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!
The Temporary Retirement Services (RS) Distribution Account Administrator 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 Temporary 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.
This position will report to the Supervisor of RS Distribution Operations.
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. Also, client communication must be documented 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, Supervisor, 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 supervisor on effective ways to meet client needs or appropriate method to be used for error resolution
Keep the Supervisor of RS Distribution Operations apprised of escalated client issues, processing errors or performance issues
Other projects as assigned
EDUCATION, EXPERIENCE AND SKILLS REQUIRED:
Qualified candidate will have a Bachelor's degree in business, accounting, finance or related major
Have 1-3 years of experience in retirement services, financial services or related field
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
Previous experience with IRA’s, Solo 401(k) plans and other various Qualified Retirement Plans
Knowledge of IRS rules and regulations in relation to both IRAs and Qualified Retirement Plans
Overtime as required