Retirement Plan Consultant

Farmers National Bank of Canfield; Cleveland (OH); On-site; USD 50,000 - 75,000; Full time

Job summary

Farmers National Banc Corp. seeks a detail‑oriented professional to review, amend and support Defined Contribution plans, prepare required reports and government filings, and track loan payments.

You will compile information for quarterly and annual allocation reports, reconcile assets, prepare IRS Form 5500 and related schedules, and communicate with clients and auditors to ensure compliance across all plan activities.

Qualifications

• High School Diploma or GED required.
• Minimum of two years’ experience with defined contribution plans preferred.
• Basic math and/or accounting skills.

Responsibilities

• Compile various types of information needed to produce quarterly, semi-annual or annual allocation reports.
• Reconcile plan assets for each valuation period.
• Develop and implement any plan amendments as necessary.
• Update plan specifications and allocate employer contributions, forfeitures and investment earnings.
• Prepare IRS Form 5500 and related schedules; file forms electronically.
• Calculate benefits for termination, withdrawals, loans and distributions.
• Prepare loan documents and amortization schedules; track repayments.
• Maintain contact with clients, accountants, attorneys, and other stakeholders.
• Attend client meetings and support new cases for ASC/AMS setup.
• Complete mandatory training including BSA and AML; ensure compliance.
• Regular attendance is an essential requirement.

Education

High School Diploma or GED

Two years’ experience with defined contribution plans

Job description

Description

• Compile various types of information needed to produce quarterly, semi-annual or annual allocation reports: review and update plan specifications, input census, identify Highly Compensated Employees and Key Employees; prepare SPD enrollment list for newly eligible employees; identify employees past normal retirement age or over 70 1/2; check vesting; calculate maximum tax-deductible contribution; prepare contribution reporting form, if required
• Reconcile plan assets for each valuation period
• Develop and implement any plan amendments as necessary
• Update plan specifications. Allocate employer contribution(s), forfeitures, and investment earnings to plan participants. Determine the top-heavy status of the plan. Check 415 limits. Conduct other applicable compliance tests or reviews relating to: 410(b), ADP, ACP, 402(g), 401(a)(4). Run benefit statements for plan participants
• Prepare IRS Form 5500 and any related schedules that are necessary as well as the Summary Annual Report. File Forms electronically
• Calculate benefits for participants due to termination, hardship withdrawals, loans, required minimum distribution or in-service withdrawals. Determine taxable amounts and distribution codes
• Prepare loan documents and loan amortization schedules. Track loan repayments
• Maintain contact with and answers inquiries from various sources: clients, accountants, attorneys, insurance agents, brokers, referrers, participants. Conduct research, if required, to respond to specific questions
• Prepare special studies for current or prospective clients
• Prepare the required paperwork for plan termination, including benefit election forms
• Gather information requested by the IRS for plan audits
• Prepare Form 1099 and Form 945
• Maintain contact with an accountant during large plan audit, if necessary
• Communicate with the Department of Labor and/or IRS during audit
• Attend client meetings as required
• Work on new cases assigned to set up ASC/AMS. Request prior year’s information from client to establish a proper database
• Keep current on all technical issues related to Defined Contribution Plans
• In closed cases, remove case files after final allocation has been completed and advise AMS Coordinator to change case status
• Complete all mandatory and elective training, including BSA (Bank Secrecy Act) and Anti-Money Laundering procedures. Maintain compliance with all appropriate rules and regulations
• Regular, predictable attendance is an essential requirement of this position
• Complete all other duties as assigned

Job Details

Description

SUMMARY: Review, analyze and amend Defined Contribution plans and prepare summary plan descriptions, reports and recommendations. Prepare and submit required government reports and document filings as necessary. Additionally, this role is responsible for preparing reports and presentations for clients, preparing loan documents and amortization schedules and tracking loan payments.

Essential Duties And Responsibilities

• Compile various types of information needed to produce quarterly, semi-annual or annual allocation reports: review and update plan specifications, input census, identify Highly Compensated Employees and Key Employees; prepare SPD enrollment list for newly eligible employees; identify employees past normal retirement age or over 70 1/2; check vesting; calculate maximum tax-deductible contribution; prepare contribution reporting form, if required
• Reconcile plan assets for each valuation period
• Develop and implement any plan amendments as necessary
• Update plan specifications. Allocate employer contribution(s), forfeitures, and investment earnings to plan participants. Determine the top-heavy status of the plan. Check 415 limits. Conduct other applicable compliance tests or reviews relating to: 410(b), ADP, ACP, 402(g), 401(a)(4). Run benefit statements for plan participants
• Prepare IRS Form 5500 and any related schedules that are necessary as well as the Summary Annual Report. File Forms electronically
• Calculate benefits for participants due to termination, hardship withdrawals, loans, required minimum distribution or in-service withdrawals. Determine taxable amounts and distribution codes
• Prepare loan documents and loan amortization schedules. Track loan repayments
• Maintain contact with and answers inquiries from various sources: clients, accountants, attorneys, insurance agents, brokers, referrers, participants. Conduct research, if required, to respond to specific questions
• Prepare special studies for current or prospective clients
• Prepare the required paperwork for plan termination, including benefit election forms
• Gather information requested by the IRS for plan audits
• Prepare Form 1099 and Form 945
• Maintain professional designation, if applicable
• Communicate with an accountant during large plan audit, if necessary
• Communicate with the Department of Labor and/or IRS during audit
• Attend client meetings as required
• Work on new cases assigned to set up ASC/AMS. Request prior year’s information from client to establish a proper database
• Keep current on all technical issues related to Defined Contribution Plans
• In closed cases, remove case files after final allocation has been completed and advise AMS Coordinator to change case status
• Conduct open enrollments
• Complete all mandatory and elective training, including BSA (Bank Secrecy Act) and Anti-Money Laundering procedures. Maintain compliance with all appropriate rules and regulations
• Regular, predictable attendance is an essential requirement of this position
• Complete all other duties as assigned

Education And/Or Experience

• High School Diploma or G.E.D. required
• Minimum of two (2) years’ experience with defined contribution plans preferred
• Basic math and/or accounting skills

E-Verify is used to confirm the identity and employment eligibility of all newly hired employees.

Farmers National Banc Corp. is an Equal Opportunity Employer: disability/veteran