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First Bank & Trust · 1 day ago

Retirement Plan Services Administrator

Brookings, SD (Main)

Full-time

Onsite

Mid, Senior Level

5+ years exp

Fishback Financial Corporation is seeking a Retirement Plan Services Administrator to support the Recordkeeping Supervisor and Officers in the administration of various retirement plans. The role involves preparing allocations, individual participant statements, and ensuring compliance with federal regulations while providing support to clients and managing participant inquiries.

BankingFinancial Services

Responsibilities

Establish and maintain employee benefit plans on the participant recordkeeping system per the plan’s adoption agreement. Maintain individual enrollment, investment elections, and beneficiary and withdrawal forms

Input employee deferrals on recordkeeping system to generate proper deposit and investment allocation, verify deposit, and resolve discrepancies with client if needed. Place mutual fund trades with the order desk same day and settle trades next day. Verify share and dollar balances prior to posting to the participant and plan accounts

Manage incoming participant and plan sponsor calls regarding employee distribution requests, hardship withdrawals, loans, and direct rollovers, and process transactions accordingly

Export prices for various mutual funds from the trust accounting system and import to the participant recordkeeping system on a daily basis. Create transactions needed to balance the Employee Benefit Trust Funds, by plan, to the Relius retirement system

Complete the WEB database moves and verify sample account balances and activity on each system by plan and participant

Reconcile the Employee Benefit Trust Fund to the participant recordkeeping system daily and/or quarterly on all plans, including participant contributions, earnings, forfeitures, and distributions

Gather employer census data and prepare participant statements, allocation report, summary annual report, and all other applicable investment reports

Responsible for keeping up to date on Relius system changes along with all Federal, IRS, DOL, and ERISA Rules and Regulations pertaining to qualified retirement plans

Monitor each plan for compliance with IRS, ERISA, and DOL rules and regulations, and complete all required compliance and discrimination testing as required by the plan administrator and trustee. Communicate with Plan Sponsor and/or officer in charge of the testing results. Provide proactive solutions to testing violations

Prepare signature-ready electronic Form 5500 federal tax return and appropriate schedules. Also responsible to prepare 1099-R tax forms for distributions from employee benefit plans and IRA accounts, accounting separately for tax withholding to IRS on tax Form 945

Perform duties of other Retirement Plan Services Specialist when absent

Act in accordance with FFC policies and procedures as set forth in the employee handbook

Adhere to compliance procedures and participate in required compliance and educational training

Qualification

Pension plan administrationCompliance testingAccounting experienceCommunication skillsBachelor's degreeIRS regulations knowledgeDOL regulations knowledgeERISA knowledgeComputer science training