Retirement Plan Optimization Specialist

ADP is hiring a Retirement Plan Optimization Specialist that can sit in either Florham Park, NJ or Louisville, KY.

About the role

This Consulting Specialist position will reside in APDRS Compliance reporting to the Retirement Plan Optimization Consultant. The primary function of the Specialist is to consult directly with New Business and Sales Support Associates, along with Salespeople, Financial Advisors, and Clients to determine if a cross-tested plan feature (specifically a New Comparability allocation formula) within their qualified retirement plan would be an effective way to maximize the benefits of the owners and higher-paid employees of their prospective or existing clients.

The candidate will assess prospective and existing client census populations to complete allocation illustrations (previews of what employer contributions may look like after their year-ends) and perform other types of employer allocations to illustrate how overall costs of the plan can be minimized while allocating a greater percentage of contributions to a targeted group of employees. Another critical function is completing the annual nondiscrimination testing associated with these plans, including the additional cross-testing required for these types of employer allocations. Mid-year, the Specialist will revisit census populations and allocation formulas to ensure clients maximize benefits and minimize costs, providing ongoing plan design consultation as needed.

Responsibilities

• Consult with ADP Salespeople, Financial Advisors, New Business, and Sales Support Associates on qualified plan design featuring New Comparability employer allocations.
• Communicate with, consult, and advise prospective and existing clients about their census populations and organizational facts (rate groups, ages of employees, owners, etc.) to craft or revise plan designs that meet their needs, specifically maximizing contributions to select Highly Compensated Employees (HCEs), Owners, or other groupings while minimizing total funding costs.
• Engage in phone conversations, written communications, possible on-site meetings, and use client census data to create allocation illustrations.
• Liaise directly with Compliance, Clients, Sales, and New Business Associates to gather plan-level census information for employer contribution illustrations, year-end allocations, and testing.
• Coordinate all aspects of the product/feature, including completing year-end allocation and testing activities, performing actual allocations, and ensuring funding of contributions.
• For existing plans, periodically gather, review, and analyze payroll and census data to alert clients of changes impacting year-end allocation calculations or funding requirements.
• Maintain end-to-end processes, update procedures, and communication materials from pre-sale to onboarding and conducting mid-year and year-end operations.
• Adhere to Service Level Agreements (SLAs) for tasks such as turn-around times for illustrations and callback standards.
• Assist in gathering statuses and metric reporting for Compliance Management, Senior Leadership, New Business, and various Sales Organizations.
• Serve as a Subject Matter Expert and integrate software systems like Actuarial Systems Corporation (ASC) to set up plans for illustrative work and year-end allocations, including complex annual testing (e.g., ADP/ACP 401(k)/401(m), Coverage Testing under 410(b), cross-testing under 401(a)4, Top Heavy (416), and contribution limit testing under 402(g) and 415).
• Review and revise end-to-end processes, procedures, and communications due to law changes, product/marketing shifts, or evolving client needs.

Requirements

• 5-8 years of experience in the qualified retirement plans industry.
• ERISA consulting and compliance experience, specifically with plans featuring New Comparability and/or age-weighted features.
• Client-facing experience and prior interaction with Sales Associates.

A college degree is preferred but not required. Equivalent experience, including military service, is acceptable.

Preferred Qualifications

• Bachelor’s degree or some master's level coursework.
• Major Area of Concentration: Business Administration, Accounting, Finance, or Actuarial Science.

Benefits

• Medical, Dental, and Vision Insurance.
• Life Insurance.
• Matched Retirement Savings.
• Wellness Program.
• Short- and Long-Term Disability.
• Charitable Contribution Match.
• Paid Holidays, Personal Days, and Vacation.
• Paid Volunteer Time Off.

Pay

Base salary offers range from USD $69,300.00 to USD $129,200.00 per year. Actual compensation will not be less than the applicable minimum wage or minimum exempt salary requirement under federal, state, and local laws. Some positions may include additional compensation such as bonus, equity, or commissions.