Retirement Plan Consultant

Farmers National Bank of Canfield; Dublin (OH); On-site; USD 40,000 - 70,000; Full time

Job summary

An established industry player is seeking a detail-oriented professional to manage Defined Contribution plans. This role involves analyzing and amending plans, preparing essential reports, and ensuring compliance with IRS regulations. You'll be responsible for client interactions, preparing loan documents, and conducting audits. If you have a knack for financial details and a passion for supporting clients, this opportunity is perfect for you. Join a dynamic team where your contributions will help shape the future of financial planning and compliance.

Qualifications

• 2+ years experience with defined contribution plans preferred.
• Basic math and accounting skills required.

Responsibilities

• Review and amend Defined Contribution plans; prepare government reports.
• Calculate benefits for participants due to various withdrawals.
• Conduct compliance tests and maintain client communications.

Skills

Defined Contribution Plans

Compliance Testing

IRS Form Preparation

Client Communication

Financial Reporting

Education

High School Diploma or G.E.D.

Job description

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

ESSENTIAL DUTIES AND RESPONSIBILITIES:

1. Compile information for quarterly, semi-annual, or annual allocation reports: review and update plan specifications, input census data, identify Highly Compensated Employees and Key Employees; prepare SPD enrollment lists for newly eligible employees; identify employees past normal retirement age or over 70 1/2; check vesting; calculate maximum tax-deductible contributions; prepare contribution reporting forms, if required.
2. Reconcile plan assets for each valuation period.
3. Develop and implement plan amendments as necessary.
4. Update plan specifications. Allocate employer contributions, forfeitures, and investment earnings to participants. Determine the top-heavy status of the plan. Check 415 limits. Conduct compliance tests such as 410(b), ADP, ACP, 402(g), 401(a)(4). Run benefit statements for participants.
5. Prepare IRS Form 5500 and related schedules, as well as the Summary Annual Report. File forms electronically.
6. Calculate benefits for participants due to termination, hardship withdrawals, loans, required minimum distributions, or in-service withdrawals. Determine taxable amounts and distribution codes.
7. Prepare loan documents and amortization schedules. Track loan repayments.
8. Maintain contact with clients, accountants, attorneys, insurance agents, brokers, referrers, and participants. Conduct research to respond to inquiries.
9. Prepare special studies for current or prospective clients.
10. Prepare paperwork for plan termination, including benefit election forms.
11. Gather information for IRS plan audits.
12. Prepare Form 1099 and Form 945.
13. Maintain professional designation, if applicable.
14. Coordinate with accountants during large plan audits.
15. Communicate with the Department of Labor and IRS during audits.
16. Attend client meetings as required.
17. Work on new cases, set up ASC/AMS, and request prior-year information from clients.
18. Stay current on technical issues related to Defined Contribution Plans.
19. Close case files after final allocations and advise the AMS Coordinator to update case status.
20. Conduct open enrollments.
21. Complete mandatory and elective training, including BSA and AML procedures, maintaining compliance with all regulations.
22. Maintain regular attendance.
23. Perform all other duties as assigned.

EDUCATION AND EXPERIENCE:

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

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