Retirement Plan Services Specialist

First Bank & Trust; Sioux Falls (SD); On-site; USD 60,000 - 90,000; Full time

Job summary

First Bank & Trust seeks a Retirement Plan Services Specialist to support the administration of Pension, 401(k), 457(b), and Profit-Sharing Plans. You will prepare allocations and participant statements, and coordinate testing data with client administrators while reviewing census information and communicating results to clients and internal teams.

Responsibilities include maintaining plan records in the recordkeeping system, ensuring IRS/ERISA/DOL compliance, preparing Form 5500 and 1099-R, and

Qualifications

• Bachelor’s degree in business administration, finance, or accounting and five years of prior trust or accounting experience or the equivalent.
• Formal computer science training is highly recommended.
• Good written and oral communication skills.

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 to generate proper deposits and allocations; verify deposits and resolve discrepancies with the client.
• Place mutual fund trades with the order desk same day and settle trades next day.
• Verify share and dollar balances prior to posting to accounts.
• Manage calls regarding distributions, hardship withdrawals, loans, and direct rollovers; process transactions.
• Export prices from the trust accounting system and import to the recordkeeping system daily; balance funds by plan in Relius.
• Complete WEB database moves and verify sample balances by plan and participant.
• Reconcile the Employee Benefit Trust Fund to the participant recordkeeping system daily/quarterly; track contributions, earnings, forfeitures, distributions.
• Gather census data and prepare participant statements, allocation reports, and annual investment reports.
• Stay current on Relius system changes and IRS/ERISA/DOL rules for qualified retirement plans.
• Monitor plans for compliance and communicate testing results; provide solutions for violations.
• Prepare signature-ready Form 5500 and schedules; prepare 1099-R forms with appropriate tax withholding.

Skills

Trust accounting

Recordkeeping

Communication skills

Education

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

Tools

Relius system

Job description

First Bank & Trust seeks a Retirement Plan Services Specialist to support the administration of Pension, 401(k), 457(b), and Profit-Sharing Plans. You will prepare allocations and participant statements, and coordinate testing data with client administrators while reviewing census information and communicating results to clients and internal teams.

Responsibilities include maintaining plan records in the recordkeeping system, ensuring IRS/ERISA/DOL compliance, preparing Form 5500 and 1099-R, and