Retirement Plan Administrator

📋 Description

• • As a Retirement Plan Administrator at Brown & Brown Insurance, you will be entrusted with the comprehensive oversight and management of the organization’s retirement plans throughout their entire lifecycle. This pivotal role demands a seasoned professional with deep technical acumen, unwavering sound judgment, and exceptional leadership and communication capabilities. You will be instrumental in ensuring the seamless operation and compliance of our retirement offerings, acting as a central point of contact and expertise.
• • Your primary responsibility will be to ensure that the retirement plan is administered meticulously in strict accordance with the established Plan Documents. This involves a deep understanding of the legal and regulatory framework governing retirement plans, including ERISA and IRS/DOL guidelines.
• • You will execute and/or supervise the day-to-day plan administration activities. This includes managing critical processes such as file submissions to recordkeepers, coordinating closely with recordkeepers to ensure accuracy and timeliness, and providing exceptional assistance and support to plan participants (teammates).
• • A significant aspect of this role involves acting in a fiduciary capacity. You will operate on behalf of and as directed by the Investment Committee, upholding your responsibility to ensure full compliance with ERISA and all other applicable regulations. This requires a high degree of ethical conduct and diligence.
• • Ensuring the timely and accurate remittance of records and files to the recordkeeper is paramount. You will establish and maintain robust processes to guarantee data integrity and prevent any disruptions in plan operations.
• • You will serve as a key internal resource for critical compliance functions. This includes providing expertise on ADP/ACP testing, top-heavy testing, and general ERISA, IRS, and DOL compliance matters. Your guidance will be essential in navigating complex regulatory landscapes.
• • Coordinating the annual Form 5500 filing with external auditors is a core duty. You will manage this process efficiently, ensuring all required documentation is accurate and submitted on time.
• • Performing thorough record audits is essential to maintain plan health. This includes detailed reviews of eligibility criteria and deferral elections to identify and rectify any discrepancies.
• • You will be responsible for managing teammate communications related to the retirement plan, ensuring clarity, accuracy, and professionalism. Providing exceptional customer service to our teammates is a top priority.
• • Communicating plan changes and updates effectively to all stakeholders is crucial. You will develop clear and concise messaging to keep participants informed of any modifications to the plan.
• • You will review plan statements and participant accounts with a keen eye for detail, answering teammate questions thoroughly and professionally. Your ability to explain complex plan features in an understandable manner will be highly valued.
• • Collaboration is key in this role. You will work cross-functionally with various departments to effectively communicate eligibility requirements, enrollment processes, deferral election options (e.g., pre-tax, Roth, after-tax), and other plan features.
• • You will provide essential support for participant-initiated actions such as loans, distributions, Qualified Domestic Relations Orders (QDROs), rollovers, and Roth rollovers, ensuring all transactions are processed accurately and in compliance with plan rules.
• • Providing support for teammates experiencing life events such as terms, rehires, and those joining through acquisitions is also part of your remit. You will ensure a smooth transition and continued access to their retirement benefits.
• • A critical function will be performing operational reviews of acquired plans. This proactive approach aims to identify any potential issues such as missed contributions, late deferrals, or pending IRS/DOL audits, allowing for timely remediation.
• • You will meticulously review hardship and loan documents to ensure accurate handling and compliance, particularly during the complex process of plan mergers.
• • Assessing and recommending needed written amendments or adoption agreements during plan integration will be a key contribution to harmonization efforts.
• • You will work closely with legal teams, auditors, and consultants to manage the intricacies of plan termination and the final Form 5500 filings, ensuring all legal and regulatory requirements are met.
• • Coordinating with recordkeepers on mapping old investment funds to new options and facilitating seamless plan-to-plan transfers will be vital for successful plan integrations and transitions.