First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60 locations and assets of $5+ billion. We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century. First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.

This position specializes in the design and administration of more complex defined contribution retirement plans for small to medium-sized businesses. This individual is responsible for calculating data and evaluating the plan in order to adhere to legislative rules and regulations.

DUTIES & RESPONSIBILITIES

Interpret trust financial statements and exercise judgement with respect to required documentation for specific transactions and evaluate First American Bank's ability to act upon a request. Serve as the liaison between the relationship manager and client if additional documentation is needed.
• Independently perform compliance and nondiscrimination testing, including ADP/ACP, 410(b) coverage, top-heavy, 415 annual addition limits, and cross-testing. Must exercise judgement to determine data integrity to determine compliance issues. Make recommendations to relationship manger and client to bring the plan into compliance.
• Allocate employer contributions under cross-tested, pro-rata, and integrated formulas. Leverage expertise to validate the integrity of the formulas.
• Maintain knowledge and serve as a subject matter expert of retirement plan legislation and possess extensive knowledge of ERISA laws and regulations. Update procedures and train colleagues on compliance-related changes.
• Adapt policies/procedures to satisfy regulatory requirements-mentor other colleagues on procedures/guidelines. Assist with training and coaching for less experienced support staff on procedures, policies, and regulations-audit work prepared by other staff members.
• Effectively communicates the necessary regulatory information and requirements to clients in a way that can be easily understood by individuals who are not in the business. Discuss plan design changes with relationship managers.
• Leverage industry awareness, knowledge of regulatory expectations, and legal expertise to interpret guidelines.
• Review and interpret retirement plan documents.
• Reconcile census data to determine plan eligibility.
• Calculate and allocate employer contributions.
• Calculate and update vesting.
• Prepare trust financial statements.
• Prepare required governmental reporting forms (including but not limited to Forms 5500, 1099-R, 945, 5330).
• Prepare and process distribution packages for terminated, retired, or deceased plan participants.
• Calculate the amount available for loans and process loan paperwork.
• Review QDROs, calculate and process distributions to the alternate payee.
• Administer daily valuation plans, including processing payroll contributions, loan payments, dividends, participant transfers, and distributions in Relius.
• Consult directly with clients and their professional advisors regarding plan administration, compliance testing, loans, and distributions.
• Communicate with external auditors regarding plan audits.
• Manage time and assignments to ensure work is completed within the guidelines.
• Communicate with prior TPA, investment advisor, and client on takeover plans.
• Accompany relationship manager to meetings with clients and plan participants.

QUALIFICATIONS