Defined Contribution Retirement Plan Administrator - Hybrid/Remote

First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60 locations and assets of $5+ billion. We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century. First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.

This position specializes in the administration of defined contribution retirement plans for small to medium-sized businesses. This individual is responsible for calculating data and evaluating the plan in order to adhere to legislative rules and regulations.

Flexible work from home options available.

DUTIES & RESPONSIBILITIES

Interpret trust financial statements to reconcile retirement plan accounts. Determine discrepancies and communicate solutions to client. Develop a periodic balance sheet and income statement. Serve as the liaison between the relationship manager and client if additional documentation is needed.
• Independently perform compliance and nondiscrimination testing, including ADP/ACP, 410(b) coverage, top-heavy, 415 annual addition limits, and cross-testing. Must exercise judgement to determine data integrity to determine compliance issues.
• Allocate employer contributions under cross-tested, pro-rata, and integrated formulas. Leverage expertise to validate the integrity of the formulas.
• Calculate and update vesting, ensuring compliance with plan design and regulatory standards.
• Participate in industry education to build upon your regulatory knowledge and expertise to interpret guidelines.
• Effectively communicates the necessary regulatory information and requirements to clients in a way that can be easily understood by individuals who are not in the business.
• Prepare management summary reports and participant statements.
• Communicate with external auditors regarding plan audits. In collaboration with Management and Senior Administrators, resolve audit findings as needed.
• Reconcile employee census data to determine plan eligibility.
• Process payroll contributions for submission.
• Prepare various governmental reporting forms, including Forms 5500, 945, 5330 and 1099-R.
• Communicate directly with clients and their professional advisors regarding recommendations for plan administration.
• Calculate the amount available for loans and process the necessary paperwork.
• Prepare and process distribution packages for terminated, retired, or deceased plan participants.
• Manage time and prioritize tasks to ensure work is done efficiently and adheres to deadlines.
• Conduct and complete additional assignments/projects as designated by management.

QUALIFICATIONS

• Bachelor's degree with an emphasis in Finance, Accounting, Math, Economics, or related field preferred.
• High school diploma or equivalent required.
• Minimum of one year of Defined Contribution Retirement Plan Administration experience in a professional setting requiring accurate interpretation of documents/requests while adhering to regulatory standards and internal policies.
• Aptitude for math and analytical tasks.
• Must be professional, comfortable speaking with external and internal contacts with a demonstrated ability to tailor the message appropriately to the audience and situation effectively.
• Demonstrated ability to convey thoughts and ideas effectively and succinctly via written formats, including emails, letters, and electronic platforms. Maintain professional standards relating to spelling and grammar.
• Maintain credibility through professional demeanor, appearance, and presence by modeling standards appropriate to our environment and industry.
• Maintain good working relationships with internal partners by exhibiting exemplary interpersonal skills, adopting a constructive, solutions-focused approach.
• Use sound professional judgment to balance the interests of the organization and customer, understanding and using available resources to mitigate risks.
• Proficiency with Microsoft 365 products and applications, including the ability to effectively prepare or review documents, procedures, and reports.
• Demonstrated ability to learn new systems and applications, as well as the ability to understand, adapt and adjust responsibilities/workflows as a result of system upgrades.
• Experience with Relius Administration and FT William software a plus, but not required.
• Occasional travel to other First American Bank locations, Bank functions and training facilities may be required.
• Typical hours are Monday through Friday 8:00 a.m. to 5:00 p.m. Additional hours may be required depending upon business need.
• Additional hours may be required during busy season (January to April) and other times as needed.
• Punctuality is required to maintain First American Bank's customer service standards.