Actuary - Cash Balance Plans​/Retirement Plans

WHO ARE WE:

Alerus is a commercial wealth bank and national retirement provider with one core purpose: helping clients achieve their financial goals. We are driven by a shared commitment to always do the right thing; leading with integrity and providing valued advice and guidance to our clients. We value the expertise and skillsets each team member provides and encourage collaboration, innovation, adaptability, and an entrepreneurial spirit at all levels of our company.

By consistently seeking improvements and growth, we foster long-term relationships with clients and team members. We are proud to be recognized as a Top Workplace by numerous industry and regional outlets.

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

The Cash Balance Actuary assists 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. Able to explain 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 objective while also complying with all the various limitations, coverage, and nondiscrimination testing requirements found in ERISA. These include, but are not limited to, 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 all accompanying 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's 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 a 401(k) and cash balance or defined benefit plan.
• 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 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/oral communication, organization, and client service skills required
• Maintain professional working relationships with internal and external clients
• Work independently and set priorities
• Excellent analytical and problem-solving skills with a high level of attention to detail
• Advanced knowledge of Microsoft Word and Excel

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing a wide range of 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…