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Open nowPosted 5 days ago

Sr. Legal Counsel (Retirement Plan Services (RPS), Retirement & Trusts)

T. Rowe Price159 open roles

Pay
$145,000 – $247,000 a year
Where
Owings Mills, MD
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Your applicationOpen nowSr. Legal Counsel (Retirement Plan Services (RPS), Retirement & Trusts)T. Rowe Price · Owings Mills, MD

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The clock on this job

Early applications get read.

14.0% of postings close within 7 days. Measured by our own scanner across the market. T. Rowe Price postings stay open a median of 43 days.

Share of postings closed within
  1. 2.3%1 day
  2. 4.7%3 days
  3. 14.0%7 days
  4. 22.5%14 days
  5. 38.3%30 days
  6. 59.0%60 days
This job: posted 5 days ago

T. Rowe Price median: 43 days open

The posting

At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident.

We believe doing the right thing for our clients and our associates is good business. With a career at the firm, you can expect opportunities to create real impact at work and in your community. You’ll enjoy resources to support your career path, as well as compensation, benefits, and flexibility to enrich your life. Here, you’ll find a collaborative culture that respects and values differences and colleagues who share a spirit of generosity.

Join us for the opportunity to grow and make a difference in ways that matter to you.

Role Summary

The Sr. Legal Counsel will be a member of the legal team supporting T. Rowe Price Trust Company, in particular its collective investment trust (CIT) business. This position requires specialized knowledge of the legal and regulatory frameworks governing CITs, including applicable securities, tax, and banking laws, as well as laws and regulations governing retirement plans (e.g., ERISA). The role independently conducts legal research, drafts legal documents, and performs other legal-related duties in coordination with other senior attorneys. The individual is responsible for the accuracy and completeness of their own work, may assign tasks and provide guidance to less experienced staff, and contribute to overall team objectives. This role will collaborate closely with business, compliance, risk, operations, product, technology, distribution, and other stakeholders. Legal activities completed are typically highly complex.

Responsibilities

  • Provides legal advice to internal business units around the creation, operation and administration of the Trust Company’s collective investment trusts (CITs). For example, the Sr. Legal Counsel will:Draft, amend and maintain governing documents for CITs, such as declarations of trust, supplemental declarations of trust, investment guidelines and offering circulars; Determine client eligibility to invest in a CIT according to the requirements of IRS Revenue Ruling 81-100 and the exemptions covering CITs offered to retirement plans under the Securities Act of 1933, the Exchange Act of 1934, and the Investment Company Act of 1940; Draft and negotiate legal documents, including participation, advisory, custody, trading and accounting agreements; Review, and comment on, as a subject matter expert, marketing materials, including client presentations, and assist in responding to requests for proposal (RFPs) as well as assisting with preparing or reviewing client communications; Provide advice regarding operations and compliance matters, such as annual financial reporting, ERISA 408(b)(2) disclosure requirements, and editing/updating of policies and procedures; Assist with the Trust Company’s responses to regulatory examinations and inquiries and work closely with compliance and other firm-wide colleagues on regulatory examinations and requests; Prepare and present documents and meeting materials in connection with the Trust Company’s Board of Directors and its various committees; Act as primary interface with distribution units and legal team analysts to handle onboarding issues and document coordination.
  • Identifies, researches, analyzes, and monitors highly complex legal issues pertaining to their area of expertise and the area of business they support.
  • Independently conducts fact-finding and legal or regulatory research, including analysis of new laws, regulations, regulatory proposals and guidance and advises business on impact.
  • Collaborates with business stakeholders and other firm business partners to evaluate legal and regulatory issues and formulate practical solutions on complex issues presenting legal or regulatory risk.
  • Maintains an in-depth understanding of CIT products, firm strategic priorities, and regulatory requirements.
  • As a senior professional, often handles multiple issues and participates in various projects simultaneously, including implementation of new products and services.

Qualifications

Required:

  • Juris Doctor (J.D.) degree from an ABA-accredited law school and active membership in good standing in the Maryland State Bar or another U.S. state bar
  • 6+ years of total relevant work experience including regulatory, industry and/or attorney experience in banking, securities regulation, financial services, and/or retirement
  • Strong analytical, problem-solving, drafting, negotiation, and communication skills, with the ability to provide clear and practical advice on complex matters
  • Ability to collaborate effectively, work independently, manage competing priorities, and build effective partnerships with a diverse group of internal and external stakeholders

Preferred:

  • Experience and specialized knowledge of the legal matters impacting and governing collective investment trusts (CITs)
  • Experience advising on ERISA fiduciary and prohibited transaction matters, workplace retirement programs, participant education and advice, retirement income solutions, and related Department of Labor guidance, exemptions, and regulatory developments
  • Experience supporting the creation and administration of commingled investment vehicles, both from a legal/regulatory perspective as well as from a business perspective

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to one day per week from home.

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

$145,000.00 - $247,000.00 for the location of: Maryland, Colorado, Washington and remote workers $159,000.00 - $272,000.00 for the location of: Washington, D.C. $181,000.00 - $309,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual’s relevant experience and skills for the role. Base salary is only one component of our total compensation package. Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all.

Benefits

We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources, benefits, and work-life balance so you can thrive in ways that matter to you.

Featured employee benefits to enrich your life:

  • Competitive compensation
  • Annual bonus eligibility
  • A generous retirement plan
  • Hybrid work schedule
  • Health and wellness benefits, including online therapy
  • Paid time off for vacation, illness, medical appointments, and volunteering days
  • Family care resources, including fertility and adoption benefits

Learn more about our benefits.

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.

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