Retirement Plan Services Administrator

Fishback Financial Corporation; United States; On-site; USD 65,000 - 90,000; Full time

Job summary

First Bank & Trust seeks a Retirement Plan Services Specialist to support the Recordkeeping Supervisor and Officers with Pension, 401(k), 457(b) and Profit-Sharing Plans. You will prepare allocations, statements, and gather census data while reviewing testing data for accuracy.

You will conduct testing, report results to clients and internal teams, and ensure compliance with IRS/ERISA/DOL rules. A Bachelor's degree in business, finance, or accounting and several years' trust experience are

Qualifications

• Bachelor's degree in business administration, finance, or accounting required.
• Five years of prior trust or accounting experience required or equivalent.
• Good written and oral communication skills required.

Responsibilities

• Establish and maintain employee benefit plans on the participant recordkeeping system per the plan's adoption agreement.
• Maintain enrollment, investment elections, and beneficiary/withdrawal forms.
• Input employee deferrals on the recordkeeping system and verify deposits with clients.
• Place mutual fund trades and settle next day.
• Verify balances prior to posting to accounts.
• Handle participant and plan sponsor calls regarding distributions, loans, and rollovers.
• Export prices from trust accounting system to the participant recordkeeping system daily.
• Balance Employee Benefit Trust Funds by plan in Relius.
• Complete WEB database moves and verify sample balances by plan and participant.
• Reconcile Trust Funds to the recordkeeping system daily/quarterly including contributions and distributions.
• Prepare participant statements, allocation reports, and annual investment reports.
• Stay updated on ERISA/IRS/DOL rules and regulations.

Skills

Communication skills

Computer science knowledge

Education

Bachelor's degree in business administration, finance, or accounting

Tools

Relius retirement system

Recordkeeping system

Job description

Job Description: This person provides direct support to the Recordkeeping Supervisor and Officers in servicing and administration of Pension, 401(k), 457(b), and Profit-Sharing Plans. This person prepares allocations and individual participant statements, communicates with client administrators to gather testing data, and reviews census information. This person also performs and analyzes all required testing and communicates results to client and internal parties.

Qualifications:

• This person should have a bachelor’s degree in business administration, finance, or accounting and five years of prior trust or accounting experience or the equivalent.
• While not required, some formal computer science training is highly recommended.
• This person should also possess good written and oral communication skills.

Principal Responsibilities:

• Establish and maintain employee benefit plans on the participant recordkeeping system per the plan’s adoption agreement.
• Maintain individual enrollment, investment elections, and beneficiary and withdrawal forms.
• Input employee deferrals on recordkeeping system to generate proper deposit and investment allocation, verify deposit, and resolve discrepancies with client if needed.
• Place mutual fund trades with the order desk same day and settle trades next day.
• Verify share and dollar balances prior to posting to the participant and plan accounts.
• Manage incoming participant and plan sponsor calls regarding employee distribution requests, hardship withdrawals, loans, and direct rollovers, and process transactions accordingly.
• Export prices for various mutual funds from the trust accounting system and import to the participant recordkeeping system on a daily basis.
• Create transactions needed to balance the Employee Benefit Trust Funds, by plan, to the Relius retirement system.
• Complete the WEB database moves and verify sample account balances and activity on each system by plan and participant.
• Reconcile the Employee Benefit Trust Fund to the participant recordkeeping system daily and/or quarterly on all plans, including participant contributions, earnings, forfeitures, and distributions.
• Gather employer census data and prepare participant statements, allocation report, summary annual report, and all other applicable investment reports.
• Responsible for keeping up to date on Relius system changes along with all Federal, IRS, DOL, and ERISA Rules and Regulations pertaining to qualified retirement plans.
• Monitor each plan for compliance with IRS, ERISA, and DOL rules and regulations, and complete all required compliance and discrimination testing as required by the plan administrator and trustee.
• Communicate with Plan Sponsor and/or officer in charge of the testing results.
• Provide proactive solutions to testing violations.
• Prepare signature-ready electronic Form 5500 federal tax return and appropriate schedules.
• Also responsible to prepare 1099-R tax forms for distributions from employee benefit plans and IRA accounts, accounting separately for tax withholding to IRS on tax Form 945.
• Perform duties of other Retirement Plan Services Specialist when absent.
• Act in accordance with FFC policies and procedures as set forth in the employee handbook.
• Adhere to compliance procedures and participate in required compliance and educational training.

Compensation Grade Salary Grade 5

First Bank & Trust is an Equal Opportunity, affirmative action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or expression, national origin, disability, or status as a protected veteran. Read our complete Equal Employment Opportunity Policy Statement. Applicants who would like to request reasonable accommodation to the application or interview process should call Human Resources at 800.843.1552 or email [e-mail].

We invest in our people: Our communities have contributed to the success of our business and our families. In turn, this allows us to contribute to the success of our communities. We have remained an independent community institution over the years and employ almost 700 people. Our employees are like family (they're also part owners). Not only is working for us rewarding, but you'll also be a part of a positive culture and company that gives back to the community.

Our Benefits:

• Comprehensive Healthcare Benefits Peace of mind when it comes to you and your family's well-being with generous health, dental, vision, and life insurance. Plus, optional access to additional life, disability, and other forms of insurance.
• 401(k) & ESOP Profit Sharing Employees are owners. Receive a match of up to 7% of your contributions to your retirement account.
• Wellness Program The Healthy Way Program incentivizes gym membership and hosts educational programs and challenges throughout the year.
• Education Student loan repayment assistance program. Tuition reimbursement. A robust internal training program that goes beyond onboarding. We want you to continue learning. That's why we offer job shadowing, a mentorship program, and more.
• Volunteer Service Hours Paid time to volunteer. Employees get 16 hours to take part in and donate their time to local charities.
• In-house Childcare & Preschool Kid's World childcare and preschool in Brookings is available for the children and grandchildren of employees.

Our Culture:

We value our culture and work hard to keep it top of mind at all times. Employees rally around 9 core principles, creating a collaborative and enjoyable work experience for all. During the onboarding process, all new employees attend a culture camp, which is led by the CEO and the Chairman of the Board.

Work for us:

Our employees enjoy working together and treat eachother (and customers) like family. Check out our career opportunities, and join a company that cares about its people and community.