Retirement Plan Consultant

Retirement Plan Consultant

Review, analyze and amend Defined Contribution plans and prepare summary plan descriptions, reports and recommendations. Prepare and submit required government reports and document filings as necessary. Additionally, this role is responsible for preparing reports and presentations for clients, preparing loan documents and amortization schedules and tracking loan payments.

Compile various types of information needed to produce quarterly, semi-annual or annual allocation reports: review and update plan specifications, input census, identify Highly Compensated Employees and Key Employees; prepare SPD enrollment list for newly eligible employees; identify employees past normal retirement age or over 70 1/2; check vesting; calculate maximum tax-deductible contribution; prepare contribution reporting form, if required

Reconcile plan assets for each valuation period

Develop and implement any plan amendments as necessary

Update plan specifications. Allocate employer contribution(s), forfeitures, and investment earnings to plan participants. Determine the top-heavy status of the plan. Check 415 limits. Conduct other applicable compliance tests or reviews relating to: 410(b), ADP, ACP, 402(g), 401(a)(4). Run benefit statements for plan participants

Prepare IRS Form 5500 and any related schedules that are necessary as well as the Summary Annual Report. File Forms electronically

Calculate benefits for participants due to termination, hardship withdrawals, loans, required minimum distribution or in-service withdrawals. Determine taxable amounts and distribution codes

Prepare loan documents and loan amortization schedules. Track loan repayments

Maintain contact with and answers inquiries from various sources: clients, accountants, attorneys, insurance agents, brokers, referrers, participants. Conduct research, if required, to respond to specific questions

Prepare special studies for current or prospective clients

Prepare the required paperwork for plan termination, including benefit election forms

Gather information requested by the IRS for plan audits

Prepare Form 1099 and Form 945

Maintain professional designation, if applicable

Communicate with an accountant during large plan audit, if necessary

Communicate with the Department of Labor and/or IRS during audit

Attend client meetings as required

Work on new cases assigned to set up ASC/AMS. Request prior year's information from client to establish a proper database

Keep current on all technical issues related to Defined Contribution Plans

In closed cases, remove case files after final allocation has been completed and advise AMS Coordinator to change case status

Conduct open enrollments

Complete all mandatory and elective training, including BSA (Bank Secrecy Act) and Anti-Money Laundering procedures. Maintain compliance with all appropriate rules and regulations

Regular, predictable attendance is an essential requirement of this position

Complete all other duties as assigned

High School Diploma or G.E.D. required

Minimum of two (2) years' experience with defined contribution plans preferred

Basic math and/or accounting skills