IRA/HSA Program Leader

To see specific benefits offered by Foresight Financial Group, Inc. and its subsidiary banks, please visit the following link: Foresight Financial Group, Inc. - Career Centers.

Organization Overview:

Foresight Bank is the largest, locally owned community bank in Northern Illinois, with fifteen offices in the counties of Winnebago, Stephenson and Kankakee. Foresight Bank is owned by Foresight Financial Group, Inc., an Illinois corporation founded in 1986, a financial holding company established under the Federal Reserve.

Position Summary:

The IRA/HSA Program Leader is responsible for providing accurate and timely processing of assigned tasks and ensuring that exceptional support is provided to all divisions of the bank for IRA/HSA support services. They work jointly with the other Deposit Shared Services teams to ensure proper setup, transaction processing, and reporting of all IRA/HSA accounts.

Primary Responsibilities:

• Develop and manage a standard Individual Retirement Account (IRA) program and workflows for the bank, in conjunction with applicable Deposit Shared Services departments.
• Develop and manage a standard Health Savings Account (HSA) program and workflows for the bank, in conjunction with applicable Deposit Shared Services departments.
• Serves as the IRA and HSA subject matter expert for the bank.
• Review all new IRA and HSA account applications and beneficiary change requests for accuracy.
• Oversee IRA distribution and contribution processing to include review and approval of all IRA transactions to ensure proper documentation is received in good order.
• Oversee IRA transfer and rollover processing to include a review of the requests to ensure transactions are permitted between appropriate IRA types and proper documentation is received in good order.
• Support front line staff with deceased account processing to include review of death certificates and beneficiaries, determination of payout options, and completion of the required documents to complete the beneficiary payout.
• Support front line and Deposit Operations staff with complex IRA transaction processing to include Roth conversions, excess contribution removals and calculations, recharacterizations and calculations, 72(t) calculation/projection requests, and review Divorce Decree and/or Qualified Domestic Relations Orders (QDRO).
• Review and interpret all Power of Attorney (POA) requests for IRA accounts to ensure there aren't limitations against beneficiaries acting as POA.
• Review daily reports related to IRAs and HSAs to ensure accuracy.
• Ensure all IRA transactions have the proper transaction codes for tax reporting.
• Generate Fair Market Value, Required Minimum Distribution, and 1st Time RMD notices for review by Quality Assurance prior to mailing.
• Generate semi-annual Withholding Letters for review by Quality Assurance prior to mailing.
• Work with Items Processing to get all IRA and HSA related notices and letters send to PrintMail.
• Work in conjunction with Items Processing and Quality Assurance for the generation and review of annual tax forms and notices.
• Review of year end reports related to IRAs and HSAs.
• Research and prepare corrected IRS tax forms for proper reporting of transactions of customer adjustments including the filing of correction to the IRS.
• Assist the front-line staff and clients by researching and responding to inquiries and requests for information.
• Provides prompt, courteous, accurate customer/staff service. Serves as a resource for other team members to provide solutions for customer situations.
• Maintain knowledge of regulatory requirements related to IRA and HSA accounts.
• Maintain compliance with and adhere to all state and federal regulations and bank policies and procedures, including, but not limited to Bank Secrecy Act, FACT ACT, Community Reinvestment Act, and EEO/AA/Fair Employment Practices.

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.

Competencies:

To perform the job successfully, an individual should demonstrate the following competencies. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Customer Service: Advanced ability to fulfill the needs of internal and external customers by anticipating their needs and delivering timely and accurate communication and follow-through.

Judgement and Problem Solving: Identifies and resolves problems in a timely manner; Gathers and analyzes information skillfully; Develops alternative solutions. Displays willingness to make decisions; Exhibits sound and accurate judgment; Supports and explains reasoning for decisions; Includes appropriate people in decision-making process; Makes timely decisions.

Quality: Strives to eliminate errors, accurate work is a priority, seeks opportunities to improve product/services

Adaptability: Adapts to changes in the work environment; Manages competing demands; Changes approach or method to best fit the situation; Able to deal with frequent change, delays, or unexpected events.

Communicator: Advanced ability to write clearly and informatively; Edits work for spelling and grammar; Varies writing style to meet needs; Presents numerical data effectively; Able to read and interpret written information. Speaks clearly and persuasively in positive or negative situations; Listens and gets clarification; Responds well to questions.

Technical: In-depth knowledge of IRA and HSA products, features and services. Knowledge of IRA and HSA regulatory requirements and comprehensive understanding of reporting standards. Proficient with Microsoft 365, Word, Excel, and Outlook. Knowledge of Jack Henry CIF 20/20 and Onboard Deposits.

Performance Standards:

Exams and audits are successfully completed without significant findings.

Accurate and timely processing of all IRA/HSA related notices, forms, and letters per regulatory or internal requirements.

Performance Weightings:

40% Competencies
60% Position Performance Standards and Personal Goals

Qualifications:

HS Diploma or equivalent required. Minimum 5 years working in banking including 3 years of IRA and HSA experience. In-depth knowledge of IRA and HSA products, features and services. Knowledge of IRA and HSA regulatory requirements and comprehensive understanding of reporting standards. Proficient with Microsoft Word, Excel, and Outlook. Knowledge of Jack Henry CIF 20/20 and Onboard Deposits a plus.

Physical Demands and Work Environment:

This job operates in a clerical office setting. This role routinely uses standard office equipment such as computers, phones, copy machines, filing cabinets and fax machines. The physical demands described here are representative of those that must be met by a Team Member to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This position requires manual dexterity. While performing the duties of this Job, the individual will be regularly required to sit or stand for extended periods of time.