Senior Regulatory Support Consultant
Responsible for assisting in the process of ensuring compliance with current statutory and regulatory guidelines for Transamerica colleagues, business partners and client retirement plans administered by Transamerica. The candidate must be well versed in ERISA, the Internal Revenue Code and other relevant guidance requirements for qualified plans, Section 403(b) plans, 457 plans, multiple employer plans, corporate nonqualified plans, IRAs, Section 72 Annuities and Transamerica’s policies and procedures. The Senior Regulatory Support Consultant will work with clients, client’s legal counsel and consultants, agents, brokers and TPAs to identify plan compliance and fiduciary issues, help resolve such issues (such as qualification defects addressed under theIRS’ EPCRS and DOL VFCP programs), and propose and implement best practices for ERISA-compliance plan administration. While this is a client facing position, a significant component of the job is to assist internal administration teams about the impact of new developments, support the development of new products, services or processes, provide proactive risk management, and contribute to the ongoing training of personnel on retirement plan regulatory matters. The Senior Regulatory Support Consultant provides value added services that differentiate Transamerica in the industry.
- Independently research and analyze regulatory guidance from the IRS, DOL, SEC and other applicable agencies, along with new pension legislation.
- Review and prepare plan analysis for clients, both new and existing, including issue spotting, consulting on issue resolution, best practices and preparation of client communications, plan forms and participant communications.
- Provide regulatory consulting services to the Regional Offices (Client Executive and Sales staff), the helpdesks, operational areas and Transamerica management team, including drafting regulatory in-house communications and assisting on projects and internal meetings. This includes support for Plan Services, plan consultants, Compliance Testing, Reporting/Disclosure Unit, Retirement Consulting Group and Client Integration Team, for both existing and new business.
- Provide plan design support and assistance related to Transamerica’s prototype, volume submitter and individually designed plan documents both internally and externally.
- Provide a consulting and coordination role in preparing IRS EPCRS voluntary compliance submissions for clients and their counsel, and interact with the IRS as necessary.
- Provide assistance to the Regulatory Support group, as appropriate and participate in formulation of department strategy.
- Assist in new product development.
- Assist in the development and delivery of regulatory training programs for Transamerica employees.
- Maintain a high level of awareness of ongoing developments in the pension industry.
- Assist in special regulatory projects/task forces.
- Provide regulatory risk management both internally and externally.
- Other duties as assigned based on divisional needs.
- Bachelor’s degree or equivalent experience in the retirement industry.
- Advanced knowledge of the legal requirements for qualified plans, section 403(b) plans, Section 457 plans, multiple employer plans, corporate nonqualified plans, IRA and Section 72 annuities and ERISA.
- 6+ years of retirement industry experience in legal, compliance or similar setting.
- Ability to independently research, analyze and interpret IRS and DOL regulations and pension legislation.
- A J.D. degree or retirement plan certification, such as ASPPA professional designation of CPC or ERPA or CEBS professional degree, preferred.
- Ability to communicate complex, technical legal rules and requirements in layman’s language.
Behavioral & Leadership Competencies
- Developed communication skills (verbal, written and listening), including influencing others, for client contact, regulatory writing and regulatory training with an attention to detail.
- Developed problem resolution skills and ability to work withothers, with an emphasis on analysis and formulation and documentation of sound recommendations, with the ability to “think on your feet” in developing alternative solutions to complex situations.
- Developed organization/time management skills to handle multiple projects simultaneously.
- Ability to contribute to the success of the department goals and objectives.
- Office environment.
Job and compensation levels depend upon an applicant’s qualifications including the extent of his/her relevant experience and other job related factors and will be determined by hiring supervisors/managers and HR.