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Plan Compliance Specialist

Job Description

As the Plan Compliance Specialist, you will perform and deliver on routine assignments/projects while simultaneously leveraging and applying knowledge of assigned area(s) of responsibility. You will be accountable for nondiscrimination testing, IRS Form 5500 filings, and employer and forfeiture contribution allocations for various types of employer sponsored retirement plans. You will also manage the annual plan compliance process.



Responsibilities:


Business Acumen


  • Maintains knowledge on current and emerging developments/trends, assess the impact, and collaborates with management to incorporate new trends and developments in current and future solutions

  • Promotes and enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives

  • Performs and delivers on routine assignments/projects while simultaneously leveraging and applying knowledge of assigned area(s) of responsibility

  • Identifies and communicates to management process improvements that reduce workloads or improve quality

  • Serve as a technical liaison for customers, distribution partners, OA associates, and other business partners for plan design on plan testing, recommending plan design alternatives and subsequent amendment language for plan documents

  • Evaluate and/or modifies existing procedures as needed to increase customer satisfaction and team effectiveness 


Compliance


  • Manages the annual compliance process performing nondiscrimination testing, IRS Form 5500 filings, and employer and forfeiture allocation of contribution ensuring compliance with guidelines set by ERISA, IRS and DOL

  • Analyzes and manipulates employer data to accurately perform various nondiscrimination tests to ensure that all plans are in accordance with regulations

  • Works directly with Plan Sponsors to address data questions and any resulting compliance failures Explains corrective steps required by the Plan Sponsor as a result of compliance failures

  • Prepares signature ready IRS Form 5500 and supporting schedules, Summary Annual Reports and Form 8955-SSAs and responds to auditors' requests for information

  • Consolidates multiple vendor reports from outside reporting on the Form 5500

  • Prepares contribution illustrations for existing plans wanting to change their plan design

  • Maintains a thorough understanding of plan document provisions, specifying testing techniques and/or testing correction methods versus generally available plan testing alternatives as prescribed by the IRS

  • Process final services for plan and service terminations within timeframes mandated by regulatory guidelines

  • Meet established turnaround times and IRS and DOL deadlines to avoid financial penalties

  • Must be willing to work frequent and significant extra time during high volume periods

Job Requirements

Education


  • 4 Year/Bachelors Degree (preferably in math, business, finance or accounting) or equivalent work experience (4 years of experience in lieu of Bachelors)


Experience


  • 1 - 3+ Years’ experience retirement plans that directly aligns with the specific responsibilities for this position

  • Ability to read, analyze and interpret both internal and external documents such as general media/publications, professional journals, technical procedures, governmental regulations, policies, proposals, and standard operating procedures

  • Strong written and verbal communication skills

  • Apply concepts such as probability, statistics, modeling, percentages, ratios, and proportions to practical solutions

  • Works with mathematical concepts such as averages and/or variances

  • Ability to evaluate information and the implications of a course of action or solution

  • Ability to interpret and apply common sense understanding to carry out a variety of instructions furnished in written, oral, or diagram form

  • Ability to solve problems and deal with a variety of concrete variables in situations where only limited standardization exists

  • Define problems, collect data, establish facts and draw valid conclusions

  • Evaluate trends in data or information

  • Ability to perform under stress in cases of emergency, critical or hazardous situations

  • Ability to work with others in a team environment

  • Demonstrated solid relationship management skills with internal clients (e.g. management, peers and colleagues)

  • Demonstrates excellent organizational skills with the ability to prioritize workload and multi-task while maintaining strict attention to detail

  • Demonstrates solid project management skills including, critical ability to coordinate and balance multiple projects in a time-sensitive environment, under pressure, and meeting deadlines

  • Demonstrates strong interpersonal skills with a collaborative style

  • Demonstrates the ability to use sound judgment and discretion regarding confidential information

  • Finds common ground and can gain collaboration among management, colleagues and peers; can influence outcomes without directing or commanding

  • Proficiency with Microsoft Office Suite (Word, Excel, PowerPoint, Outlook)

Job Snapshot

Location US-IN-Indianapolis
Employment Type Full-Time Employee
Pay Type Hour
Pay Rate $40.00 - $45.00 /Hour
Store Type Human Resources
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Company Overview

BCforward

BCforward is a global IT consulting and workforce fulfillment firm that provides services and resourcing for leading businesses and government organizations. For 20 years our professionals have helped clients achieve their strategic goals. Our strong culture and clear values have enabled BCforward to become a market leader and best in class place to work. Learn More

Contact Information

US-IN-Indianapolis
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Snapshot
BCforward
Company:
US-IN-Indianapolis
Location:
Full-Time Employee
Employment Type:
Hour
Pay Type:
$40.00 - $45.00 /Hour
Pay Rate:
Human Resources
Store Type:

Job Description

As the Plan Compliance Specialist, you will perform and deliver on routine assignments/projects while simultaneously leveraging and applying knowledge of assigned area(s) of responsibility. You will be accountable for nondiscrimination testing, IRS Form 5500 filings, and employer and forfeiture contribution allocations for various types of employer sponsored retirement plans. You will also manage the annual plan compliance process.



Responsibilities:


Business Acumen


  • Maintains knowledge on current and emerging developments/trends, assess the impact, and collaborates with management to incorporate new trends and developments in current and future solutions

  • Promotes and enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives

  • Performs and delivers on routine assignments/projects while simultaneously leveraging and applying knowledge of assigned area(s) of responsibility

  • Identifies and communicates to management process improvements that reduce workloads or improve quality

  • Serve as a technical liaison for customers, distribution partners, OA associates, and other business partners for plan design on plan testing, recommending plan design alternatives and subsequent amendment language for plan documents

  • Evaluate and/or modifies existing procedures as needed to increase customer satisfaction and team effectiveness 


Compliance


  • Manages the annual compliance process performing nondiscrimination testing, IRS Form 5500 filings, and employer and forfeiture allocation of contribution ensuring compliance with guidelines set by ERISA, IRS and DOL

  • Analyzes and manipulates employer data to accurately perform various nondiscrimination tests to ensure that all plans are in accordance with regulations

  • Works directly with Plan Sponsors to address data questions and any resulting compliance failures Explains corrective steps required by the Plan Sponsor as a result of compliance failures

  • Prepares signature ready IRS Form 5500 and supporting schedules, Summary Annual Reports and Form 8955-SSAs and responds to auditors' requests for information

  • Consolidates multiple vendor reports from outside reporting on the Form 5500

  • Prepares contribution illustrations for existing plans wanting to change their plan design

  • Maintains a thorough understanding of plan document provisions, specifying testing techniques and/or testing correction methods versus generally available plan testing alternatives as prescribed by the IRS

  • Process final services for plan and service terminations within timeframes mandated by regulatory guidelines

  • Meet established turnaround times and IRS and DOL deadlines to avoid financial penalties

  • Must be willing to work frequent and significant extra time during high volume periods

Job Requirements

Education


  • 4 Year/Bachelors Degree (preferably in math, business, finance or accounting) or equivalent work experience (4 years of experience in lieu of Bachelors)


Experience


  • 1 - 3+ Years’ experience retirement plans that directly aligns with the specific responsibilities for this position

  • Ability to read, analyze and interpret both internal and external documents such as general media/publications, professional journals, technical procedures, governmental regulations, policies, proposals, and standard operating procedures

  • Strong written and verbal communication skills

  • Apply concepts such as probability, statistics, modeling, percentages, ratios, and proportions to practical solutions

  • Works with mathematical concepts such as averages and/or variances

  • Ability to evaluate information and the implications of a course of action or solution

  • Ability to interpret and apply common sense understanding to carry out a variety of instructions furnished in written, oral, or diagram form

  • Ability to solve problems and deal with a variety of concrete variables in situations where only limited standardization exists

  • Define problems, collect data, establish facts and draw valid conclusions

  • Evaluate trends in data or information

  • Ability to perform under stress in cases of emergency, critical or hazardous situations

  • Ability to work with others in a team environment

  • Demonstrated solid relationship management skills with internal clients (e.g. management, peers and colleagues)

  • Demonstrates excellent organizational skills with the ability to prioritize workload and multi-task while maintaining strict attention to detail

  • Demonstrates solid project management skills including, critical ability to coordinate and balance multiple projects in a time-sensitive environment, under pressure, and meeting deadlines

  • Demonstrates strong interpersonal skills with a collaborative style

  • Demonstrates the ability to use sound judgment and discretion regarding confidential information

  • Finds common ground and can gain collaboration among management, colleagues and peers; can influence outcomes without directing or commanding

  • Proficiency with Microsoft Office Suite (Word, Excel, PowerPoint, Outlook)

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