Job 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

457(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:

• N/A

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

Job Type: Full-time

Pay: $56,542.07 - $64,882.02 per year

Benefits:

• Dental insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Health savings account
• Life insurance
• Paid time off
• Parental leave
• Retirement plan
• Tuition reimbursement
• Vision insurance

Weekly schedule:

• Monday to Friday

Work setting:

• Hybrid work

Work Location: Hybrid remote in Boston, MA 02108

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