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Retirement Plan Officer/Consultant

Midland States Bank

Rockford, IL

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JOB DETAILS
SALARY
$89,950–$119,950 Per Year
SKILLS
Analysis Skills, Asset Management, Bank Secrecy Act, Banking Services, Business Development, Business Plan, Communication Skills, Compensation Management, Compensation and Benefits, Consulting, Customer Relations, Detail Oriented, Documentation, ERISA (Employee Retirement Income Security Act of 1974), Economics, Equity Securities, Federal Laws and Regulations, Fee Schedule, File Maintenance, Fixed Income Investments, Follow Through, Fundamental Analysis, Futures, Investment Analysis, Investment Management, Investment Services, Legal, Maintain Compliance, Marketing, Performance Reviews, Precision Testing, Presentation/Verbal Skills, Problem Solving Skills, Product Pricing, Regulations, Regulatory Compliance, Request for Proposals (RFP), Retirement Plan, Sales Prospecting, Service Delivery, Staff Training, Startup, Time Management, Willing to Travel, Writing Skills
LOCATION
Rockford, IL
POSTED
5 days ago
Position Title: Retirement Plan Officer/Consultant

Locations: Rockford_IL

Time Type: Full time

Req ID: JR1322-Rockford_IL

At Midland, we're proud to be a little different. You can see it in our bright orange signs-but there's more to it than that. With our heartfelt and personalized approach, we're focused on meeting every customer's needs with the brightest solutions.

For more than 140 years, we've learned by serving customers skillfully with dedication and follow-through, we can brighten every interaction to drive our collective success. And this goes beyond traditional banking.

We foster programs that empower our communities, continuously invest in our employees, and actively pursue brighter futures for all.

Our humble ambition keeps us growing, giving back, and looking ahead. We're innovating and optimizing our services to ensure we stay unique - providing strength you can count on with heart you can feel.

You might say we're unlike any other bank.

And you'd be right."

At Midland States Bank, base salary is one component of our Total Rewards program. Exact compensation is determined by factors such as (but not limited to) education, skills, internal equity, and experience. This position offers additional compensation in the form of short-term incentives (i.e. bonus and/or commission) and may include long-term incentives (i.e. stock awards). Benefits for this role include comprehensive healthcare, well-being benefits, paid family leave as well as generous paid time off. Total Rewards also include banking perks, an Employee Stock Purchase Plan, 401K plan with company match and may include the opportunity to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility requirements.

Retirement Plan Officer/Consultant

Salary Range: $89,950 - $119,950+ annually

Position Summary

Develops and manages qualified and non-qualified retirement plans (401(k), 403(b), 457, profit sharing, deferred compensation, top hat, and defined benefit) established by employers by interacting with employers through correspondence, face-to-face and virtual meetings, and employer's centers of influence (attorneys, accountants, consultants, and advisors). Service management includes, but is not limited to, ensuring that employers complete all IRS and DOL documents and amendments. Ensures delivery of services and communications to plan sponsors, trustees, administrators, and participants. Responsible for pursuing, developing, and growing assigned retirement plan book of business assets under management through additional retirement plan and rollover opportunities and responsible to identify new business opportunities for other bank departments from the assigned book of business to make referrals to the appropriate department(s).

Primary Accountabilities
  • Services a diverse book of retirement plan accounts that consists mostly of accounts ranging from start-up plans to mid-tier level accounts ($1 million - $6 million) with some large-tier level accounts ($7 million plus).
  • Manages the employer relationship regarding the retirement account.
  • Communicates with Retirement Plan Administrator II, Retirement Plan Enrollment/Education Specialist, and Retirement Plan Administrator I to understand and be aware of items that these individuals are working on in servicing the account as far as day-to-day administration and employee education.
  • Periodically reviews account fee schedules using Retirement Plan Services Pricing Model to determine the appropriate fee schedule for accounts that results in a profitable relationship for the client and the Bank.
  • Works with the client, Midland Investment Management Group and/or the assigned Portfolio Manager to select the appropriate investment line-up from the approved investment list prepared by Midland and conduct periodic fund analysis and performance reviews with the client.
  • Uses technical, compliance and plan knowledge to solve plan issues and communicate resolutions to clients.
  • Keeps updated on all changes in the law under ERISA, the Internal Revenue Code, DOL regulations and all other applicable federal regulations that affect the administration of retirement plans for the clients.
  • Consults with clients about plan designs to best meet goals of their program.
  • Collaborates with Retirement Plan Administrator to complete annual compliance testing and ensures accuracy per plan elections, as needed.
  • Coordinates and collaborates with Retirement Plan Specialist to facilitate and/or conduct on-site participant education meetings, as needed.
  • Develops new and additional business among existing customers.
  • Accurate and timely maintains account files, including correspondence, memoranda, and other required documentation.
  • Obtains all required documentation to open new accounts and to close accounts.
  • Ensures individual plan compliance with plan provisions.
  • Conducts face-to-face meetings and makes telephone calls to existing clients for purposes of keeping informed, maintaining and enhancing the relationship.
  • Participates in the business development and marketing efforts for retirement plans through contacting and meetings with prospects and other professionals.
  • Assists with completion of RFPs.
  • The role requires occasional travel for training and team meetings, and willingness to travel periodically, to locations within market as needed.
  • May require work in a Midland office to ensure collaboration and support of internal and external customers.
  • Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
  • Other duties as assigned.

Position Qualifications

Education/Experience:
  • Bachelor's Degree (four-year college or university).
  • 3-10 years of previous experience in administering and servicing retirement plans with a comprehensive understanding and knowledge of ERISA and federal regulations associated with the retirement plan industry.
  • 3-5 years previous experience in investment management or advanced credentials or certifications in investments or administration of retirement plans.
  • Experience in administering and servicing retirement plans with a comprehensive understanding and knowledge of ERISA and federal regulations associated with the retirement plan industry and previous experience in investment management.
  • 6 years minimum of experience in administering and servicing retirement plan.
  • Analytical skills to complete detailed fundamental analysis on asset allocation.
  • Understanding of fixed income, equity, and alternative investments.
  • Strong understanding of business and economics to research target companies and determine potentially profitable investments.
  • Ability to articulate ideas concisely.
  • Ability to work in a dynamic and fast past environment.
  • Demonstrated success working in team environment.
  • Ability to meet time constraints without constant supervision.
  • Excellent written and verbal communication.
  • Professionalism and courtesy in dealing with customers and bank employees.
  • High degree of accuracy with attention to detail required.

Competencies:
  • Business insight
  • Cultivates innovation
  • Drives results
  • Makes sound decisions
  • Being a brand champion
  • Collaborates
  • Communicates effectively
  • Customer focus
  • Being Authentic
  • Emotional Intelligence
  • Self development
  • Being flexible and adaptable

If you require reasonable accommodation in completing this application, interviewing, completing any pre-employment testing, or otherwise participating in the employee selection process, please direct your inquiries to Midland States Bank Human Resources at .

THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT

At Midland States Bank, we believe that when we can bring our whole selves to work each day, we become happier, more comfortable, more confident and more excited to do great things for our customers, each other and our company. We're proud to be an Equal Opportunity and Affirmative Action employer. At Midland, we recruit, employ, train, compensate and promote without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status. If you are looking for a place to grow, we encourage you to apply at Midland States Bank, because you belong here.

If you require reasonable accommodation in completing this application, interviewing, completing any pre-employment testing, or otherwise participating in the employee selection process, please direct your inquiries to Midland States Bank Human Resources at .

Midland States Bank may use automated tools and artificial intelligence ("AI") to assist with recruiting, screening, and hiring decisions. In accordance with the Illinois Human Rights Act (effective January 1, 2026), these tools are designed and monitored to be neutral and job-related, and must not be used in a way that discriminates against applicants or employees based on any protected characteristic.

THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT

Compensation details: 50 Yearly Salary

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About the Company

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Midland States Bank

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