Trust Administrator I / II
Department: Trust Administration
Reports To: Trust Supervisor
FLSA Status: Non-Exempt
Pay Range: $23.00 – $30.00 per hour
Location: Chico, CA / Remote
COMPANY
Prime Pensions, Inc. is a well-established retirement plan administration and actuarial firm specializing in 401(k), profit sharing, defined benefit, and other qualified retirement plans for employers across the United States.
Since 1975, Prime Pensions has provided customized retirement plan solutions with an emphasis on technical expertise, accuracy, and personalized service. Our team supports a wide variety of plan designs and investment arrangements while maintaining comprehensive oversight and quality standards throughout the administration process.
Prime Pensions has been recognized as a leading defined contribution plan administrator and as one of NJBIZ's Best Places to Work in New Jersey.
POSITION SUMMARY
The Trust Administrator I / II is responsible for the financial reconciliation and trust accounting functions associated with qualified retirement plans. This position reconciles plan assets and financial activity, prepares financial statements and participant allocation reports, supports annual Form 5500 reporting, and identifies discrepancies or issues requiring additional review.
The level at which a candidate is hired will be based on relevant retirement plan, trust accounting, bookkeeping, or financial reconciliation experience, as well as demonstrated technical knowledge and ability to independently manage assigned work.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Trust Accounting & Reconciliation
- Reconcile retirement plan trust accounts, investment statements, contribution activity, distributions, and other financial records.
- Analyze financial activity to identify discrepancies, outstanding items, or reconciliation issues requiring additional research.
- Prepare retirement plan financial statements and supporting schedules, including applicable stock and investment schedules.
- Reconcile beginning and ending plan assets and activity for annual reporting purposes.
- Prepare gain and loss allocation statements and allocate applicable investment earnings or losses in accordance with established procedures.
- Review financial information for completeness, consistency, and accuracy.
- Research reconciliation discrepancies and develop accurate, well-supported solutions.
- Document outstanding items and communicate necessary follow-up information to Consultants and other internal team members.
Annual Reporting & Plan Administration
- Prepare financial information and supporting schedules required for annual retirement plan reporting.
- Process applicable government reporting forms associated with the Form 5500 reporting process.
- Prepare and process EFAST2 submissions in accordance with applicable procedures and deadlines.
- Analyze plan distribution notices and related trust activity.
- Review plan documents to determine the appropriate trust accounting provisions and reporting requirements.
- Prepare notes, instructions, and other communications to Consultants based on analysis of trust and financial information.
- Identify unusual or potentially noncompliant financial activity and appropriately escalate issues for additional review.
- Maintain supporting documentation and workpapers in accordance with Company procedures.
Quality Control & Technical Support
- Perform quality-control reviews of trust administration work, including reconciliations, financial statements, and annual reporting, as assigned and based on experience level.
- Review assigned work for accuracy and completeness prior to finalization.
- Research trust accounting and reconciliation questions using available technical resources, plan information, and Company procedures.
- Assist Consultants and other internal team members with questions related to plan financial activity and trust accounting.
- Provide technical assistance and support to less-experienced team members as appropriate.
Workflow, Systems & Quality Management
- Manage assigned trust administration workflow to ensure work is completed accurately and within established deadlines.
- Maintain accurate and timely records of completed and outstanding work within Company workflow, time-tracking, and administration systems, including WIP, Time Tracker, and APC Gold.
- Meet established internal turnaround times, productivity expectations, and quality standards.
- Maintain established departmental accuracy standards in the preparation of trust accounting and reconciliation work.
- Effectively prioritize multiple plans, assignments, and deadlines, particularly during peak workload periods.
- Maintain reliable and satisfactory attendance.
ADDITIONAL DUTIES AND RESPONSIBILITIES
- Assist with special projects as assigned.
- Participate in individual and group discussions regarding departmental procedures, workflow, and process improvements.
- Assist with training and onboarding of new employees as appropriate.
- Provide assistance with technical research and departmental initiatives.
- Share knowledge and best practices with colleagues.
- Perform other duties and responsibilities as assigned.
POSITION LEVELS
Trust Administrator I
The Trust Administrator I performs foundational to intermediate trust accounting and reconciliation work while developing greater knowledge of retirement plan administration and applicable reporting requirements.
Employees at this level generally work independently on routine assignments while receiving guidance on more complex reconciliation or reporting matters.
Trust Administrator II
The Trust Administrator II independently performs intermediate to more complex trust accounting, reconciliation, and annual reporting work with limited supervision.
Employees at this level are expected to demonstrate stronger technical knowledge, independently research and resolve reconciliation issues, perform quality-control reviews as assigned, and provide assistance or guidance to less-experienced team members.
QUALIFICATIONS
Education & Experience
Trust Administrator I:
- High school diploma or equivalent required.
- Associate's or bachelor's degree in Accounting, Finance, Business Administration, or a related field preferred.
- One (1) to three (3) years of experience in accounting, bookkeeping, financial reconciliation, retirement plan administration, or a related field preferred.
- Relevant education or coursework may be considered in combination with professional experience.
Trust Administrator II:
- High school diploma or equivalent required.
- Associate's or bachelor's degree in Accounting, Finance, Business Administration, or a related field preferred.
- Three (3) to six (6) years of relevant accounting, bookkeeping, trust accounting, financial reconciliation, or retirement plan industry experience.
- Demonstrated ability to independently complete trust accounting and reconciliation assignments with limited supervision.
For Both Levels:
- Strong mathematical and analytical skills supported by professional experience and/or relevant coursework.
- Retirement plan or TPA industry experience is preferred.
- Experience reconciling financial or investment accounts is strongly preferred.
KNOWLEDGE, SKILLS, AND ABILITIES
- Working knowledge of general accounting and reconciliation principles.
- General knowledge of ERISA and qualified retirement plans, or the ability to develop such knowledge through training.
- Strong mathematical, analytical, and problem-solving skills.
- Strong attention to detail and commitment to accuracy.
- Ability to analyze financial information and identify discrepancies.
- Ability to research reconciliation issues and develop accurate and detailed solutions.
- Ability to interpret plan, financial, and technical information and utilize available resources to complete assignments.
- Ability to work independently while appropriately escalating complex or unusual matters.
- Strong organizational and time-management skills with the ability to manage multiple assignments and deadlines.
- Ability to work efficiently and accurately in a deadline-driven environment.
- Proficiency with Microsoft Office applications, particularly Excel and Word.
- Ability to learn and effectively utilize retirement plan administration, workflow, and financial reporting systems.
- Strong written and verbal communication skills.
- Strong interpersonal skills and ability to collaborate effectively across teams.
- Ability to meet established productivity, quality, and turnaround expectations.
PHYSICAL / ENVIRONMENTAL CHARACTERISTICS
Work is primarily performed in a professional office or remote work environment and may require:
- Sitting for prolonged periods while working at a computer.
- Frequent use of a computer keyboard, mouse, telephone, and other standard office equipment.
- Periodic standing, walking, reaching, bending, crouching, or kneeling.
- Occasionally lifting, carrying, pushing, or pulling office materials weighing up to 30 pounds.
- Visual, hearing, mobility, and manual dexterity sufficient to perform the essential functions of the position, with or without reasonable accommodation.
COMPENSATION & BENEFITS
- Full-time, non-exempt position.
- Hourly pay range of $23.00 – $30.00 per hour, with starting pay based on position level, experience, qualifications, and other job-related factors.
- Eligible for Company-sponsored benefits available to full-time employees, including health benefits, voluntary benefits, and participation in the Company's 401(k) plan, subject to applicable plan terms and eligibility requirements.
WORK LOCATION
This position may be performed remotely or from the Company's Chico, California office, based on business needs and the employee's approved work arrangement.
