All retirement plans must satisfy annual coverage, non-discrimination, and disclosure requirements on an annual basis. This position is mainly responsible for supporting employer contributions, coverage testing, nondiscrimination testing, and certain IRS returns (Form 5500, 5330, 8955) for defined contribution plans. This position may also support plan design, plan corrections and consulting with internal teams as well as plan sponsors and advisors.
Analyze annual or mid-year census information from clients and complete annual nondiscrimination testing requirements, which may include but are not limited to determining if eligibility provisions have been calculated correctly and calculating and preparing proposals for year-end or true-up employer allocations.
Perform and review required testing such as “average deferral percentage/average contribution percentage,” Top Heavy, Coverage, Compensation Nondiscrimination, General Nondiscrimination, and Control Group Determinations.
Ensuring that neither participants nor client plans exceed IRS and plan limits.
Perform and review complex annual nondiscrimination testing, to include but not be limited to new comparability allocations, integrated allocations, and average benefit testing.
Calculate employer allocation projections for existing clients.
Prepare Form 5500 and other reporting, which may include (among other things) reconciling plan financial statements, preparing annual audit packages for applicable plans and providing audit support to auditors and clients.
Prepare other government filings as required such as Form 8955-SSA, Form 5558, and Form 5330.
Partner with internal teams and individuals to complete shared tasks
Partner with external clients (advisors, plan sponsors) to resolve critical issues related to Plan Compliance support
Identify and recognize compliance issues that arise from a plan’s testing and reporting process and analyze and recommend corrective action related to such issues.
Support /lead departmental initiatives and projects.
Possess a strong understanding of department processes, procedures and standards
College degree or relevant work experience.
Five or more years of Retirement or Pension experience preferred.
Industry related designation(s) preferred.
Excellent verbal and written communication skills.
Proficient in Microsoft Office Suite or related software.
Excellent organizational skills and attention to detail.
Ability to work independently and in a team environment.
Strong knowledge of ERISA, IRS and other relevant regulations.
Ability to work with the following software: Relius Administration, FTWilliam 5500 and plan documents, CRM, SalesForce, PensionPro, Relius Plan Documents
Ability to read and interpret plan documents.
Ability to meet regulatory deadlines as well as team and personal goals.
Strong problem solving and analytical skills.
Ability to handle multiple projects and prioritize workload.
Able to react to change productively.