Retirement Plan Investments - Portfolio Manager
Company: Disability Solutions
Location: Charlotte
Posted on: April 28, 2024
Job Description:
Job Description:Role Summary:This investment management role is
part of the Retirement Plans Investments (RPI) team which is
predominately focused on managing the assets/investments of the
Bank of America retirement plans that include defined benefit
plans, 401(k) plans and deferred comp plans. The scale of the task
of managing these asset pools is evidenced by Pensions &
Investments annual ranking of the 1,000 largest U.S. retirement
plans by fund sponsor. Within this listing, Bank of America's U.S.
retirement plans rank as the 36th largest pool of retirement assets
(inclusive of public plans) and 10th largest for private/corporate
employers. The $18 billion of pension assets and $58 billion 401(k)
plan assets place these plans in the "mega" plan category. RPI
team's role:
- Manage the investment related matters of the company's
retirement plans. RPI is responsible for:
- Researching, analyzing, developing, recommending and
implementing investment strategies for the pension plan, 401(k)
plan, and assets held in trust for the NQDC plans
- Analyze, evaluate, select, and monitor investment strategies
and investment firms covering the major asset classes
- Allocate assets among asset classes and investment strategies
within the guidelines of each plan's adopted investment policy
- Develop and implement efficient asset transition plans
- Manage each plan's trust assets in accordance with ERISA and as
an ERISA plan fiduciarySupport the administration of the plans.
Plan administrators manage the day-to-day operations of the plan
(plan design, preparation of summary plan description, plan
distributions, compliance of plan rules and regulations, compliance
filing, participant accounts, day to day employee communications).
As an SME, RPI supports plan administration through:
- Financial reporting
- Provide summary and detailed reporting of the investment
related matters to the fiduciary committee responsible for
oversight of the plans.
- Plan sponsor and plan disclosure documents
- Financial forecasting - Future plan impacts under different
economic environments (Plan sponsor impacts for EST, CCAR, Plan
corporate forecasts).
- Legal/regulatory/litigation research, analysis, and
execution
- Stakeholder activities - includes working on plan
communications and participant inquiries
- Corporate actions and benefit obligations - provide investment
expertise in plan sponsor decisions (risk transfers) through
analysis of actions, determination of impacts and development of
execution strategies (examples include; evaluation of annuity
providers, plan terminations and meeting liquidity needs)In
performing these responsibilities, the RPI team interacts and
partners with the Global Human Resources Benefits team,
record-keepers (Fidelity & ML RPWS), trustees, custodians, finance,
accounting, treasury, consultants (investment consultants &
actuaries), legal (internal/external), audit (internal/external),
regulators and external money management firms. The RPI team is
comprised of approximately 6 employees located in Charlotte,
N.C.Position DescriptionPosition responsibilities include:
- Acting in the capacity of an ERISA plan fiduciary
- Responsible for producing analysis used to manage and evaluate
the plan assets and manager performance
- Supports the quarterly and annual financial reporting for the
plans. Activities include supporting the financial accounting
process for the plans (asset values relative to expectations based
on market returns), the corporate forecasting process (developing
expected returns and liability valuation metrics under different
economic scenarios) and developing performance monitoring
management reporting for the pension and 401(k) plans.
- Developing market knowledge of asset classes and investment
strategies
- Developing knowledge of deferred compensation plans and
evaluating investment strategies of trust assets. Make
recommendations related asset allocation and wind down
strategies.
- Participate and assist in conducting thorough due diligence
reviews of both prospective and incumbent investment
strategies/managers
- Develop, monitor and assess all aspects of a limited group of
investment strategies (e.g., Stable Value), including performance
attribution, portfolio management team and the investment
management company.
- Oversee assigned investment strategies and relationship with
external money managers
- Develop market knowledge of the different asset classes
- Perform research & analysis on different aspects of
institutional asset management (e.g., asset class fees, trading
costs, expected performance, correlations)
- Performing other duties/research projects as assignedThrough
these responsibilities, the incumbent will interact with leading
institutional investment management firms, investment consultants,
actuarial services firms, finance teams and legal groups. The role
offers an opportunity to develop an in-depth understanding of
investment strategies, portfolio management, institutional asset
management products and the responsibilities associated with
investment administration of ERISA plans (defined benefit plans and
defined contribution plans)Required Knowledge, Skills & Experience:
- Graduation from an accredited four year college or university
with a Bachelor's degree or equivalent years of experience
- Knowledge of, and experience in institutional asset management
(2+ years of experience)
- Developing knowledge and understanding of the capital
markets
- Knowledge of Investment concepts, terminology, styles, asset
allocation, and performance measurement
- Inquisitive, willing to challenge the status quo and strive to
improve processes
- Effective at working collaboratively and business
partnering
- Ability to work with a high level of autonomy, make
well-reasoned decisions and in an ethical manner
- Possess analytical abilities/financial acumen/problem solving
skills
- Strong communication/interpersonal skills
- Proficient in MS Office tools (Excel - advanced user) &
tableauDesired Skills & Experience:
- CFA / MBA - working towards or relevant experience
- 3+ years Institutional Asset Management experience
- Multi-asset class knowledge across public and private
markets
- Demonstrated ability to efficiently learn and apply financial
concepts
- Ability to establish and maintain professional relationships
with portfolio managers, actuaries, trustees, auditors, etc.
- Principles and practices of institutional investment management
and modern portfolio theory
- Forecast/Planning/Management Accounting/Project Management
Experience
- Knowledge of ERISA Retirement PlansShift:1st shift (United
States of America)Hours Per Week: 40
Keywords: Disability Solutions, Charlotte , Retirement Plan Investments - Portfolio Manager, Accounting, Auditing , Charlotte, North Carolina
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