IRA - Deposit Servicing/Senior Depositing Servicing Specialist

Branch Opportunities Folsom, California

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Description

This position is primarily focused on the origination, servicing, and administration of Individual Retirement Accounts (IRAs), ensuring compliance with applicable laws and regulations. This role requires a high level of regulatory knowledge, particularly in the administration of IRAs.


Deposit Servicing Specialist Hourly Range: $28.00 - $34.00
Senior Deposit Servicing Specialist Hourly Range: $34.00 - $41.00
Exact role level and compensation may vary based on skill, experience and location. 
This is a hybrid role that will require the employee to be in office (Folsom, CA) 3 days per week.
Deposit Servicing Specialist:
 
POSITION PURPOSE
Responsible for originating and servicing specialty deposit accounts, including IRAs, trusts, estates, and other fiduciary arrangements. Responsible for analyzing, researching, and maintaining a broad knowledge of deposit product laws and regulations to ensure operational expertise for these specialty accounts. Works closely with front-line to ensure exceptional experiences to members and employees. Meets with members virtually to originate and service accounts. Handles telephone inquiries and requests from members. Assists with member transactions and issue resolution, as required. 
 
ESSENTIAL FUNCTIONS AND BASIC DUTIES
 
Member Transactions (60%)
  • Handle a variety of fiduciary account activities, including collecting proper documentation, account setup, and ongoing account maintenance.
  • Administer Decedent Account Settlement process, including evaluating accounts, distributing funds, and processing necessary account updates.
  • Carries out IRA administration responsibilities, including the opening and servicing of various IRA types such as Traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Inherited IRAs
  • Open and service Coverdell Education Savings Accounts.
  • Verify the validity of Power of Attorney documents, interpret, approve, and ensure accurate deposit account setup.
  • Research and respond to discrepancies brought forward by members.
  • Process documents into Enterprise Content Management (ECM).
     Financial Reporting (10%) 
    • Maintain documentation for associated GL accounts. 
    • Review and process tax reporting exception reports. 
    • Analyze IRA reports to ensure accurate tax reporting and make necessary corrections. 
    • Perform deposit account tax reporting responsibilities, including analysis and validation. 
      Support (25%)
    • Deliver technical and operational expertise to all channels concerning the administration of complex deposit accounts.
    • Act as the main point of contact for members, beneficiaries, attorneys, and other stakeholders to ensure the appropriate handling of the decedent’s estate, IRAs, and to assist with fiduciary account matters.
    • Monitor and respond to inquiries received from front line staff via ticket portal.
    • Perform other duties as assigned.
         
        Audit and Compliance (5%)  
        • Review and process legal documentation, ensuring compliance with state and federal regulations. 
        • Evaluate accounts and conduct periodic audits to ensure quality assurance. 
         
         QUALIFICATIONS
         
        REQUIRED KNOWLEDGE: 
        Preferred knowledge of SAFE’s products and services, banking practices, operations, policies, and data processing. Thorough understanding of the state and federal regulations pertaining to estate, IRA, and fiduciary accounts. Preferred knowledge within Fiserv DNA Core Banking System.

        Education/EXPERIENCE:
        Bachelor's degree from a four-year college or university, and three to five years of work-related experience in a full-service financial institution; or an equivalent combination of education, training, and experience.
         
        Certification:
        • Certified IRA Specialist 1 (CIS 1) preferred
        • Certified IRA Specialist II (CIS II) preferred
         
        TECHNICAL SKILLS 
         Knowledge and experience with:  
        • Microsoft Office products (Outlook, Teams, Word, Excel)
        • Working knowledge of DNA banking platform preferred.
          
        OTHER SKILLS AND ABILITIES                                                                     
        • Must be a self-starter, able to work without constant supervision. 
        • Strong written and verbal communication skills. 
        • Excellent multitasking, organization, time management, research, communication, and problem-solving.   
        • Must possess strong telephone communication skills, including the ability to manage inbound and outbound calls, and resolve member concerns.  
        • Maintain a courteous and empathetic demeanor while adhering to service standards and compliance requirements. 
        • Demonstrated ability to work in a team environment. 
        • Ability to quickly adapt and openly embrace change. 


        Senior Deposit Servicing Specialist:

        POSITION PURPOSE
        Responsible for originating, analyzing, and administering specialty deposit accounts, including IRA’s, trusts, estates, and other fiduciary arrangements. Responsible for analyzing, researching, and maintaining a broad knowledge of deposit product laws and regulations to ensure operational expertise for deposit accounts. Recommends process updates for deposit product policies and procedures. Works closely with front-line to ensure exceptional experiences to members and employees. Handles telephone inquiries and requests from members. Assists with member transactions and issue resolution, as required. 
         
        ESSENTIAL FUNCTIONS AND BASIC DUTIES
         
        Member Transactions (50%)
        • Handle a variety of fiduciary account activities, including collecting proper documentation, account setup, and ongoing account maintenance.
        • Administer Decedent Account Settlement process, including evaluating accounts, distributing funds, and processing necessary account updates.
        • Carries out IRA administration responsibilities, including the opening and servicing of various IRA types such as Traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Inherited IRAs.
        • Open and service Coverdell Education Savings Accounts.
        • Verify the validity of Power of Attorney documents, interpret, approve, and ensure accurate deposit account setup.
        • Research and respond to discrepancies brought forward by members.
        • Process documents into Enterprise Content Management (ECM).
        • Serve as a backup for Member Servicing Specialist. 
        • Train and coach newer staff on team duties and responsibilities, including decision-making processes.
        • Complete other duties as assigned.
          Financial Reporting (15%) 
          • Maintain documentation for associated GL accounts. 
          • Review and process exception reports. 
          • Analyze IRA reports to ensure accurate tax reporting and make necessary corrections. 
          • Perform deposit account tax reporting responsibilities, including analysis and validation. 
          • Maintain list of W-8 Due Diligence members and certify to SAFE’s Compliance Officer on an annual basis. 
          • Complete Federal Backup Withholding processing.  
          Support (25%)
          • Deliver comprehensive technical and operational expertise to all channels concerning the administration of complex deposit accounts.
          • Provide subject matter expertise for training development for IRA’s, power of attorney, trust, estate, and other fiduciary accounts.
          • Act as the main point of contact for members, beneficiaries, attorneys, and other stakeholders to ensure the appropriate handling of the decedent’s estate, IRAs, and to assist with fiduciary account matters.
          • Monitor and respond to inquiries received from front line staff via ticket portal.
          • Perform other duties as assigned.
               
              Audit and Compliance (10%)  
              • Review and process legal documentation, ensuring compliance with state and federal regulations. 
              • Research, analyze, and track new and updated laws, regulations, and deposit rule changes, documenting impact to organization and making recommendations to ensure operational efficiency, regulatory compliance, and risk mitigation. 
              • Analyze, and evaluate existing operational procedures, making recommendations and implementing modifications to improve quality and efficiency; identify potential risks and ensure organizational awareness to implement changes. 
              • Represent SAFE in court as Custodian of Records relating to fiduciary account matters.
                 
              QUALIFICATIONS
               
              REQUIRED KNOWLEDGE: 
              Preferred knowledge of SAFE’s products and services, banking practices, operations, policies, and data processing. Thorough understanding of the state and federal regulations pertaining to estate, IRA, and fiduciary accounts. Preferred knowledge within Fiserv DNA Core Banking System.
              Education/EXPERIENCE:
              Bachelor's degree from a four-year college or university, and three to five years of work-related experience in a full-service financial institution; or an equivalent combination of education, training, and experience.
               
              Certification:
              • Certified IRA Specialist 1 (CIS 1) required
              • Certified IRA Specialist II (CIS II) required
              • Certified IRA Professional (CIP) or Certified IRA Services Professional (CISP) preferred
               
              TECHNICAL SKILLS 
               
              Knowledge and experience with:  
              • Microsoft Office products (Outlook, Teams, Word, Excel)
              • Working knowledge of DNA banking platform preferred.
                
              OTHER SKILLS AND ABILITIES                                                 
              • Must be a self-starter, able to work without constant supervision. 
              • Strong written and verbal communication skills.  
              • Excellent multitasking, organization, time management, research, communication, and problem-solving.  
              • Must possess strong telephone communication skills, including the ability to manage inbound and outbound calls, and resolve member concerns. 
              • Maintain a courteous and empathetic demeanor while adhering to service standards and compliance requirements. 
              • Effectively mentor and coach team members to support performance development and promote continuous learning. 
              • Demonstrated ability to work in a team environment. 
              • Ability to quickly adapt and openly embrace change. 
               
              WORK ENVIRONMENT/PHYSICAL DEMANDS SUMMARY
               
              LANGUAGE SKILLS
              • Strong reading comprehension and writing skills.
              • Ability to craft and deliver effective communication appropriate for different audiences.
              • Ability to read, analyze, and interpret technical procedures or governmental regulations.
              • Ability to write procedures, training programs, reports, and business correspondence.
              • Ability to effectively present information and respond to questions from groups of managers and peers.
                
              MATHEMATICAL SKILLS AND REASONING ABILITY 
              • Ability to work with mathematical concepts such as probability and statistical inference.
              • Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.
              • Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
              • Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
              • Demonstrated success in analytical problem-solving, as well as strategic thinking skills.
              • Ability to interpret data and understand trends.
              • Ability to provide recommendations based on risk.
               
              PHYSICAL DEMANDS AND WORK ENVIRONMENT
              The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
               
              • While performing the duties of this job, the employee is regularly required to sit and talk or hear, and use hands to finger, handle, or feel objects, tools, or controls.
              • The employee is occasionally required to stand; walk; reach with hands and arms; and stoop, kneel, crouch, or crawl.
              • The employee must occasionally lift and/or move up to 10 pounds.
              • Specific vision abilities required by this job include close vision.
              • The noise level in the work environment is usually moderate.
               
               
               
              INTENT AND FUNCTION OF JOB DESCRIPTIONS
               
              This is not necessarily an all-inclusive list of job-related responsibilities, duties, skills, efforts, requirements or working conditions. All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed as assigned.
               
              In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodation will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.
               
              Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.

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