Pension Calculations Specialist

6 days ago

Burnaby, Canada Pacific Blue Cross Full time

**About Pacific Blue Cross**

Pacific Blue Cross (PBC) has been British Columbia's leading benefits provider for over 80 years. We are an independent, not-for-profit society with strong roots in BC’s health care system. We provide health, dental, life, disability, and travel coverage to 1 in 3 British Columbians through employee group plans and individual plans.

We are fueled by a commitment to keep health care sustainable for all British Columbians. Through our PBC Health Foundation, we fund projects that improve health outcomes directly related to mental health and wellbeing as well as the prevention and/or management of chronic disease. We are interested in finding people who want to make a difference and who are looking to grow their career with us.

**Perks**
- Work-life balance with flexible working hours of 7 hours per day, Monday to Friday (i.e., 35 hours per week).
- Paid vacation starts at 3 weeks per year, and increases with years of service.
- Hybrid work environment (i.e., a combination of work from office and work from home days).
- Generous benefits, including extended health, dental, and life insurance; these benefit premiums are 100% paid by PBC.
- Company pension contributions after 1 year of service.
- Education allowance up to $1,000 per calendar year.
- Onsite gym, cafeteria, and access to virtual doctors/counsellors 24/7 via our Employee Family Assistance Program

**About the Position**
- We are searching for 1 permanent Pension Calculations Specialist to join our D.A Townley team.
- This position is unionized and part of the CUPE 1816 Bargaining Unit. This position is paid at hourly rates and receives wage increases in accordance with the Collective Agreement. The starting wage for this position is: $34.84 per hour.

**Job Summary**

Under the general supervision of the _Manager, Pension,_ the _Pension Calculations Specialist_ provides complex technical analysis and pension calculations services for members of D.A. Townley-administered pension plans on request or upon member retirement, termination, or death. Reconciles pension payments, lump sum payouts, and transfers against the custodial pension registers and financial statements. Determines eligibility on an annual basis for members qualifying for transfer deficiency payments for the funded or unfunded portion of selected pension plans. Calculates pension adjustment (PA)/pension adjustment reversal (PAR) amounts. Prepares year end pension reconciliations for selected plans and generates contributor statements of status and amounts paid into the plan. Prepares and submits provincial reporting in accordance with pension regulations. Calculates annual cost of living adjustments for pensioners of affected pension plans and forwards required adjustments to the plan custodian for action. Prepares data for tri-annual actuarial valuation, or upon request, for the plan actuary including a full reconciliation of membership, hours, contributions, and pension benefits since the last valuation. Performs selected duties of the _Pension Administrator_.

**Job Duties**

**_Pension Calculations_**

1. Provides complex technical analysis and pension calculations services for members of D.A. Townley-administered pension plans on request, or upon member retirement, termination, or death by:

- Receiving, reviewing, and analyzing a diverse range of confidential and sensitive information relating to member and plan history such as marital circumstances, historical changes in pension regulations, plan amendments made during the life of the plan, the existence of cost certificates, accrued contributions, funds under management, member retirement philosophies and preferences, present versus future value, and mortality tables.
- Identifying various factors affecting pension calculations such as interest rate, pension accrual rate, late retirement actuarial increase, or early retirement reduction rate.
- Calculating pension benefits, options and alternatives for member consideration including those with tax and retirement income planning vehicles such as locked in RSPs, LIFs, RRIFs, Canada Pension Plan and Old Age Security benefits.
- Determining accrued interest for defined contribution plans.
- Matching previously calculated estimates to current scenarios and updating calculations to reflect changes in circumstances and valuations.
- Receiving notices from the estates or beneficiaries of deceased members, advising custodians to cease retirement benefits, and calculating retirement death benefits depending on beneficiary and spousal status.
- Preparing pension estimate templates and statements following completion of calculations and submitting for final review, and then making necessary adjustments.
- Preparing custodian instructions, making closing entries, and updating a variety of manual and automated system information to reflect current member status.
- Reviewing and determining members who break service on an annual basis, and preparing terminat

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