Retirement Svs Dept Specialist
Company: New York Community Bancorp, Inc.
Posted on: April 25, 2021
JOB SUMMARY The Retirement Services Department Specialist has
advisory responsibility for the IRA Program for the Bank and
assists where needed in the supervision of the daily operations of
the Retirement Services Department. Provides regulatory and
compliance changes to department management for the development of
policies and procedures while working with the Compliance
Department to ensure that both Disclosures and forms are regulatory
compliant. Assists in the development of training material and FAQs
for the Retail Banking Group. Assists with escalations or
resolution to complex situations relative to the daily operations
and work flow of the department. The specific functions that
require quality control oversight include the following: review of
IRA transactions, online setups of automatic IRA distributions,
online and paper corrections to IRS reporting of IRAs, Deceased IRA
setups and distributions, outgoing Trustee to Trustee Transfers of
IRA's, approval of required annual mailings for IRA accounts,
Backup Withholding Notices from the IRS (B Notices and C Notices)..
Engages in special projects, e.g. regression testing for system
upgrades and conversions, telephone calls from branches,
departments and customers, manages general workflow and timesheet
approvals. ESSENTIAL FUNCTIONS
- Advisory responsibility for IRA program at New York Community
Bank, including training, FAQs, documentation, forms used, system
parameters, conversion, policies and procedures, regulation updates
- Assists management team with supervision of staff, trains staff
on updates and changes to regulations and/or procedures.
- Responsible for regulatory and compliance updates related to
the rules that govern the Retirement Services Department
- Performs quality control oversight review of documentation for
a selection of transactions done each day throughout the bank to
Pension Accounts (e.g. IRA's, Keogh's, Roth IRA's etc.) to ensure
that end of year reporting is correct including review of Hotline
- Assists in the review of all required mailings relating to IRA
accounts that are done annually. As needed, processes deceased IRA
account workflows and transactions and outgoing Trustee to Trustee
IRA Transfers. Sets up IRA Plans for customers over 70 -- and IRA
Beneficiaries for automatic distributions via check, or internal or
- Makes online and paper corrections to IRS reporting (1099R and
5498) when necessary.
- Assists the management team with the supervision of the
processing of Backup Withholding Notices sent to the Bank from the
IRS annually, including mailings to customers and application of
withholding when necessary (B-Notices and C-Notices).
- Assists in end-of-year review of 1099Rs and 5498s and IRA
statements and RMD Notices.
- Answers escalation and complex situational telephone calls and
emails from the branches, other departments and customers, and
responds regarding questions related to IRA's, backup withholding
or end of year reporting.
- Assists in the collection of metrics reports from staff to send
to senior management weekly and/or monthly, as required.
- Conducts regular department meetings with staff, and takes
meeting minutes for management & senior management.
- Provides regulatory and compliance updates to department
manager for branch policies and procedures relating to all of the
above. ADDITIONAL COMMENTS
- Performs special projects, and additional duties and
responsibilities as required.
- Where applicable and when performing the responsibilities of
the job, employees are accountable to maintain Sarbanes-Oxley
compliance and adhere to internal control policies and
Job Requirements: EDUCATION AND EXPERIENCE
- Associates or Bachelor's degree preferred.
- Minimum of seven years' banking experience with special
emphasis on Individual Retirement Account processing. KNOWLEDGE,
SKILLS AND ABILITIES
- Knowledge of retirement plan administration and
- Prior IRA specialist level training (e.g. attendance of IRA
classes/seminars on IRA/Banking compliance, IRA rules and
- Excellent verbal, written and interpersonal communication
- Excellent judgment/decision making skills.
- Ability to recognize situations which require additional IRA
compliance assistance from Bank's Compliance vendors.
- Licensed Notary Public in NYS NEW YORK COMMUNITY BANK.
Based in Westbury, NY, New York Community Bank is a New York
State-chartered savings bank serving customers throughout Metro New
York, New Jersey, Ohio, Arizona and Florida. New York Community
Bank serves customers through over 200 branches featuring a
divisional structure: Queens County Savings Bank, Roslyn Savings
Bank, Richmond County Savings Bank, Roosevelt Savings Bank and
Atlantic Bank in New York; Garden State Community Bank in New
Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and
Arizona. With a longstanding reputation of strength, stability and
service, NYCB is proud to be committed to the communities it
serves. To learn more about the NYCB Family of Banks visit us at .
Help recruit top talent for NYCB through the employee referral
program. All NYCB employees are encouraged to submit referrals.
Locate top talent right in the community where you live, work and
play. Amazing individuals are all around be sure to let them know
how they can become a part of the NYCB family.
NYCB is an equal opportunity employer that prohibits discrimination
on the basis of race, color, age, sex, national origin, ethnicity,
religion, marital status, disability, military status, veteran
status, domestic violence victim status, gender identity or
expression, sexual orientation, genetic information and any other
classification protected by applicable federal, state, or local law
This policy against discrimination applies to all terms and
conditions of employment including, but not limited to: recruitment
and selection, promotion and demotion, transfer, training and
development, compensation, benefits, leaves of absence and
termination. NYCB will consider reasonable accommodations for
employees and applicants with disabilities, as well as
accommodations that are necessary for an employee to practice their
Keywords: New York Community Bancorp, Inc., Hicksville , Retirement Svs Dept Specialist, Other , Hicksville, New York
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