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Compensation analyst vs retirement plan specialist

The differences between compensation analysts and retirement plan specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a compensation analyst and a retirement plan specialist. Additionally, a compensation analyst has an average salary of $66,487, which is higher than the $60,611 average annual salary of a retirement plan specialist.

The top three skills for a compensation analyst include HR, compensation programs and HRIS. The most important skills for a retirement plan specialist are life insurance, financial products, and FINRA.

Compensation analyst vs retirement plan specialist overview

Compensation AnalystRetirement Plan Specialist
Yearly salary$66,487$60,611
Hourly rate$31.96$29.14
Growth rate7%7%
Number of jobs19,3449,336
Job satisfaction5-
Most common degreeBachelor's Degree, 73%Bachelor's Degree, 76%
Average age4545
Years of experience66

What does a compensation analyst do?

Compensation analysts are responsible for managing company compensation programs by evaluating and analyzing employees' salaries, assist the planning and development of a new and modified sales compensation plan, as well as managing sales compensation short-term incentive programs. The compensation programs are used to improve hiring and boost employee retention. These analysts are skilled and knowledgeable about managing labor costs, benefits structures, and compensation analysis to determine if the employees are fairly compensated.

What does a retirement plan specialist do?

Retirement plan specialists are experts who plan out their client's financial needs for retirement. The specialist's design and implement savings, benefit, and pension programs for clients. They have to explain the complicated nature of compensation, investment, and retirement packages to employees clearly and concisely. They process retirement plans following company and federal regulations. Also, they often have a background in business or human resources, and they may choose to earn employee benefit certifications that may help with their career advancement.

Compensation analyst vs retirement plan specialist salary

Compensation analysts and retirement plan specialists have different pay scales, as shown below.

Compensation AnalystRetirement Plan Specialist
Average salary$66,487$60,611
Salary rangeBetween $48,000 And $90,000Between $41,000 And $88,000
Highest paying CitySacramento, CA-
Highest paying stateWashington-
Best paying companyMeta-
Best paying industryTechnology-

Differences between compensation analyst and retirement plan specialist education

There are a few differences between a compensation analyst and a retirement plan specialist in terms of educational background:

Compensation AnalystRetirement Plan Specialist
Most common degreeBachelor's Degree, 73%Bachelor's Degree, 76%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Compensation analyst vs retirement plan specialist demographics

Here are the differences between compensation analysts' and retirement plan specialists' demographics:

Compensation AnalystRetirement Plan Specialist
Average age4545
Gender ratioMale, 36.2% Female, 63.8%Male, 54.4% Female, 45.6%
Race ratioBlack or African American, 10.5% Unknown, 3.9% Hispanic or Latino, 15.0% Asian, 7.7% White, 62.3% American Indian and Alaska Native, 0.5%Black or African American, 10.5% Unknown, 3.8% Hispanic or Latino, 15.2% Asian, 7.8% White, 62.2% American Indian and Alaska Native, 0.4%
LGBT Percentage9%9%

Differences between compensation analyst and retirement plan specialist duties and responsibilities

Compensation analyst example responsibilities.

  • Manage vendor relationships with fiscal oversight, and ongoing cost management.
  • Manage long-term incentive plan administration including SARP and stock option granting programs (LTI).
  • Create and manage communication materials via PowerPoint publish to sales organization.
  • Report and manage company healthcare budget and direct all vendor relationships.
  • Manage special projects, develop senior level presentations and handle communications on behalf of SVP
  • Provide oversight of sales compensation short-term incentive programs.
  • Show more

Retirement plan specialist example responsibilities.

  • Generate sales leads for personal investments, annuities and plan sales.
  • Participate in establishing and testing pension plans on PeopleSoft to automate applicable calculations.
  • Call into the ADP payroll client base to cross-sell retirement products and work with payroll reps on joint sales.
  • Research and advise clients and attorneys on laws and regulations to comply with QDRO and federal guidelines.
  • Train staff on ASC software and provide office support, as needed, for issues and new training.
  • Assist in the planning, testing and conversion of the company's payroll system from GEAC to JD Edwards.
  • Show more

Compensation analyst vs retirement plan specialist skills

Common compensation analyst skills
  • HR, 12%
  • Compensation Programs, 7%
  • HRIS, 6%
  • PowerPoint, 5%
  • Data Analysis, 5%
  • Customer Service, 4%
Common retirement plan specialist skills
  • Life Insurance, 14%
  • Financial Products, 6%
  • FINRA, 6%
  • ERISA, 6%
  • Retirement Accounts, 6%
  • Plan Design, 5%

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