Retirement Plan Services Officer

Indianapolis, Indiana
$65,000 - $85,000
Aug 21, 2023
Sep 20, 2023
Full Time
Education Level
4 Year Degree

The teammate is accountable for providing oversight for operational transactions for retirement plans, as well as for retirement account opening, closing and conversion processes. In addition, the teammate collaborates closely with RPS team members to deliver high levels of service, administration and communication for retirement plan accounts. Responsibilities are to be executed effectively and consistent with team priorities, providing the highest quality of service to every customer. Independent judgment is required in order to plan, prioritize, and organize diverse workload.

Essential Functions:

  • Respond to internal and external customer questions, requests and concerns, both written and verbal, in a timely manner, collaborating and working effectively with colleagues in Retirement Plan Services and other departments as appropriate.
  • Assist department with collecting annual census data from clients and submitting to Third-Party Administrators as necessary.
  • Manage account opening/closing processes, including but not limited to completing account paperwork, entering data on trust accounting system, ensuring that all required documents have been completed or obtained and are accurately entered for processing or recordkeeping.
  • In collaboration with manager, assist with new account conversion process specific to retirement plans, including but not limited to drafting termination letters, collection of assets, reconciling assets received to prior recordkeeper statements, drafting plan-specific processes and procedures, and coordinating document execution and required notice distribution.
  • Oversee distribution of assets at account closing, including but not limited to communicating with successor custodian and working with the Wealth Management Operations department to deliver assets.
  • Assist with preparing and auditing transactions for RPS accounts (including but not limited to payroll contributions, recurring and one-time participant distributions, and loan requests).
  • Assist manager with coordination of the Administrative Review process.
  • Manage fee processing to ensure accuracy of fees and timely payment of various invoices.
  • Assist with annual 1099-R tax process for Retirement Plan Services, including but not limited to balancing transactions to preliminary data reports and processing necessary corrections in the appropriate system.
  • At the direction of the Manager, assist with remission of out-of-state tax withholdings.
  • Provide support for confidential administration of the Bank’s 401(k) plan by assisting with daily administration functions, preparing audit materials, collaborating with the third-party administrator, and serving as a resource for Bank employees.
  • Perform daily/periodic cash balancing and monitor cash balances, alerting officers to potential account overdrafts.
  • Cultivate and maintain positive relationships with clients (both internal and external) through regular communication, with adherence to the Bank’s Culture of Excellence.
  • Review plan allocation reports and reconcile them to the trust assets.
  • Assist with updating Fi360 for retirement plan mutual fund monitoring and run necessary reports each quarter.
  • Serve on various Wealth Management committees, as assigned.

Required Qualifications:

  • Bachelors’ degree in business or accounting, or equivalent work/educational experience
  • 5+ years of experience working with qualified retirement plans
  • Demonstrated knowledge and understanding regulations and laws that apply to retirement plans
  • Strong team orientation and demonstrated work ethic
  • Strong client relationship skills
  • Excellent interpersonal skills, exhibiting a high degree of professionalism
  • Excellent communication skills (written and verbal, including public speaking), with strong emphasis placed on responsiveness and customer service skills
  • Proven reliability and dependability, with the demonstrated ability to work successfully with minimal supervision
  • High degree of accuracy and attention to detail
  • Strong organizational and time management skills
  • Experience with and excellent working knowledge of standard computer applications, including Microsoft Word and Excel