IRA/CD Operations Specialist II

IRA/CD Operations Specialist II

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General Function: Independently support and maintain the operational and risk needs of the IRA/CD Operations Banking division, including the reconciliation, research and clearing of IRA/CDs and other internal accounts, verification of documentation for accuracy and related reporting information, various compliance functions. Perform other operational duties such as analysis of processes/trends, recommend process improvements and participation in the implementation of these improvements. This position is responsible for providing quality customer service for various types of inquiries, including complex regulation, IRS reporting questions or IRS documentation requirement questions from the contact center, financial centers, retail help desk and/or external customers.

Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

Essential Duties & Responsibilities:

• Maintain an in-depth, working knowledge of all IRA/CD products and services as they relate to operational procedures, increased efficiencies and profitability within the banking center.
• Research and clear CD and IRA entries and entries on other internal accounts.
• Interact with Financial Centers regarding all IRA/CD Operations supported Operational and Risk Functions.
• Review and validate all required IRS and state specific documentation and coding for all IRA/CD transactions is received and accurate for proper IRS reporting on customer accounts. Documentation includes W-8s, NC-4P, and W-4P.
• Process complex IRA distributions, collecting customer information gathered by Financial Centers and completing transactions utilizing Raft in order to maintain IRS and Fifth Third compliance, legal and IRS standards.
• Perform risk based transactions on behalf of the banking center (penalty exceptions, death payouts).
• Research and coordinate support for complex Compliance and Documentation exceptions such as IRS Audit letters.
• Work with Legal, Retail, Corporate Tax, Business Banking, Business Controls, and other lines of business on issues or processes that require additional processing.
• Collaborate with management and IT for the recommendation and implementation of enhancements to include writing requirements, test plans and testing.
• Process transactions as needed to perform department functions (i.e. customer adjustments, interest adjustments, closing or opening accounts in raft, etc.).
• Perform miscellaneous maintenance functions as needed (i.e. removal of names upon death, DISC IRS updates (IRS Reporting), auto distributions, etc.).
• Possess a solid understanding of IRS regulations related to information reporting and tax withholding, including requirements in accordance with IRC section 408 and the corresponding regulations and publications.
• Perform IRS reissue and correction processing for IRA and CD transactions to include all types of 1099s and 5498s.
• Facilitate or participate in assigned projects. Perform any other duties as assigned.

Supervisory Responsibilities: None.

Minimum Knowledge, Skills and Abilities Required:

• Bachelors Degree or equivalent work experience preferred.
• Three (3) years related experience required, preferably in Retail or Operations.
• Knowledge of retail policies, procedures and products.
• Demonstrated ability to resolve operational issues.
• Strong verbal and written communication skills.
• Strong PC knowledge to include Word & Excel, and a working knowledge of the internal banking center systems, such as Raft, ACE, Mobius, IHUB, Branch Capture. Knowledge of frontier system is a plus.
• Ability to handle multiple tasks and work well under pressure.
• Need to have flexibility in scheduling.
• Must be able to work in a team environment with the ability to interact well, and in a positive manner, with co-workers and management.

Location -- Grand Rapids, Michigan 49546