Retirement Benefits Specialist

Come Grow with Us and Join an Award-Winning Organization! Stearns Bank is looking for a Retirement Benefits Specialist. This is a remote-hybrid position at our St. Cloud bank branch location in Minnesota.

JOB SUMMARY

Manage and administer the company’s retirement benefit programs for employees within our organization. Provide guidance, support, and education to employees regarding their retirement plans, ensuring compliance with legal and regulatory requirements. Work closely with internal teams to develop, implement, and maintain retirement benefit programs that align with our company’s goals and objectives. This position will also provide support to the various functions with the Human Resources the team.

Starting annual salary of $55,000.00. Employment offers will be dependent upon the selected candidate’s relevant qualifications and experience.

RESPONSIBILITIES

Administration of Retirement Plans

• Manage and oversee the daily operations of employee retirement plans, including Employee Stock Ownership Plan (ESOP), 401(k), and other retirement saving programs.
• Work with ESOP/401k Committee to monitor and analyze retirement plan performance, fees, and expenses to ensure the plans are competitive and meet the needs of the employees.
• Coordinates the year-end administration process for all retirement plans to include establishing timelines with Principal, gathering data, generating reports, statement preparation, annual testing, etc.
• Create and monitor reports for preliminary ESOP distributions of separated employees to assist in determining future cash needs.
• Work in tandem with Principal on the ESOP distribution process. Ensure eligibility reports are accurate, monitor participant elections, create letters, promissory notes, amortization schedules, issue checks, etc.
• Prepare and submit for processing all Letter of Credit applications. Monitor annual renewals and assist participants with related questions.
• Manage the annual note payment process. Review ITI generated report for accuracy, confirm interest calculations, print and mail checks.
• Manage and maintain administration task calendar. Ensure all tasks are completed timely.
• Assist Trustees and Finance team with gathering documents for the annual ESOP valuation process.
• Be an active member of the ESOP/401k Committee. Take notes and follow up on any open-ended items.
• Monitor all tasks generated by recordkeeper through online portal. Act on any action items.
• Work through plan amendments when needed. Work with legal counsel as need and ensure that documents are executed properly and forwarded on to auditors and recordkeepers.
• Coordinate annual ESOP recognition for both new and fully vested participants. Determine participants being recognized, work with ESOP Advisory Committee to determine gift, and ensure all get distributed timely.
• Perform reconciliations on all bank accounts tied to ESOP/401k accounts.

Employee Guidance

• Assist employees in understanding and interpreting retirement plan documents, ensuring compliance with legal requirements, plan rules and regulations.
• Be an active participant on the ESOP Advisory Committee and assist with providing education to employees on the benefits of our retirement plans, company matching programs, tools and resources available, and the benefits of maximizing their retirement savings.

Compliance and Reporting

• Play a large role in ensuring that all retirement plans comply with government regulations (e.g. ERISA, IRS regulations, etc.) Keep up to date on any future regulation changes and ensure they are implemented timely and accurately.
• Collaborate with ESOP/401k Committee to develop and implement retirement benefit policies and procedures, ensure they align with company objectives and comply with relevant laws and regulations.
• Stay updated on industry trends, legislative changes, and best practices related to retirement benefits, recommending, and implementing improvements to our retirement benefit programs as needed.
• Take the lead on all audits. Gather requested documents, delegate action items as needed, ensure timelines are met and follow through on follow up items as requested by the auditor.
• Assist Finance team by providing necessary data and reports for the generation of financials, IRA 5500, FRY9ES, etc.
• Work with CliftonLarsonAllen and Principal to ensure annual Form 5500 is filed accurately and timely. Distribute Summary Annual Report.
• Schedule quarterly 401k plan reviews with representative from Principal. Document the review and maintain all notes in MFiles.

Vendor Relations

• Liaise with third-party vendors, plan administrators, recordkeepers, etc.
• Maintain a solid working relationship with retirement plan recordkeepers.

Data Management

• Maintain all documents related to retirement plans in MFiles and F Drive in a consistent manner ensuring confidentiality is maintained where needed.
• Monitor SharePoint site to ensure all retirement plan documents are current.
• Gather/generate accurate data on retirement plan performance, employee participation rates, deferral rates, plan costs, etc., to share with ESOP/401k Committee on a predetermined basis for review.

Human Resources Support

• Provide comprehensive administrative and operational support to the various functions within the HR team.

REQUIREMENTS

• Ability to travel approximately 25% of time to onsite office in St. Cloud, MN.
• Occasionally lift and/or move up to 10 lbs.
• Literacy in English.
• Ability to sit for extended periods of time, twist, bend, sit, walk use hands to twist, handle or feel objects, tools, or controls, such as computer mouse, computer keyboard, calculator, stapler, telephone, staple puller, etc., reach with hands and arms, balance, stoop, kneel, talk, or hear.
• Specific vision abilities required by the job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.

QUALIFICATIONS

• Bachelor’s degree in business administration, Human Resources, or related field required.
• At least 5 years of experience with in-depth knowledge of retirement benefit plans.
• Knowledge of HRIS and benefits administration systems.
• Familiarity with payroll processes and systems related to retirement plan contributions.
• Excellent communication and interpersonal skills, with the ability to effectively communicate complex retirement benefit concepts to employees at all levels of the organization.
• Detail-oriented with strong organizational skills to manage multiple retirement benefit programs, deadlines, and priorities simultaneously.
• Thorough understanding of laws, regulations, and agency interpretations or opinions related to retirement benefits.
• Ability to maintain confidentiality and handle sensitive employee information with integrity.
• Ability to multi-task.
• Ability to work independently on special projects.
• Flexible.

THE COMPANY

Founded in 1912, Stearns Financial Services Inc. (SFSI) is a $2.4 billion well-capitalized, independent financial holding company based in St. Cloud, Minnesota. Specializing in nationwide small business lending and equipment financing, Stearns has maintained outstanding customer service, fast decisions, and customized finance solutions to their customers for decades.

Stearns Bank has earned itself a stellar reputation amongst customers and competitors alike. This reputation goes beyond just word-of-mouth, as Stearns has been recognized by the Independent Community Banker’s Association (ICBA) as a top-performing bank in the nation based on a 3-year average Return on Assets for banks $1 billion or more. Stearns has also been recognized by American Banker as a top-performing bank in the nation over a 3-year period for Return on Equity for banks from $2 billion to $10 billion.

As a Star Tribune Top Workplaces award recipient and an award recipient of the Minnesota Business Magazine 100 Best Places to Work in Minnesota, Stearns takes pride in their team and holds their employees in extremely high regard. We offer a competitive salary and benefit package including our Employee Stock Ownership Program-one of the best long-term incentive programs in the nation.

EQUAL OPPORTUNITY EMPLOYER /AFFIRMATIVE ACTION PLAN

We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, or creed, religion, sex, marital status, familial status, sexual orientation, national origin, age, disability, veteran’s status, status with regard to public assistance, or any other class protected by Federal, State, local laws governing nondiscrimination in employment.