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Defined Contribution Retirement Plan Consultant

First American Bank

in Elk Grove Village IL

First American Bank is a family owned, full-service bank with over 50 locations in Illinois, Florida, and Wisconsin. Our mission is simple: to offer competitive banking products with the personal attention and service customers deserve. First American Bank can offer employees a level of visibility and stability that is difficult to find in many larger corporations. We are looking for people who want a career - not just a job!

This position specializes in the administration and review of retirement plans for small to medium-sized businesses.

DUTIES & RESPONSIBILITIES:

  • Review and interpret plan documents.
  • Compilation and review of trust financial statements.
  • Reconcile census data and calculate years of service for eligibility and vesting.
  • Calculate and allocate employer contributions.
  • Calculate self-employment income and tax.
  • Prepare and process distribution packages for terminated, retired or deceased plan participants.
  • Perform annual testing to demonstrate satisfaction of coverage and non-discrimination requirements.
  • Complete required governmental reporting forms (including but not limited to 1099-R, 945, 5500, 5330).
  • Develop and maintain knowledge of retirement plan legislation and possess extensive knowledge of ERISA laws and regulations.
  • Calculate amount available for loans and process loan paperwork.
  • Administer daily valuation plans which include processing payroll contributions, loan payments, dividends, participant transfers and distributions.
  • Review work prepared by the Defined Contribution Retirement Plan Administrators and Support Staff.
  • Consult directly with clients and their professional advisors.
  • Consult directly with plan participants regarding loans, distributions and related tax consequences.
  • Communicate with external auditors regarding plan audits.
  • Consult with client on plan administration and plan design.
  • Recommend and discuss plan design changes with client.
  • Consult and advise client on technical and regulatory issues.
  • Manage time to assure work is completed within the firm’s guidelines.
  • Communicate with prior TPA, investment advisor and client on takeover plans.
  • Review of QDRO, calculate and process distributions to alternate payee.
  • Attend meetings with clients and plan participants.
  • Assist in the hiring, training and mentoring of Defined Contribution Retirement Plan Administrators.
  • Assist Defined Contribution Retirement Plan Manager with work assignments and tracking of projects.
  • May be responsible for direct client responsibility.

QUALIFICATIONS:

  • Associates degree is required. Bachelor’s in Accounting, Economics or Finance is preferred.
  • Industry-specific designation a plus.
  • Minimum 5 years’ experience in Third Party Administration.
  • Proficient in Internal Revenue Code as it applies to Qualified Plans.
  • Significant technical and legal knowledge of ERISA.
  • Must have a strong attention to detail, critical thinking, and problem-solving skills.
  • Excellent written and verbal communication skills are required.
  • Knowledge of Microsoft O365 required.
  • Experience with Relius Administration a plus.
  • Travel between branch locations may occasionally be necessary or for training.
  • Typical scheduled hours are Monday-Friday 8am – 5pm.
  • Additional hours will be required depending on business need.


First American Bank is an Equal Opportunity Employer
(Minorities/Females/Disabled/Veterans).

First American Bank will not sponsor applicants for work visas.

How to Apply


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