Description:
Who We Are and What We Do
Compass is a third-party administrators (TPA) that provide client companies with retirement plan design, administration, actuarial services, and ongoing consulting services to ensure our clients' plans are in compliance with DOL, ERISA, IRS, and other regulations. Our headquarters are in Stratham, NH, but our clients are nationwide in various industries and sizes. We are passionate about the use of technology and are always looking for more streamlined ways to perform tasks.
What You Will Do
Job Summary:
The Distribution Specialist is responsible for the timely and accurate processing of retirement plan distributions and related payments. This role executes distribution approvals, follows established SOPs, tracks requests, responds professionally to inquiries from recipients, plan sponsors, advisors, consultants, and vendors, and provides excellent customer service with minimal supervision.
Duties/Responsibilities:
- Process retirement plan distributions for assigned clients, including separation from service, in-service withdrawals, hardships, loans, required minimum distributions (RMDs), and force-out distributions.
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Provide loan schedules to plan sponsors to help ensure loan payments begin on time.
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Process benefits accurately and on time for recipients in compliance with IRS and DOL regulations and Compass internal SLAs.
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Support the distribution inbox by monitoring it throughout the day, saving and logging new requests, assigning tasks to the appropriate party, and prioritizing or forwarding correspondence as needed.
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Respond to phone calls and emails regarding distribution status and general distribution processes.
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Provide timely, professional responses to status inquiries from plan sponsors, participants, advisors, and vendors.
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Follow up with clients on outstanding paperwork or other pending items.
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Collaborate with team members to manage workload effectively, including assisting with distribution processing during high-volume periods or team member absences.
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Maintain accurate records of distribution transactions.
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File documents manually and electronically according to established criteria.
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Manage other company inboxes as assigned.
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Perform other duties as required.
What We Offer
A competitive benefits package with a generous employer contribution towards premiums for Medical, Dental, and LTD as well as group pricing on Vision, STD, Life and other insurance plans. We believe in family first here and encourage employees to take time to rest, play, and recharge so we offer ample PTO time and holiday schedule. We support and encourage employees' goals to further their education and pay for courses and testing materials for both NIPA and ASPAA. Our retirement plan offers both pre-tax and Roth contributions and a 3% Safe Harbor employer contribution.
Requirements:
Required Skills/Abilities/Certifications:
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Strong attention to detail.
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Strong verbal and written communication skills using clear and grammatically correct language.
- Ability to communicate effectively with internal and external stakeholders.
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The ability to problem solve, be proactive, and demonstrate initiative.
- Robust time management and organizational skills with the ability to multi-task required.
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Proficient in using relevant software and tools for payment processing.
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Familiarity with retirement plan regulations and compliance.
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Familiarity with various record keeper platforms.
Education and Experience:
- High school diploma or equivalent required. (Additional certifications related to retirement plans a plus)
- Prior experiences in retirement plan administration, distribution processing or related fields.
