Annuity Administration Senior Processor

Group 1001 is a consumer-centric, technology-driven family of insurance companies on a mission to deliver outstanding value and operational performance by combining financial strength and stability with deep insurance expertise and a can-do culture. Group1001’s culture emphasizes the importance of collaboration, communication, core business focus, risk management, and striving for outcomes. This goal extends to how we hire and onboard our most valuable assets – our employees.

Why This Role Matters:

The Annuity Administration Senior Processor handles more complex servicing requests and transactions, including surrenders, RMDs and withdrawals. This role requires a higher level of annuity product and compliance knowledge to assist in informal coaching, training and reviewing annuity administration reports on a daily, weekly or monthly cadence.

How You'll Contribute:

Processing & Service

• Review and process one-time and systematic withdrawal requests in accordance with policy and product rules
• Review and process full surrender requests and communicate any MVA or surrender penalties in accordance with policy and procedures
• Review returned checks, issue stop payments, confirm address, and reissue payment.
• Review and process transfer, rollover and 1035 exchanges and ensuring and understanding regulatory and tax compliance of all three transactions
• Review Collateral Assignment requests, verify authority and eligibility, notate and adjust policy handling rules, send acknowledgement letters
• Review and process Fixed Index Annuity reallocation requests
• Review, calculate and process Required Minimum Distributions
• Process partial or full withdrawal/surrenders being requested incident to divorce
• Review, process and record Roth IRA Conversions and report taxable event on 1099R
• Calculate guaranteed withdrawal income benefits
• Process Free Look returns in accordance with regulatory and policy rules
• Review and process Variable Annuity Trade Requests, work closely with Annuity Contact Center to effectively communicate not in good order requirements for Contact Center Rep to call out for valid Variable Annuity Trade instructions
• Reviewing and validating documentation to ensure request meet regulatory, product and policy standards before processing. Verify all required information is complete. If something is missing, prepare and send a request for not in good order requirements to the financial representative or contract owner either via email, mail or outbound call to communicate
• Communicate not in good order requests via outbound call to Financial Representative or contract owner

 

Product Knowledge

• Solid knowledge of fixed, fixed indexed and variable annuity products
• Understanding of riders, surrender charges, living and death benefit provisions
• Awareness of regulatory and tax implications (SEPP 72t, 1035 Exchanges

​Compliance Knowledge

• Applies tax rules and contract provisions correctly
• Escalates regulatory risks

 

Mentoring

• Provides informal coaching
• Supports onboarding of new team members and answers peer questions

Process Improvement

• Recommends improvements to team workflows
• Helps test and refine new procedures

Reporting

• Reviews daily, weekly or monthly generated team reports

What We're Looking For:

• Bachelor's Degree or 3-5 years Annuity industry experience required
• Working knowledge of the annuity market, with a specific focus on Fixed, Fixed-indexed, and Variable annuities required
• Proficiency with Microsoft Office Applications; specifically, Word & Excel
• Works under broad supervision. Instruction, advice, and assistance are available upon request , with a focus on the accomplishment of the broad work unit objectives rather than specific work assignments. Review of work is not detailed.
• Attend team huddles and training sessions on regulatory or product updates, system changes, or new procedures
• Collaborates cross-functionally with Quality Assurance and training

 

Benefits Highlights:  

Employees who meet benefit eligibility guidelines and work 30 hours or more weekly, have the ability to enroll in Group 1001’s benefits package. Employees (and their families) are eligible to participate in the Company’s comprehensive health, dental, and vision insurance plan options.  Employees are also eligible for Basic and Supplemental Life Insurance, Short and Long-Term Disability. All employees (regardless of hours worked) have immediate access to the Company’s Employee Assistance Program and wellness programs—no enrollment is required.  Employees may also participate in the Company’s 401K plan, with matching contributions by the Company.

 

Group 1001, and its affiliated companies, is strongly committed to providing a supportive work environment where employee differences are valued. Diversity is an essential ingredient in making Group 1001 a welcoming place to work and is fundamental in building a high-performance team. Diversity embodies all the differences that make us unique individuals.  All employees share the responsibility for maintaining a workplace culture of dignity, respect, understanding and appreciation of individual and group differences.

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