Retirement Loan Team Specialist
Schwab Retirement Plan Services (SRPS) is one of the leading providers of bundled retirement plan services. For mid to large sized companies, Schwab offers full-service retirement plans featuring complete retirement services from a single source. Schwab’s combined expertise in recordkeeping and related services, investment choice and award-winning participant experience and education (including retirement plan advice) and high-end technology helps employers offer competitive employee benefits.
What you are good at
Most 401k plans we service contain a loan provision, a popular feature that many participants take advantage of at some point during their retirement savings phase. Our surveys have found that participants who take out a loan have a Client Promoter Score three times greater than those that do not, making the servicing of those loans even more critical. In many cases, this loan may be the only time those participants contact us or use our services. Getting the process right is critical to their needs and satisfaction with Schwab and this employer benefit. As a loan specialist, you will have a unique opportunity of defining the service that will be delivered to both the participant and plan sponsor. The Loan Team Specialist is expected to be a subject matter expert in retirement plan loan processing and maintenance while providing consultative services to SRPS plan sponsors. Specifically, the position responsibilities include:
- Work directly with clients to bring loans current by providing reports (standard and customized) of delinquent loans and developing actionable plans.
- Research loan and payroll history to provide clients with resolution and accurate data.
- Ability to communicate directly with plan sponsors, determining the appropriate channel (email and/or telephone) on day to day plan needs (loan specific).
- Coordinate with Client Services and Participant Services Teams to provide quick turnaround around times on participant and client requests.
- Maintain quality control and procedures, and create process improvements in order to meet key deliverables and exceed client expectations.
- Daily monitoring and processing incoming loan modification requests.
- Oversight and review of our automated loan application processes.
- Participate in new plan and merger conversion meetings; assisting with new client (contact) onboarding efforts.
- Coordinate with our Payroll Consulting team on unique solutions to solve client loan issues.
- Participate in client site visits; selling the team and offer or answering questions as a Subject Matter Expert.
What you have
- 2-5 years of experience in Qualified Retirement Plan Administration or similar financial industry role.
- Bachelor’s Degree or equivalent work and education experience.
- A Client-First Attitude. At Schwab, we seek to view our business “Through Clients’ Eyes”.
- Acute attention to detail.
- Ability to multi-task in a fast-paced, deadline-driven environment with minimal errors.
- Excellent oral and written communication skills, including comfortability presenting to clients and internal departments.
- Advanced knowledge of Microsoft Excel, Word, and PowerPoint.
- Creative thought process focusing on continuous process improvement.
- Ability to exercise good judgment, knowing how and when to call on other resources.
- A knack for challenging the status quo.
- Proven ability to influence others with reasoned debate and dialogue rather than consensus building.
- Outstanding time management skills.
- Exceptional organizational and analytical skills.
- Track record of excelling in a team based culture.
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