Updated: Jan 16
Full Job Description
Our client - a major bank on Long Island is looking for a Bank IRA Processing Specialist responsible for ensuring that all compliance and regulatory requirements are met. They will monitor IRA products and transactions to ensure all coding is validated against IRS regulations. This position also requires applicant to stay abreast of IRS tax reporting, IRA regulations, and new product offering. This is a REMOTE role. Great benefits and culture! Responsibilities:
Subject matter expert on IRA rules, regulations, practices, and acts as a resource for other associates
Reviews all new Plans, contributions, conversions, transfers, distributions, and close outs.
Adhere to regulatory compliance regarding correction processing with the IRS and at state(s) level, including IRS Forms 1099R, 1099SA, 1099Q, 5498, 5498SA, 5498ESA, 1096, federal and state withholding remittance, and abandoned property escheat laws for various states.
Process outgoing Direct Transfers to other financial institutions.
Monitor day-to-day IRA processes and transactions for accuracy.
Assists with annual calculations and processing of Required Minimum Distributions for all IRA plans.
Responsible for maintaining all IRA customer records.
Provide assistance to branches, private bankers, customer service, call center, existing and potential customers, beneficiaries, vendors and other financial institutions by responding to inquiries, conducting necessary research and resolving issues and problems in professional manner.
Perform routine maintenance on existing accounts; including adding and removing beneficiaries and calculating and verifying RMDs and conversions.
Assists in education and information campaigns for employees.
Complete research requests as necessary to resolve day to day customer issues and the execution of complex and escalated issues.
Takes initiative to work through issues and able to identify and champion potential process improvements.
Quality Assurance review for End of Year reporting and annual mailings and adheres to deadlines.
Responsible for testing of system generated IRA forms and release updates.
Maintains IRA related department procedures to comply with current requirements and regulations.
Perform other related Branch Operation duties as assigned by management.
College degree preferred or a combination of education and experience.
Minimum 2 years’ Banking experience preferred.
Experience with IRA transactions required.
Self-starter with demonstrated ability to work both independently and efficiently.
Outstanding time management skills and interpersonal skills
Ability to work with all levels within the organization.
Possess excellent oral and written communication skills.
Must be organized and detail oriented and exhibit flexibility and willingness to work at a rapid pace.
Excellent critical thinking and problem-solving skills.
Proficiency in Microsoft Office and various banking third party platforms.
Must be able to find a high-volume, dynamic, and team-focused environment engaging.
Must comply with all state and federal regulations.
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