Retirement Plan Administration Specialist

4 weeks ago

Lexington, Kentucky, United States McGregor and Associates Full time
Job Description

McGregor & Associates, Inc. has been providing administration and compliance services for employer-sponsored benefit plans for 30 years. Our services span a range of benefits from Flexible Spending Accounts, Health Reimbursement Arrangements, Health Savings Accounts, COBRA, Affordable Care Act, ERISA, and Retirement Plan Administration. At McGregor, we solve employer challenges through trusted relationships, benefits expertise, and quality personalized service. Since benefits is our focus, we're also committed to providing our employees a highly competitive benefits package.

Job Purpose:
Responsible for the daily administration of retirement plans, including contribution submission, eligibility tracking, participant notifications, and withdrawals, primarily for clients that have engaged our premium 3(16) co-fiduciary services. This position will work closely with the retirement plan account managers, retirement plan administration associates, and will report to the director of retirement plan services.

Responsibilities and Duties:

  • Provide copies of plan documents to participants.
  • Review financial reports for timely remittance of employee contributions and loan payments.
  • Review payroll and participant elections to confirm elections are reflected in payroll.
  • Calculate or confirm payroll period matching contributions.
  • Timely remit employee contributions to the Retirement Plan.
  • Track participant eligibility.
  • Provide initial participation paperwork to newly eligible employees.
  • Review and ensure auto-enrollment of participants' contributions into the plan.
  • Review and ensure auto-increase of participants' contributions into the plan.
  • Retain and organize election and beneficiary forms for plan participants.
  • Distribute all required participant notices.
  • Process corrective distributions related to nondiscrimination testing.
  • Approve or deny participant distribution/loan eligibility and process according to the terms of the plan documents, including termination, hardship, in-service, and QDRO distributions.
  • Communicate with payroll provider to initiate and monitor loan payments.
  • Prepare and deliver 3(16) services invoice.
  • Develop and improve processes and procedures for efficiency and accuracy.
  • Assist the Retirement Plan Account Managers and Retirement Plan Administration Associates on other projects as needed.
  • Any other assigned tasks given by a Supervisor.

Delivery/Timing:
Ensure the timeliness of meeting deadlines required by the IRS and DOL.

Companywide Goals:
100% Client Satisfaction; 100% Compliance with required IRS and DOL deadlines; 100% Client Compliance with all applicable IRS and DOL rules and regulations.

Success of this position is measured through:
100% Client Satisfaction by maintaining current clients with low to no turnover; 100% Compliance with required IRS and DOL deadlines; 100% Client Compliance with all applicable IRS and DOL rules and regulations.

Qualifications:
Education – At least 4-year college degree and experience with Retirement Plan Administration or Support preferred; Attention to detail; Organization; Strong financial skills; Strong time management skills; Ability to multi-task; Extensive planning skills (projects, initiatives, etc.); Relationship builder; Strong communication skills; Microsoft office and computer skills, including Excel and database management.

Employee Benefits:

  • Employer-funded health insurance benefits
  • Group-sponsored dental insurance
  • Employer-paid vision insurance for employee, spouse, and dependents
  • Employer-paid life, short-term disability, and long-term disability insurance
  • Employer-funded Health Savings Account (HSA)
  • Employer-funded Health Reimbursement Arrangement (HRA)
  • Flexible spending account benefits
  • Up to 5 weeks of vacation leave
  • Paid sick leave
  • Holiday pay
  • 401(k) retirement plan benefits, including matching employer contributions
  • Performance bonuses
  • Flex schedules
  • Primarily works at the main office location with potential to work some remotely (varies based on the needs of the company and position)
  • Office hours are Monday-Thursday 8am-5pm and Friday 8am-3pm.

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