Deferred Compensation Analyst

Teachers' Retirement System of the State of Illinois • Springfield, MO

1d

About The Position

The Deferred Compensation (DC) Analyst supports the effective administration of the TRS Supplemental Savings Plan (457(b)) for Illinois public educators. This role is crucial in delivering expert pension service to over 140,000 eligible members and nearly 1,000 covered employers. The DC Analyst ensures compliance with federal and state regulations, maintains data integrity across systems, and supports accurate and timely operations in coordination with internal teams, employers, and the third-party recordkeeper. The position serves as a subject matter resource on Plan provisions, processes, and regulatory requirements, offering guidance to employers, members, and staff, and resolving complex or escalated issues. Key responsibilities include monitoring and reconciling Plan data, supporting employer reporting and compliance, and ensuring participant contributions adhere to IRS limits. The role also contributes to vendor oversight, audit and reporting support, and continuous improvement efforts, requiring extensive collaboration, sound decision-making, organizational, and analytical skills, and effective communication with all stakeholders.

Requirements

• Ability to analyze and interpret data
• Demonstrated written and verbal communication skills
• Articulate and responsive to employers, members, and vendors
• Demonstrates a high level of accuracy, even under pressure
• Demonstrated problem solving skills
• Bachelor's degree in business, accounting, or public administration OR four (4) years related experience in public/multi-employer pension, private pension plan, benefit administration or related experience in lieu of a degree.
• Two (2) years of responsible administration experience in public or business organization.

Nice To Haves

• Understanding of deferred compensation plans and/or payroll processing is preferred.
• Defined contribution/deferred compensation plan experience preferred.

Responsibilities

• Analyze and reconcile Plan data from multiple sources to ensure accuracy of eligibility, enrollment, and contribution records; identify discrepancies and coordinate corrective actions with employers, vendors, and internal teams.
• Monitor daily and periodic data exchanges and financial transactions between TRS, employers, and the plan recordkeeper, including reconciliation and validation of files and payments.
• Serve as a subject matter resource on 457(b) Plan provisions, policies, and procedures; respond to escalated inquiries and clearly communicate complex information to employers, members, and staff.
• Support employer compliance by providing guidance on reporting requirements within the reporting system, resolving reporting issues, and delivering training or one-on-one assistance as needed.
• Collaborate with internal departments and the plan recordkeeper to investigate and resolve participant and employer issues in a timely manner.
• Monitor participant contributions and deferrals to ensure compliance with IRS limits.
• Research and calculate corrections, including lost earnings, as needed.
• Conduct audits and research of member and employer records to ensure compliance with Plan provisions, statutory requirements, and internal policies.
• Assist with vendor oversight activities, including monitoring service level agreements, analyzing and validating reports to ensure compliance, and supporting issue resolution and process improvements.
• Compile and analyze data for audits, Board reporting, and oversight committees.
• Maintain working knowledge of applicable laws, regulations, and plan documents; contribute to updates in procedures, systems, and documentation.
• Support plan-related processes such as distribution inquiries, 3-year Special Catch-up, and QILDRO reviews.
• Participate in the design, testing and modification of the pension benefit administration system.
• Assist with SSP member and employer communications and website updates.
• Perform other duties as assigned.

Benefits

• State of Illinois comprehensive benefits program which includes medical, dental and vision coverage.
• All employees participate in the TRS retirement pension plan.
• Option to contribute to additional State of Illinois deferred compensation plans.
• The TRS pension plan is a reciprocal system to other state and local pension plans (SERS, SURS, IMRF, etc.)

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 11-50 employees