Compliance Specialist Senior, 401(k)

Position Summary:
Review plan documentation of prospective retirement plan clients to ensure compliance with regulations, new business standards, new business issuance procedures, and ensure plan meets the requirements of departments, including trust operations. Oversee new business implementation process. Support existing business by providing plan amendment and consulting services. Serve as a compliance and procedural resource for various departments, including sales, relationship management, marketing, plan administration, participant services and operations.

Essential Responsibilities:
Job Function 1: New Business Review and Implementation - 25%

• Accurately and within unit standards review assigned new business to insure conformance with ARB compliance and trust standards. Monitor the installation of new business and follow up or intervene as needed to ensure:
  
  
  
  • that account setup is complete, timely and accurate.
  • that installation exceptions are recognized.
  • that transfer assets and initial contributions are promptly coordinated.
  • that service fees are properly setup and billed/collected.
  
  
  
  
• Independently review unusual situations discovered in the sales/proposal process with internal legal counsel, managing director, plan services director, and operations director for approval and/or special processing. Track exceptions and audit processes/procedures routinely to ensure compliance.
• Document and record steps in new business process, including providing accurate detail for incentive compensation purposes.
• Outline and gather materials from plan sponsors as needed. Work with plan sponsor and managing director in proposing alternatives when data does not exist or is not available.
• Act as liaison with Advisor product line on new business installation, review and provide input on agreements, and provide back-up as necessary.

Job Function 2: Oversee Creation of Plan Documents and Agreements for New Business - 25%

• Consult with client on prototype document provisions and alternatives. Record discussion and plan design on plan specification worksheet. Provide direction to Compliance Analyst to create plan adoption agreement based on plan specifications.
• If client is using individually designed plan, review plan provisions to meet ARB underwriting and compliance standards. Consult with client on any unusual plan provisions.
• Provide direction to Compliance Analyst to prepare board resolution, retirement plan service agreement, confirmation of funds, online service agreement, fee disclosures and any other agreements and/or documents necessary to establish and define ARB and client responsibilities. Review documentation for accuracy.
• Consult with internal legal counsel on document design and customized service agreement language as needed.
• Electronically deliver timely and accurate plan documentation to client. Follow up continually to ensure that signed documents are received and filed.
• When appropriate, discuss and prepare determination letter materials for client.

Job Function 3: Compliance and Document Support for Inforce Business - 25%

• Provide accurate and timely consultation with clients and/or staff on plan amendments. Oversee issuance of plan amendments (typically resulting in plan restatement), including SMMs, related fee billing and determination letter support when necessary.
• Plan, coordinate, and track amendments and restatements, including SMMs and/or restate SPDs, required by our document vendor(s) that are legislatively mandated. Includes client correspondence, plan specific amendments, and follow up. Provide determination letter support when necessary.
• Assist clients with merger and acquisition resolutions, amendments, etc. Communicate changes with assigned Retirement Relationship Manager and Account Administrator to ensure they are involved as necessary to hold employee meetings, capture rollover assets, etc.
• Assist with, coordinate, and/or handle client communication related to legislative changes, organizational changes, fee announcements, client specific topics, etc.
• Routinely audit plan provisions and fee set up (in OMNI, AddVantage, etc.), processes and procedures to ensure ARB is operating as set forth in the agreements, including verification that fees are billed/collected as agreed.

Job Function 4: Compliance Resource and Support - 20%

• Stay current on legislative changes and industry trends. Keep managers and staff up-to-date on changes that affect their area.
• Provide retirement plan expertise to staff by being available for questions, assistance with document interpretation, guidance on legislative interpretation and the like. Keep an open door policy, be a ready resource for staff.
• Encourage and train co-workers to reference client specific adoption agreement, service agreements and fee schedules and to use industry publications to research solutions.
• Assist with department training, recognize training needs, and coordinate training topics and trainers.
• Review annual compliance testing and other year end compliance work completed by plan administrative staff.
• Participate in and/or lead projects/committees as assigned. For example, marketing supplies, new legislative initiatives (such as Roth 401(k), etc.), fund change processes, fee design and coordination, administrative form changes and updates, etc.

Job Function 5: Alerus Advocate and Team Player - 5%

• Support efforts of all Alerus business units as opportunities become available.
• Build enthusiasm, foster a positive work environment and support co-workers in achievement of department goals.
• Treat all co-workers with professionalism and respect.
• Provide feedback and make suggestions for improvement.
• Recognize and celebrate individual/team accomplishments.

Position Requirements:
Qualifications:

• Bachelor degree in business administration, accounting or related field or equivalent combination of education and experience. Continuing education efforts to keep current on regulatory and product changes is required.
• 5+ years technical retirement plan experience with all types of tax-qualified plans and proven proficiency in interpreting and applying pension laws, regulations, plan documents and contracts. Minimum 3 years experience with 401(k) plans; actual experience in retirement plan underwriting or new case issuance is desirable.
• Excellent skills in written and oral communications including stand up presentations and training. Project organization, critical analysis and problem solving skills with strong attention to detail are required.
• Self-motivation and ability to work independently, within deadlines is required. Occasional travel and overtime may be required to meet peak workload demands or for special projects.

Personal Characteristics:

• Developed relational skills such as diplomacy, judgment, decision making, and discretion.
• Ability to multi-task, prioritize workflow of self and others and coordinate activity as an effective team member to meet deadlines and make effective decisions under pressure.
• Established communication, presentation and organizational skills.
• Demonstrated professional business skills and demeanor.
• Demonstrated ability to identify and problem solve complex situations and apply judgment with respect to high level business impact and risk.
• Proven ability to work with detailed technical knowledge of all types of retirement plans.

Physical Demands - Must be met with or without a reasonable accommodation:

• Requires ability to sit for long periods of time using a key board, mouse and to view multiple screens.
• Ability to operate a personal computer/laptop for approximately 8 hours per day.
• Extended time is spent reviewing documents, both actual papers or electronic.
• The employee is occasionally required to stand, walk, reach with arms and hands, climb or balance, and to stoop, kneel, crouch or crawl. Vision abilities required by this job include close vision.
• Periodically, may also do light lifting of supplies and materials which weighs in at approximately 20 lbs.
• Will spend most of time in an indoor environment.
• Requires ability to use telephone for client contact and conference calls.

Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.