Job Description
Job Description First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60locations and assets of $5+billion.We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century. First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.
The Defined Contribution Retirement Plan Senior Administrator specializes in the design and administration of more complex defined contribution retirement plans for small to medium-sized businesses. This individual is responsible for calculating data and evaluating the plan in order to adhere to legislative rules and regulations.
DUTIES & RESPONSIBILITIES:
Interpret trust financial statements and exercise judgement with respect to required documentation for specific transactions and evaluate First American Bank’s ability to act upon a request. Serve as the liaison between the relationship manager and client if additional documentation is needed.
Independently perform compliance and nondiscrimination testing, including ADP/ACP, 410(b) coverage, top-heavy, 415 annual addition limits, and cross-testing. Must exercise judgement to determine data integrity to determine compliance issues. Make recommendations to relationship manger and client to bring the plan into compliance.Allocate employer contributions under cross-tested, pro-rata, and integrated formulas. Leverage expertise to validate the integrity of the formulas.
Maintain knowledge and serve as a subject matter expert of retirement plan legislation and possess extensive knowledge of ERISA laws and regulations. Update procedures and train colleagues on compliance-related changes.
Adapt policies/procedures to satisfy regulatory requirements—mentor other colleagues on procedures/guidelines. Assist with training and coaching for less experienced support staff on procedures, policies, and regulations—audit work prepared by other staff members.
Effectively communicates the necessary regulatory information and requirements to clients in a way that can be easily understood by individuals who are not in the business. Discuss plan design changes with relationship managers.
Leverage industry awareness, knowledge of regulatory expectations, and legal expertise to interpret guidelines.
Review and interpret retirement plan documents.
Reconcile census data to determine plan eligibility.
Calculate and allocate employer contributions.
Calculate and update vesting.
Prepare trust financial statements.
Prepare required governmental reporting forms (including but not limited to Forms 5500, 1099-R, 945, 5330).
Prepare and process distribution packages for terminated, retired, or deceased plan participants.
Calculate the amount available for loans and process loan paperwork.
Review QDROs, calculate and process distributions to the alternate payee.
Consult directly with clients and their professional advisors regarding plan administration, compliance testing, loans, and distributions.
Communicate with external auditors regarding plan audits.
Manage time and assignments to ensure work is completed within the guidelines.
Communicate with prior TPA, investment advisor, and client on takeover plans.
Accompany relationship manager to meetings with clients and plan participants.
QUALIFICATIONS:
Bachelor’s degree with an emphasis in Finance, Accounting, Math, Economics or related field preferred. High school diploma or equivalent required.
Minimum four years of experience including recordkeeping, compliance testing, plan conversions and trust accounting or comparable experience required.
High degree of technical/legal knowledge including familiarity with Internal Revenue Code and ERISA as they apply to qualified plans.
Qualified military veterans are encouraged to apply.
Must be professional, comfortable speaking with external and internal contacts with a demonstrated ability to tailor the message appropriately to the audience and situation effectively.
Demonstrated ability to convey thoughts and ideas effectively and succinctly via written formats, including emails, letters, and electronic platforms. Maintain professional standards relating to spelling and grammar.
Maintain credibility through professional demeanor, appearance, and presence by modeling standards appropriate to our environment and industry.
Maintain good working relationships with internal partners by exhibiting exemplary interpersonal skills, adopting a constructive, solutions-focused approach.
Use sound professional judgment to balance the interests of the organization and customer, understanding and using available resources to mitigate risks.
Proficiency with Microsoft 365 products and applications, including the ability to effectively prepare or review documents, procedures, and reports.
Demonstrated ability to learn new systems and applications, as well as the ability to understand, adapt and adjust responsibilities/workflows as a result of system upgrades.
Experience with Relius administration and FT William 5500 software preferred.
Occasional travel to other First American Bank locations, Bank functions and training facilities may be required.
Typical schedule is Monday through Friday 8:00 a.m. to 5:00 p.m. Additional hours may be required depending upon business need.
Additional hours required January through March and as needed for special projects.
Punctuality is required to maintain First American Bank's customer service standards.
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