Brokerage Operations IRA Specialist

Truist•Richmond, VA

1d•$51,000 - $65,000•Onsite

About The Position

Responsible for all processing related to Individual Retirement Accounts (IRAs) including Traditional, Roth, Rollover, SEP, SIMPLE, Coverdell and Beneficiary IRAs. Review and process IRA distributions, contributions, transfers, rollovers, beneficiary claim requests, excess contribution removals, Roth conversions and recharacterizations. Understand and adhere to IRA regulatory rules and regulations.

Requirements

Bachelor's degree or equivalent education, training and work-related experience
Provide high-quality client service
Ability to handle multiple assignments; work under pressure in a fast-paced environment
Attention to detail with emphasis on accuracy and quality
Strong organizational, verbal and written communication skills
Demonstrate proficiency in Microsoft Office software products

Nice To Haves

One (1) year of brokerage industry experience

Responsibilities

Review and approve all IRA distributions to ensure proper documentation is received in good order and that the appropriate IRA codes are used on the transactions for appropriate tax reporting.
Review IRA transactions and exception reports to ensure compliance with IRS regulations related to contribution limits and that the appropriate IRA codes are used on the transactions for appropriate tax reporting.
Review IRA transfer and rollover requests to ensure transactions are permitted between appropriate IRA types and proper documentation is received in good order. Process non-automated (ACAT) transfer and rollover requests by sending documentation to external firms to complete request and follow up as necessary.
Review death certificates and beneficiaries, determine payout options, and collaborate with the front office and beneficiary to complete the required documents to complete the beneficiary payout.
Process complex IRA transactions including Roth conversions, excess contribution removals and calculations, recharacterizations and calculations, 72(t) calculation/projection requests, and review Divorce Decree and/or Qualified Domestic Relations Orders (QDRO).
Review and process all new account applications and beneficiary change requests.
Review and interpret all Power of Attorney (POA) requests for IRA accounts to ensure there aren't limitations against beneficiaries acting as POA.
Ensure all IRA transactions have the proper transaction codes for tax reporting. Process tax document corrections (e.g. 1099R, 5498).
Assist the front office and clients by researching and responding to inquiries and requests for information.
Remain knowledgeable about IRA rules and regulations.