||IRA Trust & Estate Specialist
ABOUT THIS ROLE:
Under general supervision, but in accordance with established policies and procedures, the IRA Trust & Estate Specialist is responsible for processing and maintaining all decedent, estate, IRA, and Power of Attorney accounts in addition to coordinating the
share certificate program. The IRA Trust & Estate Specialist must adhere to all state and federal regulations, and keep abreast of all changes. Responds to questions and/or provides information upon request from members (internal and external).
DUTIES & RESPONSIBILITIES:
- Deceased Account administration
- Act as a liaison between surviving family/personal representative and organization until account has been settled.
- Perform deceased account maintenance to include canceling ACH and other pre-authorized debits, all debit and or credit cards, and restricting accounts.
- Ascertain proper disposition of funds in the account with minimum exposure to liability
- Ensures payment is made to the duly appointed legal representative of the deceased member upon receipt of appropriate documentation
- Prepare letters and memorandums to surviving accountholders, executors, attorneys, and trustees
- Adhere to all Federal and State regulations regarding decedent accounts
- Provide general support on deceased accounts to other credit union departments
- Serve as administrator for Power of Attorney (POA) accounts
- Review all incoming documentation on Powers of Attorney; ensure wording in the document is legal and valid
- Maintain account records and warnings to properly flag and indicate account designated with POA
- Act as IRA Administrator
- Maintain an in-depth knowledge of all IRA products and operational procedures
- Process all IRA transactions including, but not limited to withdrawals, deposits, transfers, and distributions
- Take initiative to continuously develop skills and industry knowledge to enhance the value of all customer interactions
- Has a basic understanding of IRS rules and regulations concerning IRA accounts and their administration
- Manage Certificate of Deposit (CD) account maintenance.
- Fulfill maturity instructions, withdrawals, deposits, and transfers
- Research and correct transaction errors made by other branches or departments
- Provide advanced support on these accounts to other branches and departments
- Participate in testing and implementation of projects for new products, services, or processes
- Attend regular training and certification courses as needed for this position. May require travel.
- Adhere to Bank Secrecy Act (BSA) regulations and all related Credit Union policies and procedures
- Perform other job related duties, as assigned.
This position has no supervisory responsibilities.
- Requires a minimum of 2 years banking/credit union experience or experience in a similar role.
- Must complete and maintain an IRA Specialist Certification at a minimum of the Certified IRA Specialist I (CIS I) level in designation within one of year of hire.
- Intermediate level proficiency with Microsoft Office products (Word, Excel, Outlook) • Strong ability to multi-task and work independently using good judgment.
- Excellent time management skills and the ability to initiate and embrace change
- Strong written and verbal communication skills.
- Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals.
- Ability to use independent judgment to make quick decisions within written policy and standard operating procedures.
- Exceptional attention to detail with the ability to complete tasks with minimal to no errors.
- Ability to understand and carry out instructions furnished in written, oral, or diagram form.
- Strong problem solving skills.
- Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.
- Please view Equal Employment Opportunity Posters provided by OFCCP
- The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access
to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure
is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41
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