Operations Associate II, Distributions

About this role

Ascensus is the leading independent technology and service platform powering savings plans across America, providing products and expertise that help nearly 16 million people save for a better today and tomorrow.
Section 1: Position Summary
Operations are responsible for the back office transaction processing for plans including enrollment processing, payroll processing and distribution processing. These teams work closely with internal and external clients to ensure that transactions are processed in a timely manner and exceptions are resolved as quickly as possible. The Operations Associate II will support the team in providing a high level of service to both internal and external clients. The Operations Associate II will provide timely and accurate processing of specified operational activities within the Department, focusing on meeting daily/weekly/monthly SLAs. The role also involves understanding operational workflows as it relates to the both the individual role as well as Operations as a whole.
Section 2: Job Functions, Essential Duties and Responsibilities
Investment Services:

• Ensure timely and accurate investment of contributions processing.

• Identify root causes and recommend solutions for investment delays.

• Communicate with service team, client, broker, trustee and partner while tracking with appropriate documentation.

• Ensure timely and accurate processing and loading of participant census information.

• Analyze, identify and resolve census irregularities.

• Responsible for timely and accurate reconciling of trust accounts to ensure the investment process continues.

• Analyze, identify and resolve outstanding balances.

Enrollments:

• Ensure timely and accurate processing of participant enrollment/census information.

• Ensure that all requests are completed timely and accurately.

• General understanding of enrollment processes and ability to process/QC enrollments

• Ability to effectively communicate (Verbal/written) with Clients on forms that are not in good order and see forms through to completion

• Support Product Operations functions such as Pending transactions, Morningstar processing, Enrollment Guide order processing.

• Analyze, identify and resolve client issues.

Distributions:

• Ensure timely and accurate processing of all distributions (loans, terminations, hardships, etc.)

• Assist with quality checks for all distributions.

• Research and resolve outstanding issues as it pertains to Distributions processing

• Reconcile 1099 records by research and resolve all discrepancies on payouts including applicable state and fed tax withholding, recordkeeping fees, etc.

• Partner with various trust companies and internal departments to ensure participant checks are mailed timely. Also ensure all trust excesses are identified and invested or resolved timely.

• Ensure timely and accurate production and distribution of 1099R’s, RMD’s, and other cyclical events related to Distribution processing.

• Timely and accurate reinvestment of un-cashed and/or voided distribution checks.

• Ability to effectively communicate (verbal/written) with Clients on transaction forms that are not in good order and see forms through to completion

General duties and responsibilities:

• Consistently provide a high level of Customer Service and professionalism while communicating and coordinating with internal/external business units to assist in issue resolution.

• Research and resolve comments or client requests as assigned.

• Provide management reporting as required by partner.

• Achieve service level goals identified by each financial partner.

• Participate in audit activities and cyclical events as required by partner.

• Document procedures and work flows.

• Collaborate with team members to continuously improve processes and how to meet team goals and objectives.

• Resolve internal and external client issues by responding to all correspondence within communicated and departmental standard timeframes.

• Provide mentoring and training to teammates or peers as necessary.

• Improve operation of unit by reviewing processes and making recommendations for improvement as needed.

• Responsible for protecting, securing, and proper handling of all confidential data held by Ascensus to ensure against unauthorized access, improper transmission, and/or unapproved disclosure of information that could result in harm to Ascensus or our clients.

• Our I-Client service philosophy and our Core Values of People Matter, Quality First and Integrity Always® should be visible in your actions on a day to day basis showing your support of our organizational culture.

• Assist with other tasks and projects as assigned

• Proactively adopt, protect and boldly embrace emerging technologies (AI, automation, etc.), platforms, and evolving practices that accelerate transformational growth and advance Ascensus’ mission and client commitments.

Supervision

• N/A
Section 3: Experience, Skills, Knowledge Requirements

• Communication Skills - Communication is primarily with peers and supervisor on specific assigned tasks. Demonstrates ability to clearly articulate and document action taken or action necessary.

• Technical Knowledge - No to minimal ERISA knowledge or job specific technical knowledge required. Basic understanding of assigned tasks underpinning Operational function

• Problem Solving- Effectively solves problems with direction to do so utilizing resources/procedures for a specific process, with a defined resolution.

• Detail Oriented vs. Big Picture- Generally focuses on details of a specific task related to a process. Focus is entirely task based vs. conceptual.

• Conflict Resolution - Identifies and escalates conflict so that it can be addressed by senior associates and/or leadership.

• Training/Mentoring - New associate that requires training in business functions.

• Risk Taking/Decision Making - Makes decisions on a participant or plan level transaction based on…