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Cash Balance Design Consultant / Actuary
Assist sales team with design and communication of technical ERISA aspects of Cash Balance, Defined Benefit, and Defined Contribution plans. Produce and present projections for new business proposals based on
input from prospects and sales consultants. This position should be able to explain Defined Benefit and Cash Balance funding strategies, PBGC and non-PBGC plans, limits and minimums, plan adoptions, and any new legislation.
Job Function 1: Plan Design Consultation and Sales Support - 60%
- Utilize analytical software to review employee census data, existing 401(k) and Profit Sharing plan documents, and
ownership data to design a Defined Benefit, Cash Balance, and/or 401(k)/Profit Sharing plan that fulfills the client’s desires and objective while also complying with all the various limitations, coverage, and nondiscrimination testing requirements
found in ERISA. These include, but are not limited to, benefit limitations of IRC 415, coverage requirements of IRC 410, nondiscrimination testing of IRC 401(a)(4), compensation limits of IRC 414, minimum benefits of IRC 401(a)(26), deduction rules of IRC
404, and all accompanying regulations.
- Assist with product descriptions to prospects, CPAs, attorneys, doctors, and financial advisors, the key and salient features of Cash Balance, Defined Benefit, 401(k), and 403(b) plans for employers of all
types, public and private. Including how retirement plans impact compensation, self-employment income, and business deductions.
- Ensure software and presentation materials are updated to reflect any newly passed legislation or COLI
- For take over plans, obtain all necessary existing plan documents, amendments, valuations, and census data to complete the Takeover Plan Specifications form for the implementation team.
- For new plans, obtain a signed CB/DB final
illustration and complete the Plan Specifications form. Verify previous plan year census data run a final test. Complete the actuarial work necessary for the New Plan implementation process.
- Complete the actuarial work necessary for the
Job Function 2: Cash Balance and Defined Benefit Actuarial Support - 30%
- Address all aspects of qualified retirement plan administration for assigned cash balance and
traditional defined benefit plans, in particular on plans with more complex plan design.
- Understand and interpret plan documents and contract provisions. Apply experience and
judgement to situational problem resolution. Work with Manager
and/or Retirement Business
Advisor or Retirement Specialist (RBA/RS) as needed.
- Identify and implement changes and/or amendments needed to plan documents to address
client needs and/or resolve client requests.
- Monitor receipt of
client’s census information to prioritize completion of annual reporting
- Ensure timely completion of 415 limit calculations, top-heavy calculations, annual 5500
reporting, PBGC premium filings, participant benefit
distributions including relative value
computations, ASC 715 and 960 calculations and reports including settlements and curtailments
- Coordinate and assist administrators with timely completion of discrimination compliance
- Provide input and guidance to colleagues assigned to administration for both a 401(k) and cash balance or defined benefit plan.
- Develop and maintain cash balance and defined benefit plan procedures and processes to
consistency in the administration.
- Provide internal training as needed to the Alerus sales and administration staff.
Job Function 3: Leadership and Engagement - 10%
- Actively engage in the
success of ARB and Alerus, promoting and supporting new and ongoing initiatives
- with positive active team involvement resulting in a successful outcome.
- Participate in projects to improve the products and services offered by
ARB, including project groups tasked with developing enhanced procedures or policies.
- Participate in meetings for the company, department, and administration unit.
- Treat all clients and co-workers with professionalism.
- Support and
promote communication within the service team through direct communication, Salesforce and other available tools as needed in order to build strong internal relationships.
- Actively support the use of Salesforce by documenting pertinent
communications with clients and others as applicable.
- Recognize and celebrate individual/team accomplishments.
- Provide training and support to analysts and less experienced account administrators.
- Bachelor’s degree or equivalent related experience as an enrolled actuary approved by the Joint Board for the Enrollment of Actuaries in Active Status.
- Minimum 10 years
of experience in complex defined benefit plan administration such as cash.
balance plans, traditional defined benefit plans, and other unique plan designs.
- Member of American Academy of Actuaries, Society of Actuaries and/or the American
of Pension Professionals & Actuaries.
- Ability to perform all aspects of retirement plan compliance testing and allocations with
- Possess ASPPA’s MSEA certification or
- Excellent written/oral communication, organization, and client service skills required.
- Maintain professional working relationships with internal and external clients.
- Work independently and set
- Interpret documents and resolve technical problems.
- Available to work overtime to cover peak workloads and other business needs.
- Advanced knowledge of Microsoft Excel and basic knowledge of Microsoft
- Effective communication skills, winsome personality, and the ability to explain complex subjects in laymen’s terms
- Demonstrated leadership abilities as part of a
- Demonstrated relational skills such as diplomacy, judgment, decision making, and discretion.
- Demonstrated critical thinking abilities.
- Initiative, creativity, and energetic active engagement in all work
- Multi-task, prioritize workflow of self and others and coordinate activity as an effective team member to meet deadlines and make effective decisions under pressure.
- Established communication, presentation, and
- Demonstrated professional business skills and demeanor.
- Demonstrated ability to identify and problem solve complex situations. Apply judgment with respect to high level business impact and risk.
- Proven ability
to work with detailed technical knowledge of all types of retirement plans.
Physical Demands - Must be met with or without a reasonable accommodation:
- Extended periods of time sitting at a desk and using office
- Ability to operate a personal computer/laptop for approximately 8 hours per day.
- Extended time is spent reviewing physical and electronic documents.
- The employee is occasionally required to stand, walk, reach with arms
and hands, climb or balance, and to stoop, kneel, crouch or crawl. Vision abilities required by this job include close vision.
- Periodically, may also do light lifting of supplies and materials which weighs in at approximately 20 lbs.
spend most of time in an indoor environment.
Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.
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