Production Support Associate

Job Summary

The Annuity Reconciliation and Withholding Specialist will support the claims department in the execution of 945 annuity withholding activities as well as the handling of assigned annuity tasks. This role is responsible for the day-to-day payment of federal and state taxes withheld on annuities, financial activities for annuity customers including ensuring that all financial transactions, systems and procedures comply with regulations, accounting principles, and standards. Filing all annuity state tax withholdings annually and assist in reconciling and filing Federal 945 tax reports. Assist in withdrawals which include partial withdrawals, surrenders, death claims, and 1035 Exchanges/Transfers. The incumbent is also responsible for assisting in the processing of systematics, maturities, annual statements, and all end of year tax functions such as reconciling 1099/5498’s and filing Federal and state annuity tax payments.

The ideal candidate will utilize technical expertise, good judgement, accounting technical skills, analytical thinking, and internal/external sources and partnerships to solve problems and arrive at decisions. They will be willing to develop an in-depth knowledge of Claims accounting and obtain and maintain in-depth understanding of key business drivers and uses this understanding to accomplish own work.

Primary Duties & Responsibilities

• Collaborate with internal Claims team members, as well as external partners in Finance, Accounting, Legal and Corporate Tax, maintaining accurate records and providing accounting support.
• Complete payments and controls by receiving, processing, verifying, and reconciling tax withholding reports.
• Reconcile processed work by verifying entries and comparing system reports to balances.
• Review financial documents for accuracy and reconciling accounts. Enter financial data and transactions into the ledger. Ensure financial records comply with regulatory standards.
• Analyze tax reporting data to ensure accuracy
• Prepare and verify customer 1099 data reviewing tax documents, collaborating with management and/or Corporate Tax to assure reporting is accurate, and controls are reconciled and retained as per IRS requirements, and are in alignment with standards across the department. Assure 1099’s are accurate and presented timely, as required by regulatory agencies.
• Assist in supporting internal and external audit, the Controller and other financial professionals in their duties as needed.
• Champion general accounting and policy application and process administration for all annuity accounts payable to include general ledger, and revenue recognition (any repayment of annuities or overpayments, receivables/payables, intercompany).
• Drive accounting compliance, financial and operational internal controls, reconciliation, validation, process simplification, and operational excellence to deliver accurate financial reporting and analysis.
• Assist in processing of daily withdrawals, death claims, Spousal continuations, 5-year deferrals, and 1035 Exchange/Transfers
• Assist in processing of periodic payments, annuitized policies, maturity quotes, and annual statements
• Assist in processing cost basis letters to outgoing transfer companies
• Audit the setup of maturities and systematics, recording of death claims processed for 1099-R reporting.
• Assist in auditing annuity disbursements prior to payments being released.
• Research and gain full understanding of all 1099-R and 5498 reporting requirements regarding annuity transactions.
• Processing of Annual 1099/5498’s for annuity clients, and Annual Required Minimum Distributions reports.
• Assist in filing all state annuity 1099-R filings.
• Assist in reconciling and filing all Federal 945 tax reports annually.
• Handling miscellaneous correspondence.
• Collaborate with peers and management to improve processes and department work quality
• Meet or exceed established standards for productivity and quality
• Concurrently access multiple databases, software programs, and/or online tools to perform required job functions
• Attend and actively participate in departmental meetings, trainings, and coaching sessions
• Support and participate in all mandatory compliance trainings
• Maintain patient privacy and confidentiality in accordance with HIPAA standards

Required Skills

Knowledge, Skills, & Abilities

• Demonstrated ability to function with some autonomy, but focused on execution of activities/provision of advice within an enabling discipline covered by standard functional practices and procedures.
• Ability to escalate where appropriately required in order to obtain more senior levels of guidance.
• Excellent interpersonal skills to include superior ability to effectively communicate with all levels of internal and external partners to design and coordinate delivery of services rendered.
• Ability to provide informal guidance to new team members, and explain complex information to others in a way that assures shared understanding.
• Demonstrated knowledge of accounts payable, tax and general ledger.
• Understanding of benefit and payroll financial transactions, as well as fringe benefits calculations, and tax implications.
• Demonstrated ability to gain and maintain technical proficiency in accounting financial modules.
• Ability to gain and maintain understanding of how work of own team integrates with other teams and contributes to the area.

Applicable to all employees of Globe Life & Accident and its subsidiaries:

• Reliable and predictable attendance of your assigned shift
• Ability to work full time and/or part time based on the position specifications.

Required Experience

Education & Work Experience

• Associate degree in accounting, Finance, or Business preferred; High school diploma required.
• 1 + years’ experience with accounts payable in an annuity setting, a plus
• Work experience in a production environment

Qualifications:

Knowledge, Skills, & Abilities

• Demonstrated ability to function with some autonomy, but focused on execution of activities/provision of advice within an enabling discipline covered by standard functional practices and procedures.
• Ability to escalate where appropriately required in order to obtain more senior levels of guidance.
• Excellent interpersonal skills to include superior ability to effectively communicate with all levels of internal and external partners to design and coordinate delivery of services rendered.
• Ability to provide informal guidance to new team members, and explain complex information to others in a way that assures shared understanding.
• Demonstrated knowledge of accounts payable, tax and general ledger.
• Understanding of benefit and payroll financial transactions, as well as fringe benefits calculations, and tax implications.
• Demonstrated ability to gain and maintain technical proficiency in accounting financial modules.
• Ability to gain and maintain understanding of how work of own team integrates with other teams and contributes to the area.

Applicable to all employees of Globe Life & Accident and its subsidiaries:

• Reliable and predictable attendance of your assigned shift
• Ability to work full time and/or part time based on the position specifications.