Description

Your Opportunity

At Schwab, you're empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us "challenge the status quo" and transform the finance industry together. We believe in the importance of in-office collaboration and fully intend for the selected candidate for this role to work on site in the specified locations. Applicants must be currently authorized to work in the United States on a full-time basis without employer sponsorship.

The mission of Charles Schwab Trust Bank (Trust Bank) is to bring together expertise and resources to help deliver the best trust and custody services for Schwab Retirement Plan Services, independent recordkeepers, and investment advisors through offering a broad range of investments, technology, products, and services that meet the needs of retirement plan providers and the participants they serve. In addition to its responsibility for regulatory activities and serving as a liaison with regulators, Trust Bank's Specialty Products and Regulatory Relations team is responsible for the administration and oversight of several products including Charles Schwab Trust Bank Collective Trust Funds and Automatic Rollover IRA, as well as oversight and monitoring of Employer Securities.

The Specialty Products Manager will serve as a subject matter expert for regulatory activities, is responsible for responding to regulatory inquiries and is a product owner for the Trust Bank Collective Trust Funds. The Manager will also provide ongoing support to the other specialty products managed by the team (ex. Automatic Rollover IRAs, Employer Stock, Proxies, etc.). The Manager will ensure that all oversight and governance activities align with Trust Bank policies and procedures as well as with all applicable state and federal banking and other regulations. The position requires strong product ownership and accountability, excellent interpersonal skills, attention to detail, an ability to strategize, and a talent to influence others. A successful candidate must have proven expertise working in trust / custody environments, the retirement plan industry, and financial services regulatory matters.

Key responsibilities will include:

• Provide administration and oversight to the Trust Bank Collective Trust Funds (CTFs), including:
• Continuous oversight of, and collaboration with, CTF vendors
• Reviewing and monitoring CTF account opening documentation to ensure compliance with applicable banking and other regulations
• Completing monthly reconciliations of funded CTFs, weekly trade reviews, and approvals of invoices for CTF service providers
• Providing real-time trade approvals
• Accurate and timely completion of regulatory filings, including 13H, 13F, 13G, and others as needed.
• Reconciliation of invested plans for annual Form 5500 Schedule D reporting
• Review / approval of annual Form 5500 filings for each Trust Bank CTF
• Review of annual financial statements

Regulatory subject matter expert with responsibility for:

• Identification, monitoring and reporting to DOL or PGBC of potential abandoned plans
• Legal and Regulatory inquiries for Trust Bank accounts related to subpoenas and inquiries from DOL, PBGC, IRS, SEC, etc.
• Responding to AML inquiries, ad hoc enhanced due diligence requests, and semi-annual MRB reporting
• Annual Form 5500 Schedule H report preparation for specific Trust Bank account(s) including reconciliation of related trust system (SEI) reporting
• Quarterly verification of Trust Bank shareholder communication indicators

Ongoing support of other specialty products including:

• daily activities for the Automatic Rollover IRA product including the escheatment processes, annual RMDs and required mailings
• due diligence reviews for the Schwab Retirement Network
• alternative investment exception reviews
• acting as a backup for Employer Security proxy voting and monitoring of employer securities held Trust Bank accounts
• Supporting internal and external audits for CSTB and the Specialty Products team; gather and provide documentation within required timeframes and respond to inquiries, as needed.
• Metrics reporting, and preparation of reporting and supporting materials for presentation to management and Trust Bank committees.
• Developing and maintaining formal written policies and procedures that are compliant with state and federal regulations and other regulatory guidelines.
• Supporting the semi-annual reviews and approvals for Trust Bank policies and charters

What you have

• Bachelor's degree or equivalent experience is required.
• 5+ years of financial services industry experience (brokerage and bank preferred).
• 5+ years of experience providing trust/custody and/or recordkeeping services for retirement plans.
• Proven experience preparing large plan Form 5500 filings and understanding of, with an ability to explain to internal partners and external clients, trust reporting used in completion of those filings
• Excellent knowledge of ERISA and the regulatory environment and associated rules governing retirement plans, non-qualified plans, and other employee benefits plans
• Knowledge of IRA Rollovers, and state unclaimed property escheatment regulations and processes
• Advanced written and verbal communication skills with an ability to communicate at all levels with clarity and precision.
• Product Ownership mindset with a high level of accountability, excellent problem-solving skills and attention to details.
• Internal and external client focus.
• Strong organizational skills and a proven ability to prioritize, track and complete multiple assignments within established deadlines with minimal supervision.
• Positive attitude, enthusiasm, professionalism, and strong work ethic with high level of integrity
• Must be highly proficient with Microsoft Office Suite including Word, Excel, and PowerPoint.
• Working knowledge of recordkeeping, trading and trust systems.
• Candidates with a Series 24 are desired.

In addition to the salary range, this role is also eligible for bonus or incentive opportunities.

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Requisition #: 2025-116052

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Requirements

2025-116052