IRA/CD Officer

JOB SUMMARY:

Administers individual retirement accounts (IRA). Coordinates IRA functions to comply with auditing procedures, banking, and IRS regulations. Opens, balances, closes and assists with all certificate of deposit (CD) functions.

PRIMARY RESPONSIBILITIES/ DUTIES:

Responsible for the administration of IRAs.

• Monitors all accounts for distribution.
• Oversees all documentation and reporting.
• Trains bank staff on procedures and documentation.
• Monitors regulations and laws governing IRAs.
• Handles correspondence to customers and reporting agencies.

Provides new IRA account services to customers.

• Gathers necessary personal information and prepares necessary documents to open accounts.
• Verifies all customer and regulatory reporting.
• Maintain record of distributions.
• Answers routine questions and conducts information training for customers and staff.
• Provides direction to the branch staff for proper execution of new IRAs.

Provides maintenance services on existing accounts.

• Initiates transfer, rollover, renewal, and cancellation requests and inquiries.
• Reviews reports and IRA files against input information.
• Reviews year end 1099 tax statements and makes adjustments as needed.
• Monitors distributions to investors attaining the required minimum distribution age. Calculates minimum payout, and reviews file to ensure minimum is met.

Maintains support records.

• Files IRA copies and related documents.
• Follows up on incomplete new account documentation.

Maintains the balancing of the reserve for interest, daily accruals, and IRA principal accounts.

Additionally, may work with the following functions:

• New deposit account opening (business and consumer).
• Trust officer.