IRA Specialist

Summary

Our bank operations team ensures the efficient and accurate processing of financial transactions, compliance with regulatory requirements, and the implementation of best practices. They manage daily banking operations, including transaction processing, account maintenance, and customer service. The team is dedicated to improving operational efficiency, mitigating risks, and supporting the overall goals of the bank.

The IRA Specialist is primarily responsible for ensuring all compliance requirements established by the IRS pertaining to IRAs are met;
Includes monitoring all IRA products ensuring monetary transactions are valid and coded correctly according to IRS regulations. Performs quality review of all new IRAs and maintenance on transactions completed by other lines of business. Assist in the tax reporting process while staying knowledgeable of IRS tax and ever-changing IRA regulations. This position also engages in frequent communication with internal and external partners providing guidance as it pertains to IRA procedures through the Fidelity Applications according to the IRS regulations.

At BOK Financial, you’ll join a dedicated team that values integrity and company principles. The culture here promotes knowledge growth, skill development, and strategic thinking. You’ll have the flexibility to advance and make decisions, all while collaborating with various stakeholders to solve problems and maximize volume.

• You will perform quality reviews of IRA legal documentation and transactions, including new account setup, client information input, maintenance, and tax reporting coding. Ensure timely corrections and document mailing before IRS deadlines.
• You will communicate with internal partners to resolve customer issues such as stop payments, interest errors, account styling, and complex research on closed accounts.
• You will complete daily requests through the incident reporting system, including IRS corrections, 1099R/5498 corrections, product changes, penalty adjustments, and tax withholding.
• You will process IRA transfers, distributions, and rollovers, ensuring proper documentation and coding. Handle requests via Docu Sign and external financial institutions.
• You will monitor Start Right IRA account openings for accuracy and funding, and research automation failures to minimize client impact.
• You will maintain IRS compliance by staying updated on regulatory changes and attending annual training seminars. Assist Accounting with resolving out-of-balance conditions.

This level of knowledge is normally acquired through completion associate degree in Banking or Finance and 1-2 years banking experience relating to IRA Processes, Procedures and Regulations or 3-4 years’ experience in banking relating to IRA Processes, Procedures, and Regulations.

• Thorough knowledge and understanding of IRS Rules and Regulations for IRAs;
  Ability to effectively provide guidance on rules and regulations.
• Basic office skills including 10-key by touch, typing 30-40 wpm.
• Good analytical and critical thinking skills.
• Good PC skills including Microsoft Word, Microsoft Office Outlook, and Microsoft Excel.
• Demonstrate strong interpersonal skills when working closely with internal business partners.
• Excellent telephone and verbal communication skills.
• Excellent organizational skills and commitment to task in resolving customer issues in a timely manner.
• Detail oriented to review and ensure the overall quality of all IRA Information.
• Ability to prioritize and meet deadlines in high-pressured environments.