Sr. Workplace Benefits Product Manager

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact.

This job is responsible for leading daily management and development of Institutional Retirement products. Key responsibilities include developing, maintaining and executing the strategic plan of a product, delivering innovative solutions that meet the needs of Workplace Benefits clients, identifying gaps and developing solution plans.

Job expectations include leveraging product management and development expertise, leading complex projects across cross-functional teams with limited oversight and communicating complex information in a clear, concise and organized manner. As a member of the Workplace Benefits Institutional Retirement Product Management team, the Product Manager will provide support for the Institutional Trust and Custody Services (ITCS) for qualified retirement and pension plans. This role will sit within the Product team covering ITCS, Nonqualified Deferred Compensation Investment Only (NQDC IO) and Full Service NQDC. Responsibilities will include understanding the needs of the Institutional Retirement ITCS clients and maintenance of product related materials due to strategic, operational, regulatory and/or policy changes.

Responsibilities:

• Identifies and creates comprehensive plans for product development and deployment, including supporting the creation of sales training programs and marketing materials to educate clients and internal teams on product capabilities.
• Oversees a set of products and maintains financials, including managing the investment profile and profit and loss (P&L) activities, such as revenue and profit margins.
• Provides information on product trends to sales and marketing teams leveraging knowledge of product functionality, marketplace trends, and the competitive landscape.
• Identifies opportunities to streamline or enhance product offerings to fit clients' existing and future needs and support continued growth and operational excellence.
• Manages risk through implementing and monitoring effective controls in partnership with key support partners.
• Partners with internal stakeholders to obtain meaningful insights about markets, clients, and competitors in order to develop products that solve client needs and ensure high adoption rates.
• Develops and influences product strategy, driving products to provide comprehensive solutions across the bank.
• Supports new business onboarding including assisting in negotiating trust and custody modifications with client services and control partners as needed.
• Manages relationships with third party providers including maintenance and renewal of third-party provider contracts w/Procurement via the GEP Smart system and coordination with Enterprise Vendor Management including monthly billing/invoicing reviews and approvals.
• Coordinate projects with various internal departments including Sales, Service, Technology, Marketing, Legal, Risk, Compliance, and other control partners.
• Maintain various Getting Started materials, agreements and disclosures supporting the ITCS offering and agreement packets inventory on PGA and SharePoint sites.

Skills:

• Business Acumen
• Data Management
• Oral Communications
• Presentation Skills
• Written Communications
• Benefits Plan Development
• Business Analytics
• Collaboration
• Executive Presence
• Sales Performance Management
• Analytical Thinking
• Benchmarking
• Innovative Thinking
• Problem Solving
• Product Management

Requirements:

• Minimum of 5 years of retirement related experience and knowledge of ERISA qualified retirement plans.

Desired:

• Demonstrated proficiency with MS PowerPoint, MS Excel and SharePoint is a plus.

Minimum Education Requirement:

• HS Diploma, GED or equivalent. Bachelors Degree or equivalent work experience a plus.

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

For internal employees; participation in a work from home posture does not make you ineligible to post.

Shift: 1st shift (United States of America)

Hours Per Week: 40

Pay Transparency details US - NJ - Pennington - 1400 American Blvd - Princeton Place At Hopewell Bldg. 4 (NJ2140) Pay and benefits information Pay range $102,600.00 - $166,600.00 annualized salary, offers to be determined based on experience, education and skill set. Discretionary incentive eligible. This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company. Benefits This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.