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Defined Contribution Compliance Consultant

Pennington, New Jersey;

Job Description:

Business Overview

Retirement & Personal Wealth Solutions (RPWS) serves the core financial needs of individual clients and plan participants by providing best in class, integrated products in the most intuitive, efficient and client friendly way while maintaining a forward thinking mindset and risk management focus.  RPWS is responsible for both the institutional and personal retirement capability set to include 401(k), Equity and Health Benefit plans for companies of all sizes as well as college savings, personal retirement planning, retirement income, insurance and estate planning for individuals. RPWS also provides tools and content that enables advisors and bankers to help their client’s live their best financial lives.

Job Description:

This position plays a key role within the Defined Contribution product team and within the Retirement & Personal Wealth Solutions line of business. Responsibilities require institutional retirement expertise and experience assessing new and/or proposed legislation and regulations and their impacts on Defined Contribution plans and our record-keeping platform capabilities. This role will provide input for technology initiatives to ensure we enhance our platform to support regulatory and/or legislative changes to 401(k) plans.  In addition, this role will be relied upon as a subject matter expert in the development of internal and external communications and the development of in-house training.  This individual will work closely with internal control partners including Legal, Compliance, and Risk, and must possess a comprehensive knowledge of the Internal Revenue Code (IRC), the Department of Labor (DOL), and ERISA.

A significant objective of this position, as a subject matter expert, is to act as a point person for briefing associates, Plan Sponsors and Consultants, and Financial Advisors on Defined Contribution regulations and proposed regulations.  This includes: written communication in the form of legislative briefings, training material for associates and/or to Plan Sponsors, hosting webinars and meetings.

Responsibilities include:

  • Providing in-depth analysis and explanations for any pending and/or  passed legislation including emergency legislation (e.g., disaster relief), coordinating with internal Legal and outside legal counsel as needed. Working with Operations to ensure product recordkeeping aligns with product definition and regulations.
  • Conducting proactive meetings with internal product managers, Client Service Relationship/Service managers and clients on ERISA regulations and technical issues. 
  • Conducting training seminars for the staff on topics that affect  retirement plan regulatory updates.
  • Creating and updating plan sponsor and internal communications on a wide variety of topics including FAQs, manuals on nondiscrimination testing and annual reporting, and booklets on required minimum distributions, mergers and acquisitions, short plan years, multiple employer plans, EPCRS and other topics. 
  • Managing a variety of special retirement compliance-related projects that enhance the quality of service provided to our clients.

Requirements:

  • 10+ years’ experience in defined contribution plan compliance
  • Bachelor’s degree required, JD strongly preferred
  • Strong working knowledge of Internal Revenue Code (IRC), ERISA and Department of Labor (DOL) related to qualified Defined Contribution plans
  • Understanding of 401(k) operations
  • Strong research and writing skills
  • Project management skills and experience

Job Band:

H5

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Business Overview

Retirement & Personal Wealth Solutions (RPWS) serves the core financial needs of individual clients and plan participants by providing best in class, integrated products in the most intuitive, efficient and client friendly way while maintaining a forward thinking mindset and risk management focus.  RPWS is responsible for both the institutional and personal retirement capability set to include 401(k), Equity and Health Benefit plans for companies of all sizes as well as college savings, personal retirement planning, retirement income, insurance and estate planning for individuals. RPWS also provides tools and content that enables advisors and bankers to help their client’s live their best financial lives.

Job Description:

This position plays a key role within the Defined Contribution product team and within the Retirement & Personal Wealth Solutions line of business. Responsibilities require institutional retirement expertise and experience assessing new and/or proposed legislation and regulations and their impacts on Defined Contribution plans and our record-keeping platform capabilities. This role will provide input for technology initiatives to ensure we enhance our platform to support regulatory and/or legislative changes to 401(k) plans.  In addition, this role will be relied upon as a subject matter expert in the development of internal and external communications and the development of in-house training.  This individual will work closely with internal control partners including Legal, Compliance, and Risk, and must possess a comprehensive knowledge of the Internal Revenue Code (IRC), the Department of Labor (DOL), and ERISA.

A significant objective of this position, as a subject matter expert, is to act as a point person for briefing associates, Plan Sponsors and Consultants, and Financial Advisors on Defined Contribution regulations and proposed regulations.  This includes: written communication in the form of legislative briefings, training material for associates and/or to Plan Sponsors, hosting webinars and meetings.

Responsibilities include:

  • Providing in-depth analysis and explanations for any pending and/or  passed legislation including emergency legislation (e.g., disaster relief), coordinating with internal Legal and outside legal counsel as needed. Working with Operations to ensure product recordkeeping aligns with product definition and regulations.
  • Conducting proactive meetings with internal product managers, Client Service Relationship/Service managers and clients on ERISA regulations and technical issues. 
  • Conducting training seminars for the staff on topics that affect  retirement plan regulatory updates.
  • Creating and updating plan sponsor and internal communications on a wide variety of topics including FAQs, manuals on nondiscrimination testing and annual reporting, and booklets on required minimum distributions, mergers and acquisitions, short plan years, multiple employer plans, EPCRS and other topics. 
  • Managing a variety of special retirement compliance-related projects that enhance the quality of service provided to our clients.

Requirements:

  • 10+ years’ experience in defined contribution plan compliance
  • Bachelor’s degree required, JD strongly preferred
  • Strong working knowledge of Internal Revenue Code (IRC), ERISA and Department of Labor (DOL) related to qualified Defined Contribution plans
  • Understanding of 401(k) operations
  • Strong research and writing skills
  • Project management skills and experience

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21046491

Band: H5

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Pamela Craven

Referral Bonus:

0

Colorado job seekers

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if you have questions about compensation and general benefits information for this job posting, please email equalpayinformation@bofa.com. This is a dedicated mailbox designed to exclusively support job seekers requesting information under the Colorado law. Only inquiries for this purpose will receive a reply. For all other inquiries, please review our Frequently Asked Questions.