Retirement Plan Administrator

 

Description:

The Plan Administration team supports all compliance aspects of Plan Administration including coordinating communication with internal team members, plan sponsors, participants, and referral partners to develop and direct the plan administration process, improving workflow processes, make program and policy changes, and meet regulatory requirements.

 

Role Responsibilities

This role will perform testing and monitor compliance, collaborate on correction projects, and maintain plan operations. This role will review the work of the plan administration team, support client interactions, and address audits. Accuracy in valuations, eligibility determinations, and adherence to plan provisions are key.

 

Essential Job Duties

• Assist with all compliance aspects of plan administration, considering both balance forward and daily valuation environments.

• Manage and monitor workflow and progress of year-end work, ensuring all necessary data is requested and received to meet compliance deadlines and completion of valuation reports.

• Collect and track necessary information for completion of valuation reports, including working with multiple types of investment providers.

• Support the team’s work with review of trust accounts, reconciliation of assets, preparation of annual compliance tests, and preparation of 5500 Forms and all schedules required including 8955-SSA and IRS Form 5330s.

• Review plan documents, understand retirement plan provisions and accurately apply rules to client and participant circumstances, including distributions, loans, and vesting.

• Collect, review and process census data to determine employee eligibility and participation.

• Prepare and review projected and actual match and/or profit-sharing contribution allocations (age weighted, integrated, cross tested, etc.) based on client goals and needs.

• Conduct coverage and non-discrimination tests, including controlled and affiliate service group considerations.

• Calculate ADP/ACP refunds; recommend appropriate correction method and work with team members to distribute timely.

• Reconcile trust assets to participant accounts, ensuring accuracy and consistency.

• Determine RMD eligible, calculate and communicate distributions to be taken or waived.

• Identify and work with large plan audits, including coordinating with service providers and collecting, assembling, and analyzing data.

• Prepare and present valuations.

• Regularly complete peer review of work performed by team members, ensuring accuracy.

• Proactively recommend and discuss plan design changes with internal partners.

• Support our Client Experience Team as they interact and communicate with external clients regarding compliance and plan administration matters.

• Provide strategic and proactive support for DOL, IRS, and Large plan audits.

• Calculate late deposit requirements accurately.

• Assist with correction project work, ensuring that requirements are completed in a timely manner.

• Assist our Client Experience Team with compliance aspects of Plan conversions, terminations and mergers, and deconversions.

• Proactively manage assigned caseload to aid LRS in achieving and exceeding client service satisfaction.

• Participate in development and maintenance of plan operations and documented processes, workflow improvement initiatives, and program/policy changes.

• Additional duties as assigned.

 

Minimum Qualifications

• High School Diploma or GED required.

• 4+ years retirement industry experience required, preferably with defined contribution plans.

• Knowledge of laws and regulations related to qualified plans and types of plan designs (IRS, DOL, ERISA, EGTRRA, PPA etc.).

• Understanding of Plan Errors and working knowledge of correction methods.

• Proficiency/Knowledge with Ft Williams software and/or similar systems is required.

• Superb communication skills and a commitment to superior customer service.

• Excellent attention to detail and numerical accuracy.

• Proficiently manages numbers and performs basic mathematical calculations with precision.

• Possess a strong command of technology and ability to learn new software solutions easily and quickly.

• Works well with a team, including other team members who work remotely/virtually.

• Proficient with Excel, Word, Outlook, and Adobe Acrobat.

• Ability to contribute creative ideas and forward-looking contributions to team activities and company progress.

• Possesses a preference for action, avoids workplace distractions, and drives performance targets to completion.