Pension Clerk 3 - Vancouver, Canada - University of British Columbia

University of British Columbia

Verified Company

Vancouver, Canada

6 days ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Staff - Union

Job Category

CUPE 2950

Job Profile

CUPE 2950 Salaried - Pension Clerk 3 (Gr7)

Job Title

Pension Clerk 3 (Gr7)

Department

Staff Pension Administration | Pensions Office | Central Human Resources

Compensation Range

$4, $4,214.00 CAD Monthly

Posting End Date

January 26, 2023

Note:
Applications will be accepted until 11:59 PM on the day prior to the Posting End Date above.

Job End Date

Job Summary

The UBC Staff Pension Plan (SPP) is a target benefit pension plan with over 10,000 members and assets in excess of $1 billion.

As a member of the SPP administration team, this position is responsible for organizing and coordinating pension related services for SPP Plan members.

The position will produce and verify complex calculations for Plan members on termination, retirement and death. As well, the position interacts with Plan members, University departments, the Plan custodian, and outside financial institutions.

Organizational Status

The position reports directly to the Pension Administrator.

As a member of the SPP administration team, the position works closely and collaboratively with other members of the team including the Pension Analyst.

The position may also receive direction from Director, Pensions and Executive Director, Pensions.

Work Performed

Responsible for organizing, preparing and coordinating the daily, monthly and yearly work flow of pension services for members which include verifying termination and retirement benefit calculations, options for Plan members, retroactive payment calculations and pre-retirement and post-retirement death benefits.
Ensures data integrity of the Pension Administration System (PAS) by performing duties such as coordinating regular audits, investigating and resolving anomalies, making corrections, and following up by collecting contributions as required.
Responds verbally and in writing to general and complex inquiries from a variety of sources, including Plan members, University departments, Plan actuary, Plan custodian, financial planners, and financial institutions.
Enters, updates, and retrieves data in pension and other information systems for processing Plan enrollments, downloading Plan member demographic data, and creating reports.
Researches and analyses employee job history to determine eligibility for pension enrollment, and ensures compliance with compulsory enrollments.
Identifies difficult or unusual payroll deduction problems as they relate to Plan contributions and advises payroll staff to ensure that proper deductions are taken.
Performs duties related to auditing, verifying, and correcting data, which includes verifying Plan membership eligibility, auditing contribution accounts, and providing instruction for required corrections.
Enters data to the Plan custodian payment system.
Verifies all calculations processed by back up team member.
Interprets and applies rules associated with Plan text, Canada Revenue Agency, and provincial legislation and is able to explain complex concepts such as commuted values, special early retirement benefits, pre and post retirement indexing, retirement options, reciprocal agreements, locking-in and buy-back options.
Coordinates multi-million dollar pension payments, refunds, and fund transfers by liaising with the University's finance department and the Plan custodian.
Tracks retirees who have reduction or pension cease dates, verifies new pensioner payment and ensures that monthly pension payments are adjusted accordingly.
Reconciles pensioner payroll against details provided from Plan custodian.
Prepares complex spreadsheets and is required to maintain statistical reports and summaries.
Recommends and develops new procedures and policies in order to increase efficiencies and service to the membership.
Provides training to temporary or new staff as required.
Performs other related duties.

Consequence of Error/Judgement

Accuracy of SPP benefit calculations and information provided to Plan members is critical to the operation of the Plan. Any errors in calculation could cause the Plan significant financial and reputation risk.

All member information is confidential and staff must be familiar with the Freedom of Information and Protection of Privacy Act of British Columbia.

All staff must be constantly aware that no one, including a member's manager, Director, Dean, or spouse is permitted to have access to any information.

There is zero tolerance for a conscious breach of confidentiality.

Supervision Received

Works under minimum supervision, may consult Pension Administrator, Plan Accountant, Senior Systems Analyst, Director, Pensions or Executive Director, Pensions as required.

Receives specific instructions only on matters which depart significantly from established policy and procedures.

Supervision Given

May oversee and train direct work of temporary staff or new staff.

Minimum Qualifications

H