Pay range: USD $66,900.00 - $110,000.00 / Year
Your opportunity
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.
The mission of Charles Schwab Trust Bank (CSTB) 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. The CSTB Specialty Products team is responsible for the administration and oversight of the Charles Schwab Trust Bank Collective Trust Funds, Automated Rollover IRA, Employer Stock and Regulatory Relations.
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The Specialty Products and Regulatory Relations Team Manager will serve as the product owner of, and be accountable for all associated activities for, the CSTB IRA Auto Rollover product. The Manager will also have accountability for and provide oversight to additional specialty products supported by the team (ex. CTFs, Employer Stock, Proxies, etc.) as well as serving as a liaison between CSTB and its regulators. The Manager will ensure that all oversight and governance activities align with CSTB policies and procedures, as well as with all applicable state and federal banking and other regulations. The position requires strong product ownership and high levels of accountability. A successful candidate must possess excellent interpersonal skills, attention to detail, ability to strategize, and a talent to influence others in addition to expertise working in trust / custody environments, the retirement industry, and financial services regulatory matters.
Key Responsibilities:
- Administration and oversight of the CSTB Automatic Rollover IRA product including:
- Annual Required Minimum Distribution processing
- Annual state escheatment - tracking data, determination of eligibility and directing all related activities
- Maintain and monitor ongoing product metrics
- Being current on regulations and implementing needed enhancements
- Preparing periodic reports and supporting materials for the Auto Rollover IRA product for management as well as for presentation to various CSTB governance committees
- Developing and maintaining formal written policies and procedures that are compliant with state and federal regulations and other regulatory guidelines
- Responding to internal and external inquiries, including those regulatory in nature, as a Subject Matter Expert
- Monitoring vendors, business partners and teams responsible for servicing the Auto IRA Rollover product and ensuring all SLAs and deadlines are met
- Collaborating with Business Partners and others to research any issues that arise and develop customer focused solutions
- Assist with administration and oversight of the CSTB CTFs and related activities, including daily, weekly, and monthly monitoring and reconciliation activities and approvals, review and monitoring of account opening documentation, vendor oversight and assistance
- Assist with providing oversight and administrative support for proxy voting and monitoring of employer securities held in Employee Benefit Plans at CSTB
- Assist with completion of regulatory reporting and filings, for example: 13H, 13F, 13G, Form 5500, and others as needed, and monitor to ensure all deadlines are met
- Assist with all internal and external audits for CSTB and the Specialty Products team; gather and provide documentation within required timeframes and respond to inquiries, as needed
- Maintain legal documents and contracts library for the CSTB Specialty Products Team
What you have
To ensure that we fulfill our promise of "challenging the status quo," this role has specific qualifications that successful candidates should have.
Required Qualifications:
- 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
- Excellent knowledge of regulatory environment and associated rules governing qualified retirement plans, including ERISA; non-qualified plans; and other employee benefits plans
- Strong working knowledge of IRA Rollovers, and state escheatment, regulations and processes
- Product Ownership mindset with a high level of accountability, excellent problem-solving skills and an eye for details
- Advanced written and verbal communication skills with an ability to communicate at all levels with clarity and precision
- Excellent working knowledge of software applications including Word, Excel, trading and trust systems
- Internal and external client focus
Preferred Qualifications:
- Candidates with a Series 24 are strongly preferred
- 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 integrity and ethics
What's in it for you
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. Our Hybrid Work and Flexibility approach balances our ongoing commitment to workplace flexibility, serving our clients, and our strong belief in the value of being together in person on a regular basis.
We offer a competitive benefits package 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