Disbursement Specialist Or Senior

Location:

1000 Red River

Austin, Texas, 78701

United States

Disbursement Specialist or Senior

Requisition ID: req1040 Employment Type: Unclassified Regular Full-Time (URF) Division: Benefit Payments Compensation: Depends on Qualifications Location: TRS Job Closing: May 3, 2024 5:00 pm, CDT

WHO WE ARE:

In the Benefits Services Division, we cultivate connection with our 1. 9 million valued members by striving for excellence through counseling and administering benefits for retirees, active members, and employers. It is our goal to ensure our members have personalized service for pension benefits every day. Joining our fast-paced team you'll have the opportunity to create meaningful experiences by learning the ins and outs of our business alongside a diverse committed community. Through coaching and mentorship, you'll gain the skills you need to achieve your career goals at TRS while earning member trust and making a positive impact in their lives.

The Disbursement Specialist is responsible for reviewing payments and processing account information for TRS members. The incumbent will disburse, cancel, and reissue annuity payments, process new and revise account information to ensure payment of retirement benefits, and research and resolve payment issues. This position will proactively work with the Benefit Processing team, Disbursements team, Benefit Services staff, and agency employees.

The Disbursement Specialist Senior is responsible for annuity payroll and refunds work. The incumbent will coordinate the monthly annuity payroll, research and resolve payroll and payment issues, assist with disbursing payments, and serve as a communications liaison with internal and external contacts. This position will proactively work with the Benefit Accounting team, Benefit Services staff, and agency employees.

This is a Hybrid position and requires at least 2 days of onsite work a week conducted at our TRS office in Austin, TX during training period (approximately 6 months). After training, one assigned day a week will be onsite work.

Vacancy will be filled at one of two levels - Disbursement Specialist OR Disbursement Specialist Senior. Selected applicant will be offered the position that most closely matches their education and experience.

Multiple positions available.

Salary Range

Disbursement Specialist: $50,000 - $58,700 annually

Disbursement Specialist Senior: $56,000 - $66,500 annually

WHAT YOU WILL DO:

Disbursement Specialist Key Accountabilities

Annuity Payments

• Conducts extensive research in each case scenario to ensure appropriate and correct actions are taken.

• Reviews and processes automated and manual annuity payrolls in compliance with applicable regulations, policies, and procedures.

• Maintains appropriate disbursement processing controls and assists with setups of deductions, garnishments, voluntary deductions, Tax Withholding Allowance Certificates (W-4Ps), and direct deposits, including returned monies and payment cancellations.

• Distributes benefit checks and statements of earnings and deductions.

• Reviews duplicate payment information to determine why duplicates were created and assists in preparing affidavits or statements necessary to inform appropriate staff to collect overpayments.

• Prepares and codes manual vouchers to request or cancel payments to annuitants.

• Responds to phone, email, and written inquiries from members, their families, school districts, and other interested parties regarding account information, annuity payment issues, refund status, routine income tax issues, and disbursement related laws, regulations, policies, and procedures.

• Processes stop payment requests and prepares warrant cancellation vouchers.

• Coordinates statute of limitations and responses, including stop payment requests and re-issuing outdated payments as appropriate.

• Assists in preparing reversal vouchers to cancel electronic funds transfer (EFT) deposits due to notification of closed accounts, death of annuitant, stolen account information, employment after retirement, or other appropriate reason, including notifying appropriate staff to reissue payment when needed.

• Communicates and coordinates with other agency staff and external entities to research, explain, and/or resolve complex annuity payroll issues and problems.

• Posts or maintains office operating records or controls on disbursement payments, report creation, and posting procedures.

• May conduct on-the-job training sessions.

Examining, Updating, and Processing Account Information

• Obtains, verifies, and updates member and account information from members, their families, school districts, and other interested parties.

• Enters all changes requested by Benefit Processing and Disbursements to annuity payroll/alternate payee (ANPA/ALTP) systems.

• Monitors special rollover address information at the State Comptroller of Public Accounts through the Texas Payee Information System (TPIS).

• Creates and maintains special account files for IRS levies, child support, qualified domestic relations orders (QDROs), personal bankruptcies, and excess benefits payees. Maintains and updates related logs, files, records, databases, and spreadsheets.

• Researches, prepares, and types corrected 1099-R and 1042-S statements.

• Provides routine technical assistance to members and agency staff regarding Disbursement related forms, documents, rules, policies, procedures, and systems, as well as agency laws, regulations, procedures, and processes.

• Prepares or assists in preparing Estate Evaluation Worksheets on deceased members for their executors, attorneys, or accountants.

• Prepares or assists in preparing waiver of benefit documents and letters for annuitants to assist them in adjusting annuity payments.

• Assists in reconciling daily non-processed direct deposit and address error list, and researches annuitant files to obtain correct mailing address and re-mail returned warrants.

Refund Research

• Identifies problems based on standard reports, referrals from agency staff, member inquiries, or other sources.

• Researches records and gathers facts from members, financial institutions, the Comptroller's office, the Attorney General's office, and other appropriate sources.

• Determines and implements the most appropriate action needed to resolve the problems, such as re-mailing, canceling, or reissuing checks; issuing stop payments; and/or account reparation.

• Researches previously refunded accounts to verify that payment was issued and received by members, or initiates the forgery review process when necessary.

• Researches errors and resolves discrepancies with Investment in Contract computer calculations.

Disbursement Specialist Senior Key Accountabilities

Annuity Payroll & Payments

• Coordinates the monthly annuity payroll, including but not limited to maintaining vendor reports, sending notifications to individual vendors and other stakeholders, and ensuring compliance with applicable agency, state, and federal guidelines.

• Coordinates tax table updates, and assists with testing and implementing systems changes due to changes in federal or state statutes and/or agency rules.

• Creates appropriate form(s) to allocate money into the correct general ledger accounts for any deposits posted the previous day; and provides report and documentation to General Accounting for monthly balancing.

• Monitors the disbursement of payments to ensure they are processed and issued on schedule.

• Reconciles the daily and monthly annuity payroll, including analyzing, identifying, and resolving discrepancies; and reconciles previous day ledger postings.

• Researches and posts deposits under the appropriate payee ledger on ANPA, notifies the appropriate team of deposits, and creates appropriate form(s) to move funds into the correct general ledger accounts.

• Sorts reports for daily payment ledger (ANPA) balancing and gathers supporting documentation to verify/reconcile that all amounts balance.

• Verifies ANPA GA balancing.

• Provides support on legal orders including, but not limited to, qualified domestic relations orders (QDROs), child support orders, levies, criminal restitution orders.

• Assists Disbursement Specialists with processing automated and manual annuity payroll, and preparing and processing EFT returns, reclamations, reversals, stop payment requests, and warrant cancellation vouchers.

Payroll & Payment Research

• Identifies problems based on standard reports, referrals from agency staff, member inquiries, or other sources.

• Researches records and gathers facts for escalated issues from members, financial institutions, the Comptroller's office, the Attorney General's office, and other appropriate sources.

• Researches critical transactions and recommends alternative solutions.

• Reviews duplicate payment information to determine why duplicates were created and assists in preparing affidavits or statements necessary to inform appropriate staff to collect overpayments.

• Assists with researching, preparing, and distributing 1099-R and 1042-S forms for income tax reporting while ensuring compliance with federal regulations.

• Reviews and issues corrected tax statements.

Communications

• Serves as a communications liaison with internal and external contacts, including TRS General Accounting, Information Technology, Benefit Processing, and Legal Services; the State Comptroller's office; and TRS members.

• Responds to inquiries from and provides technical assistance to annuitants, accountants, attorneys, and other relevant parties regarding annuity payroll, refunds, income tax issues, and disbursement related laws, regulations, policies, and procedures.

• Serves as a subject matter expert and provides training and technical assistance to team members and other agency staff regarding annuity payroll, early withdrawals, rollovers, tax issues to ensure the correct interpretation and application of disbursement related to laws, regulations, policies, procedures, processes, and systems.

• Prepares clear and concise response drafts to correspondence for management review.

• Assists in evaluating existing department policies and procedures and provides recommendations for improvement.

Performs related work as assigned.

WHAT YOU WILL BRING:

Required Education

• High School Diploma or equivalent.

• Education and experience may substitute for one another.

Required Experience

• Three (3) years of full-time directly related, progressively responsible experience in payroll, accounting, financial analysis, banking, or benefit processing or related experience.

• Five (5) years of full-time directly related, progressively responsible experience in payroll, accounting, financial analysis, banking, or benefit processing or related experience. (Senior)

Preferred Qualifications

• Associate's or Bachelor's degree from an accredited college or university in accounting, business, finance, or a related field.

• Experience in reviewing governmental, legal, or financial documents.

• Experience with Automated Clearing House (ACH) and/or other related banking transactions.

• One (1) year of experience in Benefits Disbursements, Benefit Processing, or closely related experience interpreting and applying TRS Benefit rules, policies, and procedures. (Senior)

Knowledge of:

• Basic accounting and business concepts and terminology.

• Accounting and business concepts and terminology. (Senior)

• Federal income tax provisions as related to TRS disbursements. (Senior)

• Various legal orders that may affect TRS disbursements, including QDROs, child support orders, levies, criminal restitution orders, etc. (Senior)

• TRS benefits and disbursement related laws, rules, policies, procedures, and systems. (Senior)

Skills in:

• Analyzing detailed financial reports with a high degree of accuracy.

• Conducting thorough and detailed account investigations.

• Preparing concise and accurate reports.

• Interpreting and applying complex laws, regulations, policies, and procedures.

• Planning, organizing, and prioritizing work assignments to manage a high-volume workload in a fast-paced and changing environment, including completing detailed work with a high degree of accuracy.

• Using a computer in a Windows environment with Microsoft Office word processing, spreadsheet, and other business software, including accurately entering alpha/numeric data.

• Effective written and verbal communications, including explaining complex technical information to people of all levels of technical knowledge.

• Providing quality customer service.

Ability to:

• Establish and maintain harmonious working relationships with co-workers, agency staff, and external contacts.

• Work effectively in a professional team environment.

Military Occupational Specialty (MOS) Codes:

Veterans, Reservists or Guardsmen with experience in the Military Occupational Specialty ( https://www.trs.texas.gov/files/trs-military-crosswalk.xlsx ) along with the minimum qualifications listed above may meet the minimum requirements and are highly encouraged to apply. Please contact Talent Acquisition at careers@trs.texas.gov with questions or for additional information.

To view all job vacancies, visit www.trs.texas.gov/careers or www.trs.csod.com/careersite.

For more information, visit www.trs.texas.gov.