Retirement Plan Officer/Consultant

Midland States Bank•Rockford, IL

About The Position

Develops and manages qualified and non-qualified retirement plans (401(k), 403(b), 457, profit sharing, deferred compensation, top hat, and defined benefit) established by employers by interacting with employers through correspondence, face-to-face and virtual meetings, and employer's centers of influence (attorneys, accountants, consultants, and advisors). Service management includes, but is not limited to, ensuring that employers complete all IRS and DOL documents and amendments. Ensures delivery of services and communications to plan sponsors, trustees, administrators, and participants. Responsible for pursuing, developing, and growing assigned retirement plan book of business assets under management through additional retirement plan and rollover opportunities and responsible to identify new business opportunities for other bank departments from the assigned book of business to make referrals to the appropriate department(s).

Requirements

Bachelor's Degree (four-year college or university).
3-10 years of previous experience in administering and servicing retirement plans with a comprehensive understanding and knowledge of ERISA and federal regulations associated with the retirement plan industry.
3-5 years previous experience in investment management or advanced credentials or certifications in investments or administration of retirement plans.
Experience in administering and servicing retirement plans with a comprehensive understanding and knowledge of ERISA and federal regulations associated with the retirement plan industry and previous experience in investment management.
6 years minimum of experience in administering and servicing retirement plan.
Analytical skills to complete detailed fundamental analysis on asset allocation.
Understanding of fixed income, equity, and alternative investments.
Strong understanding of business and economics to research target companies and determine potentially profitable investments.
Ability to articulate ideas concisely.
Ability to work in a dynamic and fast past environment.
Demonstrated success working in team environment.
Ability to meet time constraints without constant supervision.
Excellent written and verbal communication.
Professionalism and courtesy in dealing with customers and bank employees.
High degree of accuracy with attention to detail required.

Responsibilities

Services a diverse book of retirement plan accounts that consists mostly of accounts ranging from start-up plans to mid-tier level accounts ($1 million - $6 million) with some large-tier level accounts ($7 million plus).
Manages the employer relationship regarding the retirement account.
Communicates with Retirement Plan Administrator II, Retirement Plan Enrollment/Education Specialist, and Retirement Plan Administrator I to understand and be aware of items that these individuals are working on in servicing the account as far as day-to-day administration and employee education.
Periodically reviews account fee schedules using Retirement Plan Services Pricing Model to determine the appropriate fee schedule for accounts that results in a profitable relationship for the client and the Bank.
Works with the client, Midland Investment Management Group and/or the assigned Portfolio Manager to select the appropriate investment line-up from the approved investment list prepared by Midland and conduct periodic fund analysis and performance reviews with the client.
Uses technical, compliance and plan knowledge to solve plan issues and communicate resolutions to clients.
Keeps updated on all changes in the law under ERISA, the Internal Revenue Code, DOL regulations and all other applicable federal regulations that affect the administration of retirement plans for the clients.
Consults with clients about plan designs to best meet goals of their program.
Collaborates with Retirement Plan Administrator to complete annual compliance testing and ensures accuracy per plan elections, as needed.
Coordinates and collaborates with Retirement Plan Specialist to facilitate and/or conduct on-site participant education meetings, as needed.
Develops new and additional business among existing customers.
Accurate and timely maintains account files, including correspondence, memoranda, and other required documentation.
Obtains all required documentation to open new accounts and to close accounts.
Ensures individual plan compliance with plan provisions.
Conducts face-to-face meetings and makes telephone calls to existing clients for purposes of keeping informed, maintaining and enhancing the relationship.
Participates in the business development and marketing efforts for retirement plans through contacting and meetings with prospects and other professionals.
Assists with completion of RFPs.
The role requires occasional travel for training and team meetings, and willingness to travel periodically, to locations within market as needed.
May require work in a Midland office to ensure collaboration and support of internal and external customers.
Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
Other duties as assigned.