What are the responsibilities and job description for the Retirement Benefits Specialist position at Stearns Bank NA.?
Job Description
Job Description
Come Grow with Us and Join an Award-Winning Organization! Stearns Bank is looking for a Retirement Benefits Specialist. This is a remote-hybrid position at our St. Cloud bank branch location in Minnesota.
JOB SUMMARY
Manage and administer the company’s retirement benefit programs for employees within our organization. Provide guidance, support, and education to employees regarding their retirement plans, ensuring compliance with legal and regulatory requirements. Work closely with internal teams to develop, implement, and maintain retirement benefit programs that align with our company’s goals and objectives. This position will also provide support to the various functions with the Human Resources the team.
Starting annual salary of $55,000.00. Employment offers will be dependent upon the selected candidate’s relevant qualifications and experience.
RESPONSIBILITIES
Administration of Retirement Plans
- Manage and oversee the daily operations of employee retirement plans, including Employee Stock Ownership Plan (ESOP), 401(k), and other retirement saving programs.
- Work with ESOP / 401k Committee to monitor and analyze retirement plan performance, fees, and expenses to ensure the plans are competitive and meet the needs of the employees.
- Coordinates the year-end administration process for all retirement plans to include establishing timelines with Principal, gathering data, generating reports, statement preparation, annual testing, etc.
- Create and monitor reports for preliminary ESOP distributions of separated employees to assist in determining future cash needs.
- Work in tandem with Principal on the ESOP distribution process. Ensure eligibility reports are accurate, monitor participant elections, create letters, promissory notes, amortization schedules, issue checks, etc.
- Prepare and submit for processing all Letter of Credit applications. Monitor annual renewals and assist participants with related questions.
- Manage the annual note payment process. Review ITI generated report for accuracy, confirm interest calculations, print and mail checks.
- Manage and maintain administration task calendar. Ensure all tasks are completed timely.
- Assist Trustees and Finance team with gathering documents for the annual ESOP valuation process.
- Be an active member of the ESOP / 401k Committee. Take notes and follow up on any open-ended items.
- Monitor all tasks generated by recordkeeper through online portal. Act on any action items.
- Work through plan amendments when needed. Work with legal counsel as need and ensure that documents are executed properly and forwarded on to auditors and recordkeepers.
- Coordinate annual ESOP recognition for both new and fully vested participants. Determine participants being recognized, work with ESOP Advisory Committee to determine gift, and ensure all get distributed timely.
- Perform reconciliations on all bank accounts tied to ESOP / 401k accounts.
Employee Guidance
Compliance and Reporting
Vendor Relations
Data Management
Human Resources Support
REQUIREMENTS
QUALIFICATIONS
THE COMPANY
Founded in 1912, Stearns Financial Services Inc. (SFSI) is a $2.4 billion well-capitalized, independent financial holding company based in St. Cloud, Minnesota. Specializing in nationwide small business lending and equipment financing, Stearns has maintained outstanding customer service, fast decisions, and customized finance solutions to their customers for decades.
Stearns Bank has earned itself a stellar reputation amongst customers and competitors alike. This reputation goes beyond just word-of-mouth, as Stearns has been recognized by the Independent Community Banker’s Association (ICBA) as a top-performing bank in the nation based on a 3-year average Return on Assets for banks $1 billion or more. Stearns has also been recognized by American Banker as a top-performing bank in the nation over a 3-year period for Return on Equity for banks from $2 billion to $10 billion.
As a Star Tribune Top Workplaces award recipient and an award recipient of the Minnesota Business Magazine 100 Best Places to Work in Minnesota, Stearns takes pride in their team and holds their employees in extremely high regard. We offer a competitive salary and benefit package including our Employee Stock Ownership Program-one of the best long-term incentive programs in the nation.
EQUAL OPPORTUNITY EMPLOYER / AFFIRMATIVE ACTION PLAN
We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, or creed, religion, sex, marital status, familial status, sexual orientation, national origin, age, disability, veteran’s status, status with regard to public assistance, or any other class protected by Federal, State, local laws governing nondiscrimination in employment.
Salary : $55,000
