Retirement Plan Administrator

Retirement Plan Administrator
City of Longmont, Colorado
 Longmont, Colorado
Job Description

Definition:

Under the supervision and direction of the Chief Financial Officer, organize, coordinate and manage the retirement plans of the City including three defined benefit plans, three defined contribution plans, a deferred compensation plan, and a retirement health savings plan. Work with the boards of these retirement plans to select plan providers and consultants, establish investment objectives, select investment funds and/or managers, and monitor investment performance. Responsible for plan administration and compliance. Establish and oversee the participant education programs. Work with staff from Finance and Human Resources to assist plan participants in retirement benefit enrollments, separations and retirements.

Principal Duties:

In conjunction with and under the direction of the Chief Financial Officer, the position will develop the overall strategy for the retirement plans to meet the goals of the City, the retirement boards, and the plan members. Serve as liaison to the retirement boards. Schedule quarterly and special meetings of the Boards. Prepare agendas for the meetings. Record the meeting, take notes, and prepare minutes. Forward correspondence to the Boards. Submit periodic terminations and retirements from the GERP to the Board for approval. Serves as principal liaison for the City and the Boards with the recordkeepers, investment consultants, investment managers, trustees, actuary, attorney and any other agents and agencies as required. Provide the Boards with timely and relevant information arising from or connected with the operations of the plans to facilitate timely and effective decisions. Implement the Boards’ decisions in the operations of the plans. Review annual actuary reports and recommendations on the defined benefit plans. Recommend annual contribution rates for the defined benefit plans to the Boards and to the City Council. Direct Accounting & Budget staff regarding changes in contribution rates in a timely manner in advance of implementation dates. Conduct searches for investment & plan consultants. Work with those consultants to conduct searches for vendors to provide services such as: banking /trustee services, recordkeeping, investment managers, and legal services. Interprets, explains and justifies, orally and in writing, retirement plan policies and procedures. Consults with legal counsel as needed in this regard. Counsels plan members on plan related questions and concerns. Monitors compliance of the retirement plans with state and federal regulations. Consults with legal counsel as needed in this regard. Enacts amendments to the plan documents through an Ordinance to adhere to changes in the regulatory environment. Working with plan recordkeepers, maintains an ongoing comprehensive and diverse education program for plan members. Responsible for determining that HR and Accounting staff have effectively transmitted all enrollment and withdrawal data to the recordkeeper, transmitted all member and payroll information annually to the actuary, and that all biweekly contributions are transmitted on a timely basis. Monitors and reviews the vendor contracts including the recordkeepers, the investment consultants, and the actuary. Reviews and approves vendor invoices for payment. Monitors forfeiture balances in the defined contribution plans and makes periodic decisions on the use of the forfeitures. Submits requests to the recordkeepers regarding the use or application of forfeitures. Responds to all policy, procedure or special situation questions raised by the CFO, Retirement Board members, or other city employees and plan members. Reviews and recommends periodic cost of living adjustments to the retirement benefits of the defined benefit plan members dependent on plan funding status, budgetary constraints and within the limits of TABOR. On board new Retirement Board members with information on the plan including the plan document, the Investment Policy Statement (IPS), quarterly investment performance reports and fiduciary responsibilities. Oversee the 457 deferred compensation retirement plan including encouraging voluntary enrollments through communications and presentations. Coordinate enrollments and educational presentations with the recordkeeper. Oversee the Retirement Health Savings Plan including responding to members requests for assistance and insuring that the plan is complying with annual IRS reporting requirements. Work with the City Clerk office to schedule elections related to the Police & Fire defined contribution plans including plan amendments as needed and annual election of new board members. Meet with plan members as needed to answer general retirement plan questions or concerns or to explain investment options of the defined contribution plans. As needed, directs plan members to the appropriate resources to get their questions properly answered. Meet with plan members of the GERP requesting retirement benefit projections. For members approaching retirement, request projections from the actuary as needed. Respond to requests for information from the public regarding the retirement plans including investment holdings and Retirement Board decisions. Maintain historical records of the retirement plans including performance reports, watch lists, manger evaluations, and meeting minutes to provide a record of the Retirement Boards performing their due diligence. Maintain and communicate information on the retirement plans to the participants through articles in city newsletters, email alerts, new employee orientation information, plan descriptions, and posting information on the City intranet. Conduct periodic audits of retirees and beneficiaries of the defined benefit plans. Support the City and Department values, goals, objectives and business strategies. Performs essential duties and additional tasks in a manner which enhances City Attributes.

Working Environment:

Work is generally performed in a standard office environment. Periodic after hours work may be required for meeting attendance. Ability to sit for long periods of time. Ability to communicate verbally using telephones, presentations and through interpersonal communication.

Qualifications:

Education and experience equivalent to a Bachelor’s Degree from an accredited college or university with major course work in accounting, business, or finance with training in Modern Portfolio Theory. Four years of broad-based experience in a responsible administrative position (i.e Public Administration, Investment Firm, Corporate or Public Retirement or Pension Fund, Public Accounting or Financial Institution). Any equivalent combination of education, training and experience, which would provide the required knowledge and skills may be considered. Preferred: Level 1 or 2 Chartered Financial Analyst. Certifications in Employee Benefits such as Certified Employee Benefit Specialist (CEBS), Retirement Plans Associate (RPA), or Certificate of Achievement in Public Plan Policy (CAPPP). Experience in administering retirement plans. Special Qualifications: Bilingual (English/Spanish) proficiency preferred.

Selection:

The selection process will include complete job description review, personal interview, computer testing, background investigation, criminal background check, and substance screening.

DEADLINE: Open Until Filled

An ONLINE APPLICATION is required. This job is Open Until Filled. The online application process is available for this position on our website at www.longmontcolorado.gov/jobs. Resumes are not accepted in lieu of the City Application. For more information, call (303) 651-8609.

The City of Longmont offers Equal Opportunity for employment to all qualified applicants. It is the policy of the City of Longmont not to discriminate on the basis of race, color, religion, creed, national origin, sex, sexual orientation, age, ancestry, veteran status, or disability unless related to a bona fide occupational requirement. If you need special assistance in the selection process, please contact the Human Resources Department in advance to make arrangements.

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