Employment Opportunities
JOB DESCRIPTION
Title: Retirement Plan Specialist
FLSA: Exempt
Purpose of Position:
Responsible for maintaining qualified status of defined contribution retirement plans by interpreting plan documents and administering pension plans.
Essential Duties and Responsibilities:
The following duties are normal for this position. These are not to be construed as exclusive or all inclusive. Other duties may be required and assigned.
- Process contributions accurately and on a timely basis.
- Receive contribution checks (weekly, monthly) and deposit into trust account. Input/import contribution file data from client into Relius software system. Allocate contribution amounts to participants based on established allocations.
- Process distributions (QDRO's, terminations, rollovers, hardship withdrawals, and loans) accurately and on a timely basis.
- Determine if request for withdrawal or termination is valid and meets criteria; determine amount of funds available.
- Prepare loan documentation, amortization schedule and note. Request money for loan and issue check.
- Calculate vested account balance and estimated distribution date for plan participants who have terminated.
- Request redemption and prepare check, withholding applicable federal and state taxes.
- Prepare 1099-R and mail check to the participant or financial institution for rollovers.
- Process trades in daily valuation environment.
- Prepare quarterly and annual reports and government filings.
- Request census information from employer; balance and track investments/loans and contributions; prepare financial statements for discrimination testing.
- Annual reporting: enter year-to-date compensation into the system; report employee and employer contributions; reconcile and verify data. Prepare Form 5500 and annual report for clients review.
- Conduct all associated compliance testing.
- Identify and resolve discrepancies and other problems; implement appropriate corrective action as needed.
- Respond to inquiries and questions from brokers, clients, auditors, and participants. Explain and interpret benefit plan. Conduct additional research in order to respond.
Knowledge, Skills, and Experience Qualifications:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, ability, and demands required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
A Bachelor's degree or equivalent is required with a minimum of 2 years of benefit design and administration experience. Qualified candidates should have a basic working knowledge of benefit administration and retirement plans, 5500's, and SPD
Must possess ability to read, understand, interpret, and prepare plan documents and plan communication. Outstanding written and oral communication skills, attention to detail, ability to work across all levels of management, sound judgment and the ability to work under pressure in a fast paced environment required.
Language Ability and Interpersonal Communications
Requires the ability to read, analyze, interpret and enforce rules, procedures, policies, and governmental regulations and related materials which impact retirement plan requirements. Interacts regularly with inside and outside customers at various levels, in giving or receiving information primarily by electronic mail, mail, and telephone. Requires the capacity to speak clearly using normal word order and to write simple sentences.
Math Ability:
Strong math aptitude required including ability to apply concepts such as percentages, ratios, and proportions. Logical and analytical skills required.
Computer Skills:
Basic computer skills required with proficiency using Microsoft Office and general accounting software systems desired.
Cognitive Demands
Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions and deal with abstract and concrete variables.
Certificates and Licenses:
No certifications required. Must successfully complete either of the following:
QKA (Qualified 401(k) Administrator) courses through ASPA
APA (Accredited Pension Administrator) courses through NIPA
NOTE:
This is not necessarily an exhaustive list of responsibilities, skills, duties, requirements, efforts, or working conditions associated with the position. While this list is intended to be an accurate reflection of the current position, Pension, Inc., reserves the right to revise the functions and duties of the position, or to require that additional or different tasks be performed when circumstances change (i.e. emergencies, staff shortages, work load changes, rush jobs, or technological developments).
