Kelly Services Pension Specialist in Vancouver, Canada
We are seeking an expereinced Pension Specialist to join our clients team based in Vancouver.
Provides complex technical analysis and estimating services for members of the administered pension plans on request or upon member 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, mortality tables and other information provided by actuarial specialists;
identifying reciprocity factors affecting pension estimates;
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 commuted value for defined benefit pension plans through the application of actuarial factors and accrued interest for other plan types including 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 pre-retirement death benefits depending on beneficiary and spousal status;
preparing pension estimate templates and statements following completion of calculations and submitting to colleagues and/or actuaries for peer review;
updating, adjusting and/or correcting documentation following peer review and distributing estimates to members;
preparing custodian instructions, making closing entries and updating a variety of manual and automated system information to reflect current member status;
responding to member inquiries directly, explaining how calculations were conducted and clarifying available options.
Conducts peer reviews of calculations performed by team members to ensure calculations meet the test of reasonableness and accompanying documentation is accurate and follows established rules and guidelines.
Determines eligibility on an annual basis for members qualifying for transfer deficiency payments for the funded portion of selected pension plans. Prepares and distributes information packages. Responds to payment requests by calculating payment amounts based on the funded portion plus interest.
Calculates pension adjustment reversal (PAR) amounts to determine RSP headroom left after annual contributions made by employees and reports amounts to plan custodians for T4 production purposes.
Prepares year end pension reconciliations for selected plans and generates contributor statements of status and amounts paid into the plan.
Calculates annual cost of living adjustments for BC Target Benefit Plan pensioners and forwards required adjustments to the plan custodian for action.
General Team and Department Support
Using the advanced features of Excel including nested functions, IF statements, lookups, pivot tables, named ranges and filters, updates existing spreadsheets used to prepare a variety of reconciliations, refund listings, mail merges and text conversions to other formats. Using the intermediate features of Word including character and paragraph formatting, footers/headers, clip art and page borders, updates pension plan documentation for inclusion in pension estimate packages for members.
May perform selected duties of the Pension Billings Administrator including processing disbursements and preparing letters of notice for pension plan contributors approaching age 71.
Maintains up to date knowledge of pension rules, policies, procedures, and best practices, system requirements, terminology and other information related to the provision of pension administration services through continuous learning initiatives.
Performs other assigned duties related to the provision of pension administration services and/or administrative support which do not affect the rating of the job.
High school graduation or equivalent
Completion of The Canadian Pension and Benefits Institute Pension Plan Administration Certificate Level 1 (Introduction to Pension Plans 36 hours) and Pension Plan Administration Certificate Level 2 (Legislation and Pension Plans 36 hours) through Humber College OR EQUIVALENT
Demonstrated proficiency in the use of intermediate Word and Advanced Excel
A minimum of two years previous related experience in an actuarial or pension administration environment where analyzing and producing complex pension estimates was a primary role
Demonstrated mathematical skills
Demonstrated critical thinking skills gained through the successful application of problem solving methods such as problem analysis, logic and judgment