Description:

Role Summary:
This role will focus on A Financial Services Company's compliance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the parallel provisions under the Internal Revenue Code of 1986, as amended (the “Code”) with respect to A Financial Services Company's business. (This role is not responsible for employee benefit plans sponsored and/or maintained by A Financial Services Company for the benefit of its employees).

Major Duties:
  • Manages and supports all aspects relating to compliance with ERISA and the parallel provisions under the Code with respect to A Financial Services Company's business for A Financial Services Company's Legal Department.
  • Coordinates with ERISA Compliance, as well as other Risk and Compliance partners, with respect to maintaining a comprehensive ERISA/prohibited transaction compliance program.
  • Provides bespoke ERISA-related training for A Financial Services Company business partners that is specific to such partners roles and obligations.
  • Effectively and respectfully interacts with partners (e.g., relationship managers, Risk/Compliance, Tax, Legal Department, Human Resources) or external parties (e.g., regulators, other financial institutions, investigations staff), as appropriate.
  • Conducts complex research and timely prepares summaries of findings.
  • Provides assistance in responding to regulatory inquiries, examinations, and subpoenas from the Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation.
  • Works collaboratively with outside counsel and other legal vendors.
  • Stays up-to-date on applicable regulatory developments affecting financial institutions and clients, generally, and how such developments bear on A Financial Services Company's business, specifically.

Knowledge/Skills:
This role requires collaboration, confidence, insightfulness and tech-savvy. The candidate must have strong leadership, analytical abilities and judgment. The position also requires exceptional communication and organizational skills to work effectively and cooperatively with internal and external clients, management and staff and to coordinate business functions with other departments on many matters simultaneously.

Experience:
  • Must have a valid license to practice law in Illinois and at least ten years as a lawyer with a full-time advising financial services clients.
  • Must have extensive experience advising on matters involving Title I of ERISA.
  • Must have experience advising on prohibited transactions and compliance with applicable exemptions, including PTE 84-14 (also known as the QPAM Exemption).
  • Must have experience advising on developing a compliance program relating to ERISA.
  • Ideally have experience advising with respect to ERISA/prohibited transaction issues that may arise in connection with investment management of plan assets, collective investment trusts, alternative investments, broker-dealers, and asset servicing,