Retirement Plan Services Administrator Job at First Bank & Trust, Sioux Falls, SD

VjBLUzlNM3Ntb2RQS1VINEhGbVB5cVViSFE9PQ==
  • First Bank & Trust
  • Sioux Falls, SD

Job Description

Job Title

This person provides direct support to the Recordkeeping Supervisor and Officers in servicing and administration of Pension, 401(k), 457(b), and Profit Sharing Plans. This person prepares allocations and individual participant statements, communicates with client administrators to gather testing data, and reviews census information. This person also performs and analyzes all required testing and communicates results to client and internal parties.

Qualifications

This person should have a bachelors degree in business administration, finance, or accounting and five years of prior trust or accounting experience or the equivalent. While not required, some formal computer science training is highly recommended. This person should also possess good written and oral communication skills.

Principal Responsibilities

Establish and maintain employee benefit plans on the participant recordkeeping system per the plans adoption agreement. Maintain individual enrollment, investment elections, and beneficiary and withdrawal forms.

Input employee deferrals on recordkeeping system to generate proper deposit and investment allocation, verify deposit, and resolve discrepancies with client if needed. Place mutual fund trades with the order desk same day and settle trades next day. Verify share and dollar balances prior to posting to the participant and plan accounts.

Manage incoming participant and plan sponsor calls regarding employee distribution requests, hardship withdrawals, loans, and direct rollovers, and process transactions accordingly. Export prices for various mutual funds from the trust accounting system and import to the participant recordkeeping system on a daily basis. Create transactions needed to balance the Employee Benefit Trust Funds, by plan, to the Relius Retirement system.

Complete the WEB database moves and verify sample account balances and activity on each system by plan and participant. Reconcile the Employee Benefit Trust Fund to the participant recordkeeping system daily and/or quarterly on all plans, including participant contributions, earnings, forfeitures, and distributions. Gather employer census data and prepare participant statements, allocation report, summary annual report, and all other applicable investment reports.

Responsible for keeping up to date on Relius system changes along with all Federal, IRS, DOL, and ERISA Rules and Regulations pertaining to qualified retirement plans. Monitor each plan for compliance with IRS, ERISA, and DOL rules and regulations, and complete all required compliance and discrimination testing as required by the plan administrator and trustee. Communicate with Plan Sponsor and/or officer in charge of the testing results. Provide proactive solutions to testing violations. Prepare signature-ready electronic Form 5500 federal tax return and appropriate schedules. Also responsible to prepare 1099-R tax forms for distributions from employee benefit plans and IRA accounts, accounting separately for tax withholding to IRS on tax Form 945.

Perform duties of other Retirement Plan Services Specialist when absent. Act in accordance with FFC policies and procedures as set forth in the employee handbook. Adhere to compliance procedures and participate in required compliance and educational training.

Salary Grade 5

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. 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.

First Bank & Trust

Job Tags

Similar Jobs

ND Global Consulting Services

Travel Nurse RN - Neuro ICU - $2,002 per week Job at ND Global Consulting Services

 ...ND Global Consulting Services is seeking a travel nurse RN Neuro ICU for a travel nursing job in Atlanta, Georgia. Job Description & Requirements ~ Specialty: Neuro ICU ~ Discipline: RN ~ Start Date: 08/10/2025~ Duration: 13 weeks ~36 hours per week ~... 

Planet Pharma

Medical Safety Reviewer Job at Planet Pharma

Join to apply for the Medical Safety Reviewer role at Planet Pharma1 day ago Be among the first 25 applicantsJoin to apply for the Medical Safety Reviewer role at Planet PharmaExecute the medical review of ICSRs (narratives, coding, expectedness, causality and seriousness... 

Vector Marketing

Sales Representative - Entry Level - Work from Home Job at Vector Marketing

 ...a part-time position that pays weekly and allows you to set your own...  ...for sales rep positions, start work within the week! Basic responsibilities...  ...products that are used in the home focusing on the kitchen and...  ...based on performance. Reps are paid weekly. There is an opportunity... 

The DeWitt Companies

Tractor Trailer Driver Job at The DeWitt Companies

 ...Tractor Trailer Driver DeWitt Transportation Services of Guam, Inc. (DTG) is looking for qualified, hardworking individuals and a team player to fill the position of a Tractor Trailer Driver. Applicants are required to have C Endorsements on their Guam Driver's License... 

OnPoint Medical Group

Patient Care Coordinator- Burrows Internal Medicine Job at OnPoint Medical Group

 ...group in their neighborhoods. With doctors, nurses, specialists, labs and medical records all interlinked and coordinated, patient...  ...responsibility at OMG. # Follow instructions and respond to management direction. # Ability to work in a group but complete assigned...