Trust Operations Specialist at Pentegra Retirement Services

Job description

THIS IS AN ON-SITE POSITION IN OUR SHELTON, CT OFFICE. Title: Trust Operations Specialist Location: Shelton, CT Reports to : Trust Operations Manager Classification: Exempt __X____ Job Summary: Performs trust accounting functions for defined benefit plans, non-qualified plans, and individual wealth management asset allocation accounts for which Pentegra Trust Company (“PTC”) provides trust and custody services. Provides benefit payment administrative services for PTC defined benefit pension plans. Essential Functions : • Work directly with pension plan clients and pensioners to resolve benefit payment matters, including tax withholding changes, banking information updates, address changes, and pension verification requests. • Maintain pensioner information on the BNY Mellon Workbench system to include generating periodic pension reports for clients. • Regular contact with Pentegra’s Benefit Payment Unit (“BPU”) regarding new pensioners and payment issues for existing clients, and with BNY Mellon regarding payment, balancing, and NEXEN issues. • Balance monthly pension payments and lump sum distributions to determine cash liquidity requirements. • Prepare quarterly trust fee billing information and submit it to the Finance Department for inclusion in semi-annual invoices. • Process invoices payable from plan assets and coordinate the related transfer of funds to the Finance Department. • Review and approve the weekly OFAC report for accounts maintained on the trust accounting system. • Process Federal tax deposits on a timely basis for the PTC IRA accounts to include reconciling the annual Form 945 filed with the IRS. • Prepare PTC settlement wires, checks and internal transfers between PTC bank clearing accounts. • Assist Trust Manager in reconciliation, preparation, and mailing of annual 1099 tax forms for PTC accounts. • Complete the daily PTC cash and custody reconciliations. • Regular contact with third-party service providers for PTC trading and banking issues. • Ensure the timely and accurate pricing of securities held in custody by PTC. • Post income and dividends for securities held in custody by PTC. • Transmit PTC mutual fund trades through the Matrix trading bridge and money market trades through the Federated trading bridge; place equity trades directly with PTCs institutional securities broker. • Oversee settlement of all PTC mutual fund trades with Matrix and other securities trades with Fifth-Third Bank as PTC’s sub-custodian. • Release settlement wire, check, and internal transfers between PTC bank clearing accounts. • Review and follow up on cash and mutual fund discrepancies from daily reconciliation of the PTC clearing and custody accounts. • Coordinate processing and voting of proxies to include plans for which PTC is the trustee for employer stock funds. • Generate the daily extract files for the wealth management asset allocation accounts, and after reviewing the extract files for accuracy, upload the files to Envestnet. • Process and post PTC contribution, distribution and trade activity on the trust accounting system. • Review, collate and mail monthly PTC statements. • As needed, cross-train on and perform other trust accounting functions to provide coverage when other Trust Operations team members are unavailable. • Assist management in implementing department goals and objectives. • Perform additional duties, responsibilities, and job functions as assigned or as business needs require. Requirements: (include specific Education requirements) • Four-year college degree or equivalent work experience. • Experience working in a trust department, in banking or familiarity with retirement plans a plus. • Proficient in Microsoft Office suite. • Ability to thrive in a fast-paced work environment. • Team player with the ability to work independently. • Excellent communication skills. • Attention to detail with ability to multi-task. • Excellent follow-up skills. • Ability to prioritize workflow and meet daily department deadlines. • Self-motivated. • Overtime required when necessary.

Requirements

Must-haves

THIS IS AN ON-SITE POSITION IN OUR SHELTON, CT OFFICE.
Title: Trust Operations Specialist
Location: Shelton, CT
Reports to : Trust Operations Manager
Classification: Exempt __X____
Work directly with pension plan clients and pensioners to resolve benefit payment matters, including tax withholding changes, banking information updates, address changes, and pension verification requests.
Maintain pensioner information on the BNY Mellon Workbench system to include generating periodic pension reports for clients.
Regular contact with Pentegra’s Benefit Payment Unit (“BPU”) regarding new pensioners and payment issues for existing clients, and with BNY Mellon regarding payment, balancing, and NEXEN issues.
Balance monthly pension payments and lump sum distributions to determine cash liquidity requirements.
Prepare quarterly trust fee billing information and submit it to the Finance Department for inclusion in semi-annual invoices.
Process invoices payable from plan assets and coordinate the related transfer of funds to the Finance Department.
Review and approve the weekly OFAC report for accounts maintained on the trust accounting system.
Process Federal tax deposits on a timely basis for the PTC IRA accounts to include reconciling the annual Form 945 filed with the IRS.
Prepare PTC settlement wires, checks and internal transfers between PTC bank clearing accounts.
Assist Trust Manager in reconciliation, preparation, and mailing of annual 1099 tax forms for PTC accounts.
Complete the daily PTC cash and custody reconciliations.
Regular contact with third-party service providers for PTC trading and banking issues.
Ensure the timely and accurate pricing of securities held in custody by PTC.
Post income and dividends for securities held in custody by PTC.
Transmit PTC mutual fund trades through the Matrix trading bridge and money market trades through the Federated trading bridge; place equity trades directly with PTCs institutional securities broker.
Oversee settlement of all PTC mutual fund trades with Matrix and other securities trades with Fifth-Third Bank as PTC’s sub-custodian.
Release settlement wire, check, and internal transfers between PTC bank clearing accounts.
Review and follow up on cash and mutual fund discrepancies from daily reconciliation of the PTC clearing and custody accounts.

Nice-to-haves

Experience working in a trust department, in banking or familiarity with retirement plans a plus.

Application prep

Use the role’s language and application details while tailoring your materials.

Platform: adp-workforce-now
Effort: medium