Compensation Associate

Location Designation:Hybrid - 3 days per week

Our New York Life culture has laid the foundation for over 180 years of commitment to our employees, agents, policy owners, and the communities where we live and work. Here you become a valued part of a welcoming, inclusive, and caring organization with a long-standing legacy in stability and growth. The strength revolves around our diversified, multi-dimensional business portfolio that goes beyond life insurance.

As a Fortune 100 company and industry leader, we provide an environment where you can explore your career ambitions, offering opportunities to tackle meaningful challenges and stretch your skills while balancing work and life priorities. You will be part of an inclusive team guided by our belief to always be there for each other-providing the support and flexibility to grow and reach new heights while making an impact in the lives of others.

You are our future, and we commit to investing in you accordingly.

Primary Responsibilities:
This Compensation Associate role requires a great deal of technical and interpersonal skills. In this role you will validate and facilitate all commission payments to our producers, agents, and servicers. This role will collaborate across Institutional Life's Case Management and our Third-Party Distribution teams to improve processes and help modernize the business. As a Commission Associate, you will facilitate the receipt, analysis and processing of inbound and outbound commission related correspondence including execution of commission disbursements earned for BOLI, COLI, and Retail insurance policy transactions. This is an excellent opportunity for a highly competent, driven "team-first" professional to join an organization that values teamwork, service to community and a client-first approach to business.

Responsibilities for this role include:
* Commission preparation and payment processes, including analysis, reconciliation, reporting, and resolution of issues in line with internal and external customer expectations.
* Prepare Asset Based Service Fee payments, including validation, reconciliation and processing to ensure timely and accurate disbursements aligned with internal controls.
* Complete all requests within compliance and quality benchmarks,
* Identify opportunities to enhance team efficiency and service quality.
* Communicate promptly with producers, groups, and third parties.
* Draft agent and client correspondence as needed and explain compensation details.
* Review and process compensation using Mainframe, Salesforce, Tableau, and BASIS within regulatory guidelines.
* Handle projects and tasks assigned by management.
* Participate in user acceptance testing to validate system functionality and data visibility.
* Collaborate with teams to resolve commission issues.
* Respond to broker and agent compensation inquiries.
* Verify correct broker setup for commission payments.
* Generate and review reports from multiple systems.
* Ensure work accuracy through self-checks and peer reviews.
* Follow up on outstanding updates or changes.
* Support business improvement efforts for compensation operations.
* Prepare debit notification letters for COLI/BOLI producers and ensure compliant documentation.
* Send licensing update notices and maintain regulatory compliance**

Qualifications:
* Strong interpersonal skills
* Strong critical thinking skills and attention to detail
* Strong computer skills; proficient knowledge of Microsoft Word, Excel, and Access
* Strong project management skills
* Strong written and oral communication skills
* Ability to "think outside the box" and implement creative solutions
* Ability to prioritize and multi-task without supervision
* 2+ years' experience in accounting or reconciliation preferred.
* 2+ years of customer service required.
* Experience in commission, accounts payables/receivables is strongly preferred
* Experience specific to calculating commissions is a plus
* Knowledge of administrative accounting and reconciliation systems preferred
* Basic to intermediate proficiency with Tableau is preferred

Education:
* High school diploma or GED required; bachelor's degree preferred
* Must have or obtain FINRA Series 6 designation within 12 months of hire
* Must have or obtain LOMA 1 and 2 within 12 months of hire

Pay Transparency

Salary Range:$55,000-$70,000

Overtime eligible:Exempt

Discretionary bonus eligible:Yes

Sales bonus eligible:No

Actual base salary will be determined based on several factors but not limited to individual's experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.

Our Benefits

We provide a full package of benefits for employees - and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work. Click here to discover more about our comprehensive benefit options or visit our NYL Benefits Site.

Our Commitment to Inclusion
At New York Life, fostering an inclusive workplace is fundamental to who we are and how we serve our communities. We have a longstanding commitment to creating an environment where individuals can contribute their best and succeed together. This foundation is rooted in our core values of humanity and integrity, ensuring that every employee feels valued and supported. By embracing a broad range of perspectives and experiences, we achieve greater success and fulfill our promise of providing financial security and peace of mind to families across all communities. Click here to learn more about New York Life's leadership in this space.

Recognized as one of Fortune's World's Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by theFoundation.We're proud that due to our mutuality, we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.

Visit our LinkedIn to see how our employees and agents are leading the industry and impacting communities.

Visit our Newsroom to learn more about how our company is constantly evolving to meet our clients' and employees' needs.

Job Requisition ID: 92253