The Plan Administrator is responsible for assisting the Client Account Managers/Plan Specialists with providing full service plan administration of assigned DC Complete plans. Timely and accurate processing and completion of all client work accomplishes this.
II. Specific Duties and Responsibilities:
1. Daily Administration/Operations
Review and process daily transactions (e.g., loans, withdrawals/distributions, rollovers, new enrollments, loan repayments, etc.) in accordance with NYLB service standards and timeframes including client specific service standards as outlined in Service Agreement if applicable
Run transactions in “Report Only” mode, review for accuracy, resolve errors / warnings
Enter appropriate information in the Daily Plan Activity Database within Lotus Notes
Submit transactions to Client Account Managers/Plan Specialists for approval
Prepare “reject letters” for forms which cannot be processed
File all paperwork in appropriate file according to the Filing Memo
Respond to research requests from Client Account Managers/Plan Specialists
Review and file Daily Events Registers
Coordinate outgoing mail, as necessary
2. Payroll Administration/Operations
Calculate payroll period match (if applicable)
Process payroll information including employee contributions, employer contributions, loan repayments and ID information
Run and update all reports associated with Payroll Administration (e.g. Compensation Reconciliation spreadsheets, Status Fix, Negative Balance report, etc.)
Maintain all associated files
3. Periodic Responsibilities
Forward weekly and periodic Summary of Payroll Changes to clients - file reports
Calculate match (if periodic), verify eligibility
Identify defaulted loans
Process loan fees /admin. Fees
Review and reconcile Compensation. Prepare reports of discrepancies for client resolution
Monitor YTD eligible compensation and contribution limits
Update newly eligibles - process forms received, run elig check and verify additional new EES
Assist Client Account Manager with client/participant reporting
Maintain all files associated with above processes
Assist with morning mail and other administrative responsibilities, as needed
Perform other responsibilities as assigned by Operations Manager and Client Account Managers
Prepare and review of all reports detailed in plan audit and statement checklist
Prepare data required to perform compliance testing, federal reporting and individual tax reporting
6.Client Service
Client contact levels will be based on experience and performance, and will be determined in conjunction with the Client Account Managers and Operations Manager
Job Qualifications
II. Job Requirements:
Minimum of one – three years of 401(k) and other defined contribution recordkeeping experience in a daily environment
A working knowledge of ERISA compliance issues
An understanding of plan documents and government reporting requirements for DC plans
Must be highly-detailed oriented and have outstanding organization skills
Demonstrate ability to work in high volume, deadline oriented environment
About NYLIM Retirement Plan Services
NYLIM RPS offers an excellent compensation package, including bonus and profit sharing, and one of the most outstanding benefit packages in the industry. If you meet ALL of the requirements above, please utilize the following tool to forward your resume: http://sh.webhire.com/servlet/resp/grf?acctid=393
We will not contact you unless your background, education and skills/experience are a good fit for an available opening. If you do not hear from us, it’s because we have not identified an open position that best utilizes your skills and qualifications. You need not submit your resume again unless your contact information or work history changes. We sincerely appreciate the time and effort you spent in contacting us and thank you for your interest in NYLIM Retirement Plan Services.
NYLIM Retirement Plan Services continually strives to build a diverse workforce, and to ensure that all employees are given equal and ample opportunities to establish successful careers. We are committed to recruiting, hiring, training, and promoting our employees solely on the basis of merit and qualification without regard to a person's age, alienage, color, marital status, national origin, physical or mental disability, race, religion, sex, sexual preference or orientation, status as a disabled veteran or veteran of the Vietnam Era, or status as a member of any other legally protected group.
