How to Answer: Describe your familiarity with the administration of 403b and 457 plans.
Advice and answer examples written specifically for a Payroll Specialist job interview.
24. Describe your familiarity with the administration of 403b and 457 plans.
How to Answer
The interviewer wants to hear about your experience administering 403b plans as well as 457 plans. Share roughly how many employees you have participating in each type of plan, how you utilize your vendor's website to administer the plans, any audits you have been through with each plan, and any additional details that will add value.
If you do not have any experience with 403b or 457 plans, tell the employer that although you do not possess this experience, you understand the purpose of these plans.
Written by Christine Pasqueretta
Entry Level Example
"While completing my accounting degree, I briefly learned about 403b and 457 plans; however, I could certainly deepen my knowledge on these topics. During my recent internship, together with the financial controller, I helped with the administration of 403b and 457 plans. We managed the plan contributions with the carrier and our deductions on the payroll end. I look forward to learning more about the administration of these plans with Company XYZ."
Written by Rachelle Enns on March 6th, 2021
Experienced Example
"I understand that a 403b is a special retirement plan typically seen in public schools, tax-exempt organizations, and churches. Alternately, 457 plans are typically seen for governmental employees and independent contractors. The 457 is unique because there is no tax penalty for early withdrawals, and independent contractors may participate. I have a strong level of familiarity with each type of plan."
Written by Christine Pasqueretta