Manager, Benefits - 401(k) Administration

Overview

Manager, Benefits - 401(k) Administration

The Manager, Benefits 401(k) Administration will lead the day-to-day administration, compliance, and vendor oversight for Capital One’s retirement programs, primarily focused on the Associate Savings Plan (ASP). This role requires a highly analytical professional with deep technical expertise in Employee Retirement Income Security Act of 1974 (ERISA) and Internal Revenue Service (IRS) regulations, exceptional attention to detail, and a proven track record of managing complex retirement plan operations. The ideal candidate will possess strong relationship-management skills to oversee critical third-party vendors, deliver data-driven reporting insights to senior leadership, and provide mentorship to junior team members.

Key Responsibilities & Functions

• Maintain clear documentation to ensure accurate, legally compliant, and efficient day-to-day administration and reporting of the 401(k) plan by the Recordkeeper.

• Serve as the internal subject matter expert to research, diagnose, and resolve complex or escalated participant and administrative issues.

• Oversee the preparation of IRS Form 5500 and Form 8955-SSA.

• Partner with Benefit Operations on administrative error correction processes utilizing internal company processes as well as the IRS and DOL voluntary correction programs to protect the plan’s qualified status.

• Review, audit, and approve complex quarterly recordkeeping invoices. Monitor omnibus accounts, revenue sharing, float income, and the utilization of fee offsets or service credits.

• Maintain a thorough understanding of the plan's administrative architecture within the Recordkeeper's platform. Provide clear technical direction to vendors to ensure that new plan designs, amendments, dynamic merger mappings, or legislative mandates (e.g., Secure 2.0 Roth catch-up rules) are properly programmed and executed.

• Monitor and audit the timely completion, print generation, and digital distribution of required participant disclosures executed by the Recordkeeper, including 404a-5 fee disclosures, QDIA notices, and safe harbor communications.

• Extract, analyze, and synthesize large datasets from the recordkeeping and HRM systems to deliver actionable management reporting on metrics such as participation rates, matching utilization, loan behavior, and hardship withdrawal trends.

• Responsibly incorporate AI tools to drive efficiencies in reporting and monitoring of the Plan

• Mentors, guides, and builds technical capabilities of more junior team members.

The ideal candidate for this role:

• Strong written, verbal, and interpersonal communication skills

• Has the ability to consensus build, influence and collaborate

• Has the ability to story tell with data

• Detail-oriented strategic thinker with analytical problem-solving capabilities 

• Experienced leading complex projects with a focus on execution and ability to work through ambiguity and deliver work through others

• Advanced data analysis skills with the ability to turn raw administrative metrics into organized, polished reporting tables and actionable strategic insights.

• Strong problem solving skills

Basic Qualifications

• Bachelor's Degree or Military Experience

• At least 5 years of experience in retirement plan administration

• At least 4 years of experience working in recordkeeper portals 

• At least 4 years of experience with Employee Retirement Income Security Act (ERISA), IRS Code Sections 401(a), 401(k), 402(g), 409(a), and newer legislation like the SECURE Act 2.0.

• At least 4 years of experience with data management and reporting

Preferred Qualifications

• Bachelor’s degree in Business Administration, Finance, or Human Resources

• Employee Benefits Specialist Certification

• Experience in a design-thinking, agile work setting and leading large-scale financial benefit transformations

• Experience with 401(k) Plans (20,000+ participants) using OCIO models

• Experience with Workday configuration and using AI to solve common business problems

At this time, Capital One will not sponsor a new applicant for employment authorization for this position.

The minimum and maximum full-time annual salaries for this role are listed below, by location. Please note that this salary information is solely for candidates hired to perform work within one of these locations, and refers to the amount Capital One is willing to pay at the time of this posting. Salaries for part-time roles will be prorated based upon the agreed upon number of hours to be regularly worked.

McLean, VA: $151,900 - $173,400 for Manager, Benefits

Richmond, VA: $138,100 - $157,700 for Manager, Benefits

Candidates hired to work in other locations will be subject to the pay range associated with that location, and the actual annualized salary amount offered to any candidate at the time of hire will be reflected solely in the candidate’s offer letter.

This role is also eligible to earn performance based incentive compensation, which may include cash bonus(es) and/or long term incentives (LTI). Incentives could be discretionary or non discretionary depending on the plan.

Capital One offers a comprehensive, competitive, and inclusive set of health, financial and other benefits that support your total well-being. Learn more at theCapital One Careers website. Eligibility varies based on full or part-time status, exempt or non-exempt status, and management level.

This role is expected to accept applications for a minimum of 5 business days.

No agencies please. Capital One is an equal opportunity employer (EOE, including disability/vet) committed to non-discrimination in compliance with applicable federal, state, and local laws. Capital One promotes a drug-free workplace. Capital One will consider for employment qualified applicants with a criminal history in a manner consistent with the requirements of applicable laws regarding criminal background inquiries, including, to the extent applicable, Article 23-A of the New York Correction Law; San Francisco, California Police Code Article 49, Sections 4901-4920; New York City’s Fair Chance Act; Philadelphia’s Fair Criminal Records Screening Act; and other applicable federal, state, and local laws and regulations regarding criminal background inquiries.

If you have visited our website in search of information on employment opportunities or to apply for a position, and you require an accommodation, please contact Capital One Recruiting at 1-800-304-9102 or via email at RecruitingAccommodation@capitalone.com. All information you provide will be kept confidential and will be used only to the extent required to provide needed reasonable accommodations.

For technical support or questions about Capital One's recruiting process, please send an email to Careers@capitalone.com

Capital One does not provide, endorse nor guarantee and is not liable for third-party products, services, educational tools or other information available through this site.

Capital One Financial is made up of several different entities. Please note that any position posted in Canada is for Capital One Canada, any position posted in the United Kingdom is for Capital One Europe and any position posted in the Philippines is for Capital One Philippines Service Corp. (COPSSC).