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Pension Compliance Specialist

CUNA Mutual

in Madison WI

Logo for CUNA Mutual

Job Purpose:

Under the general direction of the Compliance Managers and workflow direction of the Unit Leader/Trainer, perform advanced technical duties including in-depth review of the following processes: plan terminations, switchovers, asset transfers, mergers, spin-offs, amendments, restatements, and IRS and Department of Labor correction programs for all plan types with CUNA Mutual.  These processes include but are not limited to the various Deposit Administration and Policy Funded plans which include:  Money Purchase, Profit Sharing, 401(k),Target Benefit, and Defined Benefit plans.  The individual must be able to work independently within a team environment.  The incumbent is also expected to possess a thorough working knowledge of the plan document and understand the relationship of the provisions, funding vehicles, computer systems, department procedures, and ongoing changes in government regulations.  Maintaining compliance with plan documentation for Government reporting, if not handled properly, will cause the credit union to incur monetary penalties and the possibility of disqualification of the plan's tax exempt status.  This position provides technical expertise to Trustees, Board of Directors, Government Agencies, auditors, attorneys, Field Staff and other departments within CUNA Mutual Group.  Assistance is also provided to the Unit Leader and/or Manager by checking work assignments, training of unit members as requested, and periodically assigning work.

Job Responsibilities:

  1. 50%   Process plan terminations, mergers, asset transfers, switchover and spin in compliance with Federal Pension regulations.  Review retirement plan trust accounting records; balance and reconcile asset data, census data and trust accounts.  Extensive understanding of plan's financial records and employee census information to verify participant eligibility and benefits payable to participants.  Comply with mandated deadlines driven by IRS and Pension Benefit Guarantee Corporation.  Determine retirement plan's financial standing both at present time and in future to ensure payment of pension plan liabilities.  Apply the Market Value Adjustment to establish the plan's funding deficiency or surplus and adjust participant's accounts accordingly.  Utilize spreadsheet software, mainframe applications and perform manual calculations as necessary to create necessary forms and statement of accounting.  Determine tax withholding on cash distributions and prepare individual tax filing records.  Transfer Funds to proper accounts and process wire transfers or checks for distributions.  Prepare correspondence to Credit Unions and other financial institutions to distribute assets and final reporting guidelines.  Compare plan provisions for mergers and spin-offs so that participants maintain appropriate benefit accruals and protected benefits.  Research, prepare and file IRS and PBGC forms.
  2. 25%  Generate all types of plan documents, including prototype and individually designed plans for CUNA Mutual.  Prepare plan restatements and amendments in compliance with IRS regulations by analyzing current plan, determining changes for the plan document, generating summary plan descriptions/summary of material modifications, posting appropriate documents on the Pension Resource Center, pending any changes on EScape.  Determine and prepare appropriate forms to file with IRS for approval of plan document.
  3. 10%  Prepare materials and calculations utilizing IRS and Department of Labor Correction programs to either bring Plans back into regulatory compliance or prevent plans from being severely penalized in an audit.
  4. 8%  Enter and update information on Escape system and Resource Center to maintain file integrity and notify affected administrative units of changes in administrative functions.  Coordinate with department personnel to develop and update computer systems.  Create, update and maintain procedural manuals reflecting continual governmental or departmental changes.  Provide assistance with directing incoming mail and workflow assignment.
  5. 7%  Clarify and obtain additional information through telephone inquiries in regards to plan terminations, plan document information for restatements and IRS, PBGC and auditor requests.  Serve as a resource for technical questions and provide individual training for pension department personnel as well as unit members.  Review work of unit members as required within specific job processes (i.e. plan terms, etc).  Assist consultants by providing technical expertise in resolving questions received from Credit Unions.

The above statement of duties is not intended to be all inclusive and other duties will be assigned from time to time.

Job Requirements:

  1. High school education plus one year post high school Accounting coursework or equivalent trade-off in related professional work experience.
  2. 3-5 years experience processing plan terminations, mergers, asset transfers and creating plan documents.
  3. Demonstrate the ability to use PC operations including word processing and spreadsheet software.
  4. Oral and written communication skills.
  5. Organizational and planning skills.
  6. Demonstration of interpersonal and customer service skills.
  7. Ability to work effectively, both individually and as a team member.
  8. Experience with Relius Document.
  9. Successful completion of ASPPA exams RPF-1 and RPF-2, complete DC-1 and DC-2 with an acceptable of 6 or above. If exams are not completed upon acceptance of this position, candidate must complete within 3 years of accepting this position.


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