Position Title: IRA and Compliance Specialist I

REPORTS TO: AVP Compliance, Risk, and Quality Officer

SUPERVISES: NA

JOB STATUS: Non-Exempt

JOB GRADE 9: $20.77 - $25.67 Target Hourly Rate

*This position works on-site. Remote work is not available at this time.

JOB SUMMARY:

This role supports critical areas of Individual Retirement Accounts (IRA), Deceased Member accounts, Trust, Estate, and Power of Attorney review and processing by serving as the lead person handling these requests. This employee is responsible for accurately reviewing all Power of Attorney and Estate and Trust documents, handling related review, decision-making, due diligence, and disbursement of deceased Member accounts. The IRA and Compliance Specialist will offer support to frontline staff, State ECU Members, other financial institutions, law enforcement agencies, and attorneys as required. Their responsibilities further include reviewing, researching, and responding to various legal documentation and IRAs initiated online or in person, and they will maintain State ECU's high level of professionalism when dealing with Members, law enforcement, and other financial institutions. They are also charged with identifying gaps to ensure State ECU complies with federal laws while supporting the compliance team in adhering to the Bank Secrecy Act (BSA) regulations. In accordance with departmental procedures and Federal Regulations, this employee will take proactive measures to prevent losses for the credit union.

All State Employees Credit Union employees are proactive, result-driven, and fully committed to the Credit Union's mission and vision. They strive to achieve the highest standards of excellence and consistently exceed the expectations of Credit Union Management.

Duties/Responsibilities:

• Review, process, and comply with a variety of legal correspondence and IRA transactions daily.
• Answer inquiries regarding departmental services and functions.
• Serve as the processor for IRA distributions, emphasizing retaining business with the credit union.

• Prepare, receive, and process IRA paperwork received through various channels.
• Review and Open New IRA Accounts and process IRA disbursements or credit to Members as appropriate.
• Remain current on IRA requirements and suggest updates to procedures for staff.
• Perform follow-up actions on transactions to complete requests, while ensuring the proper paperwork is received and executed as per IRS regulations and department policies and procedures.

• Maintain IRA Required Minimum Distributions and assist Members with withdrawals or pre-authorized transfers.

• Review all work items for accuracy and compliance with department guidelines and IRS rules and regulations.

• Review Trust documents and make recommendations for approval/denial.
• Review Power of Attorney documents and make recommendations for approval/denial.

• Process Deceased Member accounts and support staff and Members as the primary contact regarding questions and compliance.
• Conduct research and correspondence on IRA requests.
• Monitor fraud trends and compromises and take appropriate action to mitigate losses.
• Follow standard procedures and action plans to reduce exposure to suspect items and/or transactions.
• Assist the Enterprise Risk team with training and cross-training for operations.
• Understand compliance issues & attend training related to Compliance, including but not limited to the Bank Secrecy Act (BSA).
• Support the Compliance department in various aspects of BSA compliance and assists as a backup to the Compliance team and responsibilities.
• File Suspicious Activity Reports (SARs) on cases meeting the criteria for a SAR.

• Assist the Enterprise Risk team in the development and/or update procedures as needed to comply with regulations or improve operational efficiencies.

• Perform other duties as required.

Required Skills/Abilities:

• Ability to become certified and serve as the IRA Specialist for the Credit Union.
• Ability to develop and deliver staff training, cross-training and Member support for IRAs.
• Ability to audit IRA transactions and ensure compliance for tax rules and reporting.
• Strong technical aptitude, including the ability to learn and use multiple systems that include but are not limited to Verafin, OFA, Meridian Link, and other systems.
• Ability to maintain high accuracy and thoroughness when executing tasks.
• Effective written and verbal communication skills, with the ability to communicate information in an approachable manner.
• Self-starter, able to independently assess priorities and deliver high-quality results.
• Possess active listening skills, understand the points being made, and present solutions as necessary.
• Demonstrate patience, tact, enthusiasm, and a positive attitude toward staff, Members, and the general public.
• The ideal candidate will be detail-oriented, analytical, highly organized, and with knowledgeable with the use of office machines and equipment, Microsoft Office, and PDF editors.
• Strong critical thinking, analytical, and organizational skills.
• Ability to develop creative ideas and develop unique solutions.

• Job Related Travel - As required.

Education/Experience:

• Education or experience equivalent to a bachelor's degree in a related field, in addition to 3 plus years of progressive experience in of banking, financial operations, or related.
• Relevant professional certifications are preferred but not required. This may include but is not limited to:
  • Criminology
  • Paralegal
  • Bank Secrecy Act (BSA), security, bank regulations and similar

General Requirements:

Must be capable to execute all terms and conditions set forth in the Employee Handbook, including but not limited to:

• Work in a safety conscious manner which ensures that safe work practices are used in order not to pose a risk to self or others in the workplace.
• Adhere to policy on Drug Free Workplace.
• Comply with company policies and procedures and local, state and federal regulations.

Physical Requirements:

• Prolonged periods of sitting at a desk and working on a computer.
• Some standing, walking, kneeling, stooping, bending and lifting.
• Must be able to lift up to 15 pounds at times.
• Must be able to access and navigate each department at the organization's facilities.

State Employees Credit Union offers a highly competitive benefits package

Applications must be received by Human Resources

State Employees Credit Union of New Mexico is an Equal Opportunity Employer

Equal Opportunity Employer, including disabled and veterans.