The ILIT Analyst provides support to the ILIT Administrator and is responsible for assisting in all matters associated with the proper administration of this specialized type of trust (Irrevocable Life Insurance Trust). The incumbent will work closely with the outsourced vendor that provides BNY Mellon Wealth Management with Trust-Owned Life Insurance support and risk management services. S/he will consult with WM Legal, WM Insurance Group, Risk, Compliance and with Regional and National WM TACs on complex matters. The incumbent also will consult extensively with the Portfolio Management Teams from all locations, external attorneys, external clients (trust grantors and trust beneficiaries), insurance advisors, and insurance companies.As part of a centralized client service team, the incumbent is responsible for providing professional support through timely and accurate management of servicing requirements for clients. S/he will provide expertise in ensuring that trusts are administered in accordance with the terms of governing documents and in compliance with all applicable policies, procedures, auditing and regulatory requirements. S/he will provide expertise in a wide variety of account driven functions with an emphasis on follow through and accountability.Specific functions of the ILIT Analyst include, but are not limited to the following: calculating, collecting, tracking and reporting required fees and waivers, and negotiating with clients. Must be comfortable interacting directly with high net worth clients. Possesses complex problem resolution skills in order to solve a variety of issues that arise in daily workflow, including but not limited to client fee refusals and account changes and termination requests. Interacts directly with clients, insurance companies and attorneys and must be able to effectively communicate desired results. Interacts with grieving family members in order to facilitate the claim and collection of life insurance proceeds. Reviews and interprets trust documents for fee language, successor trustee provisions, the ability to distribute policies to new owners and the ability to terminate accounts in accordance with document provisions and applicable state laws. Reviews, interprets and communicates life insurance policy urgent findings regarding policy performance and stability to clients, attorneys and portfolio administrators. Acts as a full back up to the ILIT administrator and must be able to quickly assume full responsibilities with little to no impact on the unit administration. Reviews trust documents to determine the appropriate parties that are to receive crummey letters, when crummey letters are necessary and what triggers the need for a crummey letter. Creates, updates and publishes procedures and must be able to identify gaps in processes in order to mitigate potential risk. Processes account updates and changes via SEI platform such as tax lots adjustments, asset corrections and price changes. Acts as a liaison between outsource vendor and insurance company in order to perform timely and accurate insurance policy reviews. Responsible for the management of tracking and reporting of premium payments and crummey letters within strict deadline requirements so as not to allow any policies to lapse. Qualifications Minimum Education: High School Diploma. Preferred Education: BS/BA. Minimum Experience: 2-3 years experience in either the insurance industry, financial services or related field. Preferred Experience: 3-5 years experience in the insurance industry and the financial services field. Working knowledge of Microsoft Office applications. Familiar with BNYMellon Wealth Management proprietary systems. Other: Ability to work independently and also contribute to team-specific goals. Detail oriented with proven organizational skills. Manages time efficiently in a fast-paced environment and can multi-task. Client service minded individual, motivated and comfortable in managing complex and evolving situations. BNY Mellon is an Equal Employment Opportunity/Affirmative Action Employer. Minorities/Females/Individuals With Disabilities/Protected Veterans. Primary Location: United States-Pennsylvania-Pittsburgh Internal Jobcode: 32619 Job: Wealth Management Organization: Strategy & Service Delivery-HR06265 Requisition Number: 1903408 Irrevocable Life Insurance Trust Analyst
Associated topics: actuarial assistant, actuarial director, actuary consultant, assistant actuary, cost, director actuary, investment actuary, life actuary, model, statistics
* The salary listed in the header is an estimate based on salary data for similar jobs in the same area. Salary or compensation data found in the job description is accurate.