Individual Retirement Account Specialist

Job Description

Job Description

The IRA Specialist is responsible for the accurate and compliant administration of Individual Retirement Accounts (IRAs), including processing customer transactions and responding to inquiries. This position serves as a subject matter expert on IRA regulations, supporting internal teams and customers while maintaining strong vendor relationships and operational efficiency. The ideal candidate combines technical expertise with exceptional customer service and problem-solving skills.

Essential Functions
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Handles any branch or customer inquiries related to IRA accounts - Requires researching problems.
• Reviews all reports from Silverlake Core system and Ascensus on IRAs daily, weekly, or monthly as needed. Performs maintenance of IRA accounts, placing legal holds on accounts, verifies contribution/distribution codes, re-characterizations and conversions, rollovers and transfers, rejected automatic payments, 1099-R and form 5498 reporting corrections, periodic payment changes, and research issues, updating IRA when needed.
• Reviews all documents received from branch personnel on any IRA transaction. Pursues any other needed information through the responsible branch employees if possible.
• Reviews IRA forms and recommends any changes necessary to ensure proper information is received from members.
• Responsible for maintaining accuracy of the annual Required Minimum Distribution information. Updates Silverlake system to ensure RMD is calculating properly, processing updates if needed.
• Assists in the organization and delivery of IRA training. Keeps staff informed of any new IRA rules and regulations, IRA fundamentals, and use of Ascensus web portal.
• Must comply with applicable laws and regulations, including but limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control. Review IRS regulations to ensure compliance with IRAs.
• IRS B & C Notices -- Updates Core system to stop or start backup withholding. Creates and tracks notifications to members regarding IRS B & C Notices.

Other Duties

• Conducts performance evaluations of vendor services and recommends improvements.
• Assists with compliance reporting and audit preparation related to IRA accounts.
• Trains team members on operational procedures and maintenance techniques.
• Other duties as assigned.

Skills/Abilities

• Strong organizational and interpersonal skills.
• Proficiency with Microsoft Office applications, particularly Excel and Word.
• Basic knowledge of computer systems.
• In-depth knowledge of IRA requirements.
• Analytical skills for identifying and resolving service or performance issues.

Supervisory Responsibility

This position does not have supervisory responsibilities.

Work Environment

This job operates in an office setting, the opportunity to telework is not available. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets, and scanners. Office environment with job duties conducted via telephone, face-to-face meetings, and on the computer.

Physical Demands

This position requires manual dexterity, the ability to lift files and open cabinets. This position requires bending, stooping or standing as necessary.

Travel

Limited local travel may be required for this position.

Education and Experience

• Requires three to five years of experience in a financial institution or related field.
• Strong problem-solving skills with attention to detail.
• Associate's degree or demonstrated equivalent experience.
• In-depth knowledge of IRA regulations, bank products, and services.

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.

Equal Opportunity/Affirmative Action Employer M/F/disability/protected veteran status