Pension Administrator

2 weeks ago

Waterloo, Canada University of Waterloo Full time

Overview:
**This position is contingent on funding.**

**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)
- 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
- 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 educ

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