401(k) Plan Operations & Compliance Executive

  • Betterment
  • New York, NY, United States
  • Mar 25, 2022
Full time Compliance

Job Description

About the right team member:

As a Plan Ops & Compliance Executive, you will be a critical part of the Business Success team in managing the compliance needs of our 401(k) plans.  You love nothing more than 401(k) rules and compliance, understanding how the IRS thinks about plan qualification and building processes to help clients meet DOL requirements. You care about accuracy and are comfortable using compliance software as well as Excel to assess plan testing data. You’ve worked directly on a compliance team or in a Third Party Administration firm and know what “busy season” entails. You care about plan design, helping clients meet their retirement readiness goals, and want to be a part of a team that’s revolutionizing the industry.  You are entrepreneurial and can demonstrate quick thinking and creative problem solving to get the job done.

At Betterment you will get to:

  • Prepare and manage the annual compliance testing, correction calculations, and government reporting for clients
  • Work closely with Relationship Managers to understand and explain to clients compliance testing results, plan design recommendations, and recordkeeping procedures
  • Review plan documents, provide design recommendations and draft pre-approved plan documents
  • Play an active role in plan conversions and onboarding of Betterment 401(k) plans for employers
  • Be an internal subject matter expert in 401(k) plan operations including IRS and DOL correction programs, audit support, and government reporting
  • Ensure timely delivery of materials to appropriate internal and external parties in order to meet client and auditor expectations
  • Ensure adherence to current procedures and controls, and make recommendations to improve existing procedures and to reduce risk
  • Be an internal voice for 401(k) processes to offer insights to Product, Design, and Engineering to help build a better product
  • Review applicable risk assessments, policies, procedures, forms, agreements, rules, and regulations; conduct interviews and observe processes; pull and review testing samples; determine compliance; maintain organized records for each review; follow through on findings and management deliverables

You will be effective if you have:

  • Bachelor’s Degree required
  • A minimum of 5 years work experience in defined contribution plan administration including documents and compliance testing
  • Experience using compliance software (e.g., ASC, Relius, Datair, FT William)
  • Industry credentials a plus (e.g., QKA, QPA)
  • Must be a highly organized, self-starter with ability to handle multiple priorities at once
  • Adaptable and resourceful in a dynamic environment
  • Must have strong verbal and written communication skills
  • Superior judgment, professionalism, poise, ability to maintain the highest level of confidentiality
  • Must be intuitive, able to anticipate needs and develop options
  • Demonstrated proficiency in Microsoft Outlook, Word, PowerPoint, and Excel

About Betterment

Betterment is the largest independent online financial advisor with more than $11 billion in assets under management. The service is designed to help increase customers’ long-term returns and lower taxes for retirement planning, building wealth, and other financial goals. Betterment takes advanced investment strategies and uses technology to deliver them to more than 300,000 customers across its three business lines: direct-to-consumer, Betterment for Advisors, and Betterment for Business.