The Deconversion Consultant is responsible for the successful deconversion, plan-to-plan transfer or termination of standard plans within all segments; acting project manager and consultant for deconversion, plan-to-plan transfer or termination activities for assigned plans. The Consultant will also act as the point of contact with Plan Sponsors, Financial Advisors and Third-Party Administrators.
What you will do
- Responsible for the successful deconversion or termination of standard plans, crossing all segments. May include focus on plan-to-plan transfers which move, individually and in mass, participant balances and indicative data between existing plans on the Empower Platform.
- Acts as the primary contact for Empower during the deconversion, plan-to-plan transfer or termination process for assigned plans.
- Perform weekly conference calls on assigned de-conversions, plan-to-plan transfers or terminations and consults with various client contacts including plan sponsors, financial advisors, third party administrators, relationship/client service managers, successor recordkeepers and various internal departments with respect to the timing of deconversions, plan-to-plan transfers or terminations, outstanding items, critical tasks and overall project management.
- Discusses service agreements, contracts and product features with plan sponsors, financial advisors, third party administrators and successor recordkeepers for liquidation restrictions and options and comprehension of administrative duties.
- Coordinate the review of test files (fund level and participant detail) with plan sponsors and successor recordkeepers.
- Facilitate the transfer of plan assets and records through written and verbal communication with successor recordkeepers, client contacts and various internal departments.
- Maintain established internal deadlines and timelines associated with deconversions, plan-to-plan transfers or terminations and shutdown of plan activity.
- Produce quality work on assigned deconversions, plan-to-plan transfers or terminations through various quality assurance measures.
- Follow established procedures designed to minimize market risks and gain/loss situations.
- Deconvert plans timely from notification to plan shut down, including blackout process, liquidation and final file submission.
- Must be willing to work extended hours and overtime during peak seasons or high volume.
- Other duties and projects as assigned.
What you will bring
- Associate Degree in Business or equivalent related experience.
- 1-2 years Deconversion/Plan-to-plan Transfer/Termination or related work experience
- Demonstrated knowledge of various IRS codes; 457, 401(k), 403(b), 401(a), etc.
- Demonstrated knowledge of IRS/DOL reporting knowledge.
- Demonstrated regulatory compliance and plan document knowledge.
- Excellent written and verbal communication skills
- Strong attention to detail required.
- Excellent time management.
- Must be willing to work extended hours and overtime during peak seasons or high volume
- This job operates in a professional office environment.
- This role routinely uses standard office equipment such as but not limited to; computers, phones, photocopiers and filing cabinets.
- While performing the duties of this job, the employee is regularly required to concentrate, talk and hear.
- This role is regularly required to type, reach with hands and arms, sit for long periods of time, read, write, listen, verbally communicate, present information, respond to questions, problem solve, concentrate and tolerate stress.
- Many duties will be done while sitting at a desk and working on a computer.
