Retirement plan specialist vs benefits & payroll administrator

The differences between retirement plan specialists and benefits & payroll 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 retirement plan specialist and a benefits & payroll administrator. Additionally, a retirement plan specialist has an average salary of $60,611, which is higher than the $50,662 average annual salary of a benefits & payroll administrator.

The top three skills for a retirement plan specialist include life insurance, financial products and FINRA. The most important skills for a benefits & payroll administrator are human resources, HRIS, and cobra.

Retirement plan specialist vs benefits & payroll administrator overview

	Retirement Plan Specialist	Benefits & Payroll Administrator
Yearly salary	$60,611	$50,662
Hourly rate	$29.14	$24.36
Growth rate	7%	7%
Number of jobs	9,336	61,356
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 76%	Bachelor's Degree, 55%
Average age	45	45
Years of experience	6	6

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.

What does a benefits & payroll administrator do?

The Benefits and Payroll Administrator manages the company's payroll, ensuring work benefits and employee documents are secure. The administrator also delivers employees' issues and concerns to the company's proper channels. This position also helps in the audit of the company and ensures compliance with state and federal regulations. This administrative position requires bookkeeping knowledge, a bachelor's degree, and experience in using spreadsheets and accounting software.

Retirement plan specialist vs benefits & payroll administrator salary

Retirement plan specialists and benefits & payroll administrators have different pay scales, as shown below.

	Retirement Plan Specialist	Benefits & Payroll Administrator
Average salary	$60,611	$50,662
Salary range	Between $41,000 And $88,000	Between $37,000 And $68,000
Highest paying City	-	San Jose, CA
Highest paying state	-	New Jersey
Best paying company	-	HGA
Best paying industry	-	Professional

Differences between retirement plan specialist and benefits & payroll administrator education

There are a few differences between a retirement plan specialist and a benefits & payroll administrator in terms of educational background:

	Retirement Plan Specialist	Benefits & Payroll Administrator
Most common degree	Bachelor's Degree, 76%	Bachelor's Degree, 55%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Retirement plan specialist vs benefits & payroll administrator demographics

Here are the differences between retirement plan specialists' and benefits & payroll administrators' demographics:

	Retirement Plan Specialist	Benefits & Payroll Administrator
Average age	45	45
Gender ratio	Male, 54.4% Female, 45.6%	Male, 11.7% Female, 88.3%
Race ratio	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%	Black or African American, 10.6% Unknown, 3.6% Hispanic or Latino, 15.1% Asian, 7.8% White, 62.6% American Indian and Alaska Native, 0.3%
LGBT Percentage	9%	9%

Differences between retirement plan specialist and benefits & payroll administrator duties and responsibilities

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.

Benefits & payroll administrator example responsibilities.

Manage HRIS, recruiting, training, and time and attendance programs as well as trouble shooting.
Create reports using SQL database and manage reports, perform from internet-base tools for research projects need for client insight.
Ensure accuracy of all benefit enrollments and life status changes record in the HRIS to provide vendors with accurate eligibility information.
Complete weekly internal payroll reports and fund employee accounts (HSA and 401K).
Process benefit elections, merit raises, salary changes, garnishments, cobra and severance.
Administer employee benefits programs including group medical, dental, vision, group life and FSA.

Retirement plan specialist vs benefits & payroll administrator skills

Common retirement plan specialist skills

Life Insurance, 14%
Financial Products, 6%
FINRA, 6%
ERISA, 6%
Retirement Accounts, 6%
Plan Design, 5%

Common benefits & payroll administrator skills

Human Resources, 6%
HRIS, 6%
Cobra, 6%
Payroll System, 4%
Open Enrollment, 4%
ADP Payroll, 4%

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Retirement Plan Specialist
Retirement Plan Specialist vs Benefits & Payroll Administrator

Updated January 8, 2025

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