Retirement Plans Manager

Middlesex Savings Bank•Westborough, MA

About The Position

Responsible for ensuring that the department functions in an effective and efficient fashion by overseeing department staff. Plans, organizes and manages all daily functions. Identifies opportunities to enhance department efficiencies and processes. Actively participates in assigned departmental projects and Internal/External Audit requests. Performs any functions necessary, within scope of authority and expertise, to provide the highest level of service and responsiveness to customers, and recommends product and services in conformance with established Bank objectives.

Requirements

Bachelor’s Degree or its equivalent specialized course work and training.
Five years of related experience with at least three years of management experience.
Demonstrated work experience and knowledge of IRS Rules and IRA Regulations.
Excellent analytical, planning and organizational skills.
Strong attention to detail.
Must demonstrate initiative and ability to make decisions independently.
Dedicated team player with the ability to communicate effectively with all levels within the company.
Must possess at least intermediate technology skills, including knowledge of word processing, database and spreadsheet applications.
Must be able to work extended and weekend hours as needed.
Have or obtain within 12 months IRA Services Professional Certification from the ABA.

Responsibilities

Develops and ensures the effectiveness of the department’s plan of organization. Oversees the activities of departmental staff. Conducts periodic performance reviews; provides ongoing counsel, training, development and motivation. Participates in the hiring, salary, promotion and termination recommendation process.
Serves as a member of the management team. Participates in the planning process. Serves on various planning and management committees.
Serves as a liaison with attorneys and outside consultants regarding IRA and pension related issues.
Works with the Marketing Department in developing new products.
Counsels customers on retirement plan issues and regulation compliance. Responds to the more complex or exceptional retirement plan issues.
Keeps abreast of industry and regulatory developments to keep the Bank competitive and maintain full compliance with any new rules and/or regulations. Attends relevant seminars, webinars and courses pertaining to IRA regulatory changes. Ensures full compliance with all IRS Rules, as well as with the Bank’s Information Security Policies and Procedures.
Represents the Bank through participation in various community and industry related activities, groups and training. Actively promotes interest in the Bank. Refers sales opportunities to other departments or bank affiliates in support of established objective.
Maintains proficiency in regulatory compliance and industry developments; apprises staff. Recommends procedural changes to support prescribed requirements.
Oversees the production and reporting of annual IRS forms 1099R and 5498.
Manages the semi-annual IRA statement rendering process.
Oversees the annual IRA Fee assessment. Reviews and verifies that all IRA Plans that aren’t eligible for waiver will be charged. When the fees are assessed by IT, Manager reviews and verifies that the job was run correctly.
Annually, the Retirements Manager will be responsible for overseeing the Withholding Notice mailing as required by IRS.
Annually, the Retirements Manager will be responsible for overseeing the mailing of the Final RMD Reminder letters.
Performs related and unrelated duties as may be required.