What are the responsibilities and job description for the Retirement Services Representative position at Flushing Bank?
General Statement of Duties:
The Retirement Services Representative is responsible for all facets of the operations and compliance for all Traditional IRAs, SEP IRAs, Simple IRAs, Roth IRAs, Coverdell Education IRAs, and Qualified Plans (Defined Contribution Profit Sharing Plans) offered by Flushing Bank.
Major Duties and Responsibilities:
Avoid IRS Penalties by keeping up to date on and adhere to the strict requirements of the IRS. Attend retirement seminars as directed by Management.
Responsible for the daily administration of all IRA and Qualified Plans operations. Maintain a copy of the plan agreement, disclosure statements, and other retirement plan documents signed by the retirement plan owner for the plan files for internal and external audits.
Provides branch management and staff and bank clients with support in the processing of IRA/Qualified Plan transactions, corresponding with customers and ensuring fulfillment.
Reviews all retirement plan documents processed at branched consistent with bank policies and procedures and IRS compliance. Also make necessary corrections where needed.
Reviews daily reports to ensure the accuracy of daily transactions.
Responsible for calculating, recording, establishing and monitoring all requests for automatic distributions from retirement plans.
Review all retirement plan documents and brochures assuring that they are current and in compliance.
Advises branch management and staff and bank clients of necessary administrative plan and document changes in order to ensure compliance with current legislation and regulations.
Review existing retirement plan material to ensure accurate understanding of existing plan design and identify any compliance issues.
Translate existing retirement plan documents/administrative practices for completeness/understanding for branch management and staff and bank clients.
Assure accuracy of Internal Revenue Service forms and timing of mailing of Form 1099R, Form 5498, Customer Statements and Federal Withholding Notification.
Assists in resolving retirement plan owner, branch management and staff problems.
Serves as liaison with Wolters Kluwer Financial Services (retirement services
Check new account openings for all necessary documentation and accurate completion. Tickler all items for follow up for all deposit product offering.
Monitor overdrafts, perform right of offset, send collection letters and track all collections efforts.
Ensure compliance with all regulations, policies and procedures.
Perform additional accountabilities as required
Minimum Qualifications:
Bachelor’s degree in business or three to five years related experience or equivalent bank education and experience
Knowledge, Skills and Abilities:
Knowledge of the various types of Retirement Plans
Knowledge of bank policies and procedures
The ability to interpret government regulations and plan changes
Knowledge of PC Windows, Word, Excel, etc.
Pay Range: $60,000 - $65,000
Hours: 37.50
This is a non-exempt position, eligible for overtime if the hours worked are over 40 hours.
The actual compensation will be based on qualifications, experience and other factors permitted by law.
EOE, including Disabled and Veterans
Salary : $60,000 - $65,000
