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Senior Compliance Analyst - Retirement Plans

Newport

in Remote

Logo for Newport

Who We Are

Newport helps companies offer their associates a more secure financial future through retirement plans, insurance and consulting services. Newport offers comprehensive plan solutions and consulting expertise to plan sponsors and the advisors who serve them. As a provider and partner, Newport is independent, experienced and responsive.

SUMMARY: Performs compliance testing for defined contribution plans.  Verifies accuracy of plan census data and identifies contributions to be tested for plan year. Communicates with plan sponsors to update and correct required data necessary to perform various testing required by government regulations (ADP, ACP, 415, 401(a)(4), coverage and top heavy testing).  

Essential Functions Reasonable accommodations may be made to enable individuals with disabilities to perform these essential functions.

  • Investigates and clarifies client data and census information for testing.
  • Maintains client database and enters changes into record keeping software. Completes testing and ensures quality control audits are performed. 
  • Serves as technical expert to compliance analysts and provides resolutions to support business needs.
  • Allocates employer profit sharing, matching and/or money purchase pension contributions based upon plan provisions and submits to plan sponsor for approval.
  • Calculates contribution corrections or top heavy minimum contributions for plan sponsors.
  • Communicates test results and recommends solutions to client when specific failures are identified.
  • Produces reports from record keeping system for preparation of government forms for client. Prepares Form 5500 and related schedules using government forms software.
  • Submits financial reports and Form 5500 package for review, correction, approval and submission to client and governing agency.
  • Prepares plan document restatements and amendments as requested by plan sponsor. Interprets prior plan document history.
  • Works with administration team to produce distributions or allocations of contributions or forfeitures based upon client approval. Ensures deadlines are identified and met.
  • Consults on, recommends and implements resolutions for client concerns, satisfaction, response and any other items necessary to assure customer loyalty.
  • Maintains current awareness and understanding of legislative changes, IRS rulings, and expert opinions related to the processing of retirement plans.
  • Researches new issues to determine their impact on plan qualification status and communicates with manager on daily processing issues.

Supervisory Responsibilities (none)

Required Education, Experience and Certificates, Licenses, Registrations

  • 3-5 years of progressive plan experience in third party administration environment including experience in preparing, reviewing and explaining qualified plan compliance testing and government forms filing
  • Demonstrated experience in areas of controlled groups, cross testing, catch-up contributions and other technical topics
  • Proven ability to utilize technical skills and available tools to solve compliance issues.
  • Strong MS Office skills to include Excel.

 Preferred (but not required) education or skills for this role are

  • Bachelor’s degree in a business related field or industry experience.
  • ASPPA certification desired.

 Competencies

  • Independent
  • Diplomatic
  • Creative Problem Solver
  • Integrity
  • Analytical Thinker
  • Resourceful
  • Team Player
  • Utilizes Sound Judgment
  • Results Driven
  • Written and Oral Communication
  • Exhibits Personal Credibility

TRAVEL: Up to 5%

OTHER DUTIES

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.

EQUAL OPPORTUNITY EMPLOYER

Newport offers for employment are conditioned upon satisfactory completion of our employment screening process (including, but not limited to, a review of past employment and education records, background investigation, and/or credit check and fingerprints.)

Newport unequivocally rejects racism and discrimination of any kind and fosters an environment of belonging to provide access and opportunity for all.  As an Equal Opportunity Employer we do not discriminate on the basis of race, religion, color, sex, sexual orientation, gender identify, gender expression, national origin, age, non-disqualifying physical or mental disability, veteran status, or any other basis covered by applicable law. All employment is decided on the basis of qualifications, merit, and business need.

How to Apply

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