Pension Benefits Analyst

7 days ago

Toronto, Canada Toronto Transit Commission Pension Fund Society Full time

**Position title**: Pension Benefits Analyst**Reports to**: Manager, Pension Administration**Employee Status**:Contract, Full-time**Work Hours**: 35 hours per work week**Compensation**: $33.00 per hour to $40.00 per hour + 4% of bi-weekly earnings in lieu of vacation time + 7% of bi-weekly earnings in lieu of benefits**Contract term**: 6 months with the possibility of extension (_estimated 3-year pension transformation project)_

**Location**: Toronto, Ontario / Hybrid**Posting Date**:May 3, 2024**Why join the TTC Pension Plan (TTCPP)**

We care about the team members that work at TTCPP and the excellent services they provide to our members As a member of the team, you play a critical role in the success of TTCPP. By working together as we live out our values, we can meet our vision and our mission

TTCPP is a defined benefit pension plan established in 1940 for employees of the Toronto Transit Commission, the Amalgamated Transit Union Local 113, and TTCPP. For more than 80 years, we have been providing a secure retirement income for our members. The Plan is fully funded and strong with more than 27,000 members and $8.0 billion in net assets.
- ** Our **VISION** is clear: To always be there for our members-today and for a lifetime.
- ** Our **MISSION**: Providing a financially secure retirement for our members by delivering a pension for life at a reasonable cost. Supporting our members with responsiveness, open communication, and hands-on service, now and throughout their retirement.
- ** Our **VALUES**: Sustainability, Accountability, Communication, Knowledge, and Professionalism.

**Position Summary**

Our organization is embarking on an estimated 3-year long pension transformation project. This is a critical project for the organization and we are seeking a dedicated Pension Benefits Analyst to join the Pension Administration and Retirement Services teams, to support them during the implementation of the new Pension Administration software. Reporting to the Manager of Pension Administration, you will support the retirements and pension administration teams in preparing correspondence to pension members and their families, explaining the benefit entitlements to members, and addressing member inquiries in navigating their retirement journey. You will also support team members in preparing and processing member estimates, retirement packages and other documentation. The contract position is 6 months, with a possibility of extension.

**What will I do?**
- Responsibilities include, but not limited to, the following:
- Calculating and verifying member pension estimates and member retirement packages, while ensuring accuracy and compliance with the TTCPP Bylaws, Canada Revenue Agency (CRA) and Income Tax Act (ITA) rules.
- Preparing new member packages, tracking, and rerouting returned member and pensioner mail.
- Preparing and providing termination packages and/or retirement estimates to members leaving the Plan, as determined by their eligibility.
- Preparing correspondence to survivor spouses or beneficiaries of deceased Plan members.
- Finalizing estate files upon receipt of required documents, preparing payment documentation for lump-sum commuted value payments and final monthly pension payments.
- Providing general office administrative support by scanning and uploading various file types to the enterprise content management system (e.g., Laserfiche).
- Inputting member beneficiary information into the pension administration system (e.g., CPAS).
- Performing data maintenance and updates to member and pensioner records.
- Providing front-line support by interacting with members with their retirement and plan inquiries, in person, online and by phone.
- Providing comprehensive assistance to pension members in understanding, probing, and assessing their retirement needs, by explaining all workable solutions and making appropriate recommendations.
- Performing other duties as assigned.

**What will help me be successful?**

**Education**
- High-school diploma or post-secondary education or equivalent work experience in pension administration.

**Experience & Skills**
- 2+ years of experience working in pension benefits administration with strong emphasis on customer service and administrative support.
- Good knowledge of pertinent Pension Legislation, and relevant CRA tax legislation.
- Good knowledge of procedures for calculating pension entitlements, refunds, and death estimates, combined with familiarity with basic accounting principles and practices, and good mathematical skills.
- Experience processing member terminations, retirements, deaths, transfers and calculating pension estimates.
- Working experience using SAP and/or SuccessFactors is a strong asset.
- Proficiency with Microsoft Suites (i.e., Excel, Word, PowerPoint, Teams) or similar office tools.

**Key Success Attributes**
- Excellent communication skills (written and verbal), to provide clear and concise responses to inquiries from member

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