April 18, 2023
Grade 6
Full-time
Location: Brookings, SD
Overall Functions
This individual manages and monitors the workflow and production of the recordkeeping department and performs trust administrative support functions for Employee Benefit Trust Accounts.
Qualifications
This person must have an accounting or business bachelor’s degree or a minimum of five years of prior experience in employee benefit trust or the equivalent. This person must possess knowledge of 401(k) plan administration and IRS and DOL requirements. Trust accounting system and employee benefit recordkeeping experience is preferred. This person should have excellent communications skills, both oral and written, and maintain proficient skills with PC software, database applications, and spreadsheets. Certification as a retirement services professional or other similar designation is preferred but not required.Responsibilities
1. Provide management and leadership to members of the Retirement Plan Services recordkeeping team. Supervise, train, and structure the team for maximum efficiency.
2. Coordinate and track operational team requirements including deferral processing, mutual fund trading, distributions, compliance testing, statement processing, and retirement call center management.
3. Perform plan recordkeeping services for key accounts including data collection, allocation of trust income/contributions, disbursements, reports, and compliance testing for qualified retirement accounts to stay abreast of system technology and regulatory requirements.
4. Troubleshoot and/or research incoming calls regarding employee distribution requests, hardship withdrawals, loans, direct rollovers, or plan-design issues as needed to support the various employee benefit accountants.
5. Participate in the process of new product development, system technology, or software implementations and communicate the same to the recordkeeping department.
6. Prepare and/or oversee all government reporting required for withholding of taxes, including both federal and state – 945, distributions (1099-R), and IRAs (5498).
7. Coordinate with accountants and assist in preparation of annual IRS Form 5500 and applicable tax schedules, summary annual report to participants, and independent third-party audits, when required.
8. Be knowledgeable in Crystal Reports to complete modifications to create participant statements, employer reports, confirmations, document mail merges, and on-demand reports.
9. Be part of the plan conversion and/or deconversion team. Create appropriate data entry routines needed to properly import or export plan and participant data. Calculate applicable account balances by fund and source, and reconcile accounts with prior trustee records or create conversion files.
10. Assist in the oversight of the administration of the Participant Web and Plan Sponsor Web.
11. Draft policies and procedures governing daily balancing, general plan recordkeeping, PIN creation, and maintenance and Internet/VRU access.
12. Perform special projects relating to employee benefits trust administration.
13. Adhere to compliance procedures and participate in required compliance training.
14. Act in accordance with FBT policies and procedures as set forth in the employee handbook.
First Bank & Trust is an Equal Opportunity, Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or expression, national origin, disability, or status as a protected veteran. Read our complete Equal Employment Opportunity Policy Statement(Opens in a new Window). Applicants who would like to request reasonable accommodation to the application or interview process should call Human Resources at 800.843.1552 or email hr@bankeasy.com.