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Retirement Svs Dept Specialist

Company: New York Community Bancorp, Inc.
Location: Hicksville
Posted on: April 25, 2021

Job Description:

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 and compliance.
  • 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 services.
  • 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 Phone Calls..
  • 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 external transfers.
    • 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 procedures.
        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 regulations.
          • Prior IRA specialist level training (e.g. attendance of IRA classes/seminars on IRA/Banking compliance, IRA rules and regulations).
          • Excellent verbal, written and interpersonal communication skills.
          • 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 or ordinance.

            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 religious faith.

Keywords: New York Community Bancorp, Inc., Hicksville , Retirement Svs Dept Specialist, Other , Hicksville, New York

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