Defined Benefit Plan Specialist (Hybrid)

At TruStage, we’re on a mission to make a brighter financial future accessible to everyone. We put people first, and work hand in hand with employees and customers to create a diverse and inclusive environment. Passionate about building insurance, investment and technology solutions, we push the boundaries of what’s possible. We need you to help us shape what’s next. You’ll be encouraged to share your experiences, ideas and skills to help others take control of their financial future.

Join a team that has received numerous awards for being a top place to work: TruStage awards and recognition

Job Purpose

This position is responsible for the annual administration of and the benefit processing for defined benefit plans under the direction of the Manager of the Defined Benefit Administration unit and with guidance from the Senior Actuary. Specific duties include, but are not limited to, maintenance of employee census data, completion of annual valuations, completion of annual government reporting forms, preparation of annual benefit statements, calculation of estimated benefits, calculation of retirement, death, disability, or termination benefits and payment of calculated benefits. In addition, it is expected that both written and oral communications will be provided to clients, field staff and internal staff.

Job Responsibilities

• 20% Maintain employee census data for defined benefit plans. This includes data entry of census information received via paper and data upload of census received via electronic means. Analyze census data for completeness and reasonableness. Contact clients for missing information or for clarification of information received.
• 20% Prepare the annual valuation for defined benefit plans. Review and modify plan provisions as needed, review and modify employee data, prepare actuarial report and review assumptions with Senior Actuary as needed.
• 20% Calculate benefit payment options and deliver benefit paperwork to participants eligible for distributions from a defined benefit plan. Review calculations and make necessary adjustments for: special early retirement reductions, special minimum benefits, late retirement, benefit offsets, Internal Revenue Code Section 415 limits and maximum compensation limitations. Calculations will be needed for terminations, retirements, disabilities, deaths, Qualified Domestic Relations Orders and other miscellaneous reasons. On an annual basis, special calculations are also required for minimum required distributions and cost of living adjustments.
• 10% Upon receipt of completed benefit paperwork, process the distribution utilizing the EScape withdrawal system. Possible distribution options include cash, rollover, monthly payments, annuity purchases or any combination of these. If an annuity purchase is selected, additional steps are required including creation of a certificate and coordination of the annuity purchase with the Pension Financial Unit.
• 10% Prepare estimated benefit calculations for requested future termination dates for active participants. The adjustments specified in 3 above may also be relevant here.
• Prepare the annual premium billing for the policy funded defined benefit plans (also referred to as PT or 412(i) plans.) Specific duties include a review of the plan’s legal document, verification of system provisions and formulas, a review and verification of plan financial transactions, preparation of premium billing documents and annuity applications and special manual calculations of deposit adjustments.
• 5% Prepare the annual benefit statements for participants in defined benefit plans.
• 5% Prepare the annual government reporting forms including IRS Form 5500, Schedule B and other related schedules and other required government forms.
• 5% Communicate orally and in writing with clients and retirement services staff regarding missing information, incomplete forms or general inquiries.
• 5% Work with Retirement Consultants and the Senior Actuary to prepare proposals to illustrate the impact of plan design alternatives.
• Assist with the creation and maintenance of the written procedure manual for the Defined Benefit Administration unit.
• Assist with the training of other Defined Benefit Plan Specialists.
  
  

The above statement of duties is not intended to be all inclusive and other duties will be assigned from time to time.

• Currently, this duty will be allocated to no more than two specialists.
• Expected to be less than 5% of total responsibilities.
  
  

Job Requirements

• One year post high school course work in business, accounting, math, or computer science or equivalent trade-off in related professional work experience.
• Four years of experience in retirement plan administration for defined benefit plans. Specific experience includes:
• Analysis and interpretation of retirement plan legal documents
• Calculation of retirement benefits
• Preparation of actuarial valuations
• Preparation of government reporting forms
• Proven/Demonstrated ability to work independently, with minimal assistance from a manager.
• Proven/Demonstrated interpersonal and customer service skills.
• Strong analytical, critical thinking, problem solving, and decision-making skills
• Proficiency in MS Office environment
• Must demonstrate the values and competencies as outlined by CUNA Mutual Group
  

If you’re ready to help make a difference, apply today. Please provide your Work Experience and Education or attach a copy of your resume. Applications received without this information may be removed from consideration.

Compensation may vary based on the job level, your geographic work location, position incentive plan and exemption status.

Base Salary Range

$42,716.00 - $74,752.00

At TruStageTM, we believe a sound, inclusive benefits program is of vital importance, along with a flexible workplace that allows for work-life balance, career growth and retirement assistance. In addition to your base pay, your position may be eligible for an annual incentive (bonus) plan. Additional benefits available to eligible employees include medical, dental, vision, employee assistance program, life insurance, disability plans, parental leave, paid time off, 401k, and tuition reimbursement, just to name a few. Beyond pay and benefits, we also recognize that flexibility, including working in a place you prefer, is essential to caring for our employees. We will continue to strive to offer flexibility and invest in technology and other tools that will make hybrid working normal rather than an exception, so that when “life happens,” you can focus on what’s most important.

Accommodation request

TruStage is a place where everyone can bring their best self and thrive. If you need application or interview process accommodations, please contact the accessibility department.