Director of Benefits/Compensation

Top Management

* Develop 5 year strategic benefits plan and lead the execution related to health, welfare and retirement programs to ensure cost effective and competitive total rewards program, aligning with overall company goals. Currently in the third year of a five year strategic plan and results achieved include: reduced healthcare trend by 5-10% each year with minimal employee impact through creative offerings; fully funded the frozen defined benefit plans; reduced plan liability by $65M by offering a lump sum window to term vested; currently managing plan termination/annuitization project.
* Developed and implemented a leading edge private healthcare exchange in 2015 that received national attention, resulting in significant cost reductions; invited to speak at National Business Group on Health, World Health Congress and other national conferences to help employers understand challenges and benefits associated with implementing a private healthcare exchange.
* Initiated and implemented defined benefit plan freezes and enhanced defined contribution alternatives to mitigate company risk and financial volatility, while continuing to achieve high employee satisfaction levels.
* Conduct ongoing benchmarking relative to market indices to evaluate competitive total rewards position.
* Collaborate with regional human resource managers, business partners, legal counsel, tax and finance managers to ensure best in class human resource delivery and compliance.
* Manage all vendor financial renewals, RFP processes, vendor relationships, consulting and broker relationships.
* Lead all human resource merger and acquisition due diligence for potential acquisitions and divestitures.
* Launch employee communication campaigns to increase employee engagement and awareness and value of overall rewards package.

* Designed, developed and implemented all aspects of benefits plans for United States, Canada and Mexico; implemented small division benefit plans in various countries based on country-specific best practices.
* Initiated changes to self-insured national Preferred Provider Organization (PPO) to achieve 100% employee access with 50% provider discounts; implemented ongoing health care cost-reduction strategies resulting in annual company costs averaging $900 per employee less than market.
* Managed all regulatory aspects of multiple benefit programs to ensure compliance; selected and managed vendor and broker relationships.
* Initiated successful bundling of actuarial, investment management and administration of defined benefit plans, achieving $1.2M savings and significant process improvements.

Benefits Manager

* Developed budget for State employees' and retirees' self-insured group insurance program ($1.0 billion, 250,000 lives); directly managed the actuarial rate development and internal budgetary process for multiple State sponsored insurance programs; negotiated budget with Governor's budget office.
* Served as key participant in collective bargaining process, determining programmatic and financial impact of benefit plan design changes.
* Managed the pharmacy benefit program; implemented cost containment programs for various benefit plans.

Senior Benefits Analyst

* Supervised all aspects of daily operations, including enrollment, communications and distributions.
* Conducted investment analysis of plan's investment options resulting in manager termination/retention recommendations and asset class expansions.
* Launched statewide communications campaigns to increase employee awareness and enrollment.

Investment & Operations Manager

* Managed master trust and multiple asset manager relationships for $11 billion pension plan.
* Evaluated investment fund performance; supervised data analysis and cash management.

Investment Analyst

* Arranged and conducted State's general obligation and revenue bond sales; prepared Official Statement and met with rating agencies (S&P, Moody's) to discuss State's fiscal condition.
* Developed pension funding alternatives to achieve actuarial funding; responsible for budget development for several state agencies and five state funded pension plans.

Bond Analyst/ Budget Analyst

Find out detailed information about Cynthia Hardnett, Director of Benefits/Compensation in Rancho Mission Viejo, CA

Cynthia Hardnett: Director of Benefits/Compensation in Rancho Mission Viejo, CA

Cynthia Hardnett