10/10/2023

Annuity Specialist

Qualifications:	EDUCATION and EXPERIENCE: Level I: Bachelor's Degree in accounting, business, finance,, insurance or related area; except that related work experience including experience with IRA administration may be substituted on a year-for-year basis for formal education requirements. Level II: Bachelor’s Degree in accounting, business, finance, insurance or related area and 3 years experience as an Annuity Specialist; except that related work experience including experience with IRA administration may be substituted on a year-for-year basis for formal education requirement. Employee must be working towards completion of Associate in Annuity Products and Administration Certification. Level III: Bachelor’s Degree in accounting, business, finance, insurance or related area and 5 years experience as an Annuity Specialist; except that related work experience including experience with IRA administration may be substituted on a year-for-year basis for formal education requirement. Also required is the completion of Associate in Annuity Products and Administration. Designation as a Certified IRA Services Professional is highly desirable.
Salary Info:	Exact starting salary determined by prior experience.
Summary:	Level I: This position is responsible for administering all annuities in compliance with IRS regulations and for maintaining annuity values necessary for proper accounting treatment. This position involves professional and technical work in the administration of annuities, IRA’s and life insurance tax issues. Work is performed under general supervision; however, the employee is expected to exercise independence in the performance of assigned responsibilities. Level II: This position is responsible for administering all annuities in compliance with IRS regulations and for maintaining annuity values necessary for proper accounting treatment. This position involves advanced professional and technical work in the administration of annuities, IRA’s and life insurance tax issues. Work is performed under minimal supervision; however, the employee is expected to exercise considerable initiative and independence in researching, analyzing, interpreting and applying information of a technical nature. Level III: This position is responsible for administering all annuities in compliance with IRS regulations and for maintaining annuity values necessary for proper accounting treatment. This position involves highly professional and technical work in the administration of annuities, IRA’s and life insurance tax issues. Work is performed with little supervision and oversight, and the employee is expected to exercise considerable initiative and independence in researching, analyzing, interpreting and applying information of a highly technical and complex nature. ESSENTIAL DUTIES AND RESPONSIBILITIES: Researches current tax rules and requirements and administers IRA and non-qualified annuity forms, endorsements, and disclosures, and monitors the company's compliance, updating documents and tax forms as necessary. Completes all tax reporting (including 1099, 5498, and W-2) for Farm Bureau Life by researching tax rules, calculating amounts, and generating reports. Completes Life 1035 exchanges of life and annuity products under compliance of IRS Section 1035. Reconciles supplementary contracts and SPIA ledger and prepares supplementary contract reserves for regulatory reporting by maintaing and balancing spreadsheets for payments, considerations, and reserves. Issues annuity and supplementary contracts and calculates claim proceeds. Develops new policy forms and files forms with the state. Administers annuity buckets and interest rate changes to update system. Answers customer questions and communicates information regarding annuity products. Trains, advises, and communicates with agents regarding marketing issues for life, annuity and settlement option products. Provides excellent customer service to all external and internal customers and maintains a good working relationship with field and Home Office personnel. Performs other duties and projects as assigned.
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