Work Location: Madison, WI
We are seeking and uncommon professional to join our team as a Sr. 401K/DC Plan Administration Specialist
Under the direction of Management, 401(k) /Defined Contribution Administration and with workflow direction from Unit Leaders, this position is responsible for the ongoing plan administration, testing, and corrective measures for assigned qualified 401(k) /defined contribution pension plans generally funded with variable investment accounts. Plan types include but are not limited to Money Purchase, Profit Sharing, 401(k),
Target Benefit, and Age Weighted plans with 401(k) plans representing the majority of assigned plans. The assigned plans consist of both non-audited and audited plans as defined by the DOL Form 5500 filing requirements. This position will also be assigned plans with more complex administrative designs which require a higher level of expertise. The plans can be funded with fixed accounts, variable funded accounts, insurance products, and/or outside investment vehicles. Incumbents are expected to meet internal and external client expectations by achieving established time/service requirements and perform all duties in a manner that promotes quality service. Incumbents are expected to demonstrate a thorough understanding of all IRS/DOL regulations and testing procedures, plan document language, administrative systems, funding vehicles, department procedures, accounting principals, and ongoing changes in government regulations. This knowledge is required to provide written, oral, and general assistance to external clients, field staff, and other units and departments within CUNA Mutual Group.
35% 1. Plan Reconciliation/Administrative Review - After each plan's anniversary (or upon special request) responsible for the review and interpretation of the plan document and current government regulations pertaining to the respective plan type. The administrative review includes, but is not limited to, the reconciliation and allocation of plan assets and deposits in accordance with plan formulas to identify adequacy of funding. Reconciliation of assets, income, and expenses includes, but is not limited to, variable investments, contributions, variances, plan loans and loan payments, benefit payments, expense payments, outside assets, and/or insurance products. Variances are communicated directly to the client or to the client service manager. Responsible for the reallocation of forfeitures if required in the plan document and the communication/completion of corrections needed to allocations/deposits. Completion of plan reconciliation requires a thorough knowledge of accounting principals, thorough knowledge of IRS/DOL regulations pertaining to assigned qualified plan types, and extensive knowledge of the administrative and financial systems. Responsible for the allocation of contributions in accordance with the plan formula and allocation rules, when requested by the client. Responsible for the preparation of an Asset Statement, Income and Expense Statement, Deposit Summary, Variance Report and other reports and paperwork as necessary for communicating results to the client, client service manager, field representative and others as identified. In addition, responsible for the maintenance of the administrative records.
20% 2. Census Review - Responsible for the review, verification and accuracy of plan census data received for each assigned plan on the plan anniversary from the client in comparison to the plan document provisions and applicable regulations. Completion of the census review requires substantial knowledge of the plan, IRS/DOL regulations applicable to the assigned plan types and the plan document. Responsible for communicating with the client and/or client services for clarifications and/or discrepancies and correcting the information to comply with the aforementioned items.
25% 3. IRS/DOL Testing – Based upon the plan type and the presence of Highly Compensated and/or Key employees, responsible for the completion, review, analysis and communication of all required IRS/DOL tests and corrective actions of failed testing when necessary for each assigned plan by the IRS deadline for each test. The tests are required to insure that the plan maintains tax-qualified status. These tests include but are not limited to IRC 415, IRC 404, IRC 410(b) , IRC 416, ADP/ACP, IRC 414(s) , IRC 401(a)(4) , IRC 402(g) , combined tests, and other tests that may be required. Completion of these tests requires an in depth knowledge of and the ability to interpret the respective IRS/DOL regulations and plan document language in addition to a high level of knowledge of the administrative systems.. The assigned plans of this position include larger, more complicated plans which have been identified as needing special care due to client sensitivity or special plan provisions. This position requires the ability to perform effective communications with clients, accountants, and individual participants upon special request from the client and/or pension consultant. Responsible for the annual, periodic, and day to day administration of each assigned plan. Many of these activities require manual and out of the ordinary processes.
5% 4. Government Form Filing - After the anniversary of each assigned plan and upon completion of the annual plan reconciliation and testing, responsible for the preparation of the annual Audit Package (if required) and all IRS/DOL forms. This includes, but is not limited to IRS Form 5500 for Large Pension Plan and Small Pension Plan versions and related schedules. Completion of these forms requires a thorough and substantial knowledge of government regulations, financial principals, and IRS testing and plan document interpretation. The assigned plans of this position include larger, more complicated plans which have been identified as needing special care due to client sensitivity or special plan provisions.
5% 5. Multiple Plans - Responsible for the coordination, communication, and testing of multiple plans of the same employer. This includes a thorough review to ensure consistency in data, testing results, and year-end communications.
10% 6. Other Duties As Assigned - - Includes all other administrative duties for plan administration. Provide back-up to the Unit Leader/Trainer in monitoring quality control and work reassignment for meeting required deadlines, and providing training and assistance to lower level staff.
*** The above statement of duties is not intended to be all-inclusive and other duties will be assigned from time to time.
1. High School education plus one year post high school accounting coursework or equivalent trade-off in related professional work experience.
2. Three (3) years of combined experience in:
- 401(k) /defined contribution plan administration
- IRS/DOL testing including ADP/ACP, IRC 415, IRC 404, IRC 414(s) , IRC 401(a)(4) , IRC 410(b) , IRC 416, IRC 402(g) and combined plan tests
- Plan and/or participant accounting and reconciliation experience with all types of assets including outside assets, insurance products, and takeover plans
- Review, interpretation and analysis of qualified plan documents
3. Experience with plan administration and financial PC software programs, word processing, spreadsheet software, and Adobe Acrobat.
4. Math skills. (Numerical Ability 2 Test, passing score = 24 out of 50)
5. Keyboarding skills, 30 wpm. Typing test will be administered.
6. 10 keypad skills. Test will be administered; passing score is 185 keystrokes with 95% accuracy.
7. Checking and Compare Test (passing score = 25)
8. Demonstration of customer service skills.
9. Demonstration of oral and written communication skills relating to pension plan administration and explanation of applicable testing rules and regulations.
10. Demonstration of analytical and problem solving skills.
11. Demonstration of ability to work both individually and as a team member.
12. Successfully complete and pass the following American Society of Pension Professionals & Actuaries (ASPPA) coursework:
- Retirement Plan Fundamentals series or equivalent coursework prior to redesign, within 12 months of starting position
- DC-1within 18 months of starting position
security and protection to credit unions and their members worldwide. As a dynamic and growing company, we strive to create a culture of performance, high standards and defined values.
Along with an excellent benefits package, our staff is engaged, rewarded for performance, and encouraged to grow professionally and personally. Our future is driven by our people, and our people are driven to deliver value through innovation, involvement and determination. If you want to be recognized for your results and empowered to reach your potential, we urge you to apply.
In return for your skills and contributions, we offer highly competitive compensation and benefit packages, significant professional growth, and the opportunity to win and be rewarded.
Experience Level: 3-5 years
Area of Interest(s): Claims, Customer Operations
Type of Job: Full Time
Job ID: MML20131101-54329