Job Details

Job Description

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.

As a Defined Contribution Retirement Plan Senior Administrator, you will serve as a subject matter expert in the full-cycle, A-Z administration and ERISA compliance of complex 401(k), profit sharing, and defined contribution retirement plans. You will work directly with plan sponsors, Relationship Managers, and professional advisors to ensure every plan you administer operates accurately, compliantly, and in the best interest of participants.

DUTIES & RESPONSIBILITIES:

Plan Administration & Compliance

• Independently perform all nondiscrimination and compliance testing, including ADP/ACP, 410(b) coverage, top-heavy, 415 annual addition limits, and cross-testing; identify data integrity issues and recommend corrective actions to plan sponsors.
• Reconcile employee census data to determine plan eligibility; calculate and update participant vesting in accordance with plan design and regulatory standards.
• Allocate employer contributions under cross-tested, pro-rata, and integrated formulas; validate formula accuracy and integrity.
• Interpret trust financial statements and reconcile retirement plan accounts; identify discrepancies and communicate resolutions to clients.
• Develop periodic balance sheets and income statements for plan review.

• Prepare valuation reports and participant statements.
• Prepare required government filings, including Forms 5500, 1099-R, 945, and 5330.
• Process payroll contributions, calculate loan availability, and manage associated loan documentation.
• Prepare and process distribution packages for terminated, retired, or deceased plan participants.
• Review Qualified Domestic Relations Orders (QDROs) and process distributions to alternate payees.

• Serve as the liaison between plan sponsors and Relationship Managers; translate complex ERISA regulations and qualified plan requirements into clear, actionable guidance for non-specialist clients and their professional advisors.
• Communicate directly with plan sponsors, CPAs, attorneys, investment advisors, and prior TPAs regarding plan administration, plan takeovers, and plan design changes.
• Accompany Relationship Managers to client and participant meetings; support plan presentations and design discussions.
• Coordinate with external auditors during plan audits; collaborate with management to resolve audit findings.

• Maintain deep, current knowledge of ERISA, the Internal Revenue Code, SECURE Act/SECURE 2.0, and qualified plan regulations; serve as the team's subject matter expert on retirement plan compliance.
  Participate in ongoing industry education and professional credentialing (ERPA, QKA/ASPPA, or equivalent); update internal procedures and train colleagues on compliance-related regulatory changes.
• Review and audit work completed by Defined Contribution Retirement Plan Administrators and support staff; mentor junior team members on policies, procedures, and regulatory standards.
• Manage time and prioritize caseload effectively to meet plan sponsor deadlines and service commitments.
• Assist with additional assignments and special projects as designated by management.

• High school diploma or equivalent required.

• Minimum 4 years of experience in defined contribution (401(k) / profit sharing) retirement plan administration, including recordkeeping, compliance testing, plan conversions, and trust accounting.
  Comprehensive, working knowledge of ERISA and the Internal Revenue Code (IRC) as they apply to qualified retirement plans.
• Demonstrated ability to independently perform A-Z plan administration, including nondiscrimination testing, government filings, and plan document interpretation.
• Qualified military veterans are encouraged to apply.

• Strong written and verbal communication skills, including the ability to translate complex retirement plan regulations into clear, accessible guidance for plan sponsors and participants who are not specialists in the field.
• Demonstrated ability to communicate effectively across multiple audiences - including clients, professional advisors, Relationship Managers, and external auditors - adapting tone and message to the situation.
• Professional, client-facing presence with sound judgment, a collaborative approach, and the ability to balance organizational and client interests.

• Proficiency with Microsoft 365 products and applications, including Word, Excel, and Outlook; ability to effectively prepare and review documents, reports, and procedures.
• Demonstrated ability to learn new systems and adapt workflows as a result of system upgrades or platform transitions.

• Occasional travel to other First American Bank locations, bank functions, and training facilities may be required.

• Standard schedule is Monday through Friday, 8:00 a.m. to 5:00 p.m.
  Additional hours are required January through March (peak filing season) and as needed for special projects.

• Bachelor's degree with an emphasis in Business, Finance, or Accounting preferred; equivalent professional experience combined with active ERISA credentials will be considered.

• Experience administering complex plan designs, including cross-tested, new comparability, and integrated profit sharing plans.
• Background in plan takeovers and coordination with prior TPAs, investment advisors, and plan sponsors during the transition process.
• Familiarity with SECURE Act and SECURE 2.0 regulatory updates and their impact on qualified plan administration.

• Experience presenting plan information to plan sponsors, participants, and professional advisors in a client-facing setting, either independently or alongside a Relationship Manager.

• Experience with Relius administration software and FT William (ftwilliam.com) Form 5500 preparation software strongly preferred.
• Familiarity with additional retirement plan recordkeeping or compliance platforms is a plus.

• Professional credentials such as ERPA (Enrolled Retirement Plan Agent), QKA (Qualified 401(k) Administrator - ASPPA), QPA (Qualified Pension Administrator), or equivalent are strongly preferred and supported.