Defined Contribution Retirement Plan Senior Administrator - Hybrid

Job Description

First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60 locations and assets of $5+ billion. We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century. First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.

 

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.

 

 

DUTIES & RESPONSIBILITIES:

• Interpret trust financial statements and exercise judgement to reconcile retirement plan accounts. Determine discrepancies and communicate solutions to client. 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. Must exercise judgement to determine data integrity to determine compliance issues. Make recommendations to relationship manger and client to bring the plan into compliance.
• Allocate employer contributions under cross-tested, pro-rata, and integrated formulas. Leverage expertise to validate the integrity of the 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 communicates the necessary regulatory information and requirements to clients in a way that can be easily understood by individuals who are not in the business. 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. In collaboration with Management and Senior Administrators, resolve audit findings as needed.
• Maintain knowledge and serve as a subject matter expert of retirement plan legislation and possess extensive knowledge of ERISA laws and regulations. Participate in industry education to build upon your regulatory knowledge and expertise to interpret guidelines. Update procedures and train colleagues on compliance-related changes.
• Adapt policies/procedures to satisfy regulatory requirements—mentor other colleagues on procedures/guidelines. Assist with training and coaching for less experienced support staff on procedures, policies, and regulations—audit work prepared by other staff members.
• 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 to assist in the discussion and presentation.
• 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 including recordkeeping, compliance testing, plan conversions and trust accounting or comparable experience required.
• High degree of technical/legal knowledge including familiarity with Internal Revenue Code and ERISA as they apply to qualified plans.
• Qualified military veterans are encouraged to apply.
• Must be pr