At Midland States Bank, base salary is one component of our Total Rewards program. Exact compensation is determined by factors such as (but not limited to) education, skills, internal equity, and experience. This position offers additional compensation in the form of short-term incentives (i.e. bonus and/or commission) and may include long-term incentives (i.e. stock awards). Benefits for this role include comprehensive healthcare, well-being benefits, paid family leave as well as generous paid time off. Total Rewards also include banking perks, an Employee Stock Purchase Plan, 401K plan with company match and may include the opportunity to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility requirements.
Position Summary
The Retirement Plan Administrator works with Midland’s Third-Party Administrator(s) (TPAs) to ensure that the day-to-day retirement plan administration is completed and is in compliance with all state and federal regulations governing retirement plans. The Retirement Plan Administrator also works with Midland’s TPAs to ensure that all annual compliance testing reports and annual filings are in compliance with all state and federal regulations. This position is an individual contributor role.
Primary Accountabilities
Collaborates with Midland’s third-party administrators and other Midland vendors to handle all aspects of plan administration for retirement plan customers assigned.
Serves as the primary point of contact for clients, responding to inquires via phone and e-mail regarding plan administration issues.
Interprets retirement plan documents, as needed.
Assists TPAs to complete compliance testing and to prepare and distribute Annual Reports and participant disclosures, including IRS Form 5500.
Supports TPAs to process distributions, loans and hardships.
Conducts regulatory/compliance research, reading and reporting, as necessary.
Prepares annual Plan Reviews.
Collaborates with plan sponsors and TPAs on reconciliation of assets, census data verification, preparation of periodic employer reports and participant statements and completion of year end plan administration and compliance testing reports.
Assists with required plan corrections and any calculations regarding plan refunds of excess deferrals or contributions due to plan discrimination testing failures.
Works with TPAs to prepare plan participant eligibility reports and verify date of hire, dates of participation, service years and vesting.
Prepares Employee Enrollment/Education materials.
Coordinates receipt of new plan participant enrollment forms and works with TPAs to process new plan participant enrollment forms.
Coordinates receipt of plan participant loan, distribution, investment election change and hardship forms and works with TPAs to process forms.
Reviews plan sponsor payroll files or spreadsheets and submits data, as needed.
Researches issues and fields questions from company owners, plan sponsors, human resources and payroll personnel to insure resolution.
Works with TPAs to ensure all plan activity complies with applicable regulations and guidelines.
Ensures that employers’ and participants’ plan transactions are processed accurately by TPAs and other vendors.
Provides quality service to meet customer needs and resolve problems.
The role requires occasional travel for training and team meetings, and willingness to travel periodically, to locations within market as needed.
May require work in a Midland office to ensure collaboration and support of internal and external customers.
Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
Other duties as assigned.
Position Qualifications
Education/Experience:
Bachelor's degree or equivalent experience in Retirement Plan Services.
1-3 years related experience, e.g. banking, trusts, retirement plans, etc.
Understanding of different retirement plan types.
Ability to read and interpret retirement plan documents.
Professionalism and courtesy in dealing with customers and bank employees.
Ability to articulate ideas concisely and work in a fast-paced environment.
Skilled in building strong client relationships.
Knowledge of retirement plan administration and record-keeping is preferred.
Strong oral, written, and interpersonal communication skills.
Strong organization and time management skills.
Strong attention to detail.
Ability to work independently and as part of a team.
Competencies:
Business insight
Cultivates innovation
Drives results
Makes sound decisions
Being a brand champion
Collaborates
Communicates effectively
Customer focus
Being Authentic
Emotional Intelligence
Self development
Being flexible and adaptable
At Midland States Bank, we believe that when we can bring our whole selves to work each day, we become happier, more comfortable, more confident and more excited to do great things for our customers, each other and our company. We’re proud to be an Equal Opportunity and Affirmative Action employer. At Midland, we recruit, employ, train, compensate and promote without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status. If you are looking for a place to grow, we encourage you to apply at Midland States Bank, because you belong here.
If you require reasonable accommodation in completing this application, interviewing, completing any pre-employment testing, or otherwise participating in the employee selection process, please direct your inquiries to Midland States Bank Human Resources at HR@midlandsb.com.
THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT
