IRA/CD Operations Specialist II - Compliance

Fifth Third Bank; Grand Rapids (MI); On-site; USD 52,000 - 70,000; Full time

Job summary

Fifth Third Bank, Grand Rapids, is seeking an IRA/CD Operations Specialist II to support the Operational and Risk needs of the IRA/CD Operations Banking division. You will research and clear IRA/CD entries, verify IRS documentation, and collaborate with Financial Centers to maintain IRS and regulatory compliance.

In this role, you will handle complex distributions, coordinate with Legal, Tax and other units, and recommend process improvements.

Qualifications

• 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 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.

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.

Skills

Strong verbal and writtencommunication

Teamwork

Multitasking under pressure

Education

Bachelor's degree or equivalent

Tools

Raft

ACE

Mobius

IHUB

Branch Capture

Frontier system

Job description

Fifth Third Bank, Grand Rapids, is seeking an IRA/CD Operations Specialist II to support the Operational and Risk needs of the IRA/CD Operations Banking division. You will research and clear IRA/CD entries, verify IRS documentation, and collaborate with Financial Centers to maintain IRS and regulatory compliance.

In this role, you will handle complex distributions, coordinate with Legal, Tax and other units, and recommend process improvements.