Actuary - Cash Balance Plans​/Retirement Plans

Overview

Alerus is a commercial wealth bank and national retirement provider. Our core purpose is helping clients achieve their financial goals. We value integrity, collaboration, innovation, adaptability, and entrepreneurial spirit, and foster long-term relationships with clients and team members. We are proud to be recognized as a Top Workplace by industry and regional outlets.

Core Values: Passion for Excellence ::
Success is Never Final ::
Do the Right Thing ::
One Alerus

The Cash Balance Actuary assists the sales team with design and communication of technical ERISA aspects of Cash Balance, Defined Benefit, and Defined Contribution plans. Produces and presents projections for new business proposals based on input from prospects and sales consultants. Explains Defined Benefit and Cash Balance funding strategies, PBGC and non-PBGC plans, limits and minimums, plan adoptions, and any new legislation.

Manages a book of existing and newly implemented clients, including data review, testing, valuation preparation, and required government and regulatory filings.

• Utilize analytical software to review employee census data, existing 401(k) and Profit Sharing plan documents, and ownership data to design a Defined Benefit, Cash Balance, and/or 401(k)/Profit Sharing plan that fulfills the client’s desires and objectives while complying with ERISA limitations, coverage and nondiscrimination testing requirements. This includes benefit limitations of IRC 415, coverage requirements of IRC 410, nondiscrimination testing of IRC 401(a)(4), compensation limits of IRC 414, minimum benefits of IRC 401(a)(26), deduction rules of IRC 404, and related regulations.
• Identify and implement changes and/or amendments needed to plan documents to address client needs and/or resolve client requests.
• Monitor receipt of client census information to prioritize completion of annual reporting requirements.
• Coordinate and assist administrators with timely completion of discrimination compliance testing.
• Provide input and guidance to colleagues assigned to administration for both 401(k) and cash balance or defined benefit plans.
• Provide internal training to Alerus sales and administration staff.

• Bachelor’s degree or equivalent related experience as an enrolled actuary approved by the Joint Board for the Enrollment of Actuaries in Active Status
• 10+ years of experience in complex defined contribution plan administration such as non-qualified plans, cross testing allocations, and other unique plan designs
• Member of the American Academy of Actuaries, Society of Actuaries and/or the American Society of Pension Professionals & Actuaries
• Possess ASPPA’s MSEA certification or equivalent
• Ability to perform all aspects of retirement plan compliance testing and allocations with minimal review
• Ability to prioritize tasks, manage multiple projects, and meet deadlines in a fast-paced environment
• Excellent written and verbal communication, organization, and client service skills
• Maintain professional working relationships with internal and external clients
• Work independently and set priorities
• Excellent analytical and problem-solving skills with attention to detail
• Advanced knowledge of Microsoft Word and Excel

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing health and well-being benefits, including medical, dental, vision, life and long-term disability insurance; and 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company-paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.

$120,000 - $160,000 per year based on experience. Candidates with extensive knowledge in the industry will be reviewed for an increased compensation range.

Work is typically performed in an office setting. The employee is regularly required to sit for extended periods. The employee is occasionally required to move about the office using proper ergonomic safeguards. The employee must occasionally lift or move supplies and materials up to 20 pounds.

The information in this description is intended to indicate the general nature and level of work performed. It is not designed to be an exhaustive list of all responsibilities, duties, and qualifications.

Alerus is an equal opportunity employer and values diversity. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.