Deposit Account Servicing - IRA Certificate Specialist

Golden 1 Credit Union•Sacramento, CA

1d•$25 - $29

About The Position

As an experience IRA Certificate Specialist, you will be responsible for supporting staff while in conjunction with supporting IRA project improvements. This position required an advanced level of knowledge about complex IRA’s and Certificates processing and collaboration with cross-functional teams. Your primary role will involve auditing, documents, and validating complex Individual Retirement Accounts (IRA) requests, IRA Rollovers, IRA Transfers, IRA Withdrawals, Required Minimum Distribution (RMD) and IRA Term-Savings Certificate products and services are following established policies and regulatory requirements within IRA Industry standards. This experienced level position plays a crucial role in driving and implementing digital innovation and being a key participant with system validations. Responsible for effectively managing work queues, prioritizing tasks, and ensuring the completion of daily quality control checks to maintain the highest stands of accuracy and efficiency. The IRA Certificate Specialist should be well versed and understand financial regulations and the ability to navigate complex IRA situations with professionalism and accuracy. Additionally, the role will involve collaborating with legal and compliance to ensure adherence to industry standards and diligently safeguard the best interests of the credit union, ensuring prudent financial practices and strategic decision-making. This role requires you to have a cross knowledge of Dormant account handling and the Escheatment process as it relates to IRA’s and Certificates. Provide exceptional phone service with every interaction and display advance knowledge on Deceased accounts and beneficiary disbursements.

Requirements

Proficient in using relevant computer applications and software.
Proven ability to analyze situations, identify issues, and implement effective solutions.
High levels of knowledge of complex IRA and Certificate processes.
Familiarity with IRA industry trends and a proactive approach to process improvement.
Ability to collaborate and work effectively with cross- functional teams and internal stakeholders, Including compliance and legal.
Interact with outside council, account holder of interest as well as third-party agencies when obtaining information relevant to the IRA case.
Minimum of a high school diploma or equivalent.
4 years of experience in IRA account processing within the financial services industry, demonstrating a deep understanding of the intricacies and complexity of managing such accounts.
3 years of experience with Escheatment and Dormant account laws and state regulations pertaining to IRA’s and Certificates.
5+ years of experience in member service with strong background in operational knowledge in the financial industry.
Certification on IRA and Certificate account handling or experience and skills equipped to handle the complexities and challenges associated with this role preferred.
In-depth knowledge in Escheatment and Dormant regulations governing IRA and Certificate property at the federal and state levels.
Ability to interpret IRA and Certificate documents to ensure accurate and compliant IRA handling, demonstrating legal comprehension.
Understand IRA distribution, contribution, and withdrawal limits.
Advanced problem-solving skills and timely responses.
Ability to navigate and resolve IRA conflicts with discretion and professionalism.
Proficient in using systems, databases, and other relevant technologies.
Independent self- motivated worker who takes initiative without need of supervision.
The ability to adapt to changes in the work environment or unexpected challenges.
Analyze situations and make critical informed decisions and think strategically.
Prolonged sitting throughout the workday with occasional mobility required.
Corrected vision within the normal range.
Hearing within normal range.
Occasional movements throughout the department daily to interact with staff, accomplish tasks, etc.
Extensive PC data entry and processing throughout the workday.

Nice To Haves

A bachelor's degree in finance, accounting, business administration or 3 years in a related field is preferred.
Escheatment and Dormant Training/Certification.
Certification in IRA and Certificate account management.

Responsibilities

Verification and Documentation: Verify and meticulously document all relevant information pertaining to IRA’s and Certificates, ensuring accuracy, authenticity, and completeness and oversite of these products: IRA’s, IRA Savings, IRA Withdrawals. IRA Rollover, IRA Transfers, and IRA Required Minimum Distributions (RMD). Assist with quarterly and annual system validation including 1099 and 5498 tax forms.
Legal Coordination: Involve legal representatives, to ensure proper handling of IRA beneficiaries, and other relevant parties to confirm necessary documentation is obtained and accurate prior to approving IRA beneficiary disbursement and account closure.
Regulatory Compliance: Maintain a thorough understanding of financial industry regulations for IRA’s and Certificates as it relates to credit union compliance, including bank secrecy and anti-money laundering laws appropriate to this position. Must successfully maintain all IRA regulatory and compliance courses and apply knowledge to daily tasks. Understand contribution limits, and distribution rules.
Record- Keeping: Maintain detailed procedures and current forms related to IRA’s and Certificates. Assist when needed, daily reporting to effectively manage IRA queues and work to ensure sensitive deadlines are met. Help oversee phone responsibilities and mail distribution. In addition to preparing and indexing documents accurately.
Communication/Collaboration: Keep management informed about the progress of IRA cases, reporting, tracking, and providing clear and transparent communication.
Dormant and Escheatment: Has a firm understanding of the dormant and IRA and Certificate escheatment process and state law requirements. Assist with making outbound calls to unite individuals with funds and reduce escheatment volumes.
Account Maintenance: Review and adjust IRA investments that align with member’s requests and tax laws and regulations. Assist with bi-weekly IRA Federal and State tax withholding payments as well as helping to balance and prepare quarterly and annual filings.
Problem Resolution: Address and correct IRA issues or discrepancies with the ability to navigate complex situations with tact and diplomacy.
Closure Process: Assist with 2nd line monitoring to ensure IRA policy guidelines are followed.
Training and Development: Stay informed about IRA industry best practices and help develop peers and ensure they are equipped with the knowledge to meet organizational goals. Maintain IRA certification.
Digital expectation: Identify digital opportunities for faster, easier IRA account resolution. Remain involved with organizational changes that include technology-driven strategies to enhance the IRA process, which include participating in testing new IRA solutions.
Engagement participation: Encourage an inclusive environment that values diverse perspectives and backgrounds that align with Golden 1’s mission, vison, and core values.