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Posted: 05-Sep-24
Location: Schaumburg, Illinois
Type: Full Time
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The American Veterinary Medical Association (AVMA) Trust is seeking an ERISA Compliance Specialist to join our team headquartered in Schaumburg, Illinois, a northwest suburb of Chicago. AVMA Trust provides professional liability insurance, life & disability coverage, financial services, as well as other important benefits to the over 106,000+ members of the AVMA. Structured to work for its members, AVMA acts as a collective voice for its membership & for the veterinary profession. AVMA’s mission is to lead the profession by advocating for its members & advancing the science & practice of veterinary medicine to improve animal & human health. The Trust furthers AVMA’s mission through the protections & services offered to AVMA members.
The Trust also facilitates the offering of an association retirement plan & an association health plan to veterinary practices owned by AVMA members. Both plans are sponsored by one of the Trust's subsidiaries & qualify as single ERISA employee benefit plans with multiple employers participating in the plans.
The?ERISA Compliance Specialist will oversee the administration, compliance & regulatory aspects of all employee benefit plans offered through the Trust, ensuring adherence to the Employee Retirement Income Security Act of 1974 (ERISA). The role involves managing plan documentation, handling regulatory filings, & providing guidance on ERISA-related issues to ensure the proper management & operation of employee benefits plans.
This role also involves serving as a trusted advisor to the organization & participants to help facilitate compliant plan participation & annual compliance functions. The ERISA Compliance Specialist will oversee all compliance related activities & will support plan growth & agent/distributor engagement.
The ERISA Compliance Specialist must possess strong ERISA knowledge, excellent project management skills, strong insurance & regulatory knowledge.
Key Responsibilities
- Plan Compliance & Administration
- Ensure all employee benefit plans comply with ERISA, Department of Labor (DOL), & Internal Revenue Service (IRS) regulations.
- Monitor & review plan documents, summary plan descriptions (SPDs), & other related materials for compliance.
- Oversee the annual reporting & disclosure requirements, including the preparation & submission of Form 5500.
- Regulatory Filings & Documentation
- Prepare & file necessary documents with the IRS & DOL, including annual returns/reports & summary annual reports.
- Maintain accurate & up-to-date plan records, ensuring all documentation is in compliance with ERISA standards.
- Coordinate plan audits & resolve any issues or discrepancies identified.
- Consultation & Guidance
- Provide guidance to adopting employers & participants on ERISA regulations & compliance issues.
- Interface with plan vendors & service providers on regular basis. Serve as primary contact for inquiries from vendors & service providers.
- Assist in the development & implementation of plan amendments, restatements, & updates as required by law.
- Offer advice on fiduciary responsibilities & ensure the fiduciary processes are in place & followed.
- Plan Design & Implementation
- Collaborate with HR, legal, & finance teams to design & implement new benefit plans or modify existing ones.
- Ensure that plan design meets the organization's goals while complying with ERISA & other relevant laws.
- Education & Training
- Conduct training sessions for HR personnel & plan fiduciaries on ERISA requirements & compliance practices.
- Keep abreast of changes in ERISA regulations & communicate updates to relevant stakeholders.
- Issue Resolution
- Address & resolve any ERISA-related compliance issues, including participant complaints & disputes.
- Liaise with external consultants, legal counsel, & regulatory agencies as needed.
Deadline for application is 10/01/24. Application must include cover letter, resume, & salary requirements. Submit it to: apply@avma.org
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Qualifications
- Bachelor’s degree in human resources, Business Administration, Law, or a related field.
- In-depth knowledge of ERISA, DOL, & IRS regulations governing employee benefit plans.
- Experience in benefits administration, compliance, & plan management.
- Strong analytical skills & attention to detail.
- Excellent communication & interpersonal skills.
- Proficiency in Microsoft Office Suite & benefits administration software.
Preferred Qualifications
- Certification such as Certified Employee Benefit Specialist (CEBS), Professional in Human Resources (PHR), or similar.
- Previous experience in a similar role within a corporate or consulting environment.
Key Competencies
- Regulatory Knowledge: Deep understanding of Tax Code & ERISA regulations & related compliance requirements.
- Detail-Oriented: Ability to manage complex documentation & ensure accuracy in all regulatory filings.
- Problem-Solving: Strong ability to identify & resolve compliance issues efficiently.
- Communication: Effective at conveying complex regulatory information to various stakeholders.
- Team Collaboration: Works well with cross-functional teams to ensure compliance & optimize plan design.