Job Summary:
American Trust provides 401(k) plans and servicing for growing businesses. As a Balance Forward Recordkeeping Specialist, you will build strong working relationships with clients and advisors and utilize your experience in the 401(k) industry to ensure plan, and regulatory compliance.
Duties & Responsibilities:
Build strong relationships with clients and advisors through proactive communication.
Responsible for the overall client relationship experience, including building and maintaining a strong relationship with plan sponsors, advisors, and TPAs.
Monitor, maintain, and reconcile Traditional/Balance Forward Plan level/Participant account(s) and related transaction activity within the plan/participant accounts ensuring all plan reconciliations and transaction activities (contributions, distributions, transfers, loan payments, EG&L allocations etc.) are post to plan/participant records in accordance with the Plan Document and established SLA’s.
Review/interpret trust statements, Brokerage Statements, and or any third-party plan asset statements fortrust reconciliation and or recordkeeping shadow posting activities.
Analyze, troubleshoot, and problem solve plan administration and recordkeeping issues
Provide training to Advisors, and Plan Sponsors, to communicate procedures relating to payroll submission, fund changes, loan and distribution processing, compliance testing, etc.
Advise Plan Sponsors on mandatory and discretionary plan document amendments.
Understand non-discrimination testing under sections 401(k), 401(m) and 401(a)(4) of Internal Revenue Code
Calculation of annual contributions including Safe Harbor, Safe Harbor Match, and Profit Sharing
Preparation of Form 5500 and related schedules for filing with the Department of Labor and Internal Revenue Service.
Ability to solve diverse and complex problems using solid analytical skills.
Has strong influence on decision making process for modifications of plan designs based on expertise on regulatory requirements. Recommendations are made to internal and external clients affecting directly their products.
Skills & Qualifications:
Bachelor’s degree or an equivalent combination of education and 3+ years relevant experience.
Professional certification preferred ASPPA (QKA, QPA), CEBS or NIPA (APA) (APR).
Minimum of 3+ years of 401(k) /defined contribution plan administration and recordkeeping experience.
Knowledge of ERISA Regulations and the applicable Internal Revenue Code is required
SunGard Relius Administration experience preferred.
Compliance testing and contribution calculation experience required
Advanced knowledge of Microsoft Excel and Outlook and basic knowledge of Power Point is required.
Must have strong written and verbal communication skills
Capable to relate the customer needs to other team members and leadership.
Must have the ability to process detailed work within assigned timeframes and without errors.
Familiarity with various plan designs (traditional 401(k), safe harbor, automatic contribution arrangements, new comparability, etc.)
Must demonstrate applicable knowledge of ERISA and the applicable Internal Revenue Code
Demonstrated experience handling relationships with participants, advisors, Plan Sponsors, or TPAs.
Salary: $60,000 – $70,000 base salary, based on experience, plus eligibility to participate in company’s bonus program.