Job Description

Position Summary : The ESOP Administrator is responsible for overseeing the day-to-day management and administration of the Employee Stock Ownership Plan (ESOP). This role ensures compliance with all legal, financial, and regulatory requirements, maintains accurate records, and serves as a key resource for employees and management regarding ESOP-related matters.

Duties and Responsibilities:

Plan Administration:

• Manage and coordinate all aspects of ESOP administration, including contributions, distributions, allocations, and participant account management.
• Ensure compliance with ESOP regulations, including ERISA, DOL, and IRS requirements.
• Coordinate the annual ESOP valuation process with third-party administrators (TPAs), accountants, and appraisers.
• Maintain accurate records of participant eligibility, share allocations, and vesting schedules.
• Oversee the preparation and submission of all required filings, such as Form 5500.
• Responsible for completing the ESOP Census Report

Employee Communications:

• Serve as the primary point of contact for employees regarding ESOP-related questions and concerns.
• Deliver educational programs and materials to help employees understand the ESOP and its benefits.
• Prepare and distribute participant statements and plan documents.

Compliance and Reporting:

• Monitor legislative and regulatory changes affecting ESOPs and ensure the plan remains in compliance.
• Collaborate with legal and financial advisors to implement necessary updates or amendments to the ESOP.
• Prepare regular reports for management and the Board of Directors regarding ESOP performance and compliance.

Coordination and Collaboration:

• Liaise with external vendors, including TPAs, appraisers, and legal counsel, to manage plan administration effectively.
• Communicate exclusively with the Company’s ESOP vendors in order to fulfill job duties.
• Assist in audits related to the ESOP and other benefit plans as required.

Education and Work Experience:

• Bachelor’s degree in Business Administration, Finance, Accounting, or a related field.
• A minimum of 5 years of experience in retirement plan or ESOP administration.
• Experience with ERISA regulations and employee benefits is preferred.

Knowledge and Skills:

To perform the job successfully, an individual should demonstrate the following competencies to perform the essential functions of this position.

• Strong understanding of ESOP regulations, compliance, and best practices.
• Excellent organizational and project management skills.
• Proficiency in payroll systems, record-keeping, and reporting tools.
• Exceptional communication and interpersonal skills, with the ability to explain complex topics in an understandable way.
• Analytical skills and attention to detail, with a focus on accuracy

Job Tags

Similar Jobs