Compliance Coordinator I
Employment Type : Full-Time
Department Responsibilities: A Compliance Coordinator II in Compliance Services is expected to work under well-established guidelines and general supervision to ensure team quality production deliverables. The responsibilities of a Compliance Coordinator II include completing year-end activities for Ascensus clients in order to maintain compliance with IRS regulations and to continue to gain knowledge in these technical areas to move to a Compliance Services Consultant.
Skills/Competencies:
- Communication Skills - Communicates with peers, colleagues (including leadership), and clients on a regular basis and periodically with partners. Demonstrates ability to confidently explain and/or document complex processes in a clear and easy to understand manner. Required to influence and gain cooperation from others (including clients/partners).
- Technical Knowledge - Moderate ERISA knowledge or job specific technical knowledge Demonstrates technical expertise in more than one area within Operations and has functional knowledge of other areas within Operations.
- Problem Solving- Identifies and solves complex problems for a variety of processes with no clear resolution. Consistently takes ownership of problems. Able to effectively document/explain solution.
- Detail Oriented Vs. Big Picture- Considered a SME on the process(es) of the business unit. Often relied upon by other business units to identify implications of change to the process(es) as owned by the business unit.
- Conflict Resolution - Addresses conflicts with team as well as with peers across teams within business unit. Understands when issues across teams require escalation and who to escalate to
- Training/Mentoring - Considered a subject matter expert (SME) that is looked upon as a resource by training team when new modules are being created and initially presented. Understands process flows related to their department in depth and can effectively communicate them.
- Risk Taking/Decision Making - Independently makes decisions on participant or plan level transactions and recognizes new "outside the box" situations and escalates those appropriately.
- Planning/Organizing - Generally plans up to a week or two in advance in order to meet departmental goals as defined. Generally planning in conjunction with entire team and taking lead in this planning process.
- Time Management/Prioritization - Understands the priorities of the department. Can accommodate working on both daily work and project work at the same time. Responsible for managing own tasks and occasionally for shared team tasks.
- Work Style - Works well independently while actively engaging a strong team environment. Encourages participation from others, and welcomes/requests viewpoints to look for common ground and win/win solutions. Consistently conveys the overall goals of thedepartment/organization over the achievement of personal goals.
- Initiative/Work Ethic - Proactively sets daily responsibilities to ensure deliverables are met. Proactively seeks out opportunities for additional responsibilities. Regularly participates in organizational/departmental projects. Proactively seeks feedback, engages in training opportunities, and applies training to daily functions/tasks.
Job Duties/Responsibilities:
- Demonstrated knowledge of annual Compliance testing (ADP/ACP, 410(b). 415, 402(g)) as required for clients. Included will be collecting corrective data from clients, regeneration of new Compliance testing package and quality control and review of regenerated testing to ensure requested corrections have been applied and client expectations have been met.
- Partnering with ESS (Employer Services & Solutions) to secure client approval for year-end testing authorization. Review of plans authorizing corrective action due to a failing test result to determine if any corrective action is required. If corrective action is required, YES will be responsible for calculating and processing the corrective distributions as required by IRS regulations.
- Ability to reconcile reports from prior record keeper to prepare financial schedules required for Form 5500 and Compliance Testing in the first year.
- Understand employer contribution calculation by owning the initial review of the request. Evaluate to verify the adoption agreement allows for the calculation request, along with verifying the client provided an objective and participant census.
- Calculation, Quality Control (QC) and investment of requested employer contributions - Profit Sharing integrated, QNEC, QMAC, Match contributions and review of plan document to ensure that provisions have been correctly applied to the calculation.
- Calculation, Quality Control (QC) and investment of requested employer contributions. This assignment may include new comparability, integrated and cross-tested formula contributions and review of plan document to ensure that provisions have been correctly applied to the calculation.
- Preparation of employer annual contributions and the ability to participate on client conference calls to review the plan study and plan design.
- Preparation and QC of non-automated testing including, but not limited to, non-discrimination testing, dual eligibility testing, divisional testing, combined testing and coverage testing. Ensure the plan document provisions are applied in the prepared test, confirm census data, and confirm the output contains the correct formulas.
- QC of annual Top-Heavy monitoring, corrections and re-generation of testing for any client with Top Heavy testing requirements.
- Preparation and QC of IRS Form 5500 filing, inclusive of all appropriate schedules and reconciliations.
- Support ESS teams through timely comment resolution and phone support. Provide clear and concise communication regarding overall service expectations, as well as procedures and time frames, to client related questions that require further research and analysis.
- Participation in client and/or client auditor conference calls.
- Partner with Ascensus Training Department on planning, preparation and facilitation of annual training curriculum in the defined subject area.
- Lead or support annual post mortem analysis for functional tasks.
- Participate in annual review of Compliance Services procedure updates.
- Train/mentor associates supporting the defined functions to ensure compliance with process and procedures.
- Successfully monitor follow-up on assigned items, including seeing problems to resolution and closure.
- Successfully monitor follow-up on assigned items, including seeing problems to resolution and closure. Escalate client trends or issues to appropriate YES Management.
- Achieve service level goals established for each financial partner.
- Identify areas in which automation or system enhancement could increase productivity. Work with a team member and Leadership to implement approved changes.
- Ability to take lead or participate on special projects within the Compliances Services department or represent Compliance Services on cross-departmental projects or initiatives. This includes working with Complaince Services Associates to implement efficiencies or process improvements approved by Management. This also includes leading or participating on special projects and reporting back to Management team with status updates.
- Documentation of written procedural changes as a result of participation in post mortems, recommended efficiencies or enhancements to improve clarity of written procedures.
- Excellent presentation skills, oral and written communication professionalism and etiquette, client service skills and time management proficiency.
- Train other associates on all responsibilities identified in this job description.
- Assist in training other associates within organization by supporting compliance training classes as a Subject Matter Expert for any Complaince Services responsibilities.
Additional Requirements:
- Bachelors degree in Accounting, Business Administration, Mathematics, or equivalent work experience
- 4 years industry experience in retirement services environment, including compliance testing and 5500 experience.
- Solid knowledge base of ERISA, DOL and IRS regulations, and plan documents (individually designed and prototype).
- Familiarity MS-Office software applications, including Excel, PowerPoint and Word (familiarity with Access preferred)
- Ability to make dependable judgments concerning issues which, if mishandled, have the potential to create financial and client relations liabilities for company.
- Ability to work within a team structure to ensure common goal of providing exceptional customer service.
- Ability to work well under pressure with multiple priorities, and meet firm deadlines.
- Experienced account reconciliation skills, including ability to interpret “outside” trust statements.
- Excellent math, analytical, and problem resolution skills.
- Excellent written and oral communication skills. The ability to communicate effectively (clearly, concisely and professionally) with all levels within the Ascensus organization.
- Detail oriented with strong organizational skills.
- Ability to work overtime as necessary
"The I-Client philosophy and the Core Values of People Matter, Quality
First and Integrity Always should be visible in your actions on a day to
day basis showing your support of our organizational culture.
At Ascensus, we aspire to make a difference for others. We are a technology-enabled services company that helps people save for retirement, education, and healthcare through our network of institutional, financial advisor, and state partners. Our culture is guided by sound principles, is committed to high standards, operates with transparency, and welcomes diversity—housed within our Core Values: People Matter. Quality First. Integrity Always.®
As a leading independent recordkeeping services partner, retirement plan third-party administrator, and government savings facilitator, we aim to hire associates who find pride in going to work every day knowing that they help more than 12 million people save for what matters.
Ascensus provides equal employment opportunities to all associates and applicants for employment without regard to ancestry, race, color, religion, sex, (including pregnancy, childbirth, breastfeeding and/or related medical conditions), gender, gender identity, gender expression, national origin, age, physical or mental disability, medical condition (including cancer and genetic characteristics), marital status, military or veteran status, genetic information, sexual orientation, criminal conviction record or any other protected category in accordance with applicable federal, state, or local laws (“Protected Status”).