Pension Administrator
Pension Administrator
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Job Description
Overview
The Pension Administrator is responsible for the accurate and effective application of pension arrangements for eligible individuals as per the plan design parameters ensuring clear and concise communications and integrity of the related processes. In collaboration with the Pension Manager trains other members of the pension team and participates in special projects to ensure effective efficient and compliant processes and practices are developed and maintained; contributes to the achievement of HR departmental goals and professional services delivery.
Term: 6 months
Responsibilities
Remain Current and Conversant with Compliance Requirements Trends and Best Practices
- Maintain awareness of legislation regulations and standards related to pension administration in order to ensure compliance within area of responsibility
- Participate in industry groups networking with peers to gain insights into trends as well as arrangements of comparable entities
- Participate in professional development to aid in ongoing knowledge and skills acquisition
Effective and Accurate Administration of Pension Arrangements
- Responsible for the administration of the pension arrangements as deemed appropriate by the Pension Manager including but are not limited to the following:
- Performs or provides peer review for pension calculations and production of benefits statements ensuring delivery to members/beneficiaries on an accurate and timely basis following employment termination (incl. death) or to support retirement from the University
- For terminations and Staff/CUPE/Non-faculty retirements support an understanding of the options including potential implications for post-retirement benefits based on age and eligibility
- For deaths act as the key point of contact within HR for communications and corresponding actions/understanding required of beneficiaries (incl. coordination of pension payout life insurance survivor healthcare benefits)
- Coordinate the collection of pension option decisions on a timely basis manage follow up activities to enforce deadlines communicated to members; communicate decisions to other HR teams as required (e.g. coding post-retirement benefits on the HR system)
- Coordinate the necessary internal approvals following member elections confirmation (or default status) and ensure timely delivery of directions to the custodian for payment; ensure maintenance of pension and lump sum payment summary monthly and resolve/escalate any issues
- Perform monthly reconciliations of pension and lump sum payments
- For pensioner deaths coordinate recovery of pension overpayments as necessary; act as the key point of contact within HR for communications and corresponding actions/understanding required of beneficiaries/executors (incl. pension settlement life insurance survivor healthcare benefits)
- Performs or provides peer review for pension calculations and production of benefits statements ensuring delivery to members/beneficiaries on an accurate and timely basis following employment termination (incl. death) or to support retirement from the University
- Organizes and maintains a case management tracking system to enable real time oversight for the Manager Pension Services; specifically highlights/escalates key issues to mitigate risks
- In collaboration with the Pension Analyst conduct ongoing validation of data within the pension system to enable accurate preparation of benefit calculations and statements; assist with ensuring member data integrity sent to the Actuary for valuation purposes
- Generate and review relevant reports (i.e. upcoming retirement report termination report etc.) to ensure coding and administration fulfillment on the Pension system as needed
- Act as key point of contact within the Pension team for the external auditors on an annual basis; compile data required and respond to queries
- Ensure calculations and communications are in compliance with pension plan rules (including flex contribution additional voluntary contribution excess contribution and transfer in balances) applicable legislation as well as UW policies procedures and practices
- Identify pension process improvement initiatives suggest solutions to Manager Pension Services and assist with implementing changes where feasible
Communication of Pensions and Corresponding Administration to all Stakeholders
- Issue communications (telephone email in person etc) for employees (active or on leave) retirees beneficiaries survivors executors etc. on a timely basis as required to enable understanding and informed decision making; meet with members/beneficiaries to explain payment options and provide support as required
- Develop maintain and deliver presentations written materials and documents and other communications channels as required to support understanding of the pension arrangements
- Collaborating with the Pension team and other HR teams ensure all communication material is
- current accurate and understandable by stakeholders; contribute to the Employee Benefits Program booklet (twice per year) and monitor the HR website for revisions as required on an ongoing basis
- Provide effective customer service and support to other areas of HR including junior members of the Pension team and the University community for area of responsibility; inform campus community of terminations retirements and deaths
- Support the development of reports and exhibits as required for the Pension & Benefits Committee for presentation by the Manager Pension Services
Other duties as required
- Liaise with HR colleagues as required to ensure understanding of current arrangements and participates in HR cross functional review of processes and procedures to provide pension impacts
- Participate in special projects to facilitate continuous improvement and improved business practices within the Office of the Associate Provost Human Resources
- Other projects and administrative activities as requested
Qualifications
- 4 year post-secondary qualification or equivalent education and experience
- Formal education in Mathematics Statistics Actuarial Science is preferred
- Certified Employee Benefits Specialist (CEBS) or Pension Plan Administration Certificate (PPAC) designation or working towards is preferred
- 5-7 years of progressive experience administering defined benefit pension plan
- 2-3 years of experience in the Higher Education sector preferred
- Experience administering Ontario pension legislation and pension related provisions of the federal Income Tax Act
- Proven track record of achievement and success providing quality customer service and excellent data management and quality control
- Demonstrated customer service experience
- Excellent customer service focus
- Competencies include excellent interpersonal and communication skills (oral and written) analytical and problem-solving skills attention to detail and organization and strong math skills
- Ability to organize multi-task and prioritize work at times with conflicting priorities
- Intermediate skills in Microsoft Office suite
- Working knowledge of pension administration systems (Ariel)
- Working knowledge of Human Resources Management System (Workday)
Equity Statement
The University of Waterloo acknowledges that much of our work takes place on the traditional territory of the Neutral Anishinaabeg and Haudenosaunee peoples. Our main campus is situated on the Haldimand Tract the land granted to the Six Nations that includes six miles on each side of the Grand River. Our active work toward reconciliation takes place across our campuses through research learning teaching and community building and is co-ordinated within the Office of Indigenous Relations.
The University values the diverse and intersectional identities of its students faculty and staff. The University regards equity and diversity as an integral part of academic excellence and is committed to accessibility for all employees. The University of Waterloo seeks applicants who embrace our values of equity anti-racism and inclusion. As such we encourage applications from candidates who have been historically disadvantaged and marginalized including applicants who identify as First Nations Mtis and/or Inuk (Inuit) Black racialized a person with a disability women and/or 2SLGBTQ.
Positions are open to qualified candidates who are legally entitled to work in Canada.
The University of Waterloo is committed to accessibility for persons with disabilities. If you have any application interview or workplace accommodation requests please contact Human Resources ator ext. 45935.
Required Experience:
Unclear Seniority
Employment Type
Full-Time
