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R20036112 - Retirement Compliance and Testing Intern (Summer 2021)

Company: TransAmerica Life Insurance Company
Location: Cedar Rapids
Posted on: June 11, 2021

Job Description:

Description :

Job Description Summary

Internships are short-term work experiences for a designated period of time that allow college students the opportunity to observe and participate in the professional work environment, to explore how his/her interests relate to possible careers, and to gain practical experience in an industry relating to their field of study. To qualify for an internship, applicants must be currently enrolled full-time at a college or university pursuing a specific degree program. Internships are not available for students who have completed their college education or who will graduate prior to the conclusion of the internship.

Job Description


The Retirement Compliance and Testing Intern will be tasked with handling the preparation and mailing of required IRS Form 5500 and applicable schedules and/or annual and mid-year compliance tests for an assigned caseload. Responsibilities will include but are not limited to:

Form 5500 functions:

  • Analyze and research data to ensure proper completion of Form 5500 and applicable schedules.
  • Prepare forms following set deadlines and quality expectations.
  • Provide communications and auditing packages to auditors and clients according to IRS regulations.
  • Answer applicable questions from auditors and clients, and assist clients with e-filing of 5500 forms and attachments.

Compliance testing functions:

  • Analyze and research census data provided by the client in preparation for compliance testing.
  • Determine appropriate tests needed per plan based on specific plan provisions.
  • Perform compliance testing (ADP/ACP, 401(a)(4), 410(b), Benefits, Rights & Features, Top Heavy), calculations of employer match and nonelective contributions, and applicable refunds. Monitor 402(g) and 415 limits and handle corrective measures.
  • Resolve plan operational errors discovered during test processes.

General functions:

  • Review plan documents and understand the impact to the functions performed.
  • Under applicable guidance, assist clients with 5500 processes and/or compliance testing and overall compliance with the plans.
  • Evaluate alternative solutions and consult with other team members/manage for resolution.


  • Currently enrolled university student working towards a bachelor's degree in finance, business, or similar degree
  • Analytical skills and attention to detail
  • Ability to prioritize work within assigned caseload
  • Proficiency using MS Office
  • Knowledge of testing and 5500 software a plus
  • Strong written & verbal communications communication skills
  • Ability to work independently and as part of a team
  • Reliable, dependable

Working Conditions

  • Virtual working environment for the duration of the summer.

This job description is not a contract of employment nor for any specific job responsibilities. The Company may change, add to, remove, or revoke the terms of this job description at its discretion. Managers may assign other duties and responsibilities as needed. In the event an employee or applicant requests or requires an accommodation in order to perform job functions, the applicable HR Business Partner should be contacted to evaluate the accommodation request.

Rewards & Compensation

In addition to gaining exposure to the financial services and insurance industry, students gain access to intern exclusive events and networking opportunities throughout the summer while receiving a competitive compensation.

The hourly rate for this position generally ranges between $15.00-$20.00 an hour for undergraduates and up to $25 an hour for graduate students. This range is an estimate, based on preexisting standards, operational needs and other considerations permitted by law. The range may vary above and below the stated amounts, as permitted by Colorado Equal Pay Transparency Rule 4.1.2.

Why Work for Us

Total Rewards at Transamerica: It's more than a paycheck.

Our comprehensive Total Rewards package is designed to help support you in many ways - throughout all stages of your life and career. We provide a competitive, market-driven program that encompasses base compensation, bonus potential, retirement, health and wellness benefits, learning and development opportunities, plus great employee perks. All designed with you in mind to help you live your best life, grow personally and professionally - and feel valued for the work you do.

Learn more about our Total Rewards Package.

Equal Opportunity Employer:

Transamerica Life Insurance Company is an Equal Employment Opportunity employer and does not discriminate against any applicant or employee because of age, religion, sex, gender identity, genetic information, race, color, national origin, pregnancy, sexual orientation, marital status, participation in the uniformed services (e.g. U.S. Armed Forces, National Guard), physical or mental disability, or any other status protected by federal, state, or local equal employment opportunities laws.

Applicants with physical or mental disabilities may be entitled to a form of reasonable accommodation under the Americans with Disabilities Act and certain state and local laws. A reasonable accommodation is a change in the way things are normally done which will insure equal employment opportunity without imposing undue hardship on the Transamerica Companies. Please contact: applicantsupport@transamerica.com if you are a job seeker with a disability, or are assisting someone with a disability, and require assistance to apply for one of our jobs.

Technical Assistance:

If you experience technical problems during the application process, please email applicantsupport@transamerica.com.

Keywords: TransAmerica Life Insurance Company, Cedar Rapids , R20036112 - Retirement Compliance and Testing Intern (Summer 2021), Other , Cedar Rapids, Iowa

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