Retirement Compliance Analysts – Form 5500 Series – Remote

OBJECTIVE 1:

1. 8 Retirement Compliance Analysts to conduct plan reviews of the current census data, and as necessary ERISA compliance plan testing consisting of:
   1. ERISA 401(k) plan annual compliance tests are the following:
      1. General Nondiscrimination Test (IRC 401(a)(4) (ADP & ACP)
      2. The Minimum Coverage Tests (IRC 401(b))
      3. Top Heavy Test (IRC 416)
      4. 402(g) limit test (i.e. employee deferral limit – $20,500 for 2022 – $27,000 if age 50 )
      5. 415 limits (i.e. $61,000 for 2022 – $67,500 for those age 50 )
2. This consulting unit will join an existing team performing all the preliminary functions to ensure all data is correct and available for the 5500-reporting team to complete the filing for each plan.
3. The Form 5500 Series was created under the Internal Revenue Code and Titles I and IV of the Employee Retirement Income Security Act (ERISA) to collect information about employee benefit plans, including health and pension plans.
   1. ERISA Form 5500 was created so the government can assess the financial condition, investments, and operations of all employee benefits plans. Fields on the form require the following information:
      1. Financial - a schedule of assets and liabilities (Schedule H or I).
      2. Insurance - information about each insurance contract used (Schedule A)
      3. Service provider - every service provider must be listed (Schedule C)
      4. Retirement plan - pension benefit plans must complete a separate schedule (Schedule R)
      5. Financial transactions - loans, fixed income obligations, leases in default, or uncollectible/nonexempt transactions (Schedule G)
      6. Actuarial details
      7. Accountant report

OBJECTIVE 2:

1. This exercise will occur concurrently with Objective 1
2. (6) Resources – 5 product specialists and 1 Unit PM
3. The entire 5500 filing process requires valid testing as described above and accurate financial transaction data related to plan balances, contributions, distributions, terminations, loans, dividends, etc.
4. This team will join a group of Trust Accountants who are on the ground performing reconciliation and exception resolution at the plan and participant levels of the transaction data posted to their internal recordkeeping systems and the Trust Custodians which are numerous brokerages and banks.
5. One the recon in complete and the plan is balance it too will be filtered into the 5500-reporting team for insertion into the filing.

These are remote projects.

I would anticipate significant O/T