WMS Retirement Plan Specialist

First Bank & Trust•Brookings, SD

About The Position

This person provides new-business and existing-client support to the Retirement Plan Services division of the Wealth Management Services Department/Group and provides administrative support to ERISA Relationship Managers. The role supports account administration, sales activities, relationship management, and smaller client relationships. It also supports retirement-plan recordkeeping and custodial IRA services, including account processing, compliance documentation, transaction reconciliation, and retention of plan records. The position follows company policies and procedures and applicable compliance requirements.

Requirements

At least an associate’s degree, plus four years of related work experience or the equivalent.
Knowledge of, or ability to learn, legal ERISA plan and IRA documents, mutual funds, tax concepts, compliance testing, and mandatory disclosures.
Excellent oral and written communication skills.
Strong attention to detail.
Ability to make decisions independently while balancing multiple priorities and meeting deadlines.

Nice To Haves

Experience with a bank, wealth management group, trust company, law firm, or brokerage firm.
Advanced knowledge of Excel and Word.

Responsibilities

Establish and maintain support for Retirement Plan Services account administration, sales activities, and relationship management, while managing most relationship activities for smaller accounts.
Support relationship managers by preparing correspondence to clients, attorneys, accountants, and beneficiaries about account activity conducted by the department in its legal capacity.
Coordinate preparation and opening of new client accounts and related paperwork; participate in client meetings as needed and help gather information for meetings and presentations.
Assist with initial 60-day reviews and annual administrative and investment reviews for relationship managers; read plan agreements.
Help track and complete annual compliance notices, including Safe Harbor, QDIA, and Auto-Enrollment notices, DOL 408(b)(2) Plan Sponsor disclosure statements, and annual 404(a)(5) Participant disclosure statements.
Track and permanently retain plan restatements, amendments, summaries of material modifications, new agreements, and notifications required by the IRS, DOL, or plan sponsor elections for new and existing qualified plans.
Search databases for lost participants and take action to locate employees for reporting of non-responsive plan distributions, tax forms, and final statements.
Provide Synergy/imaging support for employee benefit enrollment, investment, beneficiary, and distribution forms; prepare customer account statements for officer review and mailing.
Support the Retirement Plan Services Recordkeeping Division with large plan conversions and de-conversions, including verification, organization, and retention of conversion data; assist with data entry for uploads across platforms.
Meet with bank customers in support of Custodial IRA Services and prepare and process custodial IRAs and disclosures through the Jack Henry Streamline application, including new accounts, contributions, and distributions.
Serve as a dual member in posting and reconciling IRA transactions across all FB&T locations, verify posting accuracy, and resolve discrepancies.
Assist in other areas of WMS as assigned by the SVP.
Follow FBT policies and procedures in the employee handbook.
Adhere to compliance procedures and participate in required compliance training.