a benefits consultant and a plan administrator. Additionally, a benefits consultant has an average salary of $79,068, which is higher than the $68,435 average annual salary of a plan administrator.

The top three skills for a benefits consultant include HR, customer service and life insurance. The most important skills for a plan administrator are payroll, HR, and plan administration.

Benefits consultant vs plan administrator overview

	Benefits Consultant	Plan Administrator
Yearly salary	$79,068	$68,435
Hourly rate	$38.01	$32.90
Growth rate	2%	2%
Number of jobs	19,308	51,856
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 70%
Average age	46	46
Years of experience	6	6

What does a benefits consultant do?

Benefits consultants are executives who carry out many services for individuals and businesses. The consultants draft and organize policies within the organization. They handle vendors and manage the renewal of negotiations of HMO plans. It is their job to establish agency relationships with marketing representatives. They coordinate programs that involve self-funded or administered long-term and short-term disability, life insurance, and a cafeteria plan. Also, they prepare enterprises to meet health care law changes.

What does a plan administrator do?

A plan administrator's duties depend on their line of work or place of employment. Still, they typically include understanding the client or the project's needs, developing plans, performing research and analysis, liaising with internal and external parties, setting goals, establishing guidelines and timelines, and developing strategies to optimize procedures. They must also respond to issues and concerns, resolving them efficiently. Moreover, as a plan administrator, it is essential to monitor the daily operations and manage staff, all while implementing the company's policies and regulations.

Benefits consultant vs plan administrator salary

Benefits consultants and plan administrators have different pay scales, as shown below.

	Benefits Consultant	Plan Administrator
Average salary	$79,068	$68,435
Salary range	Between $51,000 And $121,000	Between $45,000 And $103,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	BMO Capital Markets	Apple
Best paying industry	Manufacturing	Manufacturing

Differences between benefits consultant and plan administrator education

There are a few differences between a benefits consultant and a plan administrator in terms of educational background:

	Benefits Consultant	Plan Administrator
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 70%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Benefits consultant vs plan administrator demographics

Here are the differences between benefits consultants' and plan administrators' demographics:

	Benefits Consultant	Plan Administrator
Average age	46	46
Gender ratio	Male, 46.7% Female, 53.3%	Male, 39.1% Female, 60.9%
Race ratio	Black or African American, 11.2% Unknown, 3.4% Hispanic or Latino, 10.0% Asian, 8.0% White, 66.9% American Indian and Alaska Native, 0.4%	Black or African American, 10.8% Unknown, 3.4% Hispanic or Latino, 9.8% Asian, 8.2% White, 67.3% American Indian and Alaska Native, 0.4%
LGBT Percentage	35%	35%

Differences between benefits consultant and plan administrator duties and responsibilities

Benefits consultant example responsibilities.

Manage benefits for fully insure medical/dental plans with life, long-term disability, and FSA accounts.
Manage annual non-discrimination testing, audit and IRS filings for qualify retirement plan, working with external vendors.
Manage vendors for medical, dental, pharmacy, vision, HSA, long-term care and work-life resource and referral programs.
Manage several SDLC phases for enterprise systems used by state government agencies to perform environmental and environmental management.
Provide SharePoint development and administration, budget and financial reporting; manage invoicing; and develop training manuals and user guides.
Coach clients and provide orientation about cobra act.

Plan administrator example responsibilities.

Create custom macro to expedite data transfer of manage ESOP.
Participate in establishing and testing pension plans on PeopleSoft to automate applicable calculations.
Establish and maintain IRA, SEP, SARSEP and Keogh plans.
Gather plan date (census, assets) from clients, CPA's, attorneys, and investment brokers.
Process monthly stock option and RSU grants.
Prepare RSU tax withholding calculations for mobility employees on a monthly basis.

Benefits consultant vs plan administrator skills

Common benefits consultant skills

HR, 10%
Customer Service, 8%
Life Insurance, 7%
Strong Analytical, 6%
Health Insurance, 5%
Client Relationships, 5%

Common plan administrator skills

Payroll, 9%
HR, 7%
Plan Administration, 6%
Database, 5%
PowerPoint, 4%
SOX, 4%

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Benefits Consultant
Benefits Consultant vs Plan Administrator

Updated January 8, 2025

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