Deferred Compensation Specialist 2024-02545

$51,542 - $57,262/Yr

State of Wyoming - Cheyenne, WY

Full-time - Entry Level

Cheyenne, WY

Executive, Legislative, and Other General Government Support

About the position

The Deferred Compensation Plan Specialist is responsible for managing and processing transactions related to the 457 Plan, utilizing the WRS's pension administration system and other data management tools. This role involves providing counseling to plan participants, ensuring compliance with relevant regulations, and acting as a liaison between various stakeholders, including employers and third-party administrators. The specialist will also facilitate record-keeping and monthly deferral processes for the plan.

Responsibilities

• Utilize WRS's pension administration system and third-party administrator's platform to process and authorize participant transactions.
• Review incoming documents from 457 Plan participants and employers for compliance with the plan document and Internal Revenue Code.
• Execute enrollment, deferral, distribution, rollover, death claims, and beneficiary requests.
• Review participant annual contribution limits and identify potential excess contributions.
• Calculate and facilitate account corrections as needed.
• Complete annual internal audits of limit overages and implement corrections.
• Counsel eligible employees about the 457 Plan via in-person, phone, and email communications.
• Provide information on enrollment, contribution limits, investment options, and retirement planning.

Requirements

• Bachelor's Degree in Finance or related field.
• 0-1 year of progressive work experience in Finance, or 3-4 years of relevant experience in lieu of a degree.
• Knowledge of the WRS 457B Deferred Compensation Plan and Internal Revenue Codes.

Nice-to-haves

• Experience working with a 457 Deferred Compensation Plan and/or Pension Plan System.
• Knowledge of retirement planning and defined benefit/contribution plans.
• Experience with Google Suite and database systems.

Benefits

• Dental insurance
• Health insurance
• Paid time off
• Vision insurance