Role Description

This position specializes in the design and administration of more complex defined contribution retirement plans for small to medium-sized businesses. This individual is responsible for calculating data and evaluating the plan in order to adhere to legislative rules and regulations. Review and validate work completed by Defined Contribution Retirement Plan Administrators and support staff.

• Interpret trust financial statements and exercise judgement to reconcile retirement plan accounts.
• Determine discrepancies and communicate solutions to clients.
• Develop a periodic balance sheet and income statement.
• Serve as the liaison between the client and Relationship Manager if additional information is needed.
• Reconcile employee census data to determine plan eligibility.
• Independently perform compliance and nondiscrimination testing, including ADP/ACP, 410(b) coverage, top-heavy, 415 annual addition limits, and cross-testing.
• Make recommendations to relationship manager and client to bring the plan into compliance.
• Allocate employer contributions under cross-tested, pro-rata, and integrated formulas.
• Prepare valuation reports and participant statements.
• Prepare required governmental reporting forms (including but not limited to Forms 5500, 1099-R, 945, 5330).
• Calculate and update vesting, ensuring compliance with plan design and regulatory standards.
• Process payroll contributions for submission.
• Calculate the amount available for loans and process the necessary paperwork.
• Prepare and process distribution packages for terminated, retired, or deceased plan participants.
• Review QDROs, calculate and process distributions to the alternate payee.
• Effectively communicate the necessary regulatory information and requirements to clients.
• Discuss plan design changes with relationship managers.
• Communicate directly with clients and their professional advisors regarding recommendations for plan administration.
• Communicate with external auditors regarding plan audits.
• Maintain knowledge and serve as a subject matter expert of retirement plan legislation and ERISA laws and regulations.
• Participate in industry education to build upon regulatory knowledge and expertise.
• Update procedures and train colleagues on compliance-related changes.
• Adapt policies/procedures to satisfy regulatory requirements.
• Assist with training and coaching for less experienced support staff.
• Review work prepared by the Defined Contribution Retirement Plan Administrators and Support Staff.
• Communicate with prior TPA, investment advisor, and client on takeover plans.
• Accompany relationship manager to meetings with clients and plan participants.
• Manage time and prioritize tasks to ensure work is done efficiently and adheres to deadlines.
• Conduct and complete additional assignments/projects as designated by management.

Qualifications

• High school diploma or equivalent required; Bachelor’s degree preferred with emphasis on business, finance, or accounting.
• Professional credentials (i.e., ERPA, QKA, etc.) are preferred.
• Minimum four years of experience in Defined Contribution Retirement Plan Administration.
• High degree of technical/legal knowledge including familiarity with Internal Revenue Code and ERISA.
• Qualified military veterans are encouraged to apply.
• Must be professional and comfortable speaking with external and internal contacts.
• Demonstrated ability to convey thoughts and ideas effectively and succinctly via written formats.
• Maintain credibility through professional demeanor, appearance, and presence.
• Maintain good working relationships with internal partners.
• Use sound professional judgment to balance the interests of the organization and customer.
• Proficiency with Microsoft 365 products and applications.
• Demonstrated ability to learn new systems and applications.
• Experience with Relius administration and FT William 5500 software preferred.
• Occasional travel to other First American Bank locations may be required.
• Typical schedule is Monday through Friday 8:00 a.m. to 5:00 p.m.
• Remote work allowed.
• Additional hours required January through March and as needed for special projects.
• Punctuality is required to maintain First American Bank’s customer service standards.