Retirement Plan Loan Specialist

Job Title: Retirement Plan Loan Specialist

Compensation: $25-$30.00 per hour with a 6% Yearly Discretionary Bonus

Location: Austin, TX (Hybrid)
Job Type: Full-Time

Working Hours: 8:00am-5:00pm CST (Monday-Friday)

About Us:

HUB is a global insurance and employee benefits broker, providing a broad array of property, casualty, risk management, life and health, employee benefits, investment and wealth management products and services.

About HUB Retirement & Private Wealth (RPW): 

We lead our communities with integrity, driven to make things better, both now and in the future. We serve, inspire, and thrive while maintaining an entrepreneurial spirit. We innovate, collaborate, and achieve success together, focused on the tomorrows for all.

Job Purpose:

We are seeking a detail-oriented and compliance-driven Retirement Plan Loan Specialist to join our team in Austin, TX. In this hybrid role, you will work three days per week from our Austin office and the remainder remotely. You will be responsible for administering participant loans originated from qualified retirement plan assets including 401(k), 403(b), and other ERISA-governed plans. This role requires a strong working knowledge of Department of Labor (DOL) regulations, IRS guidelines under IRC §72(p), and individual plan document rules that govern participant lending. You will serve as a primary point of contact for plan sponsors and participants and will play a key role in ensuring all loan activity is issued, documented, and serviced in full compliance with applicable plan terms and federal requirements. 

Key Responsibilities:

• Review participant account details, vested balances, outstanding loan balances, and plan document provisions to determine loan eligibility, permissible amounts, and applicable terms under IRC §72(p) and DOL regulations (29 CFR §2550.408b-1). 
• Draft and prepare loan applications, promissory notes, repayment amortization schedules, and spousal consent forms in strict accordance with ERISA requirements and individual plan rules. 
• Process, post, and reconcile incoming loan repayments — including payroll deduction remittances — ensuring accurate and timely application to participant accounts. 
• Monitor outstanding loan portfolios for deemed distribution risk, missed or short payments, and default events; initiate cure period notices and coordinate corrective actions with plan sponsors and participants. 
• Administer loan refinances, reamortizations, and plan-mandated loan offset transactions in accordance with plan terms and applicable IRS guidance. 
• Partner with plan sponsors and payroll administrators to ensure loan repayments are properly remitted, coded, and reconciled; resolve discrepancies promptly to protect participants from unintended tax consequences. 
• Prepare and distribute required participant disclosures; maintain complete, audit-ready loan files to support DOL audit inquiries and plan sponsor reporting obligations. 
• Assist with ERISA plan corrections under the IRS Employee Plans Compliance Resolution System (EPCRS) and Voluntary Correction Program (VCP) related to loan failures or operational errors, working alongside compliance and legal teams as needed. 
• Respond to participant and plan sponsor inquiries regarding loan terms, repayment status, default risk, and regulatory requirements, providing clear guidance consistent with plan documents and DOL rules. 
• Stay current on DOL, IRS, and ERISA regulatory developments affecting participant loan programs, including prohibited transaction exemptions, hardship distribution interactions, and SECURE Act provisions. 

Qualifications:

• 2+ years of experience in retirement plan administration, participant loan processing, or a related ERISA-regulated financial services role. 

• Working knowledge of ERISA, IRC §72(p), DOL participant loan regulations (29 CFR §2550.408b-1), and IRS deemed distribution rules. 

• Demonstrated ability to interpret plan documents and apply plan-specific loan provisions to individual participant requests. 

• Proficiency with retirement plan recordkeeping platforms or loan administration systems and Microsoft Office Suite. 

• Exceptional attention to detail with strong organizational and time management skills in a high-volume, deadline-driven environment. 

• Excellent written and verbal communication skills with a participant- and plan-sponsor-focused mindset. 

Preferred 

• Associate’s or Bachelor’s degree in Finance, Business Administration, or a related field. 

• ASPPA (QKA, QPA), NIPA (APA, ARA), or CEBS designation, or active pursuit thereof. 

• Experience preparing or supporting EPCRS/VCP loan correction submissions or DOL voluntary compliance filings. 

• Familiarity with major retirement recordkeeping platforms such as Empower, Fidelity, Voya, Transamerica, or similar systems. 

Featured Benefits: 

• Compensation: $25-$30.00 per hour with a 6% Yearly Discretionary Bonus
• Medical insurance, Vision insurance, Dental insurance, 401(k) plus match, Company Paid STD, Life Insurance, & parental leave
• Monday-Friday (8am-5pm)
• 2 weeks of vacation, sick leave, personal days, and floating holiday’s
• Hybrid schedule
• Professional development support, including study assistance for ASPPA, NIPA, or CEBS designations. 

Travel:

• No travel required

Department Account Management & Service

Required Experience: 2-5 years of relevant experience

Required Travel: No Travel Required

Required Education: Associate degree (2-year degree)

HUB International Limited is an equal opportunity employer that does not discriminate on the basis of race/ethnicity, national origin, religion, age, color, sex, sexual orientation, gender identity, disability or veteran's status, or any other characteristic protected by local, state or federal laws, rules or regulations.

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