Pension Administrator
Pension Administrator
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Job Description
At theUniversity of Waterloo we create and promote a culture where everyone can reach their full potential. As an employee you get support & opportunities that empower you to advance your career. Explore how we can bring big ideas to life together. The University is a welcoming workplace for those of all abilities interests and expertise. As part of our workforce you can do what you do best every day.
Learn more about our recruitment process.
Job Requisition ID:
Time Type:
Full timeEmployee Group:
StaffJob Category:
Total RewardsEmployment Type:
TemporaryDepartment:
HR - PensionHiring Range:
$65973.33 - $82466.66Posting Information:
This role is a temporary contract. Term: 6 months
Job Description:
Primary Purpose
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 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.
Key Accountabilities
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 (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)
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 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 to enable understanding and informed decision making; meet with members/beneficiaries to explain payment options and provide support as
Develop maintain and deliver presentations written materials and documents and other communications channels as 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 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 for the Pension & Benefits Committee for presentation by the Manager Pension Services
Other duties as
Liaise with HR colleagues as 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
Required Qualifications
Education
4 year post-secondary qualification or equivalent education and experience
Formal education in Mathematics Statistics Actuarial Science is preferred
Certified Employee Benefits Specialist (CEBS) Pension Plan Administration Certificate (PPAC) or Certified Human Resource Leader (CHRL) designation or working towards is preferred
Experience
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
Knowledge/Skills/Abilities
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)
Nature and Scope
Contacts: Internally communicates with employees across all areas and levels (Faculty Staff CUPE Non-Faculty) to provide detailed pension information communicates with colleagues in HR and other departments to obtain clarify and discuss information. Communicates externally with third party providers such as LifeWorks AON CIBC Mellon Deloitte to provide and clarify information.
Level of Responsibility: The position is responsible for performing senior pension administration responsibilities training and supervising junior team members (i.e. Coop Student Temporary Staff) ensuring that all practices meet defined quality and service objectives. Responsible for ensuring confidentiality of data and client interactions are maintained. This position has defined duties and responsibilities with no direct reports.
Decision-Making Authority: Responsible for decision making and problem solving within the responsibilities of the processes that are being administered. Investigates issues providing information and explanation to those involved and makes adjustments/corrections as necessary. The position is responsible for identifying areas of improvement and providing creative solutions for these areas. The individual is directly involved to ensure improvements are implemented. Consultation with the Manager Pension Services as well as other members of the Pension team where appropriate.
Physical and Sensory Demands: High level of attention to detail and assessment of accuracy of data with frequent interruptions within a normal office environment.
Working Environment: Minimal exposure to disagreeable conditions typical of an office environment with deadlines and competing demands. Will deal with sensitive situations.
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 coordinated 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 or ext. 45935.
Required Experience:
Unclear Seniority
Employment Type
Full-Time
