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The differences between retirement plan specialists 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 retirement plan specialist and a plan administrator. Additionally, a plan administrator has an average salary of $68,435, which is higher than the $60,611 average annual salary of a retirement plan specialist.
The top three skills for a retirement plan specialist include life insurance, financial products and FINRA. The most important skills for a plan administrator are payroll, HR, and plan administration.
| Retirement Plan Specialist | Plan Administrator | |
| Yearly salary | $60,611 | $68,435 |
| Hourly rate | $29.14 | $32.90 |
| Growth rate | 7% | 2% |
| Number of jobs | 9,336 | 51,856 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 70% |
| Average age | 45 | 46 |
| Years of experience | 6 | 6 |
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.
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.
Retirement plan specialists and plan administrators have different pay scales, as shown below.
| Retirement Plan Specialist | Plan Administrator | |
| Average salary | $60,611 | $68,435 |
| Salary range | Between $41,000 And $88,000 | Between $45,000 And $103,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Apple |
| Best paying industry | - | Manufacturing |
There are a few differences between a retirement plan specialist and a plan administrator in terms of educational background:
| Retirement Plan Specialist | Plan Administrator | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 70% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between retirement plan specialists' and plan administrators' demographics:
| Retirement Plan Specialist | Plan Administrator | |
| Average age | 45 | 46 |
| Gender ratio | Male, 54.4% Female, 45.6% | Male, 39.1% Female, 60.9% |
| 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, 10.8% Unknown, 3.4% Hispanic or Latino, 9.8% Asian, 8.2% White, 67.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 35% |