Deferred Compensation Analyst

State of Illinois•Springfield, IL

1d•Onsite

About The Position

The Teachers’ Retirement System of the State of Illinois (TRS) is one of the largest public pension systems in the United States. We provide retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside the city of Chicago. TRS serves over 456,000 members and manages a multi-billion-dollar investment portfolio for the exclusive benefit of the membership. TRS is an agency of the State of Illinois governed by a Board of Trustees. Full-and part-time employees are eligible for the State of Illinois comprehensive benefits program which includes medical, dental and vision coverage. All employees hired after August 17, 2001 participate in the TRS retirement pension plan. Employees also have the option to contribute to additional State of Illinois deferred compensation plans. The TRS pension plan is a participating reciprocal system under the Illinois Pension Code Retirement Systems Reciprocal Act. Under the supervision of the Deferred Compensation Operations Supervisor, the Deferred Compensation (DC) Analyst supports the effective administration of the TRS Supplemental Savings Plan (457(b)). Serving more than 140,000 eligible members and almost 1,000 covered employers, the DC Analyst will play a pivotal role in the operations of the Plan. This role ensures compliance with applicable federal and state regulations, maintains data integrity across systems, and supports accurate and timely planned operations in coordination with internal teams, employers, and the third-party recordkeeper. The DC Analyst serves as a subject matter resource on Plan provisions, processes, and regulatory requirements, providing guidance to employers, members, and staff while resolving complex or escalated issues. This position plays a key role in monitoring and reconciling Plan data, supporting employer reporting and compliance, and ensuring participant contributions align with IRS limits. Additionally, this role contributes to vendor oversight activities, audit and reporting support, and continuous improvement efforts, while collaborating across departments to enhance service delivery and overall Plan performance. This position requires extensive collaboration, sound decision making skills and the ability to properly structure activities in a manner that allows for the timely completion of assignments, tasks, and goals. The incumbent must possess organizational skills, sound analytical skills and the ability to communicate effectively with vendors, coworkers, employers, members and other stakeholders both verbally and through written correspondence. Understanding of deferred compensation plans and/or payroll processing is preferred.

Requirements

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.
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

Nice To Haves

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.