Retirement Specialist

Middletown, CT 06457, USA Req #1573

Monday, July 8, 2024

At Liberty, we are proud to integrate our Diversity, Equity and Inclusion (DE&I) throughout all functions and areas of the Bank to maximize our impact and exceed goals. We believe that deepening our DE&I strategies in the workplace and communities we serve creates a much better place to work for our teammates and a safe place where our customers are connected and supported. We take pride in promoting through initiatives and investment a socially responsible and sustainable future.

SUMMARY OF THE JOB:

Reporting to the Retirement Plan and Bank Records Manager, the incumbent provides quality customer service and administrative support in the area of Individual Retirement Accounts (IRA), Health Savings Accounts (HSA), Coverdell Education Savings Account (ESA) and account transaction processing.

ESSENTIAL FUNCTIONS:

• Process outgoing Direct Transfers and Direct Rollovers to external trustees/custodians.

• Contact beneficiaries of deceased plan holders to establish inherited plans.

• Process death benefit payments to spouse, non-spouse, and institution beneficiaries.

• Review reports daily for errors or omissions to transaction reporting codes processed in the community banking offices, online and mobile channels.

• Review transactional paperwork received from the community banking offices for accuracy and make corrections as needed. Notifies community banking offices of errors.

• Responsible for maintaining all customer records (both physical and imaged files).

• Calculate and process required minimum distributions for plan customers.

• Verify and mail all plan distributions when requested by customers.

• Process federal and state withholding remittance for retirement plan distributions.

• Provide inquiry and transaction assistance to community banking office staff, Customer Service Center, and existing and potential customers by responding to inquiries, conducting necessary research, and resolving issues and problems in professional manner.

• Adhere to regulatory compliance regarding correction processing with the IRS and at state(s) level, including IRS Forms 1099R, 1099SA, 1099Q, 5498, 5498SA, 5498ESA, 1096, federal and state tax withholding, and Unclaimed Property escheat laws.

• Other duties as assigned.

  PRINCIPAL ACCOUNTABILITIES:

• Ensure that all legal, regulatory, and contractual obligations are met and adhere to established bank policies and procedures.

• Manage and make sound decisions when needed in the absence of the manager.

• Provide inquiry and transaction assistance to community banking offices and the customer service center.

• Ensure the maintenance and establishment of all records and files are up to date and within IRS and state law compliance.

  SECONDARY ACCOUNTABILITIES:

• Provide additional clerical support as required to facilitate information processing between internal and external representatives and customers.

• Conduct plan operations training.

  DIMENSIONS:

• IRA/HSA account closeouts (outgoing transfers) to other financial institutions - approximately 45 per month

• Federal and State Withholding deposits – approximately 20 per month

• Required distribution customer mailings – approximately 120 per year.

• Set ups for automated required distributions – approximately 100 per year.

• Required distributions processed manually – approximately 10 per month, approximately 10 as quarterly, approximately 10 as semi-annually and approximately 75 as annually.

• HSA business deposits- approximately 75 companies a month

• HSA business deposits per company, per month-approximately 500 a month

• Scanning, indexing, and verifying paperwork into imaged customer files-320 hours a year.

• Reviewing 8-15 reports daily for plan/account transactions

• Incoming telephone calls/e-mails from banking offices and the customer service center-10 to25 per day

  MINIMUM REQUIREMENTS:

• Financial services customer service experience required.

• Ability to research and apply specific rules, including Internal Revenue Code and applicable state-level rules to transactions.

• Language, reasoning, and analytical skills at a level normally acquired through completion of high school/or high school equivalency.

• Ability to prioritize workload and work independently.

  PHYSICAL REQUIREMENTS:

• General Office Equipment

• Keyboard Dexterity

• Prolonged Sitting

  COMPLIANCE:

  Acts affirmatively in all activities under his/her control in conformance with the Bank’s Affirmative Action, Equal Employment Opportunity, and Fair Lending Programs to achieve the Bank’s goals and objectives. The bank shall provide equal employment opportunity to all qualified persons, and continue to recruit, hire, train and evaluate persons in all jobs without regard to race, color, religion, sex, national origin, or veteran status.

  Liberty Bank is an Equal Opportunity employer. It is the policy of Liberty Bank to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.

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Other details

• Job Family Lending

• Job Function Staff

• Pay Type Hourly

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• Middletown, CT 06457, USA