Plan Consultant I or II
Description: The Plan Consultant is a key compliance and technical resource responsible for administering and supporting employer-sponsored retirement plans. Training is provided to acquire expertise in plan testing, contribution calculations, and government filings. The Plan Consultant collaborates with internal teams and clients to ensure retirement plans are operated in full compliance with IRS, DOL and ERISA regulations. PLAN CONSULTANT I
Key Responsibilities
Client and Advisor Support
- Respond to technical and compliance-related inquiries from clients and advisors.
- Collaborate with actuaries and other departments to resolve technical issues and ensure accuracy in plan administration.
- Coordinate with the plan Relationship Manager plan interactions ensuring they are up to date on issues and plan status.
Compliance & Testing
- Monitor deadlines and compliance obligations for assigned book of business.
- Calculate employer contributions (match, pro-rata, integrated, new comparability).
- Prepare contribution summaries and projections.
- Perform self-employed income calculations.
- Identify and resolve late deposits and missed deferral obligations.
- Calculate missed deferral corrections and support corrective filings when needed.
- Prepare and perform all annual nondiscrimination and compliance testing including: ADP/ACP, Top Heavy, 410(b), 401(a)(4), Other testing as required by plan design.
Data Management and Reconciliation
- Review and upload incoming census data for completeness and accuracy.
- Document and manage deadlines for assigned caseloads.
- Reconcile participant contribution discrepancies.
- Reconcile recordkeeper statements.
- Import recordkeeper transactions into compliance software.
- Annual Reporting & Government Filings
- Prepare government filings including: Form 5500 (EZ, SF and large plan with applicable schedules), Form 5558 extensions, Form 5330, Form 8955-SSA.
PLAN CONSULTANT I Client and Advisor Support
- Respond to technical and compliance-related inquiries from clients and advisors.
- Conduct consultation calls with clients, advisors, and auditors.
- Coordinate with the plan Relationship Manager plan interactions ensuring they are up to date on issues and plan status.
- Research and resolve complex plan-related questions and compliance matters.
- Collaborate with actuaries and other departments to resolve technical issues and ensure accuracy in plan administration.
Compliance & Testing
- Monitor deadlines and compliance obligations for assigned book of business.
- Calculate employer contributions (match, pro-rata, integrated, new comparability).
- Prepare contribution summaries and projections.
- Perform self-employed income calculations.
- Identify and resolve late deposits and missed deferral obligations.
- Calculate missed deferral corrections and support corrective filings when needed.
- Data Management and Reconciliation.
- Review and upload incoming census data for completeness and accuracy.
- Document and manage deadlines for assigned caseloads.
- Reconcile participant contribution discrepancies.
- Reconcile recordkeeper and brokerage asset statements.
- Import recordkeeper transactions into compliance software.
- Review work by team members to ensure consistency and accuracy.
- Prepare and perform all annual nondiscrimination and compliance testing including: ADP/ACP, Top Heavy, 410(b), 401(a)(4), o Other testing as required by plan design.
Annual Reporting & Government Filings
- Prepare government filings including: Form 5500 (EZ, SF and large plan with applicable schedules), Form 5558 extensions, Form 5330, Form 8955-SSA, Support IRS and DOL audits, correspondence, and communication needs.
Leadership
- Service as a key resource for questions, coaching, and training for the junior Plan Consultants.
- May serve as back up to the team lead during their absence, assisting with day-to-day decisions and continuity of operations.
- Attend internal meetings with other functional roles across the organization and actively participate in firm initiatives.
Requirements: PLAN CONSULTANT I
- Minimum of 0-3 years of experience in qualified retirement plan administration and compliance.
- Knowledge of ERISA regulations is a plus.
- Ability to work under pressure and prioritize work based on deadlines.
- Strong analytical and mathematical skills.
- Excellent written and verbal communication skills.
- Meticulous attention to detail and accuracy.
- Ability to work with minimal day-to-day supervision.
PLAN CONSULTANT II
- Minimum of 3+ years of experience in qualified retirement plan administration and compliance.
- In-depth knowledge of IRS, DOL and ERISA regulations.
- Understanding of qualified plans, including the interpretation of the Adoption Agreement and basic plan document provisions.
- High proficiency in compliance software such as FTW.
- Ability to work under pressure and prioritize work based on deadlines.
- Strong analytical and mathematical skills.
- Excellent written and verbal communication skills.
- Meticulous attention to detail and accuracy.
- Ability to work with minimal day-to-day supervision.
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