Brokerage Operations IRA Specialist

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Regular or Temporary:

Regular

Language Fluency:  English (Required)

Work Shift:

1st shift (United States of America)

Please review the following job description:

Responsible for all processing related to Individual Retirement Accounts (IRAs) including Traditional, Roth, Rollover, SEP, SIMPLE, Coverdell and Beneficiary IRAs. Review and process IRA distributions, contributions, transfers, rollovers, beneficiary claim requests, excess contribution removals, Roth conversions and recharacterizations. Understand and adhere to IRA regulatory rules and regulations.

ESSENTIAL DUTIES AND RESPONSIBILITIES

Following is a summary of the essential functions for this job.  Other duties may be performed, both major and minor, which are not mentioned below.  Specific activities may change from time to time.  

1. IRA distribution processing to include review and approve all IRA distributions to ensure proper documentation is received in good order. Ensure that the appropriate IRA codes are used on the transactions for appropriate tax reporting.

2. IRA contribution processing to include review IRA transactions and exception reports to ensure compliance with IRS regulations related to contribution limits. Ensure that the appropriate IRA codes are used on the transactions for appropriate tax reporting.

3. 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. Process non-automated (ACAT) transfer and rollover requests by sending documentation to external firms to complete request and follow up as necessary.

4. Deceased account processing to include review death certificates and beneficiaries, determine payout options, and collaborate with the front office and beneficiary to complete the required documents to complete the beneficiary payout.

5. 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).

6. Review and process all new account applications and beneficiary change requests. 

7. Review and interpret all Power of Attorney (POA) requests for IRA accounts to ensure there aren’t limitations against beneficiaries acting as POA.

8. Ensure all IRA transactions have the proper transaction codes for tax reporting. Process tax document corrections (e.g. 1099R, 5498).

9. Assist the front office and clients by researching and responding to inquiries and requests for information

10. Remain knowledgeable about IRA rules and regulations.

QUALIFICATIONS

Required Qualifications:

The requirements listed below are representative of the knowledge, skill and/or ability required.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

1. Bachelor’s degree or equivalent education, training and work-related experience

2. Provide high-quality client service

3. Ability to handle multiple assignments; work under pressure in a fast paced environment

4. Attention to detail with emphasis on accuracy and quality

5. Strong organizational, verbal and written communication skills

6. Demonstrate proficiency in Microsoft Office software products

Preferred Qualifications:

1. One (1) year of brokerage industry experience

General Description of Available Benefits for Eligible Employees of Truist Financial Corporation: All regular teammates (not temporary or contingent workers) working 20 hours or more per week are eligible for benefits, though eligibility for specific benefits may be determined by the division of Truist offering the position. Truist offers medical, dental, vision, life insurance, disability, accidental death and dismemberment, tax-preferred savings accounts, and a 401k plan to teammates. Teammates also receive no less than 10 days of vacation (prorated based on date of hire and by full-time or part-time status) during their first year of employment, along with 10 sick days (also prorated), and paid holidays. For more details on Truist’s generous benefit plans, please visit our Benefits site. Depending on the position and division, this job may also be eligible for Truist’s defined benefit pension plan, restricted stock units, and/or a deferred compensation plan. As you advance through the hiring process, you will also learn more about the specific benefits available for any non-temporary position for which you apply, based on full-time or part-time status, position, and division of work.

Truist supports a diverse workforce and is an Equal Opportunity Employer that does not discriminate against individuals on the basis of race, gender, color, religion, citizenship or national origin, age, sexual orientation, gender identity, disability, veteran status or other classification protected by law. Truist is a Drug Free Workplace.

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