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Defined Benefit Administration Sr. Specialist
in Westlake TX / Richfield OH / Austin TX
Schwab Retirement Plan Services, an affiliate of Charles Schwab & Co., Inc. is one of the top-tier providers of bundled retirement plan services. For mid-to large sized companies, Schwab offers full-service
retirement plans featuring complete retirement services from a single source. Schwab’s combined expertise in recordkeeping and related services, investment choice and award-winning participant experience and education (including retirement plan
advice), and high-end technology helps employers offer competitive employee benefits.
The Defined Benefit Administration team is responsible for providing plan administration service and technical compliance support within standards and service
objectives. This includes the understanding of the complexities of all facets of administering qualified defined benefit retirement plans. Remote work is an option for this role and candidates in additional markets may be considered based on skills and
What you are good at
- Responsible for handling all aspects of qualified retirement plan administration for Defined Benefit Plans. This includes having a detailed understanding and ability to interpret
sophisticated plan documents and code provisions.
- Uses skills as a seasoned, experienced professional with a full understanding of industry practices, policies, and procedures to:
- Work on problems of diverse scope where analysis of data
requires evaluation of identifiable factors.
- Demonstrates good judgment in selecting methods and techniques for acquiring solutions.
- Communicated effectively with internal business partners to ensure a positive client and participant
- Responsible for protecting, securing, and handing of all confidential data held by Schwab to protect against unauthorized access, improper transition and/or unapproved disclosure of information that could result in harm to clients and
- Efficiently deliver quality services to clients, participants, and business partners by:
- Reviewing plan calculations including retirements, disabilities, deaths, and lump-sum payments including the researching and analysis of
the data provided to ensure accuracy.
- Performing vital analysis on special retirement projects including plan terminations and early retirement windows.
- Preparing most complex retirement plan transactions and resolving problems or inquiries
that require exception processing.
- Aid in the timely onboarding of new plans/clients through effective teamwork between the various teams involved in the conversion process.
- Maintain an in-depth knowledge of defined benefit retirement plans
and the Schwab record-keeping systems. Analyze what improvements could provide a better processing experience.
- Review annual plan valuations by auditing current year’s census data and comparing it with prior year’s data to verify
accuracy; question any apparent discrepancies and ensure the accuracy in the Lynchval and SRI systems by reviewing the plans to ensure provisions of document are appropriately applied on both a plan and participant level.
- Support special
project/ad-hoc requests, reporting, and analysis for business partners meeting all goals regarding internal and external due dates.
- Prepare benefit statements for all assigned plans within the service standards adhering to Pension Protection Act
- Finalize all departmental procedures and review according to the required schedule.
- Assist with the training and onboarding of new employees.
- Mentor team members and help build their knowledge and understanding of
various aspects of the role and industry.
- Effectively communicate client data/information to all business partners with a courteous, timely, and detailed response.
What you have
- 5+ years of defined
benefit plan experience.
- Bachelor’s degree in finance or business-related field preferred.
- Knowledge of defined benefit plans, ERISA, DOL, and IRS regulations.
How to Apply
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