Transaction Management Operations Analyst – 401(k) Payroll Processing

Bank of America; Pennington (NJ); On-site; USD 60,000 - 85,000; Full time

Job summary

Bank of America is seeking a detail-oriented Operations professional in New Jersey to support payroll processing, benefits maintenance, and funds movement for 401(k) plans. You will work with Plan Sponsors and Customer Service Managers to ensure accurate payroll processing and timely responses to inquiries in a fast-paced environment.

Requires strong Excel/Word skills, the ability to multitask, and a collaborative mindset.

Qualifications

• High attention to detail and accuracy in data handling.
• Ability to manage multiple tasks with deadlines.
• Strong written and verbal communication skills.

Responsibilities

• Performs moderately complex transaction processing and reconciliation.
• Responds to client inquiries to support operational efficiency.
• Analyzes and resolves moderately complex transactions and escalations.
• Identifies risks and opportunities for process improvements.

Skills

Attention to Detail

Customer Focus

Oral Communications

Prioritization

Problem Solving

Account Management

Analytical Thinking

Coaching

Written Communications

Mentoring

Research

Result Orientation

Education

College degree

Tools

Microsoft Excel

Microsoft Word

Job description

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.

We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:

This job is responsible for moderately complex transaction and fulfillment processing, including the movement of assets into and out of accounts. Key responsibilities include reconciliation, settlement, and trade and transfer support, and providing quality service and operations support for internal business partners and external clients, in accordance with established guidelines and procedures. Job expectations include handling in operational processes which may carry medium to high levels of monetary risk and assisting in training less experienced team members.

Responsibilities:

• Performs moderately complex transaction processing and reconciliation with medium to large monetary impact according to the established written guidelines and procedures
• Responds to moderately complex client inquiries via numerous channels to support operational efficiency and quality client service
• Responsible for the analysis and resolution of moderately complex transactions requiring escalations and exceptions
• Proactively identifies risk and opportunities for process improvements based on an understanding of how the work impacts other operational units

Skills:

• Attention to Detail
• Customer and Client Focus
• Oral Communications
• Prioritization
• Problem Solving
• Account Management
• Analytical Thinking
• Coaching
• Written Communications
• Mentoring
• Research
• Result Orientation

LOB Description:

The Institutional Retirement Payroll, Benefits, and Disbursements Team within Wealth Management Operations is responsible for payroll and benefits processing, money movement, participant-level maintenance and tax reporting support for 401(k) Defined Contribution, Non-Qualified Deferred Compensation (NQDC), Institutional Trust and Custody, Defined Benefit and Health Benefits Solutions (HBS) products.

The 401(k) Payroll Processing Team supports transaction processing for the Bank of America 401(k) and Non-Qualified Deferred Compensation (NQDC) Plans.

This role will report directly to the Senior Operations Manager and work closely with Customer Service Managers (CSM), Plan Sponsors (PS), and management to support 401(k) inbound payroll processing functions. This candidate must have excellent communication This candidate must be a self-starter, who is able to work in a fast-paced dynamic environment.

The role will include the following functions:

• Receive and process incoming Non-Qualified Contribution payrolls
• Process manual enrollments and various other miscellaneous process requests
• Correct incoming files to account for plan rejects
• Follow all established procedures, audit, and regulatory guidelines
• Work directly with the existing Plan Sponsors, CSM, and related supporting areas
• Monitor assigned plans as a scheduled

Required Qualifications:

• Highly organized
• Self-starter attitude and demonstrates initiative
• Ability to multi-task and handle multiple projects in a short time period
• Exceptional attention to detail and the ability to hold others accountable without direct supervision
• Flexibility with ability to handle a variety of tasks and projects independently
• Strong written and verbal communication skills; able to influence/challenge and negotiate to keep all parties engaged in the process
• Proven ability to provide comprehensive solutions to complex needs and/or problem
• Ability to prioritize and meets established deadlines
• Proficient Microsoft Excel and Word skills
• Excellent verbal and written communication skills
• Ability to adapt to a changing environment
• College degree (preferred)

Desired Qualifications:

• Advanced Microsoft Excel and Word skills
• Familiarity with 401(k) product and MLII/iGate applications

Shift:

1st shift (United States of America)

Hours Per Week:

40