"You are applying for a position where you will assist 401(k) plan participants in navigating their...

"You are applying for a position where you will assist 401(k) plan participants in navigating their employer’s retirement plan so they can live comfortably in the future. The position is with the Vanguard investment management company. Please provide a detailed list of your expected job duties as well as potential questions that can be asked of you in the interview; to the best of your knowledge."

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Expert Solution

Duties of 401k plan advisors:

The advisor must ensure that he is in compliance with all the rules & regulations of the specific plan.
He must make sure that the participant’s contributions are collected & distributed in a timely manner.
As an administrator advisor, it is necessary to give an all inclusive plan summary report annually as well as an annual benefit statement to the plan participants.
It is necessary to have all plan reports ready & up to date in case of a plan audit.
It is necessary to ensure that the plan investment or the loans expenses are reasonable.
It is also necessary to ensure that the plan contributions are promptly deposited & recorded.
The admin must also ensure that the plan assets are appropriately insured.
He also has the responsibility to maintain plan investment certificates & also keep the reports current.
The admin must also make sure that the PBGC (pension benefit Guarantee Corporation) insurance is up to date.
He must also be sure that there is proper valuation of all plan assets.

Interview questions:

What are you looking for in the position as 401k plan admin or advisor?
What is your strength & how it can be used in this role?
How would you handle the difficult situations in this role?
You prefer written or verbal communication for this role?
Is it important to be a good listener or a communicator for a 401k plan advisor?
What you consider ethical spending on an expense account?
Tell me a time when you had to give someone a difficult feedback as 401k plan advisor?
What is your expected salary for this role?

jeff jeffy answered 1 year ago

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