Retirement Plan Services Administrator

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Job description

RCB Bank has been a responsible employer since 1936, standing firm on moral and ethical principles as a bank and as an employer while fulfilling our commitment to excellence. Operating with values such as integrity, respect, sincerity and honor, RCB is an equal opportunity employer, striving to hire employees who meet high standards of character, education and occupational qualifications. With over 50 locations, RCB Bank offers a variety of excellent career opportunities in Oklahoma and Kansas. We offer full-time and part-time opportunities along with a comprehensive benefit package (eligibility requirements apply).

Kansas, USA ● Oklahoma, USA

Req #1957

POSITION SUMMARY: This position will have decision-making authority under the guidance of the Retirement Plan Services Officer and will directly manage a book of retirement plan accounts, including all day-to-day communication and decisioning, scheduling and conducting enrollment meetings and annual review meetings, coordinating with the plans' TPA and Recordkeeping providers, and handling any other issues that arise. Duties also include administration, servicing, and new business development for retirement plans administrated by the Trust Department. Frequent interaction with plan participants and sponsors, third party administrators, record keepers, and plan document providers is required. This position has no supervisory responsibilities.

ESSENTIAL FUNCTIONS:

• Interprets and understand plan documents
• Communicates with clients about plan provisions
• Consults with legal and accounting professionals to ensure plan compliance
• Interacts with internal and external auditors and examiners
• Consults with clients and designs competitively-priced plans in compliance with regulatory requirements
• Adheres to all regulations and regulatory issues that govern retirement vehicles such as ERISA, IRC and DOL
• Performs all needed duties associated with plan conversion, administration, and recordkeeping
• Develops and maintains investment policy statements (IPS)
• Prepares and delivers sales presentations for prospective clients
• Manages retirement plan services including day-to-day support, technical support, maintaining vendor relationships, and conducting educational meetings for clients' employee base
• Enrolls new clients and conducts open enrollment for all existing clients in a timely manner
• Conducts existing client account reviews (both internal compliance reviews and plan review meetings with plan sponsors)
• Analyzes investment performance data quarterly for all plans; documents any failing funds, makes changes per IPS as needed
• Analyzes and reviews plan design and objectives as needed
• Analyzes and compares plan fee structure and full costs including investment costs annually. Compares to benchmark data available.
• Ensures that all plan contributions are made timely and correctly
• Counsels employees for plan distributions and loans, assists with documentation, forwards to plan TPA
• Manages the flow for plans with IDA's, including working with brokerage firms, ensuring statements are received timely, shadow posting is accurate and transactions are appropriate
• Qualifies and documents QDRO and hardship distributions then forwards to TPA for processing as applicable
• Manages and monitors accuracy of fees assessed per signed fee schedule; ensures setoff of all 12b-1's and revenue sharing funds against trustee or other plan fees
• Ensures all fees assessed to the plan are fiduciary/administrative in function and not settlor function fees
• Prepares and/or coordinates preparation of various periodic disclosures such as 404a5, 408b2, QDIA, SPD, SPP, 404c, SMM, and Safe Harbor Notice
• Manages and monitors plan restatements on schedule, ensuring that any plan design changes are implemented timely
• Participates in Trust sub-committees as assigned
• Represents RCB Bank by being active in the community
• Ensures compliance with RCB Bank policy
• Achieves established personal goals and objectives
• Performs other duties as may be assigned

EXPERIENCE REQUIRED:

• Five years related experience and/or training

EDUCATION, CERTIFICATIONS & TRAINING:

• High school diploma or GED - required
• Bachelor's degree in business with an emphasis in finance/accounting, or equivalent work experience - preferred
• Certification in Employee Benefit Plan administration including ERISA and DOL compliance - preferred

JOB-SPECIFIC SKILLS & KNOWLEDGE:

• Knowledge of retirement plan regulations, compliance and risk management matters
• Strong analytical and organizational skills
• High proficiency in problem-solving
• Excellent communication skills, both verbal and written
• Strong leadership and interpersonal skills
• Ability to build trust and credibility within the team
• Ability to maintain a positive attitude and friendly demeanor when communicating with customers and co-workers
• Intuitive and responsive to the needs of their customer base
• Ability to work in fast-paced environment, managing multiple tasks/projects and deadlines simultaneously
• Strong math and computer skills, attention to detail and ability to meet deadlines.
• Excellent customer service skills
• Possess effective skills in presenting recommendations based on performance findings both in verbal and written format
• Possess strong knowledge of applicable PC programs

RCB Bank is an EOE. We offer EEO to all persons without regard to race, color, religion, age, marital or veterans' status, sex, national origin, physical or mental disability, or any other legally protected class.