Trust Operations Officer directs the work of Trust Operations team in large and complex trust operations. Ensures that transactions are balanced and documented according to policies and procedures. Being a Trust Operations Officer oversees the input and maintenance of data in accounting systems and report generation. Coordinates the processing of dividends and disbursements. Additionally, Trust Operations Officer may require a bachelor's degree. Typically reports to a manager. The Trust Operations Officer manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Trust Operations Officer typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes. (Copyright 2024 Salary.com)
Principal Duties and Responsibilities: (Majority of duties performed, but not meant to be all inclusive or to prevent other duties from being assigned)
Responsible for daily administration of defined contribution, defined benefit, deferred compensation, individual retirement accounts (IRAs) and investment accounts in accordance with department written policies and procedures.
Develop and implement practices to handle questions from clients and provide information to them as needed
Process daily checks and deposits quickly and efficiently to include proper coding, loan deposit processing, balance confirmation, and moving funds from one account to another as instructed by client
Prepare check requests
Process client contributions, distributions and loan requests using the appropriate forms needed to book loan on the system
Determine liquidity as needed
Learn procedures/documentation needed for Investment and Administrative Reviews
Set up and maintain all retirement services plan files to ensure they are current, organized, and accurate
Perform employee education meetings with clients
Develop and maintain a system to monitor and follow up on pending items
Set up new accounts onto trust accounting system and be able to research needed information on the system
Makes recommendations to ensure that the financial institution's trust retirement services administration program is in compliance with state and federal regulations
Manage/perform special projects as assigned
Responsible for developing new business
Job Specifications: (Knowledge, skills, and abilities normally required for competent performance in the job)
Master's or Bachelor's degree in business, finance or related field.
Three years of retirement services administration or work related experience preferred.
Duties require professional/effective verbal and written communication skills.
Ability to communicate and maintain a professional manner in conversation and appearance with clients, vendors and other trust personnel.
Ability to reason and make basic decisions unsupervised.
Ability to read and understand routine legal and trust documents and other documents such as operations, maintenance and procedure manuals.
Ability to compose or create routine reports and correspondence.
Ability to multitask job functions.
Must be sales oriented with the ability to generate new business.