IRA/CD Operations Specialist II

Fifth Third; Grand Rapids (MI); Hybrid; USD 55,000 - 75,000; Full time

Job summary

Fifth Third seeks an IRA/CD Operations Specialist II in Grand Rapids, MI to support and maintain operational and risk needs of the IRA/CD Operations Banking division. You will reconcile, research, and clear IRA/CD entries, verify IRS documentation, and perform related reporting and compliance tasks.

Role requires strong communication, attention to detail, and ability to collaborate across centers, Legal, Tax and IT.

Qualifications

• Bachelor's degree or equivalent work experience preferred.
• Three (3) years related experience required, preferably in Retail or Operations.
• Knowledge of retail policies, procedures and products.
• Demonstrated ability to resolve operational issues.
• Strong verbal and written communication skills.
• Strong PC knowledge to include Word & Excel, and a working knowledge of Raft, ACE, Mobius, IHUB, Branch Capture.
• Knowledge of frontier system is a plus.
• Ability to handle multiple tasks and work well under pressure.
• Flexibility in scheduling.
• Team-oriented and collaborative work style.

Responsibilities

• Maintain in-depth knowledge of IRA/CD products and services as they relate to procedures and profitability.
• Research and clear CD and IRA entries and internal account entries.
• Interact with Financial Centers regarding IRA/CD Operations.
• Review and validate IRS/state documentation and coding for IRA/CD transactions.
• Documentation includes W-8s, NC-4P, and W-4P.
• Process complex IRA distributions using Raft for IRS and compliance.
• Perform risk-based transactions for the banking center.
• Coordinate support for complex Compliance and Documentation exceptions (IRS Audit letters).
• Collaborate with Legal, Retail, Corporate Tax, Business Banking and others on process issues.
• Work with management and IT on enhancements, including requirements, test plans, and testing.
• Process transactions such as customer adjustments, interest adjustments, account openings/closings in raft.
• Perform maintenance tasks (death updates, IRS updates, distributions).
• Understand IRS regulations related to information reporting and tax withholding (IRC 408).
• Perform IRS reissue and correction processing for IRA and CD transactions (1099s and 5498s).
• Lead or participate in assigned projects and other duties as needed.

Skills

IRA/CD knowledge

Analytical thinking

Communication skills

MS Word & Excel

Raft/IT systems

Time management

Education

Bachelor's degree or equivalent

Tools

Raft

ACE

Mobius

IHUB

Branch Capture

Job description

Make banking a Fifth Third better® We connect great people to great opportunities.

GENERAL FUNCTION

Independently support and maintain the Operational and Risk needs of the IRA/CD Operations Banking division, including the reconciliation, research and clearing of IRA/CDs and other internal accounts, verification of documentation for accuracy and related reporting information, various compliance functions. Perform other operational duties such as analysis of processes/trends, recommend process improvements and participation in the implementation of these improvements. This position is responsible for providing quality customer service for various types of inquiries, including complex regulation, IRS reporting questions or IRS documentation requirement questions from the contact center, financial centers, retail help desk and/or external customers. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

ESSENTIAL DUTIES & RESPONSIBILITIES

• Maintain an in-depth, working knowledge of all IRA/CD products and services as they relate to operational procedures, increased efficiencies and profitability within the banking center.
• Research and clear CD and IRA entries and entries on other internal accounts.
• Interact with Financial Centers regarding all IRA/CD Operations supported Operational and Risk Functions.
• Review and validate all required IRS and state specific documentation and coding for all IRA/CD transactions is received and accurate for proper IRS reporting on customer accounts.
• Documentation includes W-8s, NC-4P, and W-4P.
• Process complex IRA distributions, collecting customer information gathered by Financial Centers and completing transactions utilizing Raft in order to maintain IRS and Fifth Third compliance, legal and IRS standards.
• Perform risk based transactions on behalf of the banking center (penalty exceptions, death payouts).
• Research and coordinate support for complex Compliance and Documentation exceptions such as IRS Audit letters.
• Work with Legal, Retail, Corporate Tax, Business Banking, Business Controls, and other lines of business on issues or processes that require additional processing.
• Collaborate with management and IT for the recommendation and implementation of enhancements to include writing requirements, test plans and testing.
• Process transactions as needed to perform department functions (i.e. customer adjustments, interest adjustments, closing or opening accounts in raft, etc.).
• Perform miscellaneous maintenance functions as needed (i.e. removal of names upon death, DISC IRS updates (IRS Reporting), auto distributions, etc.).
• Possess a solid understanding of IRS regulations related to information reporting and tax withholding, including requirements in accordance with IRC section 408 and the corresponding regulations and publications.
• Perform IRS reissue and correction processing for IRA and CD transactions to include all types of 1099s and 5498s.
• Facilitate or participate in assigned projects.
• Perform any other duties as assigned.

SUPERVISORY RESPONSIBILITIES

None.

MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED

• Bachelors Degree or equivalent work experience preferred.
• Three (3) years related experience required, preferably in Retail or Operations.
• Knowledge of retail policies, procedures and products.
• Demonstrated ability to resolve operational issues.
• Strong verbal and written communication skills.
• Strong PC knowledge to include Word & Excel, and a working knowledge of the internal banking center systems, such as Raft, ACE, Mobius, IHUB, Branch Capture.
• Knowledge of frontier system is a plus.
• Ability to handle multiple tasks and work well under pressure.
• Need to have flexibility in scheduling.
• Must be able to work in a team environment with the ability to interact well, and in a positive manner, with co-workers and management.

IRA/CD Operations Specialist II

At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.

The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location.

Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being.

You can learn more about those programs on our 53.com Careers page at: https://www.53.com/content/fifth-third/en/careers/benefits.html or by consulting with your talent acquisition partner.

LOCATION -- Grand Rapids, Michigan 49546

Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.