Individual Retirement Account Specialist

Burke & Herbert Bank & Trust•Camp Hill, PA

5d•Onsite

About The Position

The IRA Specialist is responsible for the accurate and compliant administration of Individual Retirement Accounts (IRAs), including processing customer transactions and responding to inquiries. The role serves as a subject matter expert on IRA regulations, supports internal teams and customers, and maintains vendor relationships and operational efficiency. The position reports to the Manager of Retail Operations and is classified as non-exempt. It has no supervisory responsibilities. The role operates in an office setting, with no opportunity to telework. Limited local travel may be required.

Requirements

Three to five years of experience in a financial institution or related field.
Associate's degree or demonstrated equivalent experience.
In-depth knowledge of IRA requirements and regulations, bank products, and services.
Strong problem-solving skills and attention to detail.
Strong organizational and interpersonal skills.
Proficiency with Microsoft Office applications, particularly Excel and Word.
Basic knowledge of computer systems.
Analytical skills to identify and resolve service or performance issues.

Responsibilities

Handle branch and customer inquiries related to IRA accounts, including researching problems.
Review reports from the Silverlake Core system and Ascensus on IRAs daily, weekly, or monthly as needed.
Maintain IRA accounts, including legal holds; contribution and distribution codes; re-characterizations and conversions; rollovers and transfers; rejected automatic payments; 1099-R and Form 5498 reporting corrections; periodic payment changes; and related research and updates.
Review documents received from branch personnel for IRA transactions and pursue needed information through responsible branch employees.
Review IRA forms and recommend changes needed to ensure complete and accurate member information.
Maintain accurate annual Required Minimum Distribution information and update the Silverlake system to ensure RMDs are calculated properly, processing updates as needed.
Assist with organizing and delivering IRA training.
Keep staff informed about new IRA rules and regulations, IRA fundamentals, and use of the Ascensus web portal.
Comply with applicable laws and regulations, including the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control requirements.
Review IRS regulations to ensure IRA compliance.
For IRS B and C Notices, update the Core system to start or stop backup withholding and create and track member notifications.
Evaluate vendor services and recommend improvements.
Assist with compliance reporting and audit preparation related to IRA accounts.
Train team members on operational procedures and maintenance techniques.
Perform other duties as assigned.