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Cash Balance Actuary


in Remote

Logo for Alerus

Position Summary:
The enrolled actuary will help foster a cohesive service team by directing workflow, supporting strong communication and displaying good judgement and leadership to ensure proper administration of retirement plans. Responsible for client service, actuarial calculations, annual compliance and regulatory reporting of an assigned group of retirement plans consisting of cash balance and traditional defined benefit plans. Produce and present projections for new business proposals based on input from prospects and sales consultants. Assist in the development, deployment and internal training of other staff members who work on cash balance and traditional defined benefit plans. Is regarded as a technical expert and is a resource to the department for research and resolution of complex issues and regulatory changes.

Essential Responsibilities:
Job Function 1: Cash balance and traditional defined benefit plan administration - 60%

  • Handle all aspects of qualified retirement plan administration for assigned cash balance and traditional defined benefit plans.
  • Understand and interpret plan document and contract provisions and 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/amendments needed to plan documentation to address client needs and/or resolve client requests.
  • Monitor receipt of client’s census information to prioritize completion of annual reporting requirements.
  • 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 as needed.
  • Coordinate, assist with, and direct timely completion of discrimination compliance testing. Provide input and guidance to colleagues assigned to combo plans where Alerus provides administration for both a 401(k) and cash balance or defined benefit plan.
  • Coordinate the steps to terminate a plan with other team members, including filings with the PBGC and IRS as deemed necessary.
  • Develop and maintain cash balance and defined benefit plan procedures and processes to ensure consistency in the administration of these plan types.

Job Function 2: Client Service - 15%

  • Proactively manage assigned client relationships to achieve or exceed client service satisfaction and ARB retention standards.
  • Develop and maintain positive working relationships and open lines of communication with internal and external clients.
  • Assist in client feedback efforts and work with RBA / RS to identify and resolve service issues as well as meet long-term client needs.
  • Keep Manager informed of sensitive issues and proactively work with the RBA/RS to retain key clients and assets.
  • Involve Manager as needed to resolve technical, service, and compliance issues to ensure client satisfaction without jeopardizing regulatory requirements and service standards.
  • Meet service standards. Proactively notify Manager and client (as appropriate) if standards will not be met.
  • Respond timely to all internal and external inquiries.

Job Function 3: Projections and proposals for new business prospects - 10%

  • Handle projections for new business proposals representing expertise in cash balance and defined benefit plan design.
  • Consult with prospects and produce projections for new business cash balance or defined benefit plan proposals based on input from prospects and sales consultants.
  • Revise projections based on feedback.
  • Consult and revise projections until desired outcome is achieved.

Job Function 4: Leadership and Engagement - 15%

  • 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.
  • Work independently and request that the Sr. Actuary review work as needed.
  • Provide guidance and training to less experienced staff members.
  • Assist in problem resolution as well as developing technical skills of others.
  • Participate in meetings for the company, department and administration unit.
  • Demonstrate leadership qualities on a consistent basis.
  • Treat all 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 or other relationship management software by documenting pertinent conversations and emails with clients and others as applicable.
  • Recognize and celebrate individual/team accomplishments.

Position Requirements:

  • 5+ years experience in complex defined benefit plan administration such as cash balance plans, traditional defined benefit plans, and other unique plan designs.
  • Bachelor’s degree or equivalent related experience as an enrolled actuary approved by the Joint Board for the Enrollment of Actuaries in Active Status.
  • Member of American Academy of Actuaries, Society of Actuaries and/or the American Society of Pension Professionals & Actuaries.
  • Ability to perform all aspects of retirement plan compliance testing and allocations with minimal review.
  • Possess ASPPA’s MSEA certification or equivalent.
  • Excellent written / oral communication, organization, and client service skills required.
  • Maintain professional working relationships with internal and external clients.
  • Work independently and set priorities.
  • 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 Word.

Personal Characteristics:

  • Demonstrated leadership abilities as part of a team.
  • Demonstrated relational skills such as diplomacy, judgment, decision making, and discretion.
  • Demonstrated critical thinking abilities.
  • Initiative, creativity and energetic active engagement in all work responsibilities.
  • 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 organizational skills.
  • 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 equipment.
  • Ability to operate a personal computer / laptop for approximately 40 hours per week.
  • Extended time is spent reviewing physical and electronic documents.
  • The employee is occasionally required to stand, walk, and reach with arms and hands.
  • Vision abilities required by this job include close vision.
  • Will spend most of time in an indoor environment.
  • Ability to use telephone for client contact and conference calls.

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

CO Residents Only - Pay Range Min: $89,900 - Max: $125,900

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