DB Consultant
My client is seeking a highly skilled and detail-oriented Defined Benefit (DB) Consultant to manage the end-to-end administration of defined benefit pension plans. This role involves full-cycle plan management-from onboarding and compliance to valuation support and participant communications. The ideal candidate will have deep technical knowledge of DB plans, strong client-facing skills, and the ability to manage multiple plans independently.
Key Responsibilities:
Plan Administration (A-Z):
- Oversee all aspects of DB plan administration including eligibility, benefit calculations, distributions, and QDROs.
- Maintain and update participant records and plan data in administration systems.
- Ensure compliance with ERISA, IRS, and PBGC regulations.
Client Consulting:
- Serve as the primary point of contact for plan sponsors regarding plan operations, regulatory updates, and strategic planning.
- Provide guidance on plan design, amendments, and de-risking strategies.
- Prepare and present plan performance reports and compliance updates.
Valuation & Compliance Support:
- Collaborate with actuaries to support annual valuations, funding calculations, and Form 5500 filings.
- Assist with nondiscrimination testing, minimum required distributions, and other compliance tasks.
Process Improvement & Quality Control:
- Identify opportunities to streamline processes and improve data accuracy.
- Review work for accuracy and ensure adherence to internal quality standards.
Participant Services:
- Respond to participant inquiries and provide clear explanations of benefit options.
- Support retirement counseling sessions and benefit elections.
Qualifications:
- Bachelor's degree in Mathematics, Finance, Business, or a related field.
- 5+ years of experience in defined benefit plan administration.
- Strong knowledge of ERISA, IRS, and DOL regulations.
- Proficiency with pension administration software (e.g., Relius, ProVal, or similar).
- Excellent analytical, organizational, and communication skills.
- ASPPA or CEBS credentials a plus.
Preferred Attributes:
- Ability to manage multiple clients and deadlines with minimal supervision.
- Strong client service orientation and problem-solving skills.
- Experience with plan terminations, mergers, or conversions is a plus.
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