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Career Story: 401(K) Adjustment Specialist

401(K) Adjustment Specialist

Job Title: 401(K) Adjustment Specialist

Type of Company: My company administers 401(k) record keeping.

Education: BS, Elementary Education

Previous Experience: I worked on the phones for an ESPP administrator. Then I moved to administering 401(k) plans which led to my current role as an adjustment specialists.

Job Tasks: On a daily basis I adjust errors in 401(k) plans. I have to adhere to IRS rules and regulations that govern such corrections. I also have to adhere to the trading rules and deadlines that apply to large corporations. Everything we do has to be audited and checked twice. This plays a part in the turn-around deadlines we have to adhere to as well. We need to build in time to allow the right information to be documented and properly time-stamped. This helps cut down on market gains and losses that can be caused by fixing the errors.

On a daily basis I have to adjust contributions to the plan and calculate earnings owed to participants.from time to time with outside consultants with ties to the Department of Labor and IRS to make sure we follow all the rules properly. This job is 40 hours and there is not too much travel involved during the good times and during the down market travel is not necessary.

Best and Worst Parts of the Job: The worst part of this job is the hours. It can be very stressful trying to get the tasks done in a timely manner. I also have hour restrictions on me to complete different tasks by a certain time of the day.

The best part of this job is the satisfaction of helping others. When you help someone fix something that was done wrong and caused a participant to lose money it is very satisfactory.

Job Tips: A great tip to have when starting a job in this field is to find your niche. There are many different parts to this industry and each person has a favorite. I happen to like talking to different client reps and helping provide them answers to better serve the customer.

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