Defined Benefit Pension Administrator

Prime Pensions • Sacramento, CA

4d • Hybrid

About The Position

Prime Pensions, Inc. is seeking a Defined Benefits Administrator to be responsible for the ongoing administration and compliance of Defined Benefit and Cash Balance retirement plans. This position manages an assigned portfolio of plans and performs annual administration, participant benefit calculations, compliance testing, contribution-related calculations, regulatory reporting, and other technical plan administration responsibilities. The ideal candidate has at least two (2) years of Defined Benefit retirement plan administration experience, strong mathematical and analytical skills, and the ability to interpret plan documents and applicable retirement plan regulations. This role works closely with Enrolled Actuaries, Consultants, and other members of the retirement plan administration team to ensure client work is completed accurately, efficiently, and within established deadlines.

Requirements

• Bachelor's degree in Mathematics, Actuarial Science, Finance, Accounting, Business, or a related field preferred; equivalent relevant professional experience may be considered.
• Minimum of two (2) years of Defined Benefit retirement plan administration experience.
• Experience performing Defined Benefit plan calculations and annual administration.
• Demonstrated ability to manage multiple plans and assignments while meeting established deadlines.
• Strong mathematical, analytical, and problem-solving abilities.
• Experience working within a third-party administration (TPA), actuarial, retirement plan consulting, or similar environment preferred.
• Working knowledge of Defined Benefit and Cash Balance retirement plan administration.
• Working knowledge of ERISA, applicable Internal Revenue Code requirements, and current retirement plan limits.
• Understanding of participant eligibility, vesting, benefit accruals, distributions, and contribution requirements.
• Ability to interpret plan documents, technical guidance, and complex retirement plan provisions.
• Strong mathematical, analytical, and problem-solving skills.
• Strong proficiency with Microsoft Excel.
• Excellent attention to detail with the ability to maintain a high degree of accuracy.
• Strong organizational and time-management skills with the ability to manage multiple plans and competing deadlines.
• Ability to independently complete assigned work while appropriately escalating complex technical or compliance matters.
• Strong research skills and ability to develop accurate and well-supported solutions to administrative questions.
• Strong written and verbal communication skills.
• Ability to communicate technical information clearly and professionally.
• Strong interpersonal skills and ability to collaborate effectively with colleagues across departments.
• Ability to work effectively in an in-person or remote work environment.
• Ability to meet established productivity, quality, and turnaround expectations.
• Sitting for prolonged periods while working at a computer.
• Frequent use of a computer keyboard, mouse, telephone, and other standard office equipment.
• Periodic standing, walking, reaching, bending, crouching, or kneeling.
• Occasionally lifting, carrying, pushing, or pulling office materials weighing up to 30 pounds.
• Visual, hearing, mobility, and manual dexterity sufficient to perform the essential functions of the position, with or without reasonable accommodation.

Nice To Haves

• Three (3) or more years of Defined Benefit and/or Cash Balance plan administration experience.
• Experience with Datair or similar retirement plan administration software.
• Experience administering both Defined Benefit and Defined Contribution retirement plans.
• Experience with cross-tested Defined Contribution plans.
• Familiarity with PBGC requirements, Schedule SB preparation, AFTAP calculations, RMDs, and annual government reporting.
• ASPPA or other relevant retirement plan industry credentials, or an interest in pursuing professional credentials.
• Interest in continued professional development within Defined Benefit plan administration or actuarial services.

Responsibilities

• Manage the annual administration of assigned Defined Benefit and Cash Balance retirement plans.
• Review and interpret plan documents to determine applicable administrative provisions and requirements.
• Determine participant eligibility, compensation, service, vesting, and benefit accrual information.
• Review participant census and plan data for accuracy and completeness.
• Identify discrepancies, missing information, or potential administrative and compliance issues.
• Prepare annual plan administration reports, calculations, and other client deliverables.
• Maintain accurate and complete plan records and supporting documentation.
• Coordinate the resolution of administrative, compliance, and trust-related issues involving assigned plans.
• Prepare participant benefit calculations, including retirement, termination, Required Minimum Distribution (RMD), and other applicable benefit calculations.
• Prepare monthly and other periodic benefit calculations as required.
• Calculate annual employer contribution amounts and prepare related contribution information for Consultants and clients.
• Assist with preliminary and projected contribution calculations as needed.
• Review calculations for accuracy and consistency with applicable plan provisions.
• Coordinate with Enrolled Actuaries regarding funding requirements and actuarial calculations.
• Perform applicable nondiscrimination, coverage, Highly Compensated Employee (HCE), and Top-Heavy testing.
• Prepare Schedule SB information and supporting materials in coordination with the plan's Enrolled Actuary.
• Assist with AFTAP calculations, certifications, and related administrative requirements, as applicable.
• Prepare and coordinate applicable Pension Benefit Guaranty Corporation (PBGC) notices, information, and filings.
• Assist with annual government reporting and other regulatory requirements applicable to assigned plans.
• Monitor applicable administrative and regulatory deadlines.
• Research technical and administrative questions using applicable regulations, technical resources, and Company procedures.
• Identify potential compliance issues and appropriately escalate complex matters for additional review.
• Assist with the conversion, review, and onboarding of takeover plans.
• Review prior plan information and identify missing data, outstanding administrative items, or potential compliance concerns.
• Assist with new plan proposals, plan design illustrations, and related calculations.
• Enter and maintain plan provisions and administrative data within applicable retirement plan administration systems, including Datair.
• Assist Consultants and Enrolled Actuaries with plan design and administration questions.
• Support administration of related Defined Contribution arrangements when applicable.
• Communicate effectively with Enrolled Actuaries, Consultants, internal team members, and other stakeholders regarding assigned plan administration matters.
• Provide clear and timely information regarding calculations, outstanding items, administrative requirements, and deadlines.
• Research administrative questions and develop accurate, well-supported solutions.
• Coordinate with Compliance, Trust Administration, and other departments as necessary to resolve plan issues.
• Assist with quality-control review of Defined Benefit administration work as assigned and based on experience level.
• Manage assigned workflow to ensure plan administration responsibilities are completed accurately and within established deadlines.
• Maintain accurate and timely records of completed and outstanding work within Company workflow, time-tracking, and administration systems, including WIP, Time Tracker, and APC Gold.
• Meet established internal turnaround times, productivity expectations, and quality standards.
• Review work for accuracy and completeness prior to finalization or delivery.
• Effectively prioritize multiple plans, assignments, and deadlines, particularly during peak workload periods.
• Maintain reliable and satisfactory attendance.
• Participate in individual and group discussions regarding departmental procedures, workflow, and process improvements.
• Assist with technical research, special projects, and implementation of regulatory or procedural changes.
• Assist with training and mentoring newer or less-experienced team members as appropriate.
• Share technical knowledge and best practices with colleagues.
• Participate in professional development opportunities to expand Defined Benefit and Cash Balance plan expertise.
• Perform other duties and responsibilities as assigned.

Benefits

• Medical, dental, and vision insurance.
• Health Savings Account (HSA), subject to eligibility.
• Life insurance.
• 401(k) retirement plan with employer contributions.
• Paid time off.
• Professional development and applicable examination support.
• Overtime compensation in accordance with applicable federal and state wage and hour requirements.
• Annual performance reviews and eligibility for compensation increases.
• Bonus opportunities.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level