Employee Benefits Officer
First Financial Corporation - Terre Haute, IN

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Under the direction of the Personal Trust Manager, (1) administer Trust client IRAs and employee benefit retirement plans, (2) counsel clients regarding retirement plan design, (3) conduct employee retirement counseling including calculating and processing pension estimates/finals and benefit payments, (4) monitor and communicate financial performance, (5) conduct or oversee valuation of client’s retirement plans (6) manage client relationships by being client focused, professional, accurate, productive, and timely, (7) maximize the profitability of existing accounts by communicating the benefits of Bank trust services to clients, prospects, and their professional advisors, and (8) be responsible for outside business development independently or in conjunction with other Bank officers. Supervision of one Assistant Employee Benefits Officer.

Typical Job Entry Requirements
(To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.)

Appropriate trust administration experience with a strong understanding of retirement and pension plans including (but not limited to) 401(k), 457, 403(b), Profit Sharing, Defined Benefit, Defined Contribution, and Money Purchase Plans. Minimum five years management or working at an administrative level with corporate pension plans and Individual Retirement Accounts. Strong knowledge of plan design, pension laws, and compliance issues. Experience with pension software required and previous experience with Sunguard employee benefits systems a plus. Excellent computer, oral and written communication skills, self-motivated and ability to multi-task, detail oriented, and strong problem-solving skills required. Ability to interpret and apply information in Summary Plan Descriptions and plan documents in accordance with ERISA. Bachelors degree in Accounting, Finance, Business Administration, Economics, or Liberal Arts required. Advanced certifications such as CPA, CRSP, or CEBS a strong plus.

Primary Activities
(Essential Duties and Responsibilities include the following. Other duties may be assigned. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.)

Employee Benefit Plan Administration
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Maintain current and implement set-up of new Employee Benefit relationships.
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Prepare government and administrative reports, and ensure proper management of employee benefit accounts
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Recommend improvements in administration of E/B trusts, if necessary, and advise individuals and corporate clients of issues and trends concerning administration of employee benefit plans
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Develop and implement employee benefit plans and disburse payments to employees and/or retirees in accordance with plan documents
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Interpret plan documents and advise clients regarding appropriate administration
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Prepare fee invoices for employee benefit services
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Maintain and expand information base of new policies, procedures, and laws and regulations affecting retirement benefits and retirement benefit administration
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Make recommendations to ensure that the Bank’s trust employee benefits administration program is in compliance with all applicable state and federal regulations
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Serve as a consultant to existing and prospective clients regarding a wide range of retirement plans including (but not limited to) 401(k) plans, 401(k) safe harbor plans, profit sharing plans, 403(b) plans, 457(b) plans, defined benefit plans, money purchase plans, Simples, SEPS, defined contribution plans, etc.
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Serve as a consultant to or act as the administrator for existing and prospective client relationships regarding compliance administration.
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Assist clients in appropriate compliance administration. Requires in-depth knowledge of the regulatory actions required to keep client’s plans in compliance.
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Compliance responsibilities include (but are not limited to) ADP/ACP testing, maximum deductible employer contribution test, minimum coverage and participation test, 70 ½ distribution calculations, loan and hardship maximums, vesting calculations, employer contribution calculations, forfeiture accounting, balance sheet, participant level valuation, IRS form 5500, Schedules A thru SSA (as required), Summary Annual Report, tax reporting form preparation (1099R, 1096, 945), QDRO processing
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Work with outside counsel and client’s TPA when necessary
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Provide valuation record keeping through in-house calculations or in conjunction with client’s TPA
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Verify/produce accurate accounting and proper allocation of all monies in client’s retirement plans
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Produce daily, monthly, quarterly, yearly (as required) account balance updates
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Produce or oversee production of employee statements in a timely and accurate fashion
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Process distributions to terminated employees and loan applications
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Confirm accuracy and timeliness of all reports and transactions
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Reconcile assets between record keeping and trust systems
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Prepare packages for clients
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Work with outside auditor through submission of required information
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Confer with Trust Investment Officer handling the account and the client regarding investment planning on major accounts and on others as necessary.
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Share investment results through periodic meetings with client
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Perform one on one counseling with retirees to clarify payment options available, discuss the timing of initial payment and/or any applicable annuity streams. Assist with the completion of all required benefit forms associated with retirement plan payouts.
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Review plan documents for accuracy.
Individual Retirement Plan Administration
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Maintain current and foster new relationships with IRA clients.
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Provide investment counseling as appropriate. Confer with Trust Investment Officer handling the account and the client regarding investment planning on major accounts and on others as necessary.
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Administer IRA accounts in accordance with all applicable laws and regulations.
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Confirm appropriate deposits, transfers, rollovers, distributions and beneficiary payments occur accurately and timely.
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Confirm applicable tax forms are completed and filed with appropriate state and/or federal agency.
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Act as internal consultant to Bank employees regarding IRA rules and regulations.
General Administrative/Sales Duties
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Coordinates administrative activities with others, such as, Investment Officers, Tax Specialists, Co-Trustees, Loan Officers, etc.
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Investigates situations of a non-routine nature to prepare recommendations for Trust Committee.
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Discuss problems or requests of a routine nature and makes decision.
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Develop and expand client call plans for assigned client base and for prospective clients.
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Cultivate and maintains good relationships with parties of interest.
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Obtain necessary information concerning client goals and assets.
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Make assigned client calls.
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Conduct sales presentations to existing and potential clients.
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Maintain active and up-to-date client files for assigned clients and prospective clients.
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Assist clients in meeting personal and professional goals by identifying and recommending appropriate bank product(s).
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Demonstrate effective management/supervision skills.
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Provide guidance as necessary to staff so they may achieve success in meeting business and customer service goals
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Skills include; setting performance expectations, coaching, providing positive and developmental feedback
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Conduct yearly performance reviews / recommend salary adjustments
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Select appropriate staff
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Guide direct reports to assure their demonstration of appropriate
management/supervision skills
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Network with other Bank staff to further enhance client relationships and refer clients to appropriate product experts.
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Network with community leaders through extensive community involvement by attending community meetings and volunteering as an active member of community groups.
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Keep abreast of changes in retirement plan and IRA administration in order to provide the best service to current and potential new clients.
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Other duties as assigned.
Performance Measurements
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Resolution of client complaints, and problem issues.
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Timeliness of administrative activities.
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Accuracy of administration.
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Meet EB and IRA new business goals.
Competency / Skill Level
(The behaviors, knowledge, and motivations important to success in the job.)
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Written and Oral Communication Skills
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Persuasiveness/Sales Ability; Initiative
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Tenacity
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Client Service Orientation
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Problem Assessment and Solving Skills
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Attention to Detail
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Analytical Ability
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Planning and Organizing Skills
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Adaptability
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Energy
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Negotiation
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Teamwork
Key Behaviors
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Knowledge of Competitors
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Knowledge of Products
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Sales Planning Skills
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Conducts Effective Sales Interviews
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Identifies Opportunities for Customer Referrals
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Develop and Maintain Customer Relationships
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Effective Sales Administrator
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Personal Development Established with Manager
Bank Secrecy Act
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Maintain sufficient knowledge and understanding of the Bank Secrecy Act, Anti-Money Laundering/Anti-Terrorist Financing/PATRIOT Act and OFAC regulations
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To be able to fulfill applicable requirements and responsibilities under the bank’s related policies and programs.
Critical Job Elements
(Essential duties and responsibilities include the following. Other duties may be assigned. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.)
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Generally good working environment with little exposure to noise, extreme temperatures or other adverse factors.
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Limited physical effort required.
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Above average amount of pressure to work efficiently and accurately.
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Considerable effort and eye strain from continued checking on the accuracy of all work leaving department.
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Above average mental effort consisting of beyond normal levels of concentration, memory, complexity of decision making, time pressure, analytical thinking, and conceptual thinking needed for success in the job.

First Financial Corporation - 16 months ago - save job - copy to clipboard - block
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