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Institutional Trust Officer
Exchange Bank - Santa Rosa, CA
posted 2 days ago
About the position
The position involves administering a complex case load of Retirement Plan, IRA, and investment agency accounts to ensure compliance with applicable contract terms, laws, and department policies. The role requires managing relationships with clients and their professional advisors, developing a thorough understanding of client needs, and making cross-referrals to appropriate Bank resources. Additionally, the position includes directing, reviewing, and approving account transactions submitted by Trust Specialists, initiating and reviewing customer-directed custody account trades, and providing advice to clients regarding Retirement Plan setup and compliance requirements, including audits as necessary. The role also involves evaluating and managing account cash flow, performing formal administrative account reviews annually, and ensuring proper documentation and fee structures.
Responsibilities
- Administer a complex case load of Retirement Plan, IRA, and investment agency accounts.
- Manage relationships with clients and their professional advisors.
- Develop and maintain a thorough understanding of client needs and make cross-referrals to appropriate Bank resources.
- Direct, review, and approve account transactions submitted by Trust Specialists.
- Initiate and/or review customer directed custody account trades.
- Provide advice to clients with Retirement Plan setup and compliance requirements, including audits as necessary.
- Evaluate and manage account cash flow including requesting and executing investment recommendations.
- Perform formal administrative account review annually, with emphasis on documentation, appropriate fees, and correct setup.
- Direct and ensure distributions of Retirement Plan and IRA assets.
- Perform annual oversight of retirement account tax reporting including 1099R and 5498 reporting.
- Join in Department Committees and work projects as needed.
- Perform other duties as assigned.
Requirements
- Bachelor's degree in business or other related field; or a combination of equivalent education and experience.
- Minimum 3 years' experience in a Trust and/or Qualified Retirement Plan administration environment.
- Knowledge and proven competency and understanding of ERISA plans.
- Strong knowledge of IRS and DOL rules and regulations related to Employee Benefit Plans.
- Skills operating a personal computer including word processing, spreadsheet, and presentation software.
