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Key Responsibilities and Required Skills for Retirement Plan Services Representative

💰 $50,000 - $85,000

Human ResourcesFinanceRetirement ServicesCustomer Service

🎯 Role Definition

A Retirement Plan Services Representative is a client- and participant-facing specialist responsible for end-to-end administration and support of employer-sponsored retirement plans (e.g., 401(k), 403(b), defined contribution plans). This role manages participant inquiries, processes transactions (contributions, loans, distributions, rollovers), supports compliance testing and document administration, produces client and regulatory reports, and partners with advisors, payroll vendors, and internal teams to ensure accurate recordkeeping and superior plan service delivery.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Client Service Representative (financial services)
  • Benefits Administrator or Payroll Specialist
  • Customer Service / Call Center Representative within financial services

Advancement To:

  • Senior Retirement Plan Services Representative / Senior Administrator
  • Plan Administration Manager or Team Lead
  • Retirement Plan Consultant / Implementation Specialist
  • Compliance Manager or ERISA Specialist

Lateral Moves:

  • Benefits Analyst
  • Recordkeeping Specialist
  • Client Relationship Manager
  • Compliance or Audit Specialist

Core Responsibilities

Primary Functions

  • Respond promptly and professionally to participant and plan sponsor inquiries via phone, email, and secure messaging, providing accurate information about account balances, contribution options, loans, distributions, rollovers, and plan rules to ensure high participant satisfaction and regulatory adherence.
  • Administer participant transactions end-to-end, including salary deferral changes, contribution allocations, loan initiation and servicing, in-plan transfers, distributions, and hardship withdrawals while maintaining strict adherence to plan documents and IRS/Department of Labor rules.
  • Process and reconcile payroll contributions and employer match uploads, including troubleshooting payroll interface and file transfer issues with payroll providers, ensuring timely and accurate fund allocation to participant accounts.
  • Perform compliance testing and analysis (ADP/ACP, top-heavy, coverage and nondiscrimination testing), prepare test results, and coordinate corrective distributions or plan sponsor communications when testing exceptions occur.
  • Maintain and interpret plan documents, amendments, and summary plan descriptions (SPDs); apply plan provisions accurately when executing transactions and advising participants or plan sponsors.
  • Prepare and submit regulatory filings and support audit-related deliverables, including Form 5500 preparation support, 404(a)(5) fee disclosure documentation, and records required for ERISA and IRS examinations.
  • Reconcile daily cash, participant activity, and clearing accounts to internal systems and custodian records; research and resolve reconciling items to ensure financial integrity and timely remittance.
  • Coordinate onboarding and implementation of new plans, including data conversion, plan setup in recordkeeping systems, client intake checklists, and testing to validate correct plan configuration before go-live.
  • Create, review, and distribute participant communications and education materials, including contribution reminders, loan disclosures, distribution notices, and retirement readiness information to drive engagement and informed decision-making.
  • Support plan sponsor enrollment meetings and participant education sessions, both virtually and on-site, partnering with advisors to explain investment options, contribution strategies, and plan features.
  • Escalate and resolve complex participant or plan sponsor issues by collaborating with internal technical teams, custodians, third-party administrators, and compliance specialists to ensure timely and compliant resolution.
  • Execute fee reconciliations and billing support, including calculating recordkeeping and advisory fees, processing invoices, and explaining fee components to plan sponsors upon request.
  • Maintain accurate plan and participant records in recordkeeping platforms (e.g., Fidelity NetBenefits, ADP Retiree, Ascensus, PSolve, Schwab), ensuring data integrity and audit readiness.
  • Perform regular plan maintenance tasks, including vesting reconciliation, eligibility changes, beneficiary updates, loan payoff tracking, and corrective actions for failed transactions.
  • Analyze participant transaction trends and produce periodic reports for plan sponsors and relationship managers that highlight participation, deferral rates, loan activity, and investment changes to inform sponsor decisions and retention efforts.
  • Conduct plan document and operational reviews to identify compliance risks, recommend remediations, and implement process improvements that reduce operational errors and regulatory exposure.
  • Prepare and support responses to DOL/IRS inquiries and participant litigation holds by locating, documenting, and providing required plan records and transaction histories in coordination with legal and compliance teams.
  • Train and mentor junior team members on plan administration processes, system navigation, and customer service best practices to maintain consistent service levels across the team.
  • Maintain current knowledge of ERISA, IRS, DOL guidance, SECURE Act provisions, CARES Act/CRD updates, and other regulatory changes that impact retirement plan operations and participant options.
  • Support ad hoc client requests for data extracts, historical transaction reports, and customized report builds to meet sponsor reporting needs and special project requirements.
  • Coordinate with investment teams and custodians on fund changes, investment lineup maintenance, and managed account services to ensure correct mapping and participant communications.
  • Document all case work and participant interactions in the CRM/recordkeeping system with clear, audit-ready notes, next steps, and ownership assignments to enable seamless handoffs and reporting.
  • Participate in internal quality assurance and peer review exercises to validate accuracy of participant transactions and improve departmental controls and training materials.
  • Drive continuous improvement initiatives by recommending and implementing process automation opportunities, standard operating procedures (SOPs), and checklists that reduce cycle time and error rates.

Secondary Functions

  • Assist in periodic data audits and integrity projects to improve accuracy of participant demographic, payroll, and investment data.
  • Contribute to the development and enhancement of client-facing portals, FAQs, and knowledgebase content to reduce inbound volume and increase self-service adoption.
  • Support business development and retention activities by preparing plan summaries, benchmarking data, and service level metrics for RFPs and sponsor reviews.
  • Participate in periodic disaster recovery and business continuity exercises to ensure service continuity for plan sponsors and participants.
  • Cross-train across adjacent teams (implementations, compliance, reconciliation) to provide back-up support during peak periods or coverage gaps.
  • Help evaluate and test system upgrades, new recordkeeping modules, and third-party integrations to validate functionality and user experience.
  • Provide input into service level agreements (SLAs), performance metrics, and operational dashboards to support management reporting and client transparency.

Required Skills & Competencies

Hard Skills (Technical)

  • Deep working knowledge of defined contribution plan administration, including participant distributions, rollovers, loans, loans offset and taxation, in-service withdrawals, and required minimum distributions (RMDs).
  • Solid understanding of ERISA, IRS plan qualification rules, DOL guidance, SECURE Act provisions, and experience applying regulatory guidance to everyday plan operations.
  • Experience with retirement plan recordkeeping platforms (examples: Fidelity, ADP, Ascensus, Voya, Empower, PSolve, Alight) and the ability to learn proprietary systems quickly.
  • Proficient in Microsoft Excel (pivot tables, VLOOKUP/XLOOKUP, INDEX/MATCH, conditional formatting) for reconciliation, reporting, and data analysis.
  • Experience performing compliance testing (ADP/ACP, top-heavy, coverage) and preparing corrective action plans and documentation.
  • Familiarity with Form 5500 filing processes, plan audit support, and maintenance of plan document compliance.
  • Ability to reconcile participant accounts, cash movements, and daily clearing statements; experience with bank/wire processes preferred.
  • Basic SQL or data query skills and comfort extracting and manipulating large datasets for reporting and investigation (preferred but not always required).
  • CRM and ticketing experience (Zendesk, Salesforce, ServiceNow or similar) to manage cases, SLAs, and participant communication history.
  • Knowledge of payroll interfaces and file formats (ACH, EDI) and experience troubleshooting payroll contribution transmission issues.
  • Experience preparing client and sponsor-level reporting packages, benchmarking, and plan health metrics.

Soft Skills

  • Exceptional verbal and written communication skills with the ability to explain technical plan rules in plain language to participants and sponsors.
  • Strong client-service orientation with a focus on responsiveness, empathy, and building trust with plan sponsors and participants.
  • Excellent analytical and problem-solving skills, including the ability to research complex issues, synthesize findings, and recommend practical solutions.
  • High attention to detail and accuracy in transactional processing and documentation to meet regulatory and audit standards.
  • Effective time management and organizational skills to manage high-volume caseloads and competing priorities while meeting SLA targets.
  • Team player mentality with the ability to collaborate across cross-functional groups (legal, compliance, payroll, investments).
  • Discretion and professionalism when handling confidential participant and plan data.
  • Adaptability and openness to change in a regulated and fast-evolving industry environment.
  • Initiative and continuous improvement mindset—identifies root causes and recommends process and automation improvements.
  • Coaching and mentoring ability to help develop junior staff and contribute to a knowledge-sharing culture.

Education & Experience

Educational Background

Minimum Education:

  • Associate degree in business, finance, accounting, human resources, or equivalent work experience in retirement plan administration.

Preferred Education:

  • Bachelor's degree in finance, accounting, business administration, human resources, or related field.
  • Professional designations preferred: Certified Employee Benefit Specialist (CEBS), Qualified 401(k) Administrator (QKA), Certified Retirement Counselor (CRC), or similar.

Relevant Fields of Study:

  • Finance
  • Accounting
  • Business Administration
  • Human Resources
  • Economics
  • Risk/Compliance

Experience Requirements

Typical Experience Range:

  • 2–5 years of direct experience in retirement plan administration, recordkeeping, or benefits administration for defined contribution plans.

Preferred:

  • 3–7 years of experience administering 401(k)/403(b)/other defined contribution plans, including experience with compliance testing, payroll interfaces, and client-facing support.
  • Experience working in a recordkeeper, TPA, bank/custodian, or financial services environment supporting employer-sponsored retirement plans.
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