Job Description:
Join First American Bank's Retirement Plan Services team as a Retirement Plan Relationship Manager supporting employer-sponsored retirement plans. In this client-facing role, you'll manage an assigned book of plan sponsor relationships, develop new business, and provide technical consultation on plan design, ERISA and IRS compliance, plan administration, participant education, and plan investments, working alongside internal teams and outside professionals (CPA, attorney, investment advisor).
This is an employer-sponsored retirement plan consulting position, not a wealth management or financial advisor role; a FINRA securities license is not required or sponsored. We're looking for an experienced retirement plan professional who understands qualified defined contribution plans and can turn complex regulatory and administrative issues into practical guidance for plan sponsors.
DUTIES & RESPONSIBILITIES
Retirement Plan Consulting & Plan Design
- Advise clients on all technical, regulatory, and problematic administrative issues and work with the administrative team on solutions.
- Develop appropriate plan design to meet client objectives, consult with client on recommendations, and implement proper changes as needed.
- Communicate and consult with outside plan professionals, including accountants, attorneys, and other First American Bank officers.
ERISA & Regulatory Compliance
- Review compliance items for completion and accuracy as necessary, such as periodic plan valuation, compliance test results, annual Form 5500, and attachments.
- Prepare any required IRS filing.
- Prepare for and support IRS/DOL client audits and represent clients before the Internal Revenue Service and Department of Labor.
- Maintain a current understanding of ERISA and Internal Revenue Code and keep up with industry trends.
- Consult with external auditors regarding plan audits.
Plan Sponsor Relationship Management
- Work with internal associates, clients, and vendors to ensure accurate and timely response to all outstanding client issues.
- Analyze client accounts for profitability, prepare timely billing, and ensure collection of fees.
- Meet with clients and perform enrollment/investment education meetings, as needed inclusive of one-on-one meetings with participants.
- Prepare investment returns utilizing monitoring application and being able to communicate analytical information to the client.
- Utilize resources to communicate detailed information on each financial offering.
- Work with the Investment Team on the development and ongoing review of the current plan investment menu and advise of any changes warranted, if applicable.
Business Development & Referral Relationships
- Solicit new business referrals and independently generate relationships with outside sources for new business development through personal and professional networking.
- Be an ambassador of First American Bank by sourcing and building beneficial relationships to meet or exceed assigned sales goals.
- Conduct and complete additional assignments/projects as designated by management.
QUALIFICATIONS
Required:
- Minimum six years in the retirement plan industry required with a strong defined contribution focus.
- Minimum three years’ relationship management/consulting experience.
- Strong knowledge of ERISA, the Internal Revenue Code as it applies to qualified retirement plans, and mutual fund offerings.
- Cold calling sales ability, with assertive, positive, and persistent style.
- High School degree or equivalent required.
- Excellent written and verbal communication skills, with the ability to tailor the message to the audience; sound professional judgment and strong interpersonal skills.
- Proficiency with Microsoft 365 products and the ability to learn new systems and applications.
- Regular day travel to clients throughout the Bank’s Chicago market, with occasional out-of-state travel. Typical hours are Monday through Friday, 8:00 a.m. to 5:00 p.m., with additional hours as business needs require.
Preferred:
- Bachelor’s degree preferred.
- Advanced degree or industry-specific designation preferred, such as ASPPA.
- Qualified military veterans are encouraged to apply.