Processing Specialist
Summary
Processes retirement-plan participant data, verifies distributions and vesting, and ensures compliance with 409A rules using financial and retirement-plan systems.
Newport, an Ascensus company, helps employers offer their associates a more secure financial future through retirement plans, insurance and consulting services. Newport offers comprehensive plan solutions and consulting expertise to plan sponsors and the advisors who serve them. As a provider and partner, Newport is independent, experienced, and responsive.
JOB SUMMARY: The Processing Specialist formats and loads payroll and withholding information to post into participant accounts utilizing the pricing services to collect prices, dividends and other corporate actions. The Processing Specialist works closely with other departments to help cross check participants’ accounts for accuracy and timely reporting.
ESSENTIAL FUNCTIONS Reasonable accommodations may be made to enable individuals with disabilities to perform these essential functions.
• Confirms participant vesting and vested account balances
• Verifies documentation and information for all distributions and posts distributions into system; updates participant personal and election data as needed
• Manages plan features and database rules to ensure 409a compliance
• Communicates with the internal client service team or relationship contacts to identify and prioritize issues that need immediate attention
• Adjusts file layouts to the correct format for processing; manages and processes scheduled withdrawal requests.
• Provides assistance to management and departmental teams for all projects as needed
• Coordinates details, creates records, and follows up on replies relating to special projects as directed
• Assists in streamlining processes.
• Regular, reliable and punctual attendance
MANAGMENT RESPONSIBILITIES (NONE)
REQUIRED EDUCATION, EXPERIENCE AND CERTIFICATES, LICENSES, REGISTRATIONS
• High school education
Must be able to work a 7am - 4pm shift at least one day of the week.
PREFERRED (BUT NOT REQUIRED) EDUCATION OR SKILLS FOR THIS ROLE ARE
• Bachelor’s degree (B. A.) in economics, accounting or finance from a four-year
College or university, or related work experience
• Intermediate Excel, Word, and Access skills
COMPETENCIES
• Analytical
• Problem Solver
• Project Management
• Research Skills
• Leadership
• Planning and Organization Skills
• Written and Verbal Communication skills
• Judgment
• Critical Thinking
• Independent
• Team Player
• Detail Oriented
• Proactive
• Motivated
TRAVEL: Up to 5 %.
OTHER DUTIES
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.
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