Trust Associate

First Western Bank & Trust•Minot, ND

2d•Onsite

About The Position

Assist the Trust Officer and other Trust Management with operations and administration functions to ensure quality service for First Western Bank & Trust’s Trust Department.

Requirements

Associate’s degree in business or finance related field
2 years’ experience in banking, benefit processing or office administration
Knowledge of retirement plan regulations and terminology
Knowledge of investments and accounting principles

Responsibilities

Answer incoming phone calls for the Trust Department and route appropriately
Greet visitors and inquire about the nature of their business to provide customer service
Work with EPIC Retirement Plan Systems software program to record and manage 401(k) plan data.
Perform account administration for assigned retirement benefit accounts including statement processing, form 5500 completion, accounting entry and annual report filing
Prepare and process employee 401(k) participant statements for balance forward plans.
Process participant terminations for employer retirement benefit plans
Meet with employers and participants of 401(k) accounts to answer questions
Work with regulators, internal and external auditors to provide requested information
Ensure model profit-sharing plans are updated per regulatory and IRS compliance
Generate transaction summaries and provide reports for employer benefit accounts as required
Monitor client billings and annual statements to verify accuracy prior to distribution
Establish and maintain accurate account files
Open and administer Health Savings Accounts (HSAs) in trust area.
Provide client consultation on IRA options and set up new accounts
Assist with new business development in providing customer referrals and preparing proposals for prospective clients
Administer IRAs including monitoring billing, reviewing annual statements, investing assets and distributing benefits
Work with IRA customers to explain withdrawal options and penalties
Perform consistent follow-up on documentation for custodial changes, IRA transfers, rollovers, and new purchases
Process account terminations and confirm all documents are released when client terminates or assets are paid
Remain current on legislative and IRS changes pertaining to qualified plan regulations, procedure changes and mandated disclosures
Ensure compliance with banking laws, regulations and the Bank’s policies and procedures, including Bank Secrecy Act
Maintain continuing education related to regulatory standards
Sort, open and distribute daily mail