HOW WILL YOUR ROLE IMPACT FIRST COMMAND?

Reports to the Senior IRA Specialist of the First Command Bank Wealth Management and Trust Services.  The IRA Specialist is responsible for performing administration IRA account functions for which the Trust Department serves as Custodian.

WHAT WILL YOU BE DOING? 

Compliance

• Maintain current knowledge WM & TS Department policies and procedures, including those specific to Trust Department IRAs and AMS IRAs.

• Complete all mandatory compliance training.

• Increases knowledge of banking regulations to have a better understanding of the ongoing compliance by the WM & TS Department as it provides custodial service foal l types of retirement accounts, including traditional IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs.

• Assist Senior IRA Specialist with reviewing and updating written procedures related to IRA Administration as assigned.

• Assist Senior IRA Specialist with the updating of IRA forms, guidance, and information in First Reference that is maintained by the WM & TS Department.

• Internal and External Communication

  • Communicate in person, in writing, electronically and by telephone with high net worth clients, Advisors, and Home Office staff to discuss issues related to the set up and ongoing/future administration of Individual Retirement Accounts.
  • Communicates in person, in writing, electronically and by telephone with field advisors to discuss issues related to the ongoing/future administration of Individual Retirement Accounts.
  • Communicates on a regular basis with members of the Transfer Agency, Customer Service Center and Sales Support Team with regard to the establishment and ongoing administration of AMS Individual Retirement Accounts.

Account Administration Duties

• Perform FCB’s custodial duties to First Command Financial Planning according to a schedule provided by the Senior IRA Specialist.

  • Perform initial review on a specified % of new IRA accounts opened and prepare a report for the weekly FCB Trust Administration Committee (TAC).
  • Perform annual reviews on a specified percentage of all IRA accounts. The reviews are performed monthly and reported to the TAC.

• Review a specified % of closing IRAs monthly and report the results to TAC.

• Review a specified sample of Required Minimum Distribution (RMDs) to verify calculation.

• Review a specified number of tax reporting documents (1099-R, Form 5498) for accuracy and report to TAC.

• Review asset pricing for assets held in IRAs to be sure market value is accurately reflected as instructed by the Senior IRA Specialist.

• Review a specified % of IRA maintenance transactions monthly and report to TAC.

 Maintain system for preparing RMD letters for WM & TS Department IRAs; including the tracing of returned notices and the preparation of distribution requests.

Assist with the calculating of RMDs for AMS as requested by the Customer Service Center, the Transfer Agency, and Advisors.

Respond to incoming client/advisors calls regarding IRA accounts.

Assist with IRA audits for WM &TS IRAs as assigned by the Senior IRA Specialist. Audits may include but are not limited to Initial Reviews, Transaction Reviews and Annual Reviews

Initiates and completes Roth/Traditional IRA recharacterizations and calculations of excess contributions, as needed.

Other IRA administrative duties as assigned by the Senior IRA Specialist or SVP-WM & TS

Other Responsibilities

• Other duties and responsibilities as may be assigned from time to time by the Senior IRA Specialist or the SVP of the Wealth Management-Trust Services team.

WHAT SKILLS/QUALIFICATIONS DO YOU NEED? 

Education

• Some college required; college degree preferred

Work Experience

• 3 - 5 years’ experience in banking, brokerage or other financial related services required
• Understanding of IRA products and services preferred

KNOWLEDGE, SKILLS AND ABILITIES

• Strong ability to use, and familiarity with, all components of Microsoft Office
• Demonstrated success in developing and executing systematic processes to complete projects
• Outstanding written and oral communication skills
• Ability to compassionately handle client and advisor issues
• High level of problem-solving, mathematical, statistical and analytical skills
• Must be detail-oriented and possess strong organizational skills and work effectively under pressure
• Must be able to handle frequent interruptions throughout the day, addressing co-worker, advisor, employee and client needs, and still be able to accomplish necessary responsibilities
• Ability to use standard technology commonly found in an office environment
• Ability to travel, as needed, to attend workshops/conferences
• Ability to work independently and prioritize responsibilities
• Work well as part of a team; understand/respect the needs of others
• Ability to follow procedures and convey them to others
• Ability to maintain client confidentiality
• Ability to multi-task and move quickly from one task to another
• Superior customer service skills and the ability to work in a professional environment
• Desire to take ownership of assigned responsibilities and deliver a high quality product

Disclaimer

The information of this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job, which may vary on the department or the assignment. The actual essential duties, responsibilities and qualifications may vary by department, reporting structure and other business needs. No inference should be drawn that a specific job duty, responsibility or qualification is non-essential by its absence from this description.

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Required Skills Required Experience

• Facilitate internal training sessions on operational and service-related topics for all levels in the organization.
• Prepare and organize training materials for classroom, online or computer-based, and on-the-job delivery.
• Develop and implement practices and exercises to enhance the learning experience.
• Monitor presentations and practice activities to continuously improve the participants chances of successfully completing all internal training programs.
• Maintain content of all training programs to reflect changes in policy, new programs, strategic goals, etc.
• Coach students, providing feedback for skill and knowledge development.