Trust Officer II Custody Specialist

2 days ago


Los Angeles, California, United States City National Bank Full time
About the Opportunity

This role is responsible for the administration of custody, business escrow, defined benefit, and defined contribution plans, ESOPs, and other employee benefit trusts. The Trust Officer II Custody Specialist will work with third-party record keepers and Individual Retirement Accounts (IRAs) where City National Bank acts as Trustee, Trustee and Investment Manager, Directed Trustee, or custodian.

Key Responsibilities
  • Administer custody, business escrow, defined benefit, and defined contribution plans, ESOPs, and other employee benefit trusts for account opening, periodic account administrative reviews, plan contributions, distributions, participant loans, cash transfers, wire transfers, asset transfers, asset valuations, and the review and certification of annual trust statements.
  • Administer a book of custody and retirement services relationships.
  • Work with assigned clients and/or client's record keeper to administer the Trust to ensure adherence to Bank policies and procedures, regulatory compliance, overall profitability, and retention of the accounts assigned.
  • May administer Individually Directed Accounts (IDAs) for high net worth participants in defined contribution plans.
  • Assist with regulatory examinations, independent audits, internal audit compliance reviews, and work with the Retirement Services Manager to implement action plans to correct deficiencies and update policies and procedures where needed.
Requirements
  • Bachelor's Degree or equivalent.
  • Five years of experience in working with RBPS.
  • Five years of experience in the administration of defined contribution, defined benefit, and other employee benefit trust, agency, and custodial accounts.
  • Five years of experience in a client-facing role in a financial institution.
  • Five years of experience in working with ERISA Qualified Plans under the Employee Retirement Income Security Act (ERISA).
Preferred Qualifications
  • Five to seven years of experience in the administration of defined contribution, defined benefit, and other employee benefit trust, agency, and custodial accounts.
  • Five years of experience in a client-facing role in a banking or financial services environment.
  • Bachelor's degree in Business, Finance, or a related area.
What We Offer

City National Bank offers a competitive compensation package, including a starting base salary of $71,869 - $114,797 per year, and the opportunity to earn bonus and/or commissions. We also offer a comprehensive benefits package and a commitment to diversity and inclusion.



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