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Retirement Distribution Processor

Alerus Financial

in Albert Lea MN / Arden Hills MN

Alerus Financial

Position Summary:

This position is responsible for the accurate and timely processing of employee benefit plan transactions, distributions, and loans according to documents and internal procedures under limited supervision. This person will process plan mergers, plan to plan transfers, loan refinances and answer client and ARB staff questions. This person will exhibit a strong attention to detail, will be responsible to understand all aspects of the distribution/loan area, and be able to work in a fast paced environment quickly and accurately.

Essential Responsibilities:

Job Function Number 1: Processing (80%)

  • Understand and process all types of distributions and loans. Examples include lump sums, in-service, 70 ½ withdrawals, QDRO’s, testing refunds, hardships, stock, installments, and Roth.
  • Process expected volume of all distributions and loan withdrawals daily within quality and service standards.
  • Identify, input, and monitor client-specific notes in the recordkeeping system affecting the withdrawals and loans.
  • Research and respond to distribution/loan issues in accordance to plan, procedures, and standards, collaborating with the assigned plan administrator or senior staff member when necessary.
  • Update the ARB tracking system with the status of distribution and loan requests as required.
  • Understand and communicate the withdrawal features of Omni and other ancillary systems used in performing distribution and loan processing.
  • Enter 1099R data for requested withdrawals.
  • Prepare correspondence according to department procedures and standards.
  • Process plan to plan transfer requests within quality and service standards.
  • Process loan refinancing requests.
  • Process self-directed fund transfer requests.
  • Calculate and verify vesting and forfeitures.

Job Function Number 2: Documentation and Teamwork (20%)

  • Maintain documentation of functions, checklists and procedures in R&R database.
  • Update procedures as needed or upon request.
  • Respond to and act on all e-mails/phone calls within 24 hours of receipt.
  • Assist team members during busy times where needed.
  • Assist with special projects as assigned.

Position Requirements:

Qualifications:

  • Associates degree or equivalent combination of education and/or experience required.
  • Previous experience in financial/retirement operations preferred.
  • Proven record of working in a fast paced environment while managing multiple tasks & deadlines.
  • Proficient PC skills including Microsoft Word and Excel.
  • Demonstrated ability to collaborate with employees and clients.
  • Ability to work accurately with numbers, performing data entry and basic math calculations.
  • Effective written and oral communication skills.
  • Ability to effectively prioritize, manage, and complete multiple assignments and daily work load to meet deadlines.
  • Excellent problem-solving skills and high attention to detail with exceptional organizational skills.
  • Available to work flexible hours to cover peak workloads and to meet daily workload schedules

Personal Characteristics:

  • Ability to adapt to a fast-paced, changing environment.
  • Ability to work independently using checklists and procedures with minimal work direction.
  • Ability to work in a team-oriented, collaborative environment.
  • Able to maintain a positive attitude working in a changing environment.
  • Ability to apply prior experience to a given situation and find resolution.
  • Persuasive, encouraging, and motivating.
  • Ability to communicate effectively with clients and coworkers.
  • Ability to work independently while supporting a collaborative, team orientated environment.
  • Reliable follow through without supervision.
  • “Outside the box” thinker.
  • Positive attitude and team motivator.

Physical Demands: (must be met with or without a reasonable accommodation)

  • Extended periods of time at a desk and using office equipment.
  • Ability to operate a personal computer/laptop for approximately 8 hours per day.
  • Extended time is spent reviewing documents, both actual papers or electronic.
  • 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.
  • Will spend most of time in an indoor environment.

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

How to Apply

Please apply online via our website.


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