Part-time Pension Correspondent
Job Description
1. Maintain and update data base records to support annual Plan valuations and reporting. Work includes enrolling new participants, determining eligibility of employees, reconciling asset account balances, preparing employee benefit profile information, and communicating routinely with Plan Sponsors.
2. Calculate, process, and pay benefits to participants and beneficiaries, including retirement and death benefits Work may involve requesting checks, setting up recurring payments, and preparing wire transfers.
3. Calculate and provide projections for early and normal retirement benefits as requested by Plan sponsors.
4. Calculate individual participant terminations to determine an Accrued Benefit. If applicable, payout small lump sum amounts to Terminated Vested Participants in accordance with the Plan Document.
5. Provide Plan Sponsors with a list of Deferred Vested Benefits, Disabled Participants, Recurring Payment Participants and any Alternate Payees for Annual Funding Notice.
6. Provide Plan Sponsor with a list of Active Participants attaining their Normal Retirement Age each year along with a copy of the Suspension of Benefits Notice under their Plan.
7. Complete annual government filing forms and other IRS submission forms for Defined Benefit Plans.Â
8. Assist in completion of Plan amendments, the restatement of Plan Documents and Summary Plan Descriptions.
9. Verify, asset account balances, including contributions, distributions, portability funds, and interest calculations
10.Review and verify Qualified Domestic Relations Orders (QDRO). Calculate the Alternate Payee’s awarded benefit.
11.Prepare cost allocation reports and reimbursements for State Sales Manager (SSM), Associate Sales Manager (ASM), District Sales Manager (DSM), Estate Planning Specialist (EPS), and Training Director (TD).
12.Review and study plan documents, IRS releases, and tax forms.
13.Approve and process endorsements for Participant name changes and beneficiary changes.
14.Calculate Required Minimum Distributions for retiring active Participants.
15.Compose routine and non-routine correspondence regarding Plan benefits and communicate by mail, phone, email and fax with agents, Participants, actuaries and Plan Sponsors
Secondary Duties
1. Maintain records for 1099-R reporting. Process checks and 1099-R information for Defined Benefit Plans.
2. Perform any special requests or projects as directed by the Manager or Supervisor.
Education
- 4-year Bachelor Degree
- Bachelor's degree in a business fieldÂ
• Working knowledge of laws governing defined benefit pension plans and/or contribution pension plans preferred
• Proficient knowledge of Microsoft Word and Excel required
• Knowledge of pension software preferred
• Strong organizational skills
• Good mathematical aptitude
• Good oral and written communication skill
Meet Your Recruiter
Libby Sims
Talent Acquisition Specialist
Libby was born in Mississippi, moved around a bit, and returned to graduate from Morton High School and attend Ole Miss. After beginning part-time work in high school with her father’s medical practice, she continued in the medical field for the next 20 years. She has worked in a management role in multiple settings including hospital, homecare, private practice, and as a consultant in software transition for hospitals. Libby spent the last several years at home raising her boys and currently lives in Kosciusko with her husband and children.
Libby joined PSG in June 2021 and has a robust background in vetting and hiring medical professionals for all settings. Although new to staffing she is a pro at finding highly motivated and qualified employees for the medical and clerical fields.
Libby’s role at PSG is to match potential employees with PSG clients. Her goal is to provide our associates with a chance to attain their career goals while providing clients with the most qualified employees available.