Retirement Plan Operations & Service Specialist

Job CodeRet Plan Ops & Ser Spec

FLSA StatusExempt

DeptScarborough Alliance

Reports toDiv AVP Ops/OSJ Principal

Location

Location Information: On-Site in the Irvington, NY Scarborough Alliance Office (Westchester County)

Wage Band

Salary Range:

Starting base salary is between $75k and $90k annually, however, it is ultimately determined by the scope of the position, the candidate's relevant experience, credentials/certifications, and internal equity.

In addition to salary, this position is eligible for an annual bonus pool. Benefits include, PTO, health, medical, vision, disability, life insurance benefits as well as 401(k), profit-sharing retirement program and much more.

Job Summary

Scarborough Alliance, a part of PlanMember Retirement Services, provides investment advisory, retirement planning and administrative services for local unions and their members throughout the country. We have been in business since 1970 and currently service participants in 48 states from Maine to Hawaii. Check out our website to learn more at www.scarboroughalliance.com

Primary Responsibilities:

Financial services position with a wide variety of responsibilities including client services, retirement plan operations, administrative duties, and licensed sales support.

Major Duties and Responsibilities

Principal Duties and Responsibilities include but are not limited to:

Retirement Plan Administrative and Operational duties, including:

• Perform operational responsibilities such as address changes, beneficiary changes, distribution processing, loan operations, check deposits, contribution processing, and new account set-up
• Handle incoming rollovers including communications with Regional Managers, ensuring that funds are invested properly and following up on IRA rollover statuses
• Service investment advisory accounts including new account set-up, Required Minimum Distributions, trading, distributions, contributions and researching tax loss harvesting opportunities
• Handle death claim process including explaining the options to beneficiaries and encouraging their continuation in the plan, handling of form and document processing
• Execute trade orders across various retirement plans and brokerage platforms as requested by clients
• Confirm accuracy of transactions submitted to recordkeeper
• Communicate and coordinate with recordkeepers to ensure timely processing, including troubleshooting client concerns and issues
• Draft template letters and other correspondence to participants
• Maintain electronic client files

Handle calls as part of the Participant Service Center, to include:

• Provide service to clients on topics such as one-time withdrawals, systematic installment payments, applicable IRS rules, plan loans, beneficiary designation, trusted contacts, death claims, mutual fund information, market fluctuations, Required Minimum Distributions, form requests, participant web access assistance, plan features, etc.
• Accept trade orders as requested by clients
• Assist new and existing clients and their families by investing additional money in existing accounts or opening new accounts in other Scarborough products
• Participate in client retention efforts such as speaking with people who have been approached by other advisors
• Document conversations and activities in CRM software

Support Regional Managers, to include:

• Provide support to the Regional Managers in their new sales efforts and ongoing servicing to established clients
• Schedule account reviews and prepare client account review materials
• Prepare retirement analysis reports using planning software and serve as quality assurance when reports are generated by other representatives
• New account and subsequent investment paperwork
• Conference calls with members and 401(k) / pension providers to initiate benefits
• Resolve "Not in Good Order", (NIGO) paperwork
• Follow up on rollovers in/out
• Monitor internal email boxes and reply to Regional Manager requests

Business Continuity

Essential Job Function: This position is deemed an "Essential Staff" position for the purpose of our Business Continuity Plan "BCP". This distinction means you are expected to be fully prepared to perform essential functions of your job remotely as deemed applicable and necessary by your manager and the Company upon declaration of a BCP event.

Competencies Required

• Service Focus - Emphasis on creating customer loyalty by ensuring the highest value of service

• Relationship Building - Friendly and helpful with the ability to develop relationships and build trust with clients over the telephone

• Influence and Persuasion - With the use of extensive investment knowledge with familiarity of Qualified Retirement Plans and all IRA types, establish credibility and persuasion

• Professionalism - Adhere to values such as courtesy, respect, honesty, and responsibility in all dealings with peers, managers, customers, partners, and other stakeholders.

• Active listening - Enhance mutual understanding in communicating with others by expressing genuine interest in the content and meaning of others' messages

• Time management - Ability to multi-task, manage multiple responsibilities by being organized and keeping on top of important time-sensitive tasks.

• Team player to collaborate with others

• Strong verbal and written communication skills

• Detail oriented with a high degree of accuracy

Qualification StandardsEducation, Licenses, Work Experience, Etc.

• 7 + years of financial services experience

• Bachelor's degree required

• Experience with unions preferred but not required

Licenses and/or Certifications Required

FINRA LICENSE - 7

FINRA LICENSE - 65

FINRA LICENSE - 63

Or

FINRA LICENSE - 66

Additional License and/or Certification Information

Life insurance license is preferred

Position Information: This job description is intended to convey information essential to understanding the scope of the position and is not an exhaustive list of skills, efforts, duties, responsibilities, or working conditions associated with it. PlanMember reserves the right to modify duties or job descriptions at any time.