Retirement Plan Consultant

Farmers National Bank of Canfield•Dublin, OH

About The Position

Review, analyze and amend Defined Contribution plans and prepare summary plan descriptions, reports and recommendations. Prepare and submit required government reports and document filings as necessary. Additionally, this role is responsible for preparing reports and presentations for clients, preparing loan documents and amortization schedules and tracking loan payments.

Requirements

High School Diploma or G.E.D. required
Basic math and/or accounting skills

Nice To Haves

Minimum of two (2) years’ experience with defined contribution plans preferred

Responsibilities

Compile various types of information needed to produce quarterly, semi-annual or annual allocation reports: review and update plan specifications, input census, identify Highly Compensated Employees and Key Employees; prepare SPD enrollment list for newly eligible employees; identify employees past normal retirement age or over 70 1/2; check vesting; calculate maximum tax-deductible contribution; prepare contribution reporting form, if required
Reconcile plan assets for each valuation period
Develop and implement any plan amendments as necessary
Update plan specifications. Allocate employer contribution(s), forfeitures, and investment earnings to plan participants. Determine the top-heavy status of the plan. Check 415 limits. Conduct other applicable compliance tests or reviews relating to: 410(b), ADP, ACP, 402(g), 401(a)(4). Run benefit statements for plan participants
Prepare IRS Form 5500 and any related schedules that are necessary as well as the Summary Annual Report. File Forms electronically
Calculate benefits for participants due to termination, hardship withdrawals, loans, required minimum distribution or in-service withdrawals. Determine taxable amounts and distribution codes
Prepare loan documents and loan amortization schedules. Track loan repayments
Maintain contact with and answers inquiries from various sources: clients, accountants, attorneys, insurance agents, brokers, referrers, participants. Conduct research, if required, to respond to specific questions
Prepare special studies for current or prospective clients
Prepare the required paperwork for plan termination, including benefit election forms
Gather information requested by the IRS for plan audits
Prepare Form 1099 and Form 945
Maintain professional designation, if applicable
Communicate with an accountant during large plan audit, if necessary
Communicate with the Department of Labor and/or IRS during audit
Attend client meetings as required
Work on new cases assigned to set up ASC/AMS. Request prior year’s information from client to establish a proper database
Keep current on all technical issues related to Defined Contribution Plans
In closed cases, remove case files after final allocation has been completed and advise AMS Coordinator to change case status
Conduct open enrollments
Complete all mandatory and elective training, including BSA (Bank Secrecy Act) and Anti-Money Laundering procedures. Maintain compliance with all appropriate rules and regulations
Regular, predictable attendance is an essential requirement of this position
Complete all other duties as assigned