Description:
Overview:At Community Financial System, Inc. (CFSI), we are dedicated to providing our customers with friendly, personalized, high-quality financial services and products. Our retail division, Community Bank, N.A., operates more than 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts. Beyond retail banking, we also offer commercial banking, wealth management, investment management, insurance and risk management, and benefit plan administration.
Just as our employees are committed to helping our customers manage their finances, we're committed to our employees. After all, they make it happen for our customers every day.
To ensure our people can enjoy long and successful careers here at CFSI, we offer competitive compensation, great benefits, and professional development and advancement opportunities. As an equal-opportunity workplace and affirmative-action employer, we celebrate and support a diverse workplace for the benefit of all: our employees, customers and communities.
Responsibilities:
The Associate General Counsel - BPAS will serve as a key legal advisor to the growing benefit business of Community Financial System, Inc., including Benefit Plans Administrative Services, Inc. (“BPAS”). BPAS is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services on a national scale. This individual will advise and support BPAS and its affiliates, on a wide array of legal and regulatory matters, with a focus on providing legal counsel on the design, administration and compliance of retirement plans and health & welfare plans.
This position will work closely with senior leadership and report to the EVP and General Counsel but is expected to operate independently in working with all levels of management.
Essential Responsibilities:
- Provide legal counsel and strategic direction on the design, administration, and compliance of retirement plans (e.g., 401(k), defined benefit) and health & welfare plans.
- Work to ensure BPAS' compliance with ERISA, DOL regulations, IRS guidelines, and other relevant laws and regulations, including when regulatory changes are enacted.
- Develop and implement policies and procedures for compliance with applicable laws and regulations, including ERISA.
- Identify and mitigate legal risks related to Retirement and Health & Welfare Plans and administration.
- Provide staff with updates, education and training on ERISA-related topics and compliance practices, as well as providing technical training to internal teams.
- Collaborate with our teams to issue periodic client / partner news releases or webinars on qualified plan, technical plan design or operational matters.
- Support internal team with resolution of operational issues and plan corrections, including preparing Voluntary Compliance Program filings and interfacing with with regulatory agencies (e.g., DOL, IRS) as needed, to achieve resolution.
- Manage and oversee litigation, enforcement and dispute resolution matters involving BPAS, including related to ERISA, Retirement Plan Services and Health & Welfare Plans, including possible resolutions with clients or partners on dispute related matters
- Review and draft plan documents, plan amendments, forms and disclosures for various products and services.
- Review, draft and negotiate contracts and agreements with clients, partners, vendors and counterparties, including standard ASA language and updates.
- Conduct legal research and analysis regarding legal questions that arise from the company's lines of business, including analyzing significant legislative, statutory, regulatory or case law guidance of certain laws ancillary to employee benefits laws (e.g., securities, estate planning, banking, e-sign).
- Conduct presentations at professional conferences and meetings (public speaking through onsite, conferences or webcast means)
- Monitor legislative and regulatory developments affecting employee benefit plans, including Retirement and Health & Welfare Plans; prepare internal guidance and update policies and procedures as needed.
- Advise on fiduciary responsibilities and best practices, including oversight of plan committees and compliance with prohibited transaction rules.
- Work on special projects, as appropriate, related to BPAS matters.
- Prepare and review communications notifying clients and plan sponsors of various topics affecting their plans.
- Assist with the review and assessment of new and existing products and opportunities from a legal and regulatory perspective.
- Support merger and acquisition activity involving the company
Qualifications:
Education/Training:
- Juris Doctor (JD) degree from an accredited law school.
- Admission to the bar of at least one U.S. state and in good standing; ability to obtain in-house counsel registration or equivalent in New York if not already admitted
Skills:
- Deep understanding of qualified retirement plan and health & welfare plan administration.
- Strong knowledge of Employee Retirement Income Security Act (ERISA), Department of Labor (DOL) regulations, Internal Revenue Code (IRC), IRS correction programs (EPCRS, VFCP) and other relevant laws and regulations that pertain to qualified retirement plans (DC, DB, Health and Welfare, etc.).
- Excellent analytical, communication, and leadership skills.
- Ability to manage multiple priorities and work collaboratively across departments.
- Ability to work collaboratively with cross-functional teams.
- Experience in managing litigation and disputes related to ERISA and employee benefits.
- Experience working with third-party administrators, plan sponsors, fiduciaries and multiemployer or governmental plans is a plus.
Experience:
Minimum of 5-8 years' experience in an in-house legal department, law firm, or regulatory agency; strong leadership and management experience; Deep expertise in ERISA and employee benefits law and regulations
