What are the responsibilities and job description for the IRA/Savings Specialist position at Penn Community Bank?
Overview
The IRA/Savings Specialist is responsible for maintaining the IRA/Savings portfolio duties within Deposit Services.
Responsibilities
- Review all daily, weekly and monthly IRA/Savings reports.
- Review reports pertaining to Inactive and dormant accounts and assist with sending out all notices.
- Responsible for the Stale-dated Money Order and Cashier’s Check process and maintaining the log.
- Assist with the Escheat Process
- Responsible for reviewing the B-Notices.
- Maintain all IRA documents from branches, including all new account paperwork, contributions and distributions and the handling of all mail pertaining to IRA/Savings area.
- Maintain all Death Notifications & maintenance of the Beneficiaries.
- Responsible for maintaining all CDARS through the Promontory Interfinancial Network website.
- Attend IRA/Savings training; participate in IRA/Savings webinars/seminars and Pension Management training sessions. Disseminate training materials to Retail Administration.
- Responsible for the 5498 and 1099R corrections, along with assisting with the annual survey.
- Interest verification accounts received in the beginning of each month.
- Responsible for maintaining the 1098/1099 copies for the Bank.
- Complete the IOLTA filing and review of all accounts listed within the product.
- Monitoring of the Required Minimum Distribution report in the beginning of year. Responsible for the printing and mailing of withholding letters to customers.
- Support the Customer Care Center and Retail Banking teams as needed with IRA/Savings-related issues or questions.
- Create, update, and maintain assigned policies and procedures.
- Assist Management with new processes and projects; strengthen internal controls and assist with other projects and duties as assigned.
Qualifications
Education and Experience
- High School diploma or equivalent required
- Minimum 2 years’ banking experience in IRA/Savings or other deposit operations function
Skills and Competencies
- Strong analytical and problem solving skills
- Skill in organizing resources and establishing priorities
- Ability to handle multiple concurrent projects in a high-pressure environment
- Strong in attention to details and accuracy
- Demonstrated experience with Microsoft Outlook, Excel, and Word
- Exceptional customer service skills
- Ability to communicate and interact well with Team Members, customers, and vendors
