Senior Retirement Plan Officer/Consultant
Senior Retirement Plan Officer/Consultant
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Job Description
At Midland States Bank base salary is one component of our Total Rewards program. Exact compensation is determined by factors such as (but not limited to) education skills internal equity and experience. This position offers additional compensation in the form of short-term incentives (i.e. bonus and/or commission) and may include long-term incentives (i.e. stock awards). Benefits for this role include comprehensive healthcare well-being benefits paid family leave as well as generous paid time off. Total Rewards also include banking perks an Employee Stock Purchase Plan 401K plan with company match and may include the opportunity to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility requirements.
Senior Retirement Plan Officer/Consultant
Position Summary
Develops and manages qualified and non-qualified retirement plans (401(k) 403(b) 457 profit sharing deferred compensation top hat and defined benefit) established by employers by interacting with employers through correspondence face-to-face and virtual meetings and employers centers of influence (attorneys accountants consultants and advisors). Service management includes but is not limited to ensuring that employers complete all IRS and DOL documents and amendments. Ensures delivery of services and communications to plan sponsors trustees administrators and participants. Responsible for pursuing developing and growing assigned retirement plan book of business assets under management through additional retirement plan and rollover opportunities and also responsible to identify new business opportunities for other bank departments from the assigned book of business to make referrals to the appropriate department(s).
Primary Accountabilities
- Services a book of business with a considerable number of top-tier customers.
- Collaborates with Retirement Plan Administrator Retirement Plan Education Specialist and Retirement Plan Coordinator to manage day-to-day administration of assigned retirement plan accounts.
- Periodically reviews account fee schedules using Retirement Plan Services Pricing Model to determine the appropriate fee schedule for accounts that results in a profitable relationship for the client and the Bank.
- Works with the client Midland Investment Management Group and/or the assigned Portfolio Manager to select the appropriate investment line-up from the approved investment list prepared by Midland and conduct periodic fund analysis and performance reviews with the client.
- Uses technical compliance and plan knowledge to solve plan issues and communicate resolutions to clients.
- Keeps updated on all changes in the law under ERISA the Internal Revenue Code DOL regulations and all other applicable federal regulations that affect the administration of retirement plans for the clients.
- Consults with clients about plan designs to best meet goals of their program.
- Collaborates with Retirement Plan Administrator to complete annual compliance testing and ensures accuracy per plan elections
- Coordinates and collaborates with Retirement Plan Specialist to facilitate and/or conduct on-site participant education meetings as necessary.
- Develop new and additional business among existing customers.
- Accurate and timely account file upkeep including correspondence memoranda and other required documentation.
- Obtains all required documentation to open new accounts and to close accounts
- Insures individual plan compliance with plan provisions.
- Face-to-face meetings and telephone calls to existing clients for purposes of keeping informed maintaining and enhancing the relationship.
- Participates in the business development and marketing efforts for retirement plans through contacting and meetings with prospects and other professionals.
- Assists with completion of RFPs.
- The role requires occasional travel for training and team meetings and willingness to travel periodically to locations within market as needed.
- May require work in a Midland office to ensure collaboration and support of internal and external customers.
- Maintain compliance with all applicable regulations including but not limited to the Bank Secrecy Act (BSA).
- Other duties as assigned.
Position Qualifications
Education/Experience:
- Bachelors Degree (four-year college or university).
- 12 or more years of combined previous experience in administering and servicing retirement plans with a comprehensive understanding and knowledge of ERISA and federal regulations associated with the retirement plan industry and previous experience in investment management. 6 years minimum of experience in administering and servicing retirement plan.
- Advanced professional credentials or certifications in investments or administration of retirement plans preferred.
- Analytical skills to complete detailed fundamental analysis on asset allocation.
- Understanding of fixed income equity and alternative investments.
- Strong understanding of business and economics in order to research target companies and determine potentially profitable investments.
- Ability to articulate ideas concisely.
- Ability to work in a dynamic and fast past environment.
- Demonstrated success working in team environment.
- Ability to meet time constraints without constant supervision.
- Excellent written and verbal communication.
- Professionalism and courtesy in dealing with customers and bank employees.
- High degree of accuracy with attention to detail required.
Competencies:
- Business insight
- Cultivates innovation
- Drives results
- Makes sound decisions
- Being a brand champion
- Collaborates
- Communicates effectively
- Customer focus
- Being Authentic
- Emotional Intelligence
- Self development
- Being flexible and adaptable
If you require reasonable accommodation in completing this application interviewing completing any pre-employment testing or otherwise participating in the employee selection process please direct your inquiries to Midland States Bank Human Resources at .
THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT
At Midland States Bank we believe that when we can bring our whole selves to work each day we become happier more comfortable more confident and more excited to do great things for our customers each other and our company. Were proud to be an Equal Opportunity and Affirmative Action employer. At Midland we recruit employ train compensate and promote without regard to race color religion gender gender identity or expression sexual orientation national origin genetics disability age or veteran status. If you are looking for a place to grow we encourage you to apply at Midland States Bank because you belong here.
If you require reasonable accommodation in completing this application interviewing completing any pre-employment testing or otherwise participating in the employee selection process please direct your inquiries to Midland States Bank Human Resources at.
THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT
Required Experience:
Senior IC
Employment Type
Full-Time
