What are the responsibilities and job description for the Institutional Trust Officer position at Exchange Bank?
Plan and Account Management:
- Administer a complex case load of Retirement Plan, IRA and investment agency accounts to ensure the documents and transactions applied are in compliance with the applicable contract terms, laws, and department policy.
- Manage relationships with clients and their professional advisors.
- Develop and maintain a thorough understanding of client needs and make cross-referrals to appropriate Bank resources.
- Direct, review and approve account transactions submitted by Trust Specialists, including deposits, transfers, distributions and corrections.
- Initiate and/or review customer directed custody account trades.
- Provide advice to clients with Retirement Plan set up and compliance requirements, including audits as necessary and/or required.
- Evaluate and manage account cash flow including requesting and executing investment recommendations.
- Perform formal administrative account review annually, with emphasis on documentation, appropriate fees and correct set-up.
Distributions:
- Direct and ensure distributions of Retirement Plan and IRA assets.
- Perform annual oversight of retirement account tax reporting including 1099R and 5498 reporting.
Non-Essential Functions:
- Join in Dept. Committees and work projects as needed.
- Performs other duties as assigned.
Knowledge, Skills and Abilities:
- Knowledge and proven competency and understanding of ERISA plans.
- Strong knowledge of IRS and DOL rules and regulations related to Employee Benefit Plans.
- Skills operating a personal computer including word processing, spreadsheet and presentation software.
Minimum Qualifications:
Bachelor's degree in business or other related field; or a combination of equivalent education and experience and minimum 3 years' experience in a Trust and/or Qualified Retirement Plan administration environment.
Compensation:
The hiring range for this position is $63,855 to $87,800 per year. The salary offered will fall within this range commensurate with the candidate’s applicable experience, education, and skills.
Salary : $63,855 - $87,800
