AVP - Custodial Compliance Manager

Job Responsibilities:


Risk Control: The Custodial Compliance Manager is primarily responsible for ensuring that custodial retirement plans at Merrill Lynch operate in accordance with requirements of the Internal Revenue Code (IRC) and the MLPF&S Supervisory Plan, by which ML is given authority to act as a non-bank custodian.  The manager is responsible for overseeing a team of Compliance Consultants who instruct internal processing groups, sales offices, and service centers on the proper application of the IRC with respect to custodial retirement plans, with particular emphasis on ensuring that the firm?s business practices comply with the IRC.  The manager is also responsible for identifying, assigning, and overseeing the management of projects intended to bring non-conforming business practices into compliance with the IRC. 

 

Service: Given the technical knowledge required for the position and the analytical skills that are developed on the job, coupled with the close working relationship with Corporate Tax and OGC, the manager is frequently solicited by the consultants and other business groups for the purposes of rendering an opinion as to the advisability of a proposed transaction or correction in light of the IRC.  In this capacity, the manager serves as an authority for the consultants to ?appeal? an adverse decision on an elevated basis.  Under both scenarios, the manager is responsible for rendering timely decisions so that the client is provided with timely and accurate answers to questions and responses to concerns.Qualifications:




In depth knowledge of individual custodial (IRA) and small business (SEP, SIMPLE, Keogh) retirement plans, and 529 College Education Plans, as well as Internal Revenue Code provisions which govern them.  Solid understanding of ERISA.  Strong familiarity with taxation and reporting for these plans.  Strong technical knowledge of ML retirement products and firm-wide systems.  Some familiarity with annuities a plus.  4-5 years experience, including as a supervisor/manager.  Securities registration (Series 7) preferred, not required.  Excellent written and verbal communication skills.  Good technical/computer skills (Word, Excel, etc.). 

 

 

1.  Managing team of five Compliance Consultants / Legal Liaison Senior Specialists.

 

2. Rendering opinions on business matters in support of the Legal Liaison/Compliance consultants.

 

3. Identifying and addressing compliance issues concerning custodial retirement plans with processing groups, senior management, and in-house

Counsel.

 

4. Providing tax consulting services concerning custodial retirement plans to sales offices and service centers.

 

5. Overseeing the successful management of projects intended to bring non-conforming business practices involving custodial retirement plans

  into compliance with the IRC.

 

6. Handling elevated client complaints concerning custodial retirement plans.


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