Senior Compliance AnalystThis position is responsible for all compliance aspects of 401(k) plan administration, including plan document creation and maintenance, nondiscrimination testing, participant benefit allocations, Form 5500 and audit package preparation, independent audit support, and various other tasks associated with 401(k) plan administration.
ESSENTIAL FUNCTIONS- Reviews prospective business for suitability and plan design, making sure that regulatory required protected benefits are maintained and all plan provisions, accounts and contribution sources can be successfully supported and administered before accepting prospect as new business.
- Manages the execution of and performs annual nondiscrimination testing for client sponsored 401(k) plans, including participant benefit allocations. May be called on to meet with clients to discuss allocations or testing failures.
- Prepares annual Internal Revenue Service Form 5500 and Form 8955-SSA accurately and timely by the IRS imposed deadlines for client sponsored 401(k) plans.
- Prepares annual audit assistant packages for plans subject to independent accountant's opinion, acts as client and auditor point of contact during annual plan audits.
- Prepares legal plan document/adoption agreements, plan restatements, mandatory and optional plan amendments, and associated required participant notices using third party plan document administration software, assuring that all documents are complete and the appropriate provisions selected can be successfully supported and administered by Insperity Retirement Services.
- Advises and directs other team members with complex controlled group business structures, and the potential compliance risk and impact to client sponsored 401(k) plans administered by Insperity Retirement Services.
- Creates all required plan sponsor and participant disclosures, using a variety of web-based applications common to the 401(k) plan industry.
- Provides technical expertise on advanced technical issues to Insperity Retirement Services' plan consultants, operations personnel, Insperity client services, and to clients directly.
- Monitors legislative changes for potential required amendments for all 401(k) plans administered by Insperity Retirement Services.
- Serves as a compliance resource for sales representatives during the prospecting and on-boarding phases of the client relationship. May be called on to meet with prospective clients with complex design situations.
- Assists with identification, development and implementation of process improvements to allow the performance of compliance related plan administration tasks to be performed more effectively and efficiently, including the ability to perform tasks in bulk, as opposed to plan-by-plan.
- Manages the execution of various tasks with a regulatory compliance deadline, including annual required contribution calculations, review of domestic relations orders, and other tasks or financial transactions as needed.
OTHER RESPONSIBILITIES- Assists in the accomplishment of Insperity Company goals.
- Helps other employees to accomplish Insperity Company goals.
- Performs other duties as may be assigned by department supervisor.
- Participates in the Disaster Recovery plan as required.
EDUCATION / EXPERIENCE REQUIREMENTS- Bachelor's Degree in Business Administration, Finance, Accounting or industry specific equivalent experience is required.
- Four to seven years of experience in defined contribution plan administration field is required.
LICENSES / CERTIFICATIONSIndustry related professional designation preferred but not required. An expected commitment to pursue a professional designation with either American Society of Pension Professionals & Actuaries (ASPPA) or National Institute of Pension Administrators (NIPA) in order to further advance.
KNOWLEDGE / SKILLS- Possesses technical competence of the various types of retirement plans and the related laws that govern them, including ERISA, the Internal Revenue Code and Department of Labor regulations, with a primary focus on 401(k) plans.
- Experience with one or more of the following applications: ASC Documents, 5500 and Compliance Testing, and OmniPlus or other industry recognized recordkeeping systems.
- Ability to independently research information via common industry resources such as ERISA Outline Book, Pension Answer Book, etc.
- Attention to detail, and the ability to analyze data to assure accuracy and expose data trends to avoid widespread inaccuracy of reporting.
- Intermediate level knowledge of Microsoft Excel and Word, with Access knowledge a plus.
- Strong aptitude with balancing and reconciling financial activity.
- Ability to work independently and in groups, prioritize deadline oriented projects, and work effectively to manage and monitor multiple tasks.
- Communicates tactfully and effectively, verbally and in writing, and maintains effective work relations with those encountered in the course of employment, familiar with modern office methods, practices, procedures and equipment, as well as filing systems and business letter writing and competent in correct English usage, grammar, spelling, punctuation, and arithmetic.
