Job Description
Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
This job is responsible for moderately complex transaction and fulfillment processing, including the movement of assets into and out of accounts. Key responsibilities include reconciliation, settlement, and trade and transfer support, and providing quality service and operations support for internal business partners and external clients, in accordance with established guidelines and procedures. Job expectations include handling in operational processes which may carry medium to high levels of monetary risk and assisting in training less experienced team members.
Line of Business Job Description:
The Institutional Retirement Payroll, Benefits, and Disbursements (IRBPD) Team within Wealth Management Operations (WMO) is responsible for payroll and benefits processing, money movement, participant-level maintenance and tax reporting support for 401(k) Defined Contribution, Non-Qualified Deferred Compensation (NQDC), Institutional Trust and Custody, Defined Benefit and Health Benefits Solutions (HBS) products.
The 401(k) Benefits Processing team is responsible for administering 401(k) plans for a large number of employers, including many Fortune 500 companies. Products supported include 401(k) defined contribution.
The Benefits Processing Team facilitates the processing of 401(k) distribution transactions including Qualified Domestic Relations Orders (QDRO), hardship withdrawals, loans, and beneficiary support. The team assists internal partners to facilitate requests originated by 401(k) participants and by the plan sponsors of the companies we service.
This team is responsible for accurately creating and reviewing 401(k) financial transactions involving stock, money market, and mutual fund trading. Daily functions include processing withdrawals, funds transfers, QDRO & beneficiary transactions, contributions and loan repayments within the Service Level Agreement timeline for our clients.
The Transaction Management Analyst should expect to learn the 401(k) product as well as the skills needed to build a strong foundation for a career in financial services. The candidate must demonstrate a cooperative and professional work attitude, while displaying the ability to work effectively in a team environment.
Responsibilities:
Performs moderately complex transaction processing and reconciliation with medium to large monetary impact according to the established written guidelines and procedures
Responds to moderately complex client inquiries via numerous channels to support operational efficiency and quality client service
Responsible for the analysis and resolution of moderately complex transactions requiring escalations and exceptions
Proactively identifies risk and opportunities for process improvements based on an understanding of how the work impacts other operational units
Required Qualifications:
Highly organized
Self-starter attitude and demonstrates initiative
Ability to multi-task and handle multiple projects in a short time period
Exceptional attention to detail and the ability to hold others accountable without direct supervision
Flexibility with ability to handle a variety of tasks and projects independently
Strong written and verbal communication skills; able to influence/challenge and negotiate to keep all parties engaged in the process
Proven ability to provide comprehensive solutions to complex needs and/or problem
Ability to prioritize and meets established deadlines
Proficient Microsoft Excel and Word skills
Excellent verbal and written communication skills
Ability to adapt to a changing environment
Desired Qualifications:
Bachelor's degree or 3+ years of experience in Financial Services is preferred
Advanced Microsoft Excel and Word skills
Familiarity with 401(k) product and MLII/iGate applications
Skills:
Attention to Detail
Customer and Client Focus
Oral Communications
Prioritization
Problem Solving
Account Management
Analytical Thinking
Coaching
Written Communications
Mentoring
Research
Result Orientation
Internal employees who are currently working from home are still eligible to apply. However, if selected for the role, you may be required to work onsite in accordance with the workplace excellence policy.
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - NJ - Pennington - 1400 American Blvd - Hopewell Bldg 4 (NJ2140)Pay and benefits informationPay range$25.00 - $36.92 hourly pay, offers to be determined based on experience, education and skill set.Predictable payThis role is compensated with a base salary and is not incentive eligible.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
Job Tags
Hourly pay, Work at office, Work from home, Flexible hours, Shift work, Day shift