Retirement Plan Consultant

Overview

This position involves comprehensive management of Defined Contribution retirement plans, including reviewing, analyzing, and updating plan details, preparing summaries, reports, and recommendations, as well as submitting required government documentation. The role encompasses client reporting, loan document preparation, amortization scheduling, and loan payment tracking.

Key Responsibilities

• Collect and consolidate various data to generate quarterly, semi-annual, or annual allocation reports, including reviewing plan specifications, updating census data, identifying key employee groups, preparing summary plan description (SPD) enrollment lists, verifying vesting, and calculating maximum tax-deductible contributions.
• Reconcile plan asset values for each valuation period and implement plan amendments as needed.
• Update plan details by allocating employer contributions, forfeitures, and investment earnings among participants; assess top-heavy status and verify compliance with IRS limits and tests such as 415 limits, 410(b), ADP, ACP, 402(g), and 401(a)(4).
• Prepare and electronically file IRS Form 5500 with accompanying schedules and the Summary Annual Report.
• Calculate participant benefits associated with termination, hardship withdrawals, loans, required minimum distributions, or in-service withdrawals, determining taxable amounts and appropriate distribution codes.
• Draft loan agreements and amortization schedules while monitoring loan repayments.
• Maintain ongoing communication with clients, accountants, attorneys, insurance agents, brokers, and participants; conduct research to provide detailed responses to inquiries.
• Prepare analytical studies for existing or potential clients and manage all paperwork related to plan termination, including benefit elections.
• Assist in gathering documentation requested by IRS audits and coordinate with auditors and government agencies such as the Department of Labor and IRS.
• Generate forms 1099 and 945 and uphold any required professional certifications.
• Support client meetings, initiate new case setups by acquiring prior year data, complete open enrollment sessions, and maintain current knowledge of Defined Contribution plan regulations.
• Archive case files post-final allocation and notify appropriate coordinators for status updates.
• Comply with mandatory and elective training, including Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) procedures, ensuring adherence to all relevant policies and regulations.
• Ensure regular, punctual attendance and carry out any additional duties as assigned.

Qualifications

• Possession of a High School Diploma or G.E.D. is mandatory.
• Preferred experience includes a minimum of two years working with defined contribution plans.
• Competency in basic mathematics and accounting principles is essential.

Additional Information

The employer participates in E-Verify to confirm the identity and employment eligibility of all new hires. The company is an equal opportunity employer committed to inclusivity regarding disability and veteran status.