Compliance Specialist III

NBT Bank

$65K — $96K *
Finance & Insurance
5 - 7 years of experience
Job Overview by Ladders

Qualifications

  • Associates degree and 5+ years related experience or equivalent combination.
  • ASPPA Qualified 401(k) Administrator (QKA) designation required.
  • Ability to read and interpret regulatory documents and program manuals.
  • Strong writing skills for reports and effective communication across departments.
  • Advanced math skills related to finance and plan allocations.
  • Proficient in Microsoft Excel and Word.
  • Ability to manage multiple tasks independently.

Responsibilities

  • Prepare complex compliance tests and year-end packages.
  • Review, publish, and reconcile regulatory filings such as Form 5500.
  • Maintain knowledge of various types of retirement plans.
  • Research and resolve compliance issues and mentor team members.
  • Prepare reconciliation of plan assets and oversee allocation processes.
  • Document revision and preparation of plan documents as necessary.
  • Assist with QDRO allocations and engage in miscellaneous duties as assigned.

Benefits

  • Generous Paid Time Off: At least 22 days annually.
  • Parental Leave: Six weeks of paid leave at 100% salary.
  • Comprehensive Medical Coverage with HSA contributions.
  • Employer-Paid Disability Coverage for short and long-term.
  • Employer-paid Life Insurance with options for supplemental coverage.
  • 401(k) plan with employer matching and optional Roth 401(k).
  • Tuition Reimbursement for education growth.
Full Job Description
Pay Range: $65,654.00 - $96,282.00

The Compliance Specialist III is directly responsible for preparing increasingly complex compliance and government filings within company service standards and following department procedures to ensure accuracy and quality of deliverables. Review increasingly complex compliance and government filings of other team members within company service standards. Mentor and train other team members.

Education and Experience:
  • Associates degree and 5+ years related experience or an equivalent combination of education and experience.
  • ASPPA Qualified 401(k) Administrator (QKA) designation required.


Skills and Abilities:
  • Ability to read and interpret documents such as retirement adoption agreements, program manuals, and government
  • instructions and guidance
  • Ability to write reports and emails/correspondence, and work effectively with employees across the company
  • Advanced math skills including the ability to apply concepts such as fractions, percentages, and ratios
  • Experience with Microsoft programs including Excel and Word
  • Ability to work independently and balance multiple tasks


Tasks Performed:
  • 40% Prepare compliance tests and year end packages including: review of plan eligibility requirements and determination of eligible participants; review of plan allocation conditions and calculation of requested contributions and forfeiture allocations; ADP/ACP nondiscrimination, 415 annual additions, 416 Top Heavy, and 410(b) coverage tests; and conduct self and peer review as needed.
  • 15% Prepare, review, and publish Form 5500, Form 5330, Form 8955-SSA and other regulatory forms required. Reconcile and prepare the Form 5500 and all applicable schedules for large filer plans and assist Plan Consultants in answering any auditor questions.
  • 10% Maintain a working knowledge of moderate complexity plans, including but not limited to dual eligibility, integrated profit sharing allocations, ADP/ACP testing failures, 403(b), Davis Bacon, MEP and PEP plans. Continue to learn and develop knowledge of more complex difficulty plans including cross-tested profit sharing allocations, balance forward valuations, and defined benefit and cash balance combo plans
  • 10% Research and resolve testing and 5500 issues and questions, which may include collaboration with other departments as needed. Assist and mentor other team members with complex issues and questions. Work with Managers to development processes and implement best practices that ensure a set standard of service.
  • 5% Prepare asset reconciliation and research differences as needed for plan valuation, testing and reporting requirements.
  • 5% Prepare outside asset and balance forward earnings allocations and participant validations (monthly, quarterly, annually) as needed.
  • 5% Prepare Plan Documents as needed, including but not limited to Restatements, Amendments, SPDs, SMMs and Notices.
  • 5% Assist with QDRO allocations and corrective earnings calculations as needed.
  • 5% Perform other duties as assigned.


Physical Requirements:
  • Communicate effectively with internal and/or external customers
  • Stationary 75% of time or greater
  • Move Objects to Maximum 10 lbs


Benefits for Full-Time Employees:
  • Generous Paid Time Off: At least 22 days annually, prorated in the year of hire.
  • Parental Leave: Six weeks of paid leave at 100% of your salary.
  • Comprehensive Medical Coverage: Includes employer contributions to HSA for High Deductible Health Plan participants.
  • Dental and Vision Coverage: Ensuring your overall health and well-being.
  • Flexible Spending Accounts: For healthcare and dependent care expenses.
  • Employer-Paid Disability Coverage: Both short-term and long-term, with an option to purchase additional long-term coverage.
  • Life Insurance: Employer-paid basic life insurance, with an option to purchase supplemental coverage.
  • Voluntary Benefits: Including hospital, accident, and critical illness coverage.
  • Retirement Plans: Benefit from a 401(k) plan with employer matching, an optional Roth 401(k), and a pension plan to help secure your future.
  • Adoption Assistance: Supporting your growing family.
  • Tuition Reimbursement: Invest in your education and career growth.
  • Employee Assistance Program (EAP): Access to support and resources.
  • Pet Insurance: For all your furry friends.
  • Financial and Banking Services: Various banking services benefits and financial planning assistance.


Benefits for Part-Time Employees Working 20+ Hours/Week:
  • Medical Coverage: Includes employer contributions to HSA for High Deductible Health Plan participants.
  • Dental and Vision Coverage: Ensuring your overall health and well-being.
  • Voluntary Benefits: Including hospital, accident, and critical illness coverage.
  • Generous Parental Leave: Six weeks of paid leave at 100% of your salary.


Benefits for All Part-Time Employees:
  • Retirement Plans: Benefit from a 401(k) plan with employer matching, an optional Roth 401(k), and a pension plan for employees who work at least 1,000 hours in a calendar year, all designed to help secure your future
  • Paid Sick and Safe Leave: For your health and safety.
  • Employee Assistance Program (EAP): Access to support and resources.
  • Financial and Banking Services: Various banking services benefits and financial planning assistance.


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