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Defined Contribution Retirement Plan Consultant

Company: First American Bank
Location: Chicago
Posted on: June 12, 2021

Job Description:

Job Description

First American Bank is a family owned, full-service bank with over 50 locations in Illinois, Florida, and Wisconsin. Our mission is simple: to offer competitive banking products with the personal attention and service customers deserve. First American Bank can offer employees a level of visibility and stability that is difficult to find in many larger corporations. We are looking for people who want a career - not just a job!

This position specializes in the administration and review of retirement plans for small to medium-sized businesses.


Review and interpret plan documents.

Compilation and review of trust financial statements.

Reconcile census data and calculate years of service for eligibility and vesting.

Calculate and allocate employer contributions.

Calculate self-employment income and tax.

Prepare and process distribution packages for terminated, retired or deceased plan participants.

Perform annual testing to demonstrate satisfaction of coverage and non-discrimination requirements.

Complete required governmental reporting forms (including but not limited to 1099-R, 945, 5500, 5330).

Develop and maintain knowledge of retirement plan legislation and possess extensive knowledge of ERISA laws and regulations.

Calculate amount available for loans and process loan paperwork.

Administer daily valuation plans which include processing payroll contributions, loan payments, dividends, participant transfers and distributions.

Review work prepared by the Defined Contribution Retirement Plan Administrators and Support Staff.

Consult directly with clients and their professional advisors.

Consult directly with plan participants regarding loans, distributions and related tax consequences.

Communicate with external auditors regarding plan audits.

Consult with client on plan administration and plan design.

Recommend and discuss plan design changes with client.

Consult and advise client on technical and regulatory issues.

Manage time to assure work is completed within the firm's guidelines.

Communicate with prior TPA, investment advisor and client on takeover plans.

Review of QDRO, calculate and process distributions to alternate payee.

Attend meetings with clients and plan participants.

Assist in the hiring, training and mentoring of Defined Contribution Retirement Plan Administrators.

Assist Defined Contribution Retirement Plan Manager with work assignments and tracking of projects.

May be responsible for direct client responsibility.


Associates degree is required. Bachelor's in Accounting, Economics or Finance is preferred.

Industry-specific designation a plus.

Minimum 5 years' experience in Third Party Administration.

Proficient in Internal Revenue Code as it applies to Qualified Plans.

Significant technical and legal knowledge of ERISA.

Must have a strong attention to detail, critical thinking, and problem-solving skills.

Excellent written and verbal communication skills are required.

Knowledge of Microsoft O365 required.

Experience with Relius Administration a plus.

Travel between branch locations may occasionally be necessary or for training.

Typical scheduled hours are Monday-Friday 8am - 5pm.

Additional hours will be required depending on business need.

Keywords: First American Bank, Chicago , Defined Contribution Retirement Plan Consultant, Other , Chicago, Illinois

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