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Senior Compliance Specialist

Alerus Financial

in Albert Lea MN / Minneapolis MN / East Lansing MI / Bedford NH

Our growing organization is seeking talented professionals who are in search of a challenging and rewarding work environment! We are currently hiring a Senior Compliance Specialist to review plan documentation of prospective retirement plan clients to ensure compliance with regulations, new business standards, new business issuance procedures, and ensure plan meets the requirements of departments, including trust operations. Oversee new business implementation process. Support existing business by providing plan amendment and consulting services. Serve as a compliance and procedural resource for various departments, including sales, relationship management, marketing, plan administration, participant services and operations.

JOB FUNCTION NUMBER 1: New business review and implementation – 25%

  • Accurately and within unit standards review assigned new business to insure conformance with ARB compliance and trust standards. Monitor the installation of new business and follow up or intervene as needed to ensure:
    • that account setup is complete, timely and accurate
    • that installation exceptions are recognized
    • that transfer assets and initial contributions are promptly coordinated
    • that service fees are properly setup and billed/collected
  • Independently review unusual situations discovered in the sales/proposal process with internal legal counsel, managing director, plan services director, and operations director for approval and/or special processing. Track exceptions and audit processes / procedures routinely to ensure compliance.
  • Document and record steps in new business process, including providing accurate detail for incentive compensation purposes.
  • Outline and gather materials from plan sponsors as needed. Work with plan sponsor and managing director in proposing alternatives when data does not exist or is not available.
  • Act as liaison with Advisor product line on new business installation, review and provide input on agreements, and provide back-up as necessary.

JOB FUNCTION NUMBER 2: Oversee creation of plan documents and agreements for new business – 25%

  • Consult with client on prototype document provisions and alternatives. Record discussion and plan design on plan specification worksheet. Provide direction to Compliance Analyst to create plan adoption agreement based on plan specifications.
  • If client is using individually designed plan, review plan provisions to meet ARB underwriting and compliance standards. Consult with client on any unusual plan provisions.
  • Provide direction to Compliance Analyst to prepare board resolution, retirement plan service agreement, confirmation of funds, online service agreement, fee disclosures and any other agreements and/or documents necessary to establish and define ARB and client responsibilities. Review documentation for accuracy.
  • Consult with internal legal counsel on document design and customized service agreement language as needed.
  • Electronically deliver timely and accurate plan documentation to client. Follow up continually to ensure that signed documents are received and filed.
  • When appropriate, discuss and prepare determination letter materials for client.

JOB FUNCTION NUMBER 3: Compliance and document support for inforce business – 25%

  • Provide accurate and timely consultation with clients and/or staff on plan amendments. Oversee issuance of plan amendments (typically resulting in plan restatement), including SMMs, related fee billing and determination letter support when necessary.
  • Plan, coordinate, and track amendments and restatements, including SMMs and/or restate SPDs, required by our document vendor(s) that are legislatively mandated. Includes client correspondence, plan specific amendments, and follow up. Provide determination letter support when necessary.
  • Assist clients with merger and acquisition resolutions, amendments, etc. Communicate changes with assigned Retirement Relationship Manager and Account Administrator to ensure they are involved as necessary to hold employee meetings, capture rollover assets, etc.
  • Assist with, coordinate, and/or handle client communication related to legislative changes, organizational changes, fee announcements, client specific topics, etc.
  • Routinely audit plan provisions and fee set up (in OMNI, AddVantage, etc.), processes and procedures to ensure ARB is operating as set forth in the agreements, including verification that fees are billed / collected as agreed.

JOB FUNCTION NUMBER 4: Compliance resource and support - 20%

  • Stay current on legislative changes and industry trends. Keep managers and staff up-to-date on changes that affect their area.
  • Provide retirement plan expertise to staff by being available for questions, assistance with document interpretation, guidance on legislative interpretation and the like. Keep an open door policy, be a ready resource for staff.
  • Encourage and train co-workers to reference client specific adoption agreement, service agreements and fee schedules and to use industry publications to research solutions.
  • Assist with department training, recognize training needs, and coordinate training topics and trainers.
  • Review annual compliance testing and other year end compliance work completed by plan administrative staff.
  • Participate in and/or lead projects / committees as assigned. For example, marketing supplies, new legislative initiatives (such as Roth 401(k), etc.), fund change processes, fee design and coordination, administrative form changes and updates, etc.

JOB FUNCTION NUMBER 5: Alerus advocate and team player – 5%

  • Support efforts of all Alerus business units as opportunities become available.
  • Build enthusiasm, foster a positive work environment and support co-workers in achievement of department goals.
  • Treat all co-workers with professionalism and respect.
  • Provide feedback and make suggestions for improvement.
  • Recognize and celebrate individual / team accomplishments.

Alerus offers a challenging and rewarding work environment as well as competitive compensation and a comprehensive benefits package which includes health, dental, vision, paid time off & holidays, retirement benefits, and more!

Alerus is a customer-driven financial services company unlike any other. We are an independent, multibillion-dollar financial services organization serving customers across the country and around the world. We offer a broad array of banking and wealth management products and services. Our knowledgeable staff assists our customers in identifying and attaining their financial goals.

Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

How to Apply

For more information regarding the responsibilities and qualifications for this opportunity or to apply, visit our website at www.alerus.com/about-us/careers/employment. Go to “View Jobs” and then select the position titled “Senior Compliance Specialist”.

Refer to ID 17-0167 when applying.

We look forward to reviewing your application and thank you for your interest in Alerus Financial!

Visit our web site.


This ad has been viewed 641 times. It expires on 1/7/2018.

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