Retirement Distribution Processor

Alerus

8d • Onsite

About The Position

The Retirement Distribution Processor is responsible for the accurate and timely processing of employee benefit plan transactions, distributions, and loans according to documents and internal procedures under limited supervision. This person will process plan mergers, plan to plan transfers, loan refinances and answer client and Alerus Retirement and Benefits (ARB) staff questions. The role requires a strong attention to detail, understanding of all aspects of the distribution/loan area, and the ability to work quickly and accurately in a fast-paced environment.

Requirements

• Associate’s degree or equivalent combination of education and/or experience.
• Proven record of working in a fast-paced environment while managing multiple tasks & deadlines.
• Proficient PC skills including Microsoft Word and Excel.
• Ability to collaborate with employees and clients.
• Ability to work accurately with numbers, performing data entry and basic math calculations.
• Effective written and oral communication skills.
• Ability to effectively prioritize, manage, and complete multiple assignments and daily workload to meet deadlines.
• Excellent problem-solving skills and high attention to detail with exceptional organizational skills.
• Available to work flexible hours to cover peak workloads and to meet daily workload schedules.

Nice To Haves

• Previous experience in financial/retirement operations preferred.

Responsibilities

• Process all types of distributions and loans, including lump sums, in-service withdrawals, QDROs, testing refunds, hardships, stock, installments, and Roth.
• Ensure daily processing of distributions and loan withdrawals meets quality and service standards.
• Monitor client-specific notes in the recordkeeping system affecting withdrawals and loans.
• Research and respond to distribution/loan issues according to plan procedures and standards.
• Update the ARB tracking system with the status of distribution and loan requests.
• Enter 1099R data for requested withdrawals.
• Process plan-to-plan transfer requests and loan refinancing requests.
• Calculate and verify vesting and forfeitures.
• Maintain documentation of functions, checklists, and procedures in the R&R database.
• Assist team members and handle special projects as needed.

Benefits

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing a wide range of health and well-being benefits, including medical, dental, vision, life and long-term disability insurance.
• 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company-paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree