Retirement Plan Onboarding Specialist
Description: The Onboarding Specialist is responsible for assisting new clients during the installation of their new retirement plan, or the transfer of their existing retirement plan to Compass and a Recordkeeper/Investment Platform partner. This is achieved by following existing Compass procedures and IRS and DOL regulations. The Client Onboarding Specialist will have frequent contact and collaboration with Clients, Financial Advisors, Recordkeeping partners and our internal teams to fulfill their responsibilities. Duties/Responsibilities:
- Participate in conference/video calls with Clients, Financial Advisors and Recordkeepers to ensure plans are onboarded in an efficient manner.
- Follow established onboarding processes including but not limited to:
- Send via email specific “Welcome” email template to new Clients of Compass and send follow-up email templates as the Client progresses through the Onboarding steps.
- Send Plan Documents to the new Client’s plan Trustees using DocuSign for E-Signature. Follow up with Client and Trustees until Documents are signed. Saved signed copies to Client folder using established naming conventions.
- Record progress of new clients in Workflow Management software (PensionPro) and report on this to the Sales Team and Management during weekly Onboarding calls.
- Complete each required step in the Onboarding process by following the Compass onboarding projects in the Workflow Management software (PensionPro).
- Request employee census from new clients in Compass’ specified format.
- Complete and submit Plan Design Specifications (PDF form or online entry) to the client’s selected Recordkeeping Platform.
- For 3(16) Clients, ensure the Client signs the additional 3(16) forms required by each Recordkeeper.
- Request and follow up with clients for all required historical data. Save copies to the client folder. For Transfer Plans, at least 3 requests for prior reports must be attempted as our compliance team requires this information to complete proper administration.
- Document and save client interactions and data to the client folder.
- For 3(16) plans, ensure participant Notices are sent within the required IRS and DOL timeframe.
- For 3(16) plans, review 401(k) payroll submission process with new Clients and document key payroll process details required. (Examples include but are not limited to: payroll company/software, payroll cycle, pay dates, bonus or off-cycle payroll details, method of providing payroll information to Compass).
- Communicate effectively with internal teams (Sales Team, Document/Database Team, Relationship Manager Team, Custom Liaison Team and Finance Team).
- Attend and participate in regularly scheduled Onboarding Team video calls with our internal team.
- Answer client questions regarding their Retirement Plans and processes. This includes working with Compass specialists to provide answers to more detailed questions.
- Review Plan Document provisions with new clients as needed.
Requirements: Required Skills/Abilities/Certifications:
- Excellent verbal and written communication skills in addition to experience in customer service environments.
- Excellent organizational skills and attention to detail.
- Strong time management skills with a proven ability to meet deadlines in a fast-paced work environment.
- Ability to problem solve and to be pro-active.
- Proficient with Microsoft Office 365 suite of products including Outlook, Excel, and Word.
- Knowledge of the operation of general office equipment such as printer/copier/scanner, phones (VOIP), etc.
- Knowledge of web-based tools and working with multiple web-based applications with passwords and multi-factor authentication.
- Experience with Pension Pro software helpful.
Education and Experience:
- High school diploma or equivalent.
- At least two years' of related experience is required.
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