IRA Administrator

IRA Administrator

Requirements

• High School diploma or comparable work experience; AA degree in accounting preferred
• Ability to operate a computer and adding machine
• Strong calculator and computer skills to include Microsoft Outlook, Word and Excel
• Strong organizational skills and attention to detail
• Familiar with department policies and procedures
• Strong knowledge of the back-office system and general accounting principles (what is a debit, what is a credit)
• Excellent knowledge of Traditional IRAs, Roth IRAs and SEP IRAs and the IRS rules and regulations that apply to them or willingness to learn IRA rules and regulations
• Follow policies and procedures; maintain client confidentiality
• Communicate in a clear and service-oriented manner; use appropriate, professional language and grammar to effectively exchange ideas and information
• Ability to proactively work with both external and internal clients; relate with others in a professional manner in order to accomplish work responsibilities and objectives
• Ability to maintain regular, predictable attendance

Responsibilities

• Process IRA contributions, rollovers, conversions, transfers, excesses and re-characterizations into and between accounts in an accurate and timely manner and in accordance with IRS regulations; review requests to move cash or securities in client accounts and insure regulatory and firm requirements are met; follow up on open issues until resolved; seek supervisory approval in unknown areas of expertise
• Post manual deposits to IRA accounts in BETA, scan the checks received for bank deposit
• During fee season, receive and post IRA fee checks. Balance checks received with BETA reports and scan for bank deposit
• Process TRAX IRA distributions from and between accounts according to client requests and set guidelines defined by the IRS and the firm
• Process deceased IRA distributions. Establish Tax Reporting accounts for Beneficiary IRAs
• Process state and Federal IRA tax payments daily, semi-weekly, monthly, and quarterly
• Balance General ledger accounts for each state monthly
• Remain current on IRA rules and regulations and how they pertain to corporate policy and industry standards; must be able to understand the impact of the changes in the rules and regulations upon IRA processing, tax reporting and back-office system requirements
• Review reports and forms at tax time; reconcile account information to ensure the accuracy of forms filed with the IRS. Identify and communicate any differences. Follow through to resolution, issue corrected tax documents if necessary
• Approve IRA account applications manually and on TRAX; review forms for accuracy; communicate missing or incomplete paperwork; review beneficiary information
• Approve TRAX IRA ACH requests to ensure monies are sent to the proper accounts in an accurate and timely manner as well as check for required signatures
• Review department reports to find and correct IRA reporting errors
• Issue acceptance letters for direct rollovers requested by clients
• Assist HR with ESOP transfers. Open pass-through accounts, journal shares, issue checks or journal funds as requested
• Back Up for Cash Management
• Perform other duties as necessary

Preferred Qualifications

No preferred qualifications provided.