Individual Retirement Account Specialist

Burke & Herbert Bank•Camp Hill, PA

7d•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 position serves as a subject matter expert on IRA regulations, supports internal teams and customers, and maintains vendor relationships and operational efficiency. The role reports to the Manager of Retail Operations and has no supervisory responsibilities. The specialist handles IRA account inquiries, researches issues, reviews system reports and transaction documents, maintains IRA accounts, and ensures required information and reporting are accurate. The role also supports IRA training, compliance reporting, audit preparation, and vendor service evaluations. The position is performed in an office setting; telework is not available. 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 regulations, requirements, 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 for identifying and resolving service or performance issues.

Responsibilities

Handle branch and customer inquiries related to IRA accounts and research problems.
Review IRA reports from the Silverlake Core system and Ascensus as needed, and perform IRA account maintenance, including legal holds, contribution and distribution codes, re-characterizations and conversions, rollovers and transfers, rejected automatic payments, tax reporting corrections, periodic payment changes, and other updates.
Review documents received from branch personnel for IRA transactions and pursue any additional information needed through responsible branch employees where possible.
Review IRA forms and recommend changes needed to ensure accurate member information.
Maintain accurate annual Required Minimum Distribution information and update the Silverlake system to ensure RMD calculations are correct, processing updates as needed.
Assist with organizing and delivering IRA training, and 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, and review IRS regulations to ensure IRA compliance.
Update the Core system to start or stop backup withholding in response to IRS B and C Notices, and create and track related member notifications.
Evaluate vendor services and recommend improvements.
Assist with IRA compliance reporting and audit preparation.
Train team members on operational procedures and maintenance techniques.
Perform other duties as assigned.