Plan Consultant I or II
Description: The Plan Consultant is a key compliance and technical resource responsible for administering and supporting employer-sponsored retirement plans. Training is provided to acquire expertise in plan testing, contribution calculations, and government filings. The Plan Consultant collaborates with internal teams and clients to ensure retirement plans are operated in full compliance with IRS, DOL and ERISA regulations. PLAN CONSULTANT I
Key Responsibilities
Compliance & Testing
- Monitor deadlines and compliance obligations for assigned book of business.
- Prepare and perform all annual nondiscrimination and compliance testing including:
o ADP/ACP o Top Heavy o 410(b) o 401(a)(4) o Other testing as required by plan design
- Calculate employer contributions (Match, pro-rata, integrated, New Comparability).
- Prepare contribution summaries and projections.
- Perform self-employed income calculations.
- Identify and resolve late deposits and missed deferral obligations.
- Calculate missed deferral corrections and support corrective filings when needed.
Data Management and Reconciliation
- Review and upload incoming census data for completeness and accuracy.
- Reconcile participant contribution discrepancies.
- Reconcile recordkeeper statements.
- Import recordkeeper transactions into compliance software.
Annual Reporting & Government Filings
- Prepare government filings including:
o Form 5500 (EZ, SF and large plan with applicable schedules) o Form 5558 extensions o Form 5330 o Form 8955-SSA Support
- Provide technical and compliance support to internal teams and, as needed, to clients.
- Collaborate with actuaries and other departments to address technical issues impacting plan administration.
PLAN CONSULTANT II
Key Responsibilities
Compliance & Testing
- Monitor deadlines and compliance obligations for assigned book of business.
- Prepare and perform all annual nondiscrimination and compliance testing including:
o ADP/ACP o Top Heavy o 410(b) o 401(a)(4) o Other testing as required by plan design
- Calculate employer contributions (Match, pro-rata, integrated, New Comparability).
- Prepare contribution summaries and projections.
- Perform self-employed income calculations.
- Identify and resolve late deposits and missed deferral obligations.
- Calculate missed deferral corrections and support corrective filings when needed.
Data Management and Reconciliation
- Review and upload incoming census data for completeness and accuracy.
- Reconcile participant contribution discrepancies.
- Reconcile recordkeeper and brokerage asset statements.
- Import recordkeeper transactions into compliance software.
- Review work by team members to ensure consistency and accuracy.
Annual Reporting & Government Filings
- Prepare government filings including:
o Form 5500 (EZ, SF and large plan with applicable schedules) o Form 5558 extensions o Form 5330 o Form 8955-SSA
- Support IRS and DOL audits, correspondence, and communication needs.
Support
- Provide technical and compliance support to internal teams and, as needed, directly to clients.
- Participate in consultation calls related to compliance matters, audits or corrections.
- Research and resolve advance plan design and regulatory questions escalated by Relationship Manager or internal stakeholders.
- Collaborate with actuaries and other departments to address technical issues impacting plan administration.
Leadership
- Serve as a key resource for questions, coaching, and training for the junior Plan Consultants.
- May serve as back up to the team lead during their absence, assisting with day-to-day decisions and continuity of operations.
- Attend internal meetings with other functional roles across the organization and actively participate in firm initiatives.
Requirements: PLAN CONSULTANT I
- Minimum of 0-3 years of experience in qualified retirement plan administration and compliance.
- Strong analytical and mathematical skills.
- Excellent written and verbal communication skills.
- Knowledge of ERISA regulations is a plus.
- Meticulous attention to detail and accuracy.
PLAN CONSULTANT II
- Minimum of 3+ years of experience in qualified retirement plan administration and compliance.
- In-depth knowledge of IRS, DOL and ERISA regulations.
- High proficiency in compliance software such as FTW.
- Strong analytical and mathematical skills.
- Excellent written and verbal communication skills.
- Meticulous attention to detail and accuracy.
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