At Schwab, you’re empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us “challenge the status quo” and transform the finance industry together. We believe in the importance of in-office collaboration and fully intend for the selected candidate for this role to work on site in the specified locations. Applicants must be currently authorized to work in the United States on a full-time basis without employer sponsorship.
The mission of Charles Schwab Trust Bank (Trust Bank) is to bring together expertise and resources to help deliver the best trust and custody services for Schwab Retirement Plan Services, independent recordkeepers, and investment advisors through offering a broad range of investments, technology, products, and services that meet the needs of retirement plan providers and the participants they serve. In addition to its responsibility for regulatory activities and serving as a liaison with regulators, Trust Bank’s Specialty Products and Regulatory Relations team is responsible for the administration and oversight of several products including Charles Schwab Trust Bank Collective Trust Funds and Automatic Rollover IRA, as well as oversight and monitoring of Employer Securities.
The Specialty Products Manager will serve as a subject matter expert for regulatory activities, is responsible for responding to regulatory inquiries and is a product owner for the Trust Bank Collective Trust Funds. The Manager will also provide ongoing support to the other specialty products managed by the team (ex. Automatic Rollover IRAs, Employer Stock, Proxies, etc.). The Manager will ensure that all oversight and governance activities align with Trust Bank policies and procedures as well as with all applicable state and federal banking and other regulations. The position requires strong product ownership and accountability, excellent interpersonal skills, attention to detail, an ability to strategize, and a talent to influence others. A successful candidate must have proven expertise working in trust / custody environments, the retirement plan industry, and financial services regulatory matters.
Key responsibilities will include:
Provide administration and oversight to the Trust Bank Collective Trust Funds (CTFs), including:Continuous oversight of, and collaboration with, CTF vendorsReviewing and monitoring CTF account opening documentation to ensure compliance with applicable banking and other regulationsCompleting monthly reconciliations of funded CTFs, weekly trade reviews, and approvals of invoices for CTF service providersProviding real-time trade approvalsAccurate and timely completion of regulatory filings, including 13H, 13F, 13G, and others as needed.Reconciliation of invested plans for annual Form 5500 Schedule D reportingReview / approval of annual Form 5500 filings for each Trust Bank CTFReview of annual financial statementsRegulatory subject matter expert with responsibility for:
Identification, monitoring and reporting to DOL or PGBC of potential abandoned plansLegal and Regulatory inquiries for Trust Bank accounts related to subpoenas and inquiries from DOL, PBGC, IRS, SEC, etc.Responding to AML inquiries, ad hoc enhanced due diligence requests, and semi-annual MRB reportingAnnual Form 5500 Schedule H report preparation for specific Trust Bank account(s) including reconciliation of related trust system (SEI) reportingQuarterly verification of Trust Bank shareholder communication indicatorsOngoing support of other specialty products including:
daily activities for the Automatic Rollover IRA product including the escheatment processes, annual RMDs and required mailingsdue diligence reviews for the Schwab Retirement Networkalternative investment exception reviewsacting as a backup for Employer Security proxy voting and monitoring of employer securities held Trust Bank accountsSupporting internal and external audits for CSTB and the Specialty Products team; gather and provide documentation within required timeframes and respond to inquiries, as needed.Metrics reporting, and preparation of reporting and supporting materials for presentation to management and Trust Bank committees.Developing and maintaining formal written policies and procedures that are compliant with state and federal regulations and other regulatory guidelines.Supporting the semi-annual reviews and approvals for Trust Bank policies and charters What you have Bachelor’s degree or equivalent experience is required.5+ years of financial services industry experience (brokerage and bank preferred).5+ years of experience providing trust/custody and/or recordkeeping services for retirement plans.Proven experience preparing large plan Form 5500 filings and understanding of, with an ability to explain to internal partners and external clients, trust reporting used in completion of those filingsExcellent knowledge of ERISA and the regulatory environment and associated rules governing retirement plans, non-qualified plans, and other employee benefits plansKnowledge of IRA Rollovers, and state unclaimed property escheatment regulations and processesAdvanced written and verbal communication skills with an ability to communicate at all levels with clarity and precision.Product Ownership mindset with a high level of accountability, excellent problem-solving skills and attention to details.Internal and external client focus.Strong organizational skills and a proven ability to prioritize, track and complete multiple assignments within established deadlines with minimal supervision.Positive attitude, enthusiasm, professionalism, and strong work ethic with high level of integrityMust be highly proficient with Microsoft Office Suite including Word, Excel, and PowerPoint.Working knowledge of recordkeeping, trading and trust systems.Candidates with a Series 24 are desired.In addition to the salary range, this role is also eligible for bonus or incentive opportunities.
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At Schwab, we’re committed to empowering our employees’ personal and professional success. Our purpose-driven, supportive culture, and focus on your development means you’ll get the tools you need to make a positive difference in the finance industry.
We offer a competitive benefits package to our full-time employees that takes care of the whole you – both today and in the future:
401(k) with company match and Employee stock purchase plan Paid time for vacation, volunteering, and 28-day sabbatical after every 5 years of service for eligible positions Paid parental leave and family building benefits Tuition reimbursement Health, dental, and vision insurance Application FAQsSoftware Powered by iCIMS
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