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Key Responsibilities and Required Skills for Retirement Plan Specialist

💰 $65,000 - $95,000

FinanceHuman ResourcesClient ServicesAdministration

🎯 Role Definition

A Retirement Plan Specialist is the cornerstone of effective retirement plan administration and client success. This role serves as a dedicated subject matter expert, responsible for the end-to-end management of a portfolio of defined contribution plans, such as 401(k) and 403(b)s. The specialist combines deep technical knowledge of ERISA and IRS regulations with exceptional client relationship management skills. They are trusted advisors who guide clients through the complexities of plan design, compliance testing, reporting, and daily administration. Success in this position means ensuring flawless plan operation, mitigating fiduciary risk for clients, and empowering plan participants on their path to a secure retirement. This is a detail-oriented, analytical, and client-facing role that is critical to the financial well-being of thousands of employees.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Financial Services Associate
  • HR or Benefits Coordinator
  • Payroll Specialist
  • Client Service Representative (in Finance/Benefits)

Advancement To:

  • Senior Retirement Plan Specialist or Team Lead
  • Retirement Plan Consultant
  • Relationship Manager (Institutional Clients)
  • Compliance Manager

Lateral Moves:

  • Benefits Analyst
  • Compensation Specialist
  • Financial Analyst
  • Trust Operations Officer

Core Responsibilities

Primary Functions

  • Serve as the primary day-to-day contact for a dedicated portfolio of retirement plan clients, building and maintaining strong, long-lasting relationships built on trust and expert guidance.
  • Proactively consult with clients, financial advisors, and CPAs on all aspects of plan administration, including plan design options, contribution strategies, and legislative changes.
  • Meticulously interpret complex plan documents and legal provisions to ensure all administrative tasks are performed in strict accordance with the plan's specific terms.
  • Conduct and review annual non-discrimination testing, including ADP/ACP, Top-Heavy, coverage (410(b)), and annual additions (415) tests, and propose corrective actions as needed.
  • Prepare, review, and ensure the timely and accurate filing of the Form 5500 series and related schedules (e.g., Schedule A, SB, R) for all assigned plans.
  • Accurately calculate and process various employer contribution types, including safe harbor, matching, and complex cross-tested/new comparability profit-sharing formulas.
  • Perform comprehensive trust accounting and asset reconciliation for the plan year, ensuring that all financial activity is accurately reported and balanced.
  • Manage and process all participant-level transactions with a high degree of accuracy, including distributions, loans, hardship withdrawals, rollovers, and death claims.
  • Diligently review and process Qualified Domestic Relations Orders (QDROs), working with legal counsel and participants to ensure compliant segregation and distribution of assets.
  • Prepare and deliver comprehensive annual administrative packages and valuation reports for clients, providing a clear summary of the plan's health and compliance status.
  • Ensure all required annual participant notices and disclosures are prepared and distributed correctly and on time, including Safe Harbor notices, fee disclosures (408(b)(2)), and Summary Annual Reports.
  • Expertly manage the full life-cycle of plan termination processes, from initial resolution to final asset distribution and government filings.
  • Analyze and scrub employee census data submitted by clients to ensure its accuracy and integrity prior to use in compliance testing and contribution calculations.
  • Onboard new client plans by managing the conversion of data and assets, establishing new plan records, and ensuring a seamless and positive implementation experience.
  • Stay rigorously up-to-date on changes in retirement plan legislation and regulations (e.g., SECURE Act 2.0, IRS and DOL guidance) and communicate the impact to clients.
  • Provide expert assistance and documentation support during plan audits conducted by the Department of Labor (DOL), Internal Revenue Service (IRS), or external CPA firms.
  • Research and resolve complex technical and operational issues, providing clear, well-documented solutions to clients and internal partners.
  • Calculate vesting for participants and ensure forfeiture accounts are handled according to the plan document's specifications.
  • Collaborate with payroll providers and client HR teams to resolve contribution discrepancies and ensure seamless data and fund transmission.
  • Educate plan sponsors on their fiduciary duties and best practices for plan governance to help them mitigate risk and effectively manage their retirement benefit.

Secondary Functions

  • Assist in mentoring and training junior team members on plan administration procedures and technical concepts.
  • Participate in internal projects aimed at improving operational efficiency, client service models, and system capabilities.
  • Develop and maintain procedural documentation and resources to ensure consistency and quality across the team.
  • Support the sales and client relationship teams by providing technical expertise during finalist presentations or client review meetings.

Required Skills & Competencies

Hard Skills (Technical)

  • ERISA & Regulatory Knowledge: Deep understanding of ERISA, DOL, and IRS regulations governing defined contribution plans.
  • Compliance Testing: Proven expertise in performing and correcting non-discrimination tests (ADP/ACP, Top-Heavy, 410(b), 415, 401(a)(4)).
  • Form 5500 Preparation: Direct experience preparing and filing the Form 5500 series and all related schedules.
  • Plan Administration Software: Proficiency with industry-specific recordkeeping software (e.g., Relius, ASC, Ft. William, Datair).
  • Trust Reconciliation: Strong ability to perform trust accounting and reconcile plan assets against financial statements.
  • Advanced Excel: Mastery of Microsoft Excel, including VLOOKUP, HLOOKUP, pivot tables, and complex formula creation for data analysis and reporting.
  • Contribution Calculations: Skill in calculating complex employer contributions, including new comparability and cross-testing formulas.
  • Plan Document Interpretation: Ability to read and accurately apply the technical provisions of a retirement plan document.
  • QDRO Processing: Familiarity with the rules and administrative process for handling Qualified Domestic Relations Orders.
  • Distribution & Loan Expertise: In-depth knowledge of the rules governing participant loans, and in-service and termination distributions.

Soft Skills

  • Client Relationship Management: A genuine commitment to providing exceptional, white-glove service and building long-term client partnerships.
  • Analytical & Problem-Solving: A talent for identifying the root cause of complex issues and developing logical, compliant solutions.
  • Meticulous Attention to Detail: An unwavering focus on accuracy and quality in all calculations, reports, and communications.
  • Communication Skills: The ability to explain highly technical concepts clearly and concisely to both expert and non-expert audiences, both verbally and in writing.
  • Time Management & Organization: Superior ability to manage a large caseload, prioritize competing deadlines, and maintain high-quality work in a fast-paced environment.
  • Proactive & Accountable: A self-starting mentality with a strong sense of ownership and responsibility for client outcomes.
  • Team Collaboration: A collaborative spirit and willingness to work with colleagues to achieve departmental and company goals.
  • Adaptability: The flexibility to adapt to changing legislation, client needs, and internal processes.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's Degree from an accredited four-year university.

Preferred Education:

  • Bachelor's Degree with a focus in a relevant field.
  • Industry-specific professional designations such as QKA (Qualified 401(k) Administrator), QPA (Qualified Pension Administrator), or CPC (Certified Pension Consultant) are highly valued.

Relevant Fields of Study:

  • Finance
  • Business Administration
  • Economics
  • Accounting
  • Mathematics

Experience Requirements

Typical Experience Range:

  • 3-7 years of direct, hands-on experience in the administration of defined contribution retirement plans.

Preferred:

  • Experience working within a Third Party Administrator (TPA) firm is strongly preferred.
  • Experience managing a dedicated caseload of 50+ plans of varying complexity.
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