Retirement Plan Manager

Retirement Plan Department Manager

Professional Business Management, Inc. is a consulting, tax, and accounting firm specializing in serving medical and dental practices in the Chicagoland area. We are looking for a Retirement Plan Department Manager to join our team. This hands-on position will act as a technical resource for retirement plan sponsors, their employees, our internal accounting staff, as well as managing our internal retirement plan specialists. We work with clients that typically have under 100 participants in their retirement plans.

Duties will include:

1. Plan Design, Implementation, Termination:

• Assist clients in selecting the appropriate retirement plan type.
• Review and determine the most suitable plan structure and plan provisions based on the client’s needs.
• Draft plan documents and coordinate plan setups and terminations.
• Assist in plan enrollment and educating participants on plan guidelines.
• Coordinate plan terminations, distributions.
• Providing clients with education on preferred platform choices.

1. Administrative and Compliance Functions:

• Manage daily operational aspects of the retirement plan, including participant account maintenance, contributions, and distributions.
• Monitor plan investments, ensure adherence to ERISA guidelines, and comply with regulatory requirements.
• Prepare and distribute plan reports, statements, and summaries to participants and stakeholders.
• Handle inquiries and resolve issues related to plan participation, contributions, and distributions.
• Annual compliance testing, benefit calculations, and 5500 preparation.

1. Communication and Relationship Management:

• Maintain open communication with clients and internal staff, providing regular updates on any potential plan provision changes and recommendations, and addressing any concerns.
• Educate employees about the plan's features, benefits, and contribution options and/or collaborate with client’s financial advisor to ensure this is done on a regular basis.
• Collaborate with retirement plan team, plan sponsors, and other stakeholders to ensure smooth plan administration.
• Stay informed about the latest retirement plan regulations and industry trends.

1. Plan Optimization and Enhancement:

• Conduct periodic reviews of plan performance, identify areas for improvement, and recommend potential plan changes.
• Assist clients in navigating regulatory changes and adapting their plan to evolving legislative requirements.

5.    Internal Management

• Managing a staff of 2-3.
• Managing workload amongst the plan department to ensure workload is spread out appropriately.
• Review and implement systems for workload management.
• Identify and educate on areas of training that is needed amongst the plan department and other employees of the company.

1. Additional Duties:

• May participate in plan marketing and outreach efforts to attract new clients.
• Prepare and deliver presentations on retirement planning topics to employees and stakeholders.
• Handle plan audits and investigations conducted by regulators or plan providers.
• Maintain accurate records and documentation related to plan administration.

Requirements:

• 4+ years of experience in managing a caseload of small to mid-size DC plans
• Technical knowledge to include compliance testing, year-end reporting and plan design
• Datair experience (or similar) a plus
• Excellent verbal and written communication skills; you will be interacting with clients
• Strong organizational skills
• Analytical and math skills
• QKA a plus

We offer a competitive compensation package based on direct experience and can be flexible with hours.

Job Type: Full-time

Benefits:

• 401(k)
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Professional development assistance
• Retirement plan

Schedule:

• 8 hour shift
• Monday to Friday

Supplemental pay types:

• Bonus pay
• Commission pay

Experience:

• Managing Small/Mid-Sized Defined Contribution Plans: 4 years (Required)

Work Location: In person, with option for hybrid