Business Services Specialist

  • location: Bloomington, IL (remote)
  • type: Contract
  • salary: $25 - $35 per hour

job description

Business Services Specialist

job summary:
Our client is seeking a Business Services Specialist to support their retirement division. Qualified individuals should have experience with compliance, compensation management, documentation, Form 5500 preparation, and adhering to ERISA standards. Candidates should have excellent communication and organization skills.

 
location: BLOOMINGTON, Illinois
job type: Contract
salary: $25 - 35 per hour
work hours: 8am to 4pm
education: No Degree Required
 
responsibilities:
  • Calculate and process distribution requests that come into the department, including determining maximum distribution allowed, vesting computation and appropriate tax coding of distribution
  • Verify and process contribution and loan repayments to qualified plans through a double entry accounting system on 2 platforms (trust and recordkeeping)
  • Determine participant eligibility for accurate deposit of deferral contributions and understand match and profit sharing calculation work as well as allocation conditions to receive those contributions
  • May have some phone responsibilities to answer calls to our ACD line from reps, participants or plan sponsors
  • Ability to read and interpret plan document provisions in order to complete annual census reconciliation
  • Balance annual trust reports for clients and enter financial information into the IRS Form 5500
  • Calculation of year end employer contribution based on plan document provisions including true up determination
  • Completion of annual compliance testing for qualified plans including 402(g), Section 415, ADP, ACP, Coverage, Top Heavy and Comp Ratio
  • Review of corrective work and completion of QNEC calculation if needed
  • Late deferral review and ability to utilize DOL VFCP calculator to determine lost earnings and allocation of those earnings
  • QDRO review and segregation work upon request
  • Work closely with financial reps and BRS team for all activities associated with plans transferring in and out of CTB
  • Assist with initial plan design and fund selection at the time of conversion to a CTB product
  • Reviews and completes requested amendment work and sends out required disclosures and notices to participants
  • Prepares plan documents including adoption agreements, resolutions, service agreements, summary plan descriptions, investment funding policies, etc
  • Resolves client relations issues as they are presented, including corrective work associated with contribution and distribution errors
 
qualifications:
  • Experience level: Experienced
  • Minimum 2 years of experience
  • Education: No Degree Required
 
skills:
  • Business Analysis

Equal Opportunity Employer: Race, Color, Religion, Sex, Sexual Orientation, Gender Identity, National Origin, Age, Genetic Information, Disability, Protected Veteran Status, or any other legally protected group status.

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