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Defined Benefit Retirement Plan Sr. Administrator

First American Bank

in Elk Grove Village IL

This hourly (non-exempt) position is a senior-level position which specializes in the design and administration of approximately 600 retirement plans that range up to 3,000 participants for small to medium-sized businesses that are primarily located within the Midwest.

Duties & Responsibilities:  

  • Compile, review and interpret plan documents and trust financial statements
  • Reconcile census data and calculate years of service for eligibility and vesting.
  • Process actuarial valuations for larger and more complex clients.
  • Calculate employer contributions and premium payments payable to Pension Benefit Guaranty Corporation.
  • 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, Schedule SB, 5330, 8955-SSA).
  • Prepare documents for plan termination (including but not limited to Form 5310, PBGC Form 500, PBGC Form 600, participant disclosure and election forms).
  • Prepare annual notices to participants.
  • 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.
  • Prepare reports for financial statements and review work prepared by other staff members.
  • Communicate directly with clients and their professional advisors, as well as external auditors regarding plan audits.
  • Consult with client on plan administration.
  • Recommend and discuss plan design changes with relationship manager.
  • Manage time to assure work is completed within the firm’s guidelines.
  • Assist client in locating missing participants.
  • Communicate with prior TPA, investment advisor and client on takeover plans.
  • Assist in the training of technical staff.

Qualifications:

  • Bachelors degree in Mathematics, Actuarial Science, or Economics preferred.
  • Completed courses from American Society of Pension Professionals and Actuaries a plus
  • 5 years experience with qualified traditional and cash balance defined benefit plans required.
  • Experience working with single employers with less than 500 participants a plus.
  • Strong working knowledge of ERISA and subsequent pension laws.
  • Strong attention to details with excellent organization skills.
  • Prior communications with Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation regarding qualified plan issues a plus.
  • Strong written and communication skills.
  • Ability to present technical topics in a clear, concise manner.
  • Advanced experience with Microsoft Word and Excel.
  • Experience with ASC or other commercial pension system.

Travel requirements are as needed, on a local basis.
 
Typical hours are Monday - Friday 8:00am to 5:00 pm.  Additional hours required for special projects as needed.

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

How to Apply

To apply, please submit an online application using this link. https://bit.ly/2JAyfxS


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