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Job Description
MILLENNIUM TRUST COMPANY is a rapidly-growing, leading financial services company offering specialized retirement and institutional services. Whether clients are managing corporate retirement assets, running a business or wanting choice beyond traditional asset options, we provide flexible and digital solutions to support our clients’ success. Ultimately, we aim to educate and increase access to investments to help our clients on their journey to retirement readiness, but do not provide investment advice.
Millennium Trust has experienced year-to-year double digit growth and prides itself on its strong, progressive culture. We have been recognized for our tremendous growth on lists, such as Crain’s Fast 50 and Inc. 5000, and have also been recognized for our positive workplace culture on the 2019 Best Places to Work in Illinois list, as well as the 2019 Model Workplace Award and 2018 Champion for Young Professionals Award from the Greater Oak Brook Chamber of Commerce. Millennium Trust employees live out the values of Do Right, Excel, Collaborate, Innovate and Celebrate and deliver the brand promise of going “Above and Beyond,” so each client experiences the highest level of service.
We are always looking to expand our growing team with dynamic and enthusiastic individuals. If you enjoy a collaborative, fun environment that encourages career development, Millennium Trust is the place for you!
POSITION SUMMARY:
The Account Administrator – Institutional Distributions has a primary responsibility to analyze and process RS client initiated outgoing distribution, transfer, and rollover requests. The position requires communicating effectively with clients, authorized third parties and other entities to resolve discrepancies or follow-up on requests. There are numerous other ancillary responsibilities that may be assigned to the RS Distribution Account Administrator including: to process distributions as an agent for plan sponsors and TPAs, coordinate death benefit processing for beneficiaries and initiate distribution processing in accordance with court appointed allocations (e.g. divorce decrees, levies), work directly with internal clients to resolve discrepancies on requests, work directly with internal departments to facilitate tasks related to client distribution requests, data entry of distribution transactions and/or approval of those transactions in the Trust Accounting System, manage internal requests/escalations via the CRM and/or email, process the upload and follow-up on emails and faxes received by the department, manage the return of original documentation/certificates to clients, manage and follow up with clients on returned items including returned wires, ACHs and checks, process account closings and other responsibilities as assigned. The individual must be analytical, team oriented and able to multi-task efficiently in a fast-paced work environment.
ESSENTIAL JOB FUNCTIONS:
- Review client initiated distribution, transfer, or rollover requests to ensure the documentation meets established criteria and requirements for different products lines and account types
- Ensure transactional fees assessed are accurate based on the account relationship
- Properly access the request to ensure the appropriate tax code and other pertinent information is entered appropriately on the transaction as this will have implications on the client’s tax reporting
- Enter disbursements (checks, wires, prepaid cards or ACHs) timely and accurately into the Trust Accounting System
- Process appropriate and prompt follow-up for requests that do not meet our requirements and cannot be processed
- Follow-up methods may include: the preparation and mailing of rejection letters ensuring the letter accurately describes the reason for paperwork rejection, direct follow-up with client and/or authorized third party by phone and/or email
- Document client communication in the client file and letters and/or emails must be scanned to MTC’s document archival in a timely and accurate manner.
- Communicate effectively, both verbally and in writing, with clients, advisors, third parties and/or MTC associates to complete clients’ requests in a timely manner
- Assist in the processing of IRA account conversion and/or re-characterization requests
- Calculate and process client Required Minimum Distributions
- Ensure that disbursement requests and other client requests are processed within the established service levels and with the utmost accuracy
- Review escalated requests or requests for exception processing and work with our clients, Team Lead, and Manager directly as required to resolve issues
- Maintain a positive work atmosphere within the team and with other internal departments
- Assist in the review/update of department policies and procedures
- Consult with manager on effective ways to meet client needs or appropriate method to be used for error resolution
- Keep the Managerr of RSG Distribution Operations apprised of escalated client issues, processing errors or performance issues
- Other duties as assigned
EDUCATION, EXPERIENCE AND SKILLS REQUIRED:
- Bachelor’s Degree in Business, Accounting, Finance or related field experience
- 1-3 years of applicable experience
- Be a team player and possess a positive attitude
- Be detail-oriented, organized, and dependable
- Have the ability to work independently to accomplish assigned tasks on a daily basis
- Possess excellent written and verbal communication skills
- Proven ability to organize, plan and prioritize work effectively to meet deadlines
- Must be able to work in a fast-paced environment
- Strong computer aptitude with proficiency in Microsoft Outlook, Word, and Excel
- Working knowledge of trust accounting systems preferred
- Previous experience with IRA’s, Solo 401(k) plans, and other various Qualified Retirement Plans preferred
- Knowledge of IRS rules and regulations in relation to both IRAs and Qualified Retirement Plans preferred
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