Operations and Audit Analyst - Boston, United States - Off of State Treas & Rec Genrl

Off of State Treas & Rec Genrl

Verified Company

Boston, United States

3 weeks ago

Posted by:

Mark Lane

beBee recruiter

Description

About the Office of the Massachusetts State Treasurer and Receiver General ("Treasury")

Our mission is to manage and safeguard the State's public deposits and investments through sound business practices for the exclusive benefits of our citizens, and perform these duties with integrity, excellence, and leadership.

Additionally, we strive to provide economic opportunity, stability, and security for every Massachusetts resident.

We are committed to excellence in recruiting, hiring, and retaining diverse and qualified individuals.

We value the culture of diversity and professionalism in the workplace, and strongly believe that our workforce should reflect our community.

PURPOSE
OF
THE JOB**:

Join the small, high-functioning operations team in the Defined Contribution Plans department in the State Treasurer's Office.

The Operations and Audit Analyst role is integral to the daily administration, oversight and compliance of the Commonwealth's 401(k) CORE Plan for nonprofit employers and employees, and the Commonwealth's 457(b) SMART Plan for state employees.

ESSENTIAL
FUNCTIONS
AND

RESPONSIBILITIES:

401
(k)
Plan:

MONITOR:

Review high risk Plan areas and propose additional monitoring strategies
Maintain departmental policies, procedures and internal controls
Assess current practices to assure adherence to policies and procedures
Review timely submission of employee and employer contributions in conjunction with Operations Associate
Verify participant election changes are implemented by employers
Confirm distribution of all required participant notices and disclosures through 3(16) administrator and recordkeeper

AUDIT:

Coordinate annual audit process with external auditor and internal teams
Materially assist with the preparation of the financial statement audit, including the compilation of financial statement materials
Work closely with the Auditor, 3(16) administrator and recordkeeper to resolve operational conflicts identified under annual compliance audits.
Conduct named fiduciary for administration fee audit on a rolling basis
Conduct recordkeeper fee audit semiannually
Review and edit Form 5500 as prepared by recordkeeper

EVALUATE:

Assess recorded organization information to confirm Plan eligibility, ensure enrollment paperwork is in good order, and properly catalogued for Plan records
Provide ongoing review and feedback of recordkeeper's onboarding procedures for new employers

CLIENT
OUTREACH

Engage with client organizations to improve operations based on evaluation.
Consult with client organizations on plan document provisions

_45__7_
_(b)__ _
_Plan:_

MONITOR

Review high risk plan areas and propose additional monitoring strategies
Maintain departmental policies, procedures and internal controls
Assess current practices to assure adherence to policies and procedures
Assess monthly performance reports prepared by recordkeeper and custodian
Review of recordkeeper tracking of participant contributions to ensure compliance with IRS annual contribution limits in conjunction with Operations Associate

AUDIT

Coordinate annual audit process with external auditor and internal teams
Materially assist with the preparation of the financial statement audit, including the compilation of financial statement materials
Conduct custodial fee audit semiannually
Conduct recordkeeper fee audit semiannually

EVALUATE

Monitor Plan statistics relative to annual goals
Review recordkeeper, custodian performance relative to contracts
Compare field team work outputs to prior years

-
OTHER
DUTIES
AND

RESPONSIBILITIES:

Review and provide feedback on communication pieces
Facilitate Committee meeting preparations
Listen to and assess call center activity on a periodic basis
Support Plan operations and projects as needed

SUPERVISORY

RESPONSIBILITIES:

Qualifications

QUALIFICATIONS:

Bachelor's Degree and equivalent experience
Excellent analytic, presentation, communication and organizational skills
Demonstrated ability to contribute in a team environment
Ability to develop working _knowledge of retirement plan rules, applicable governing laws and regulations
Proficiency in Microsoft Excel and Word
Proficiency with Adobe Acrobat Pro DC

PREFERED

QUALIFICATIONS:

Working knowledge in ERISA and related IRS/ Treasury regulations
Interest in assuming a role with the potential for increased responsibilities over time
Prior program audit and evaluation experience
Three to five years' experience in 401(k) and defined contribution plan administration, employee retirement benefits
Proficiency with Microsoft Access

Official Title:
Operations Associate

Primary Location:
United States-Massachusetts-Boston-1 Ashburton Place

Job:
Administrative Services

Agency:
Off of State Treas & Rec Genrl

**Sc