First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60 locations and assets of $5+ billion. We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century. First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.
The Defined Contribution Retirement Plan Manager plays a leadership role, overseeing a team and managing the administration of assigned plans within one of the defined contribution teams in the Retirement Plan Services Department. This position involves direct management of staff but also active collaboration with other department managers to ensure the highest standards of accuracy and timeliness in all administrative tasks. The manager will lead initiatives, drive process improvements, and ensure compliance with all relevant regulations.
DUTIES & RESPONSIBILITIES:
- Directly manage the daily activities of employees within the department, coordinating and prioritizing requisite duties and daily assignments while appraising employee productivity and performance. Compose and deliver performance evaluations.
- Responsible for employee hiring, training, staff development, scheduling, and direct assistance with coverage of daily workloads when needed. Monitor work standards and adherence to company policies. Proactively deliver feedback to direct reports to promote staff development, and administer corrective action as needed.
- Provide the required services to properly administer and retain a caseload of small to medium size retirement plans (inclusive of 401(k), profit sharing, ESOP, Non-Qualified, 403(b), Cafeteria/Welfare Benefit Plans).
- Review and interpret plan documents to understand all plan parameters and compliance related items.
- Complete review of full plan administration for completeness and accuracy (i.e., all compliance testing, plan investment account reconciliations, eligibility and vesting determination, calculation and allocation of employer contributions, governmental reporting forms, loans/distributions, etc.)
- Communicate and consult directly with plan sponsors, plan participants, and professional advisors with respect to assigned plans.
- Participate in client meetings with the Relationship Manager when necessary.
- Assign and manage workload to ensure accuracy and completeness in a timely manner.
- Communicate with Retirement Plan Consultants and staff on all aspects of plan administration and discuss problematic issues and consult on corrective measures.
- Consult with external auditors regarding plan audits as well as prepare and support IRS/DOL client audits with the guidance of our legal manager.
- Maintain knowledge of current and proposed retirement plan legislation as well as identify industry trends.
- Conduct and complete additional assignments/projects as designated by management.
QUALIFICATIONS:
- High School diploma or equivalent required.
- Professional credentials (i.e., ERPA, QKA, etc.) are preferred.
- Minimum of five years in third party administration in the retirement plan industry with a high degree of familiarity and understanding of ERISA and the Internal Revenue Code required.
- Minimum of one year of management experience required.
- Must be professional, comfortable speaking with external and internal contacts with a demonstrated ability to tailor the message appropriately to the audience and situation effectively.
- Demonstrated ability to convey thoughts and ideas effectively and succinctly via written formats, including emails, letters, and electronic platforms. Maintain professional standards relating to spelling and grammar.
- Maintain credibility through professional demeanor, appearance, and presence by modeling standards appropriate to our environment and industry.
- Maintain good working relationships with internal partners by exhibiting exemplary interpersonal skills, adopting a constructive, solutions-focused approach.
- Use sound professional judgment to balance the interests of the organization and customer, understanding and using available resources to mitigate risks.
- Proficiency with Microsoft 365 products and applications, including the ability to effectively prepare or review documents, procedures, and reports.
- Relius Administration and FT William 5500 software experience preferred.
- Demonstrated ability to learn new systems and applications, as well as the ability to understand, adapt and adjust responsibilities/workflows as a result of system upgrades.
- Occasional travel to other First American Bank locations, Bank functions, and training facilities may be required.
- Typical schedule is Monday through Friday 8:00 a.m. to 5:00 p.m. Additional hours may be required depending upon business need.
- Additional hours required January through March and as needed for special projects.
- Punctuality is required to maintain First American Bank’s customer service standards.