Retirement Services Assistant

Salary Grade:13

SUMMARY:

Provides a wide range of administrative support to the Retirement Services department including providing exceptional client service to both internal and external clients. Prepares and processes retirement-related transactions, reports and statements. Responds to client and banking center inquiries regarding retirement plans. Keeps abreast of developments within the retirement services field.

ESSENTIAL JOB FUNCTIONS & RESPONSIBILITIES:

1. Maintain high level of client service skills relevant to courtesy and competence.
2. Perform a wide variety of administrative and clerical duties under the direct supervision of the Director of Retirement Services  and in conformance with Bank policies and procedures.
3. Use appropriate applications to prepare retirement related transactions reports and statements. 
   1. Verify input data in new plans, new and existing accounts, pending requests, signatures, authorizations and notarizations.
   2. Evaluate and compare documentation for all IRS reportable and non-reportable transactions.
   3. Access and evaluate client 1099-R and 5498 forms, archived client plan documentation and retirement plan statements.
4. Organize documentation according to Retirement Services Department Procedures.
5. Use Bank scanning system to optimize storage of retirement documents.
6. Maintain daily IRA reports, including: 
   1. Daily Transaction Journal
      1. Verify accuracy and completeness of retirement account activity processed in the branches, both paper documentation and accuracy of data processing entries.
      2. Advise Retirement Services Manager / Administrator when file maintenance is required and provide dual control of maintenance.
   2. Cape Plan and Premier5 Member Reports (for new and resigning Wealth Management clients)
      1. Enter or delete plan waiver on the retirement system as necessary
   3. Process Error Report
      1. Advise Director of Retirement Services / Administrator when corrections are required and provide dual control of corrections.
   4. IRA CD Maturities Report
      1. Verify that the client relationship is reflected in the planned renewal and advise Director of Retirement Services / Administrator when corrections are required.
7. Provide Dual Control and verification for IRA transfers and withholding.
8. Prepare deceased folders for processing by Director of Retirement Services and Administrator.  Verify and document beneficiary designations, current year required distribution information, current CD term, and client status of designated beneficiaries.
9. Communicate effectively with Banking Centers, Accounting and Banking Operations to answer and/or resolve inquiries, problems or corrections related to IRA issues.
10. Provide the highest level of client service and support within scope of the position to banking center staff, Contact Center staff, and customers via phone or email on Retirement Services products including; 
    1. Retirement Plans: Traditional, Roth, SEP, SIMPLE & CESA, their features and benefits.
    2. Contribution rules 
    3. Eligibility rules 
    4. Transfer vs. Rollover rules 
    5. Retirement statements 
    6. IRS forms 
    7. FDIC insurance rules and
    8. General distribution rules and exceptions for each type of plan 
11. Conduct client transactions by mail.  
12. Research and resolve Retirement Service Events for all banks. 
13. Conduct research where client records and IRS reports must be compiled, matched and prepared to be provided to Director of Retirement Services, Supervisor or clients. (Confirming findings with Director of Retirement Services / Supervisor prior to providing documentation to client.)
14. Maintain a high level of confidentiality, privacy and security. 
15. Adhere to all IRS and State laws and FDIC compliance. 
16. Keep abreast of developments within the retirement services field and related IRS Regulations.
17. Other duties as assigned by the Director of Retirement Services and/ or Retirement Services Supervisor.  

QUALIFICATIONS:

EDUCATION & CERTIFICATIONS: (Minimum education required to perform the duties of this position)

• Bachelor’s Degree Preferred
• High School Diploma or GED required
• Certified IRA Services Professional Designation preferred (CISP)  

EXPERIENCE:

• At least two (2) years’ experience in a customer service position.
• Coursework or job related work experience in retirement products required. 

KNOWLEDGE, SKILLS & ABILITIES:

• Ability to establish and maintain good rapport with internal and external clients. 
• Working knowledge of retirement services products including individual retirement accounts and their features (IRAs).
• Working knowledge of tax laws as they pertain to retirement services products.
• Ability to examine Bank reports, read and understand IRS publications and retirement subscriptions.
• Ability to comprehend and retain complex and ever-changing tax law information. 
• Ability to use proper grammar and writing style to produce clear written documentation in emails, memos and letter correspondence.
• Excellent organizational skills, ability to maintain paper and paperless documents.
• Proficient with Microsoft Office, including Word, Excel and Outlook.
• Ability to generate reports and consolidate data using Excel.
• Analytical and mathematical skills in order to understand the computation of Federal and Massachusetts State withholding and required minimum distribution calculations and payments.

COMPETENCIES:

• Must have cyber security awareness to protect the digital environment, the Bank, and clients.
• High level of attention to detail
• Multi-task while accurately attending to detail  
• Prioritize and work well under pressure of time constraints 
• Patient and professional demeanor   
• Financial Comprehension
• Problem Solving
• Relationship Building Skills
• Proficient Verbal and Written Communication Skills
• Critical Thinking Skills
• Eager Learner
• Learning Agility
• Superior Customer Service

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