Sr. Compliance Administrator (PCK333-209912) Houston, Texas
Sr. Compliance Administrator – Full Compliance Services Department
VALIC specializes in retirement savings and investment products and services, including individual variable and fixed annuities, group retirement products, mutual funds, financial planning and investment advisory services and guaranteed investment contracts.
VALIC has more than half a century of experience helping Americans plan for and enjoy a secure retirement and we are a leading provider to K-12 schools, higher education, and government and healthcare institutions. VALIC has been in the 403(b) market since its inception writing the first K-12 403(b) program almost 50 years ago.
This position will provide support to plan sponsors by providing the following activities: working with controlled and/or affiliated service groups; collection of census, plan, and client data; the input of employer data to a pension system and setting up proper plan files; monitoring plan activities, including contributions and distributions, for ongoing compliance with regulations; distribution and filing of amendments; preparation and filing of 5500/5558/5330 forms; performing all nondiscrimination testing (including but not limited to 402(g), 415(c), ADP, ACP, Top Heavy, Coverage - ratio percent and average benefits, 414(s) Compensation) and providing appropriate reports to employers; Provide Quality Review for team members.
• Successfully maintain a caseload of 22-27 plans of various size; complexities may include controlled groups and individually designed plan documents.
• Provide Quality Review for team members.
• Operating day-to-day administrative systems including ASC compliance testing system, Relius; VALIC record keeping system, departmental databases, and other document generation systems.
• Complex plan plan issues should be handled and or researched without intervention.
• Timely and accurately bill 100% of the fees for full service, partial service, and 5500 only cases within department standards. Follow-up on late or overdue client billings via second invoices and established procedures.
• Update the departments Plan Manager, PA Activity, Distribution, and Compliance Testing databases. Verify accuracy of the Distribution Restriction Messages (DRMs) to their respective plan provisions. Provide supplemental reporting to management as needed.
• Work closely with clients, the field, and Relationship Management to obtain census data and supporting documents from your clients. This includes regular follow-ups and documentation such as the census follow-up letters.
• Identify opportunities to consult with group clients to simplify and/or improve plan design. Partner with management to present proposed changes to clients.
• Perform most functions related to the compliance of assigned pension plans at VALIC, including coordination of work with employees in the Operations, Marketing, Law, and IT divisions.
• Meet all regulatory deadlines (ADP/ACP, Form 5330, Form 5500 or extension, 402(g), etc.).
• Attend seminars/trainings on IRS, DOL or Industry related issues and present findings to department.
• Support continuous improvement opportunities with department and cross-departmentally.
• Perform other duties as assigned
Within 6-12 months you would be expected to:
• Understand and articulate compliance testing results as well as plan design and plan document issues.
• Quality review for 100% accuracy
• Effectively communicate responses to email and telephone inquiries concerning client related issues as they apply to individual and group compliance testing and regulatory deadlines.
- Understand and articulate regulatory requirements
- Experience navigating through complex financial data and performing quality review
- Demonstrated ability in researching questions/escalations with full-scope understanding in order to provide exceptional client service
- Manipulate files to appropriate formats
- Demonstrate proficient to expert level skills in Microsoft Office especially Excel, Word and Access
- Technical aptitude to rapidly acquire expertise with various VALIC in-house systems