What are the responsibilities and job description for the Senior Compliance Analyst position at Ascensus?
Newport, an Ascensus company, helps employers offer their associates a more secure financial future through retirement plans, insurance and consulting services. Newport offers comprehensive plan solutions and consulting expertise to plan sponsors and the advisors who serve them. As a provider and partner, Newport is independent, experienced, and responsive.
Job Summary : Performs compliance testing, document support and government forms preparation for complex retirement plan clients. Ensures that assigned plans remain tax qualified by meeting all IRS and DOL reporting and testing requirements, including reporting on all accounting and financial activity for the plan. Communicates with plan sponsors to update and correct required data necessary to perform various testing required by government regulations (ADP, ACP, 415, 401(a)(4), coverage and top heavy testing).
Essential Functions Reasonable accommodations may be made to enable individuals with disabilities to perform these essential functions .
Investigates and clarifies client data or census problems
Prepares non-discrimination tests, top heavy tests, coverage tests, 415 annual addition tests on larger and more technically complex plans, including additional compliance testing that must be done such as 401(a)4
Review of testing and / or Government Forms
Maintains client database and enters changes into record keeping software
Completes testing and ensures quality control audit is performed
Serves as technical expertise to compliance analysts and provides resolutions to support business
Allocates employer profit sharing, matching and / or money purchase pension contributions based upon plan provisions and submits to plan sponsor for approval
Calculates contribution corrections or top-heavy minimum contributions for plan sponsors
Communicates test results and recommends solutions to client when specific failures are identified
Produces reports from record keeping system for preparation of government forms for client
Prepares Form 5500 and related schedules using government forms software
Submits financial reports and Form 5500 package for review, correction, approval and submission to client and governing agency
Prepares plan document restatements and amendments as requested by plan sponsor. Interprets prior plan document history
Works with administration team to produce distributions or allocations of contributions or forfeitures based upon client approval, and ensures deadlines are identified and met
Consults on, recommends, and implements resolutions to client issues, satisfaction, response and any other items necessary to assure customer loyalty
Maintains current awareness and understanding of legislative changes, IRS rulings, and expert opinions related to the processing of retirement plans
Research new issues to determine their impact on plan qualification status and communicates with manager on daily processing issues
Consistently meets and / or exceeds performance expectations with the ability to work under pressure in a very fast paced environment
Focuses on learning in everyday activities and events
Collaborates with and openly shares knowledge with colleagues
Regular, reliable, and punctual attendance
Management Responsibilities (None)
Required Education, Experience and Certificates, Licenses, Registrations
Bachelor’s degree in a business-related field or industry experience, or a combination of education and industry experience
4 years’ experience in employee benefits
Experience in testing and 5500
Strong MS Office skills
Preferred (but not required) education or skills for this role
ASPPA certification
ASC preferred
Competencies
Analytical
Avid Learner
Builds Collaborative Relationships
Customer Oriented
Detail Oriented
Excellent Verbal and Written Communication Skills
Information Seeker
Judgement
Planning and Organizing
Problem Solver
Resourceful
Team Player
Time Management
TRAVEL : Up to 5%
OTHER DUTIES
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.
Be aware of employment fraud. All email communications from Ascensus or its hiring managers originate from @ascensus.com or @futureplan.com email addresses. We will never ask you for payment or require you to purchase any equipment. If you are suspicious or unsure about validity of a job posting, we strongly encourage you to apply directly through our website.
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”).
