Actuary - Cash Balance Plans/Retirement Plans

Alerus Financial; Phoenix (AZ); On-site; USD 120,000 - 160,000; Full time

Benefits offered by this job

Competitive compensation

Benefits package

Paid time off

Career development

Volunteer time

Job summary

Alerus Financial in Phoenix, AZ is seeking a senior Cash Balance Actuary to design and communicate ERISA provisions for Cash Balance, Defined Benefit, and 401(k) plans. You will review census data, run projections, and advise on funding strategies while ensuring compliance.

The role involves managing client relationships, coordinating plan documents, and supporting sales and administration with technical guidance.

Qualifications

• Bachelor's degree or equivalent related experience as an enrolled actuary approved by the Joint Board for the Enrollment of Actuaries in Active Status.
• 10+ years of experience in complex defined contribution plan administration.
• Member of American Academy of Actuaries, Society of Actuaries and/or the American Society of Pension Professionals & Actuaries.
• Possess ASPPA's MSEA certification or equivalent.
• Ability to perform all aspects of retirement plan compliance testing and allocations with minimal review.

Responsibilities

• Utilize analytical software to review census data and plan documents to design defined benefit, cash balance, and/or 401(k) plans.
• Identify and implement changes to plan documents to address client needs.
• Monitor receipt of census information to prioritize annual reporting.
• Coordinate assistance with discrimination testing.
• Provide input and guidance to colleagues handling 401(k) and cash balance plans.
• Provide internal training to Sales and Administration Staff.

Skills

Analytical skills

Communication

Time management

Client service

Excel

Word

Education

Bachelor's degree or equivalent

Enrolled actuary (Joint Board)

ASPPA MSEA certification

AAA/SOA/ASPPA membership

Tools

Microsoft Excel

Microsoft Word

Job description

WHO ARE WE:

Alerus is a commercial wealth bank and national retirement provider with one core purpose: helping clients achieve their financial goals. We are driven by a shared commitment to always do the right thing; leading with integrity and providing valued advice and guidance to our clients. We value the expertise and skillsets each team member provides and encourage collaboration, innovation, adaptability, and an entrepreneurial spirit at all levels of our company. By consistently seeking improvements and growth, we foster long-term relationships with clients and team members. We are proud to be recognized as a Top Workplace by numerous industry and regional outlets.

CORE VALUES:

Passion for Excellence :: Success is Never Final :: Do the Right Thing :: One Alerus

ABOUT THE ROLE:

The Cash Balance Actuary assists sales team with design and communication of technical ERISA aspects of Cash Balance, Defined Benefit, and Defined Contribution plans. Produces and presents projections for new business proposals based on input from prospects and sales consultants. Able to explain Defined Benefit and Cash Balance funding strategies, PBGC and non-PBGC plans, limits and minimums, plan adoptions, and any new legislation. Manages a book of existing and newly implemented clients, including data review, testing, valuation preparation, and required government and regulatory filings.

WHAT YOU'LL BE DOING:

• Utilize analytical software to review employee census data, existing 401(k) and Profit Sharing plan documents, and ownership data to design a Defined Benefit, Cash Balance, and/or 401(k)/Profit Sharing plan that fulfills the client's desires and objective while also complying with all the various limitations, coverage, and nondiscrimination testing requirements found in ERISA. These include, but are not limited to, benefit limitations of IRC 415, coverage requirements of IRC 410, nondiscrimination testing of IRC 401(a)(4), compensation limits of IRC 414, minimum benefits of IRC 401(a)(26), deduction rules of IRC 404, and all accompanying regulations.
• Identify and implement changes and/or amendments needed to plan documents to address client needs and/or resolve client requests.
• Monitor receipt of client's census information to prioritize completion of annual reporting requirements.
• Coordinate and assist administrators with timely completion of discrimination compliance testing.
• Provide input and guidance to colleagues assigned to administration for both a 401(k) and cash balance or defined benefit plan.
• Provide internal training to Alerus Sales and Administration Staff.

WHAT YOU SHOULD HAVE:

• Bachelor's degree or equivalent related experience as an enrolled actuary approved by the Joint Board for the Enrollment of Actuaries in Active Status
• 10+ years of experience in complex defined contribution plan administration such as non-qualified plans, cross testing allocations, and other unique plan designs
• Member of American Academy of Actuaries, Society of Actuaries and/or the American Society of Pension Professionals & Actuaries
• Possess ASPPA's MSEA certification or equivalent
• Ability to perform all aspects of retirement plan compliance testing and allocations with minimal review
• Ability to prioritize tasks, manage multiple projects, and meet deadlines in a fast-paced environment
• Excellent written/oral communication, organization, and client service skills required
• Maintain professional working relationships with internal and external clients
• Work independently and set priorities
• Excellent analytical and problem-solving skills with a high level of attention to detail
• Advanced knowledge of Microsoft Word and Excel

WHAT WE BRING TO THE TABLE:

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing a wide range of health and well-being benefits, including medical, dental, vision, life and long-term disability insurance; and 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company-paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.

BASE PAY:

$120,000 - $160,000 per year based on experience. Candidates with extensive knowledge in the industry will be reviewed for an increased compensation range.

WORK ENVIRONMENT:

Work is typically performed in an office setting. The employee is regularly required to sit for extended periods of time. The employee is occasionally required to move about the office utilizing proper ergonomic safeguards when doing so. Additionally, the employee must occasionally lift or move supplies and materials up to 20 pounds.

The above information in this description has been designed to indicate the general nature and level of work performed by employees in this position. It is not designed to contain or be interpreted as an exhaustive list of all responsibilities, duties, and qualifications required of employees assigned to this job.

Alerus is an equal opportunity employer and values diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.

Equal Opportunity Employer / Protected Veterans / Individuals with Disabilities

This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.