JOB SUMMARY
The Retirement Benefit Plan(s) Administrator serves as the primary resource to a diverse employee population for information and education about the Company’s retirement plans while fostering a positive customer service environment. Specifically, the administrator will be primarily responsible for the administration of the Company’s various ERISA qualified and non-qualified retirement plans. In partnership with Company executives, this position will assist with the creation, implementation, day-to-day administration and legal compliance of the Company’s various retirement offerings and products which provide benefits to employees across multiple, diverse subsidiary companies.
ESSENTIAL FUNCTIONS AND RESPONSIBILITIES
- Specifically responsible for 401(k) (Union and Non-Union), Senior Management Nonqualified Deferred Compensation Plan, Senior Management Death Benefit Plan, and Executive Voluntary Deferral Plan (hereafter together referred to as “Retirement Plans”); support as a subject matter expert to the Company committee(s) overseeing the Plans and participating employees, including rollover issues, beneficiary designations, early distributions, required minimum distributions, death notifications, etc.
- Serve as lead on annual compliance audit with external auditing firm. Provide plan audit support including reconciliations and preparation of assets and other plan reports.
- Partner with audit firm, plan administrator and internal leadership to ensure proper filing of 5500s and 8955s in a timely manner.
- Conduct or contribute to 401(k) plan(s) administration and compliance functions including, but not limited to, eligibility notifications, death notifications, and HCE determinations and notices.
- Actively participate in Investment/Retirement Committee meetings including but not limited to:
- Preparation of meeting materials and analysis
- Scheduling of vendor overviews and presentations
- Updates in conjunction with external financial advisor on pending legislation and compliance, 401k enrollment trends, fund options and market analysis
- Prepare or participate in Executive Voluntary Deferral Compensation monthly billings, distribution requests for deceased beneficiaries, retiree(s) payments, and new participant packets.
- Partner with internal departments such as Tax and Payroll to provide, as needed, information and data for internal and external reporting.
- Interface with and participate in scheduled meetings with appropriate plan vendors and providers to ensure adherence to plan provisions, provide feedback on services, initiate, and follow up on necessary administrative or procedural changes, and employee communications.
- Initiate and manage projects: RFPs, plan design changes, fund changes, match analysis, etc.
- Draft, review and/or deliver service agreements in compliance with all requirements, including delivery of required disclosures.
- Participate in M&A due diligence and review of 401(k) impact resulting from purchase or sale.
- Assist with complex plan issues including corrections, legal concerns, union discussions, etc.
- Ensure the Retirement Plans are always updated and legally compliant.
- Complete compliance correction projects as needed.
Qualifications
KNOWLEDGE, SKILLS, AND EXPERIENCE
- Bachelor’s degree in related field (Finance, Accounting).
- 7+ years of experience in retirement plan(s) design and administration of Retirement Plans.
- Experience working with multiple functions including HR, Finance, Accounting, Tax, Payroll and Legal departments.
- Expert understanding of ERISA, IRS, and DOL regulations governing retirement plans.
- Strong knowledge of defined contribution and defined benefit plans as well as recordkeepers and other vendors.
- Strong analytical and problem-solving skills, with the ability to interpret retirement plan documents and resolve benefit-related issues.
- Detail-oriented with strong organizational skills to manage multiple retirement benefit programs, deadlines, and priorities simultaneously.
ADDITIONAL SKILLS/EXPERIENCE/REQUIREMENTS
- Proficient with Microsoft Suite including Excel, Word, and PowerPoint.
- Excellent communication and interpersonal skills, with the ability to effectively communicate retirement benefit concepts to employees at all levels of the organization and vendors.
- Strong problem-solving skills with the ability to deal with and resolve ambiguous, confidential, and sensitive situations and issues of a complex nature while providing flexible solutions.
- Critical thinking skills including logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Organized, with a sense of urgency and the ability to multitask, prioritize, and manage shifting responsibilities in a dynamic, cross-functional teamwork environment.
- Ability to travel 10-15% domestically.
- All positions have an essential job function to be able to perform face-to-face work with colleagues onsite in Minneapolis, MN.
INTENT AND FUNCTION OF JOB DESCRIPTIONS
Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate. Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.
