Principal Associate, Plan Management and Governance Compliance

Principal Associate, Plan Management and Governance Compliance Capital One is looking for a Principal Associate to manage the compliance and governance of our US Health and Welfare plans. In this role, you’ll ensure our benefits follow all applicable laws and plan documents while keeping a "forward-looking" eye on new legislation. You’ll work across teams to keep our plans well-managed, protecting the company while ensuring a seamless, high-quality experience for our associates. What You’ll Do: Regulatory and Compliance Filings Government Filings: Preparation and timely submission of all state and federal filings related to H&W plans, including but not limited to: Form 5500, Summary Annual Reports (SAR), mental health parity, etc. Nondiscrimination Testing: Oversee annual Section 125 and 105(h) testing to ensure plans do not favor highly compensated employees. Manage process for reviewing results, obtaining approval for limit changes and execute communications as needed based on test results.  Obtain and review SOC-1 documentation from vendors and ensure compliance with internal processes Maintain a compliance calendar and ensure that all filings are tracked and stored in the appropriate Capital One locations. Governance & Oversight Serve as primary liaison between Benefits and HR Risk teams on any ongoing and newly scoped projects.  Audit Management: Partner with HR Risk as the primary H&W point of contact for internal audits.  Assist with external audits, as needed.  Vendor Compliance: Audit Third-Party Administrators (TPAs) and carriers to ensure they are adhering to plan terms, SLAs and Performance Guarantees (PGs). Plan Documentation and notices: Partner with vendors and/or internal partners to structure and write all required plan documentation and notices, including, Summary of Material Modifications (SMMs), SBCs, benefit booklets, maintaining Summary Plan Descriptions (SPDs), etc.  Participate as a voting member in the Eligibility Claims Committee to review claims for benefits.  Serve as the designated lead for HIPAA compliance, managing Business Associate Agreements (BAAs) and leading breach response protocols per the Capital One process; ensure appropriate actions are reported, gaps are closed and communicated as appropriate.  Serve as H&W benefits SME for Gen AI reviews.  Understand Capital One review process, take vendors through the review process, coordinate evaluations as needed. Offer an independent voice and challenge as needed.  Partner with control owners and internal compliance partners on control testing.  Ensure documentation is kept up to date and provide documentation upon request. Legislative Maintenance & Monitoring Serve as the subject matter expert for all laws, rules and regulations that impact US H&W and voluntary benefits including, but not limited to: ERISA, CAA, HIPAA, MHPAEA, state individual mandate reporting and San Francisco HCSO Regulatory Tracking: Partner with Legal and HR Risk to monitor emerging legislation and assess impacts to US H&W plans.  Propose recommendations and highlight gaps that need to be addressed.  Partner with HR technology, Benefits Operations, internal HR call center and/or vendors to identify and implement changes needed to systems, training material, and call center tools to maintain compliance. Issue & Incident Management Own Capital One issue and incident risk management processes for US H&W and voluntary benefits related to policy, plan management and compliance. Offer an independent voice and challenge as needed. Bring stakeholders along on the journey while maintaining a positive, collaborative attitude.  Enter incidents into Salesforce within 24 hours and act as liaison through incident resolution, guiding team members through the process.   Own issues (eg HIPAA privacy violations) through resolution. Suggest process/experience/product improvements based on qualitative and quantitative feedback.  Manage complex associate benefit