What are the responsibilities and job description for the Retirement Planning Advisor I position at Utah Retirement Systems?
About The Company
Utah Retirement Systems provides retirement benefits for more than 250,000 Utah public employees, including teachers, firefighters, police officers, and others who serve their communities. URS administers eight pension systems and four retirement savings plans, providing financial security and peace of mind for thousands of Utah families. URS is a dynamic, complex enterprise that requires collaboration from talented employees across a diverse range of fields. We take pride in maintaining a positive team environment and excellent work-life balance. We offer a competitive salary, and our benefits far exceed what most modern employers offer.
Job Description
POSITION SUMMARY
Conducts individual retirement planning sessions, financial wellness sessions, and group seminars. Advises officials, members, and unit administrative personnel regarding retirement benefits and financial wellness principles and practices available through Utah Retirement Systems. Provides technical analysis of member retirement and defined contribution programs to facilitate quality retirement planning and program utilization.
ESSENTIAL JOB FUNCTIONS AND DUTIES
- Retirement savings plans (401(k), 457, Traditional IRA, Roth IRA).
- Investment options and allocations.
- Tier 1 defined benefit pension payout options including Partial Lump Sum Option (PLSO).
- Tier 2 retirement system options.
- Pension service credit purchasing decisions.
- Other retirement and financial related topics.
- Retirement savings plans (401(k), 457, Traditional IRA, Roth IRA). Various investment and retirement planning principles.
- Financial markets, trends, economic indicators, investment concepts and strategies, and the landscape of competitive products and fees/costs available to individual investors.
- Defined benefit retirement systems’ (Tier 1 and Tier 2) benefits and options.
- IRS limitations and rules.
- Social Security concepts and strategies.
- Target Date Fund strategies and the risks and benefits of investing.
- Risk and return characteristics of investment options.
- Quarterly account statements and investment rates of return. Calculates projected account growth and payout stream scenarios using financial calculators.
- Portability rules to participants with service in multiple defined benefit systems.
- Completing applications for retirement.
- Calculating cost vs. benefit comparisons for PLSO decisions, purchases, and re-deposits.
- Debt management, including debt reduction, refinancing, and payoff prioritization.
- Emergency fund status and funding.
- Cashflow analysis and budgeting.
- Other financial wellness topics.
- Paying off high-interest debt.
- Building up an emergency fund.
- Adjusting member budget expenses to prioritize member financial wellness goals.
- Consulting to discuss the utilization and determining educational needs, by the agency, of the services and provisions administered by URS.
- Enrollment and participation follow-up.
- Compliance for reporting and contribution requirements.
- Resolving retirement related problems and issues.
- Promoting financial wellness benefits.
Required Experience
Education and Experience
Bachelor’s Degree in finance, marketing, business administration, public administration, public relations, financial planning, organizational communications, or related field and two (2) years of pension/investment or related experience; or an equivalent combination of education and experience.
Must pass the Series 65 Uniform Investment Adviser Law Examination or Series 66 North American Securities Administrators Association within six (6) months of hire.
Certified Financial Planning designation is preferred. Other recognized retirement and/or investment-industry certifications are desirable.
Knowledge, Skills, and Abilities
This list contains knowledge, skills, and abilities that are typically associated with the job. It is not all-inclusive and may vary from position to position:
Required technical skills include the moderate knowledge and ability of:
- Microsoft Office Suite.
Required mathematical skills include working knowledge of:
- Calculating figures and amounts such as discounts, interest, commissions, proportions, percentages, and financial calculations.
- Working with mathematical concepts such as probability and statistical inference. The ability to apply concepts of basic algebra, fractions, percentages, ratios, and proportions to practical situations.
- Helping members project different retirement income sources.
- Conducting cost-benefit analysis to help members make important retirement planning and financial wellness decisions.
- Explaining complex financial/retirement planning concepts and developing /analyzing spreadsheets that are used in retirement planning.
- Projecting account growth and income stream scenarios using a financial calculator.
- Debt ratio guidelines and calculating amortization schedules.
- Emergency fund guidelines.
Must possess excellent communication skills:
- Develop and deliver presentations to various groups, both small and large.
- Effectively communicate with members in individual retirement planning and financial wellness sessions.
- Communicate both verbally and in writing.
- Written skills are needed in responding to respective employers and members’ questions and issues via email.
- Must be able to develop educational materials and PowerPoint presentations frequently.
Requires the moderate knowledge of:
- Purposes, principles, and theory of public retirement systems, retirement laws, financial services market, economy, taxes, investment and retirement planning, public relations concepts, and financial wellness guidelines, topics, and practices.
Must have the ability to:
- Follow written and verbal instructions.
- Prioritize work.
- Perform within deadlines.
- Mental application utilizes memory for details, verbal instructions, discriminating thinking, and problem solving.
- Work well in a team environment as well as independently.
- Multi-task by handling a variety of duties in a timely and efficient manner.
- Follow through with assignments.
- Deal effectively with stress caused by workload and time deadlines.
The incumbent must always demonstrate judgment, high integrity, and personal values consistent with the values of URS.
Work Environment
Incumbent performs in a typical office setting with appropriate climate controls. Tasks require a variety of physical activities which involve muscular strain, activities related to walking, standing, stooping, sitting, reaching, talking, hearing, and seeing. Common eye, hand, finger dexterity required to perform essential functions. Daily duties include lifting up to 50 lbs.
Position requires extensive in state travel for office business. Individual must be physically capable of safely operating a vehicle, possess a valid driver’s license, and have an acceptable driving record based upon data provided by a current Department of Motor Vehicle Record (MVR).
