Retirement Plan Optimization Specialist

ADP; Florham Park (NJ); On-site; USD 69,000 - 129,000; Full time

Benefits offered by this job

Medical Insurance

Dental Insurance

Vision Insurance

Life Insurance

401(k) Matching

Wellness Program

Short/Long Disability

Holidays & Vacation

Volunteer Time Off

Job summary

ADP is seeking a Retirement Plan Optimization Specialist to support cross-tested plan design, including New Comparability allocations. You will work with Sales, Financial Advisors, and Clients to assess census data and illustrate allocation scenarios, aiming to optimize owner and highly compensated groups while controlling costs.

The role requires ERISA compliance experience and strong client-facing communication.

Qualifications

• 5-8 years’ experience in qualified retirement plans required.
• ERISA consulting/compliance experience with New Comparability or age-weighted features preferred.

Responsibilities

• Consult with ADP sales, financial advisors, and clients on plan design with New Comparability allocations.
• Advise on census population data to maximize benefits and minimize costs.
• Perform year-end allocations, testing, and related compliance tasks.
• Maintain end-to-end processes and communications for pre-sale to on-boarding.

Skills

Qualified plans

ERISA

New Comparability

Cross testing

Census analysis

Plan design

Client communication

Consulting

Education

Bachelor's degree

Tools

ASC software

Job description

ADP is hiring a Retirement Plan Optimization Specialist that can sit in either Florham Park, NJ or Louisville, KY.

• Are you ready to join a company offering career advancement opportunities throughout your career journey?
• Are you looking for an inclusive environment with a culture of collaboration and belonging?
• Are you looking to use your 401K background?

Position Summary

This Consulting Specialist position will reside in APDRS Compliance reporting to the Retirement Plan Optimization Consultant. The primary function of the Specialist is to consult directly with New Business and Sales Support Associates, along with Salespeople, Financial Advisors and Clients to determine if this cross tested plan feature (specifically a New Comparability allocation formula) within their qualified retirement plan would be an effective way to maximize the benefits of the owners and higher paid employees of their prospective or existing clients.

The candidate for this position will be responsible for assessing prospective (and existing) client census populations to complete allocation illustrations (previews of what employer contributions may look like after their year-ends), and also doing other types of employer allocations when necessary to illustrate how overall costs of the plan can be minimized, while having a greater percentage of the plan's contributions be allocated to a targeted group of employees.

Another critical function of this position is to complete the annual nondiscrimination testing associated with these plans, and the additional cross testing required for these type of employer allocations. Also, on a mid-year basis, revisit the census population and allocation formulas to ensure that the clients are maximizing their benefits and minimizing costs, and performing ongoing plan design consultation as needed.

Essential Duties - Responsibilities

Sales Support and Client Facing Activities

• Consult with ADP Salespeople, Financial Advisors, New Business and Sales Support Associates on qualified plan design featuring New Comparability employer allocations.
• Communicate with, consult and advise prospective and existing clients about their census populations, and other facts about their organizations (rate groups, ages of employees, owners etc.) to help craft or revise a plan design that meetings their needs. Specifically, maximizing contributions to select Highly Compensated Employee (HCE's), Owners or other groupings, and minimizing the total funding cost to the employer. This includes but not limited to phone conversations, written communications, possible on-site meetings, and using clients' census population data to do allocation illustrations.

Complete Necessary Reporting and Testing tasks

• Liaison directly within Compliance, Clients, Sales and New Business Associates to gather needed plan level census information to perform employer contribution illustrations and year-end allocations and testing.
• Coordinate all functionality of this product/feature with eventual responsibility to complete year end allocation and testing activities. Performing actual allocations and required testing at year end, and ensuring the funding of the contributions.
• For existing plans with this feature, on a periodic basis, gather, review and analyze payroll information and census population for changes to alert clients of the impact of those changes to give them a preview of what the upcoming year-end allocation calculations may look like, and potential changes in their funding requirements (or lessen their ability to maximize their contributions).

Maintain Cross Tested New Comparability Program

• Maintain end-to-end processes, continual updating of procedures and communication materials for pre-sale to on-boarding the plans (to conducting all required mid year and year-end operations).
• Adhere to Service Level Agreements (SLA's) for the various tasks to be completed (i.e. turn-around times for illustrations, callback standards etc.).
• Assist in gathering statuses and metric reporting for Compliance Mgmt, Sr. Leadership, New Business and various Sales Organizations.
• Be Subject Matter Expert and fully integrate the needed software system called Actuarial Systems Corporation (ASC) (and other applications as designated) to set up the plans for this feature, both for illustrative work and well as the actual year-end allocations and more complicated annual testing. Specifically, as required based on provisions (ADP (401)k, ACP 401(m), Coverage Testing under 410(b), cross testing under 401(a)4, Top Heavy (416) and contribution limit testing under 402(g) and 415.
• Review and revise end-to-end processes, procedures and communications as needed due to law changes, changes in product or marketing emphasis, and changes in clients' needs.

Experience

• 5-8 years’ experience in qualified retirement plans industry required
• ERISA Consulting and Compliance activity experience required, specifically with plans with New Comparability and/or age-weighted features

Required

A college degree is great but not required. What's more important is having the skills to do the job. Other acceptable experiences could include:

• Experience noted above, OR

Military Experience. We recognize and appreciate the unique talents and experiences Veterans bring to the table. We value the discipline, commitment, and problem-solving abilities you have.

Preferred Qualifications

• Bachelor’s degree or some master's level coursework
• Major Area of Concentration: Business Administration, Accounting, Finance, Actuarial Science

Base salary offers for this position may vary based on factors such as location, skills, and relevant experience. Some positions may include additional compensation in the form of bonus, equity or commissions. We offer the following benefits: Medical, Dental, Vision, Life Insurance, Matched Retirement Savings, Wellness Program, Short-and Long-Term Disability, Charitable Contribution Match, Holidays, Personal Days & Vacation, Paid Volunteer Time Off, and more.

The compensation for this role is USD $69,300.00 - USD $129,200.00 / Year*.

• Actual compensation will not be less than the applicable minimum wage or minimum exempt salary requirement under federal, state and local laws.

A little about ADP:

We are a comprehensive global provider of cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration and a leader in business outsourcing services, analytics, and compliance expertise. We believe our people make all the difference in cultivating a down-to-earth culture that embraces our core values, welcomes ideas, encourages innovation, and values belonging. We've received recognition for our work by many esteemed organizations, learn more at ADP Awards and Recognition.

Diversity, Equity, Inclusion & Equal Employment Opportunity at ADP:

ADP is committed to an inclusive, diverse and equitable workplace, and is further committed to providing equal employment opportunities regardless of any protected characteristic including: race, color, genetic information, creed, national origin, religion, sex, affectional or sexual orientation, gender identity or expression, lawful alien status, ancestry, age, marital status, protected veteran status or disability. Hiring decisions are based upon ADP’s operating needs, and applicant merit including, but not limited to, qualifications, experience, ability, availability, cooperation, and job performance.

Ethics at ADP:

ADP has a long, proud history of conducting business with the highest ethical standards and full compliance with all applicable laws. We also expect our people to uphold our values with the highest level of integrity and behave in a manner that fosters an honest and respectful workplace.