Deposit Account Servicing - IRA Certificate Sr Specialist

TITLE: IRA CERTIFICATE SR SPECIALIST
STATUS: NON-EXEMPT
REPORTS TO: SUP - IRA CERTIFICATE
DEPARTMENT: DEPOSIT ACCOUNT SERVICING
JOB CODE: 11640
PAY RANGE: $27.97 - $34.00 HOURLY

GENERAL DESCRIPTION:

As an experienced IRA Certificate Senior, you will be involved in managing and overseeing the financial and account-related aspects of complex IRA's, IRA Rollovers, IRA Transfers, IRA Withdrawals, Required Minimum Distribution (RMD) and IRA Term-Savings Certificate products. Responsible for researching and responding to complaints, escalations, and quality control findings and leading projects that involve IRA improvement. Support validation and testing new IRA solutions while being intentional towards digital innovation and solutions. This senior level position plays a crucial role managing IRA work assignments, daily reporting, and Data Change review to maintain the highest standards of accuracy and efficiency. The IRA Certificate Senior Specialist should have an advanced understanding of financial regulations for IRA's and Certificates and escheatable accounts that will enhance the decision-making process. This role requires advanced knowledge of Dormant account handling and the Escheatment process related to IRA's and Certificates and state laws that govern credit unions. Manage phone activity and provide phone cover for incoming calls when volume exceeds normal levels. Additionally, the role will involve collaborating with legal and compliance to ensure adherence to industry standards and diligently safeguard the best interests of the credit union, ensuring prudent financial practices and strategic decision-making.


TASKS, DUTIES, FUNCTIONS:

1. Verification and Documentation: Monitor IRA & certificate performance and make recommendations for improvement. Verify and ensure accuracy, authenticity, and completeness and oversite of these products: IRA's, IRA Savings, IRA Withdrawals. IRA Rollover, IRA Transfers, and IRA Required Minimum Distributions (RMD). Perform quarterly and annual system validation including 1099 and 5498 tax forms.
2. Legal Coordination: Collaborate with legal representatives, IRA beneficiaries, and address complex legal issues related to IRA and Certificates, Medallion Stamps and Escheatment.
3. Regulatory Compliance: Maintain a thorough understanding of financial industry regulations for IRA's and Certificates as it relates to credit union compliance, including bank secrecy and anti-money laundering laws appropriate to this position. Must successfully maintain all IRA regulatory and compliance courses and apply knowledge to daily tasks. Understand and maintain contribution limits, and distribution rules.
4. Record- Keeping: Document deceased processes and provide guidance on best practices industry wide. Maintain detailed records of escheatment activities, ensuring proper documentation to retain institutional knowledge and ensure continuity.
5. Communication/Collaboration: Keeping all relevant stakeholders informed about the progress of IRA cases, reporting, tracking, trends, and risk in concise transparent communication. As well as establishing goals and performance expectations.
6. Work Assignments: Assigns daily work to team members, monitor phone calls to ensure all established KPI's are met. Report daily progress and performance to management.
7. Confidentiality: Commitment to maintaining the highest level of confidentiality and integrity, while adhering to privacy policy standards.
8. Thorough Investigation: Conducting a comprehensive investigation to understand root cause of the problem, allowing for accurate and effective resolution that is documented for ongoing improvement.
9. Dormant and Escheatment: Has a firm understanding of the dormant and escheatment process and state law requirements. Proactively continues to improve the IRA and Certificate escheatment processes based on industry best practices and organizational needs. Proactively locate members to reduce escheatment volumes.
10. Account Maintenance: Review and adjust IRA investments that align with member's requests and tax laws and regulations. Prepare and process bi-weekly IRA Federal and State tax withholding payments as well as balance and prepare quarterly and annual filings. Perform 2nd line monitoring to ensure IRA policy guidelines are followed.
11. Problem Resolution: Utilize analytical and critical thinking skills to identify creative and practical solutions to the problem at hand.
12. Confidentiality: Commitment to maintaining the highest level of confidentiality and integrity, while adhering to privacy policy standards.
13. Training and Development: Promote cross-training within the team to broaden individuals' skill sets and ensure team members understand each other's roles and responsibilities. Stay informed about IRA industry best practices and lead training sessions to help develop peers and ensure they are equipped with the knowledge to meet organizational goals. Maintain IRA certification.
14. Digital expectation: Identify and create digital opportunities for faster, easier IRA account resolution. Remain involved with organizational changes that include technology-driven strategies to enhance the IRA process, which include participating in testing new IRA solutions.
15. Self-Motivation: An independent worker who is self-motivated and takes initiative without need of supervision. Willingly take on new tasks, explore opportunities for improvement, and go beyond their assigned responsibilities without waiting for instructions.
16. Engagement participation: Create a culture of open communication where team members feel comfortable expressing ideas, concerns, and feedback.

PHYSICAL SKILLS, ABILITIES, AND EXERTION UTILIZED IN THE PERFORMANCE OF THESE TASK:

1. Proficient in using relevant computer applications and software.
2. Proven ability to analyze situations, identify issues, and implement effective solutions.
3. High levels of knowledge of complex IRA and Certificate processes.
4. Familiarity with IRA industry trends and a proactive approach to process improvement.

ORGANIZATIONAL CONTACTS & RELATIONSHIPS:

1. INTERNAL: Ability to collaborate and work effectively with cross- functional teams and internal stakeholders, Including Sr. Managers, VP's, Compliance and legal.
2. EXTERNAL: Interact with outside council, account holder of interest as well as third-party agencies when obtaining information relevant to the IRA case.

QUALIFICATIONS:

1. EDUCATION: Minimum of a high school diploma or equivalent. A bachelor's degree in finance, accounting, business administration or 5 years in a related field is preferred.
2. EXPERIENCE: 6 years of experience in IRA account processing within the financial services industry, demonstrating a deep understanding of the intricacies and complexity of managing such accounts. 5 years of experience with Escheatment and Dormant account laws and state regulations pertaining to IRA's and Certificates. 7+ years of experience in member service with strong background in operational knowledge in the financial industry.
3. KNOWLEDGE / SKILLS: Certification on IRA and Certificate account handling or experience and skills equipped to handle the complexities and challenges associated with this role.
   1. In-depth knowledge in Escheatment and Dormant regulations governing IRA and Certificate property at the federal and state levels.
   2. Ability to interpret IRA and Certificate documents to ensure accurate and compliant IRA handling, demonstrating legal comprehension.
   3. Understand IRA distribution, contribution, and withdrawal limits.
   4. Advanced problem-solving skills and timely responses.
   5. Ability to navigate and resolve IRA conflicts with discretion and professionalism.
   6. Proficient in using systems, databases, and other relevant technologies.
   7. Independent self- motivated worker who takes initiative without need of supervision.
   8. The ability to adapt to changes in the work environment or unexpected challenges.
   9. Analyze situations and make critical informed decisions and think strategically.

PHYSICAL REQUIREMENTS:

1. Prolonged sitting throughout the workday with occasional mobility required.
2. Corrected vision within the normal range.
3. Hearing within normal range. A device to enhance hearing will be provided if needed.
4. Occasional movements throughout the department daily to interact with staff, accomplish tasks, etc.
5. Extensive PC data entry and processing throughout the workday.

LICENSES / CERTIFICATIONS:

1. Escheatment and Dormant Training/Certification.
2. Certification in IRA and Certificate account management.

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