PRIMARY PURPOSE OF THE POSITION
Legal Counsel, RPS Operations provides support of T. Rowe Price Retirement Plan Services, Inc. (RPS) and its recordkeeping of qualified and non-qualified retirement plans, including day-to-day retirement plan operations such as trading and cash movement, nondiscrimination testing, adjustments, tax withholding and plan reporting. The incumbent will work under minimal supervision to resolve appropriate inquiries from the Operations area of RPS by conducting legal research, analyzing findings, and making recommendations to the business units to support their decision-making process. The incumbent will use his or her knowledge of the T. Rowe Price businesses to understand intersections with other legal areas and will coordinate with team members (Senior Legal Counsel and Managing Counsel) as well as attorneys in other groups to ensure that comprehensive legal advice is provided to the business on requested topics. In performing responsibilities, incumbent will work independently with the business units to discuss legal issues, and will interact with regulators, clients, Senior Legal Counsel, and Managing Counsel, as required.
- Legal support for day-to-day retirement plan operations including trading and cash movement, nondiscrimination testing, adjustments, tax withholding and plan reporting
- Providing practical advice on matters affecting the recordkeeping of qualified and non-qualified retirement plans
- Developing remediation strategies for the correction of plan errors
- Assisting with documentation of client directions through administrative service manuals and other documents
- Coordination of transfer agency principles within retirement plan operations
- Coordinating with other areas of the RPS Legal team on implementing new or changed recordkeeping services
- Following regulatory and legislative developments that may impact retirement plan operations for qualified or non-qualified plans
- 7-10 years experience with an in-depth understanding of employee benefits law, with an emphasis on the Internal Revenue Code and the rules and regulations promulgated thereunder applicable to Section 401(a) qualified retirement plans, Section 403(b) plans, Section 457(b) plans, and nonqualified deferred compensation plans under Section 409A
- Previous experience advising on plan design and defined contribution plan recordkeeping services and related practices, processes and procedures is preferred
- Ability to master details and appreciate bigger picture strategy is critical
- Expertise in error remediation and correction, including the use of the IRS Employee Plans Compliance Resolution System
- Ability to apply structured, logical, thinking to analyzing operational issues, answering inquiries, evaluating risks, and interpreting legal principles relative to applicable laws, rules, regulations, and precedents
- Desirable to have a strong background working with business and compliance partners to implement and/or revise compliance programs
- Should have experience working with individuals at varying levels of seniority and expertise; experience managing small teams of lawyers and paralegals is desirable
- Prior experience working as in-house counsel to a plan recordkeeper, TPA or retirement services firm is preferred
- Familiarity with non-qualified plan design and funding mechanisms, including the use of "rabbi trusts," a plus
- Strong writing skills
- College Degree
- Law Degree from accredited School of Law.
- Active member in good standing of the bar of a U.S. state or jurisdiction.