Retirement Plan Manager
 S&C Electric Company | |
paid holidays, tuition reimbursement, 401(k), retirement plan
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 United States, Illinois, Chicago | |
| 6601 North Ridge Boulevard (Show on map) | |
 Nov 28, 2024 | |
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As an S&C Electric team member, you'll work on projects that have real-world impact. You'll help transform the grid for resilient and reliable power worldwide. S&C has more than a 100-year history of innovation and has been 100% employee-owned since 2012. We continue this legacy as a trusted, forward-thinking leader in the electrical industry. You will advance a safer, more reliable, and more resilient electrical grid. Our products help the grid adapt to severe weather and transition to clean energy. We're big enough to be a respected industry leader but small enough for you to impact our company directly. Our commitment gives you opportunities to impact on and off the job positively. Join S&C to make an impact on tomorrow's energy challenges and become an employee-owner! Hours
Competitive Monthly Pay Period Benefit Overview
Join Our Team as a Retirement Plan Manager! Are you passionate about human resources? S&C Electric Company is seeking a dynamic individual to coordinate our retirement planning function. As a Retirement Plan Manager, you'll be crucial in ensuring smooth operations and supporting our diverse team. The Retirement Plan Manager is responsible for administering all compliance aspects of S&C's KSOP program (a combined 401(k) and an Employee Stock Ownership Plan (ESOP). This individual contributor role ensures the accurate administration of retirement benefits and compliance with regulatory requirements and serves as the primary point of contact for internal and external plan partners. The Retirement Plan Manager is pivotal in continuously improving plan operations and ensuring alignment with company goals and industry standards. Key Responsibilities: * Plan Administration & Compliance: Acts as the plan administrator for S&C's retirement plans, including but not limited to, issue escalations, vesting schedules, plan documentation, and ESOP share management. Ensure all processes comply with ERISA, labor laws, and IRS regulations. Understands and complies with all applicable Company policies and regulations. [HS1] * Audit Support: Conducts regular audits of plan activities, including eligibility, diversification files, segregation of ESOP shares, and distribution requests. Complete compliance testing (e.g., ADP/ACP, 415, 401(a)(4)) to ensure the plans are in full regulatory compliance. Prepare and analyze data for non-discrimination testing and address any corrective actions needed. Lead audit committee meetings, ensuring participants have the necessary information to conduct audits. * Financial Modelling: Performs detailed financial modeling and forecasting to evaluate the company's repurchase obligations, contribution scenarios, cash flow projections, and ESOP repurchase liabilities. Conduct thorough reconciliations of plan contributions and distributions, ensuring accurate reflection of plan balances, and work with the Finance & Accounting function to support financial audits. * Third-Party Liaison: Serves as the primary liaison with external plan service providers, such as third-party administrators, recordkeepers, and auditors. Ensures timely and accurate transmission of plan data and serves as the point of contact for any service issues or escalations. Sits on the KSOP Admin Committee and supports the committee with data, information, and other resource requirements. * Shared Services Partnership: Partners with the Shared Services team, which oversees benefits, payroll, and other team member programs. Ensure alignment between retirement and benefits plans and communications, focusing on team members receiving cohesive service and benefits. * Plan Education & Outreach: Partners with the internal communications & shared services teams to develop materials to educate employees on plan benefits, changes, and key deadlines. Conducts informational sessions as needed and serves as a resource for employee questions related to the retirement plans. Provides comprehensive outreach on plan options, diversification strategies, and distribution processes. Responds to team member plan questions. * Contribution & Distribution Management: Oversees the calculation and administration of all forms of employer contributions, including core, transition, and matching contributions. Oversees the diversification and segregation processes and distribution requests and ensures accurate processing in compliance with plan terms. Administer the uncashed check process, ensuring timely follow-ups and compliance with escheatment requirements. * Plan Improvement: Provides insights and recommendations on plan design enhancements, taking into account industry trends, regulatory changes, and feedback from employees and plan partners. Collaborate with senior leadership to streamline operations, improve efficiency, and enhance the overall employee experience related to retirement benefits. * Budget Support: Supports the budget development for the company's retirement plans. Provides insights and data analysis to forecast future contribution needs, repurchase obligations, and plan costs. Assists with any ad-hoc strategic initiatives related to retirement benefits. What you'll Need To Succeed: * Bachelor's degree in business, Accounting, Finance, HR, Economics, or a related field. * 5+ years of experience working with U.S. retirement plans, particularly 401(k) plans. * Sound technical knowledge of retirement plans, including plan forecasting, modeling, compliance testing, eligibility audits, participant diversification oversight, distribution processes, and contribution calculations. * Rounded knowledge of U.S. retirement plan regulations, including ERISA, IRS, and DOL requirements. Experience in interpreting and applying regulatory changes to plan operations. * Familiarity with plan design and the ability to recommend improvements based on company needs and regulatory considerations. * Sound communication skills (written, verbal, listening, and presentation); able to liaise effectively with internal and external stakeholders to support decision-making and achieve desired results * Excellent analytical skills, especially related to retirement plan data. Ability to use technical acumen and analytical skills to analyze data and drive informed decisions, problem-solve issues, and leverage data and learnings to drive continuous improvement. * Proficient with Microsoft applications (Teams, SharePoint, Office applications, etc), including excellent Excel skills. * Ability to travel as required. Preferred: * Qualified Plan Administrator (QPA) * Qualified 401(k) Administrator (QKA) * 2+ years of experience involving ESOP administration. * Experience with non-discrimination testing and repurchase obligation modeling.[LF2] * Vendor management experience, particularly with third-party administrators, auditors, and legal advisors * Experience with retirement plan administration software. Ready to make an impact and become an employee-owner? Apply now to join our inclusive and innovative team! Explore open positions. S&C Electric is committed to equal-opportunity employment. All employees and applicants will be considered without regard to age, color, disability, gender, national origin, race, religion, sexual orientation, gender identity, protected veteran status, or any other classification protected by federal, state, or local law. If you are an individual with a disability and need an accommodation to complete the application, please email us at TAsupport@sandc.com. #LI-BB1 | |