DEFERRED COMPENSATION PLAN OFFICER

GENERAL POSITION DESCRIPTION

Introduction

The Deferred Compensation Plan Officer isan executive level professional responsible for the oversight and management of the KPERS 457Deferred Compensation Plan and KPERS 401(a) planin a manner consistent with applicable federal and state law, Plan Document and Investment Policy, service provider contract, and other written governing and policy documents in order to achieve quality outcomes and strategic initiatives established by the Executive Director and the Board of Trustees.

Essential Responsibilities

Administers activities, processes, policies and procedures for the State of Kansas Deferred Compensation Plan (KPERS 457) and the Kansas Supplemental Defined Contribution Plan (KPERS 401(a)). Assures the plansare administered in accordance with plan documents and in compliance with applicable legal and regulatory requirements. Analyzes the impact of changes in laws and regulations to determine their applicability to the plans and the need, if any, to make recommended amendments. Ensures that key plan documents, contracts, and records are maintained.

Responsible for strategic planning of all phases of the KPERS 457 and 401(a) plans, with a focus on improving retirement readiness for all eligible employees and coordination of the plans with KPERS’ pension benefits, as well as fulfilling KPERS’ fiduciary role, ensuring IRS compliance, andrelated operational, policy and business decisions that affect the Plans. Develops action plan and benchmarks related to goals in strategic plan. Stays abreast of developments with respect to public sector defined contribution plan design, fiduciary and legal standards, behavioral economic research, record keeping services, and defined contribution investments.

Works with the System’s General Counsel in regularly reviewing and drafting amendments to plan documents, trust agreements, and other Plan related legal documents.

Collaborates with consultant regarding recommended updates and amendments to investment policy statement and investment menu structure; review and monitoring of investment performance; and selection and replacement of funds in accordance with investment policy statement guidelines.

In collaboration with the Chief Fiscal Officer, monitors the KPERS 457/401(a) budget and effectively communicate needs, both immediate and future, to the Executive Director; Fiscal Services and Information Technology Divisions. Monitor KPERS 457 and 401(a) administrative fee revenues and unallocated plan asset account assets, and in consultation with the Executive Director and Chief Fiscal Officer, recommends adjustments as needed.

Oversees, evaluates and monitors the performance of the planrecord keeper and consultants to ensure their compliance with KPERS 457 and KPERS 401(a) plan provisions, contracts/agreements, and fee arrangements to ensure a high level of performance. Responsible for the development of requests for proposal and contract negotiations with current/new vendors. In collaboration with the consultant, periodically benchmarks and evaluates the appropriateness and reasonableness of investment, record-keeper, and administrative fees, recommending changes as appropriate.

Coordinate with Chief Fiscal Officer, Department of Administration, plan record keeper, plan auditor, and state agencies on scheduling audits and ensuring prompt, accurate responses to auditor requests for financial and contract compliance audit data for the State KPERS 457 plan. Recommends and implements responses to audit findings and corrective/preventive actions.

In collaboration with the Communications Officer, develops and analyzes data to identify communication/education needs consistent with strategic plan goals for the plans, and consults as needed with the Communications Officer regarding an annual communication plan to achieve those goals. Provides feedback and recommendations regarding deferred compensation plan communications, such as plan documents, presentations, informational and benefit brochures, plan change announcements, educational materials, and website and mobile content and functionality.

Develops and preparesagenda for Deferred Compensation Committee and KPERS Board meetings, develops materials and/or oversees and coordinates preparation of materials by consultant and service provider. Presents and reports to the Committee and to the Board of Trustees.

Develops and implements strategies for assessing employee and employer satisfaction with and understanding of the plans and providing opportunities for feedback to evaluate the plans’ effectiveness or future areas for improvement. Develops strategies to enhance the understanding of public employers and employees of KPERS’ role in administering the plans and the manner in which they complement KPERS’ pension benefits.

Responsible for monitoring, evaluating, resolving and responding to complaints from employers and participants. Develops a system to track receipt and resolution of complaints. Works with plan record keeper, employers and KPERS staff to identify facts and circumstances, and to coordinate and/or implement resolution and follow-up as needed.

The Deferred Compensation Plan Officer will be a member of the Retirement System’s senior management team, participating in all major decisions and performing such special assignments as may be appropriate.

Performs other duties and special projects as assigned in order to meet the objectives of KPERS.

Reporting

The Deferred Compensation PlanOfficer reports directly to the Executive Director.

Supervision

The Deferred CompensationPlan Officer supervises the Deferred Compensation Plan Administrator.

Education Required

Bachelor’s degree in business, public or benefits administration from a four-year college. Master’s degree in one of these areas is preferred. Experience may be substituted for education as determined relevant by the agency.

Experience Required

Five years of experience in planning, organizing and directing the work of a department, program or agency, preferably in a retirement income and planning or personal financial planning setting.Education may be substituted for experience as determined relevant by the agency.

Skills and Abilities

  • Knowledge of core retirement income and planning and personal financial planning concepts
  • Ability to understand the role of retirement benefits in human resources management
  • Ability to interpret technical guidelines, state and federal policies, regulations, statues, and directives
  • Ability to organize, analyze, and effectively communicate key features of large amounts of complex data in concise form.
  • Ability to analyze data and apply problem-solving techniques.
  • Ability to recommend and evaluate objectives for delivery of services
  • Proficiency in the use of Microsoft Windows and office software (i.e., Excel, Word)
  • Strong interpersonal skills and ability to communicate and manage well at all levels
  • Excellent written and oral communication skills.
  • Strong attention to detail.
  • Commitment to excellent customer service.

Created November 2017