This is an 18 month temporary opportunity
Provide a professional and timely level of service to plan members and other interested parties. Perform all functions necessary to ensure the continuous, efficient and accurate day-to-day administration operation of the WSIB Employees’ Pension Plan (EPP) and Employees’ Supplementary Pension Plan (ESPP), in compliance with legislative and policy requirements.
This role will respond directly to client inquiries that can be diverse and in-depth and that are received from a variety of sources.
Key Accountabilities and Responsibilities:
Be able to work independently and as a member of a team with minimal supervision on assigned projects to generate accurate and efficient solutions.
Regular interaction with external and internal parties (e.g., members, Payroll, HR Transactions, Safe Workplace Associations (SWAs), third parties). Provide oral and/or written responses regarding pension enquiries to plan members and survivors, Payroll dept., HR and other operating areas, financial institutions and financial advisors.
Maintain and demonstrate expert working knowledge of relevant pension plan provisions, related legislation in applicable provincial jurisdictions and the Income Tax Act (ITA) e.g., the EPP and ESPP, the Income Tax Act (Canada) and the Pension Benefits Act (Ontario).
Analyze pension plan documents for the WSIB EPP and ESPP to complete or provide final peer review of complex pension calculations performed by others ensuring accuracy and compliance against plan documents and applicable legislation. Use this knowledge to develop or update system, spreadsheets and database, and for testing of system and tools
Provide peer review on all day-to-day and year-end processes – i.e. pension calculations, pension adjustments, pension adjustment reversals, data quality review, reconciliation and remediation, membership reconciliations, contribution and payment reconciliations, annual statements, etc
Processes and reconciles all pension payments and contribution remittances received from the WSIB and SWAs for the EPP and ESPP against the pension administration system data and the general ledger.
This includes ensuring contributions are accurately calculated for WSIB and SWAs taking into consideration any changes in earnings, new hires, terminations, retirees, employees going on/returning from STD/LTD, etc. and submitted for the EPP and ESPP
Communicating the information to the WSIB Payroll or SWAs of any adjustments required, advising Finance of the specific accounts to be credited for the SWAs remittances and any adjustment for WSIB contributions.
Calculate and remit refundable tax to the Canada Revenue Agency for the contributions made to the ESPP.
Adapt to evolving plan and organizational designs, standards, procedures and tools.
Identify and resolves issues that affect accuracy. Suggest process improvements to management
Provide coaching, guidance and training to team members and serve as a subject matter expert
Provide information related to the EPP and ESPP as requested by Management and Auditors
Set own priorities taking into account established deadlines.
Analyze legislative and regulatory summaries and ensure compliance for all work. Adherence to all established standards.
Post-secondary degree or equivalent experience in mathematics, accounting, finance or actuarial science is an asset
At least 7 years of prior experience working with defined benefit pension plans and related provincial legislation, preferably in a unionized environment
Working knowledge of pension administration
Working knowledge of collective bargaining agreements related to pension administration is an asset
Proficiency with PC based software applications (e.g., MS Office, PeopleSoft, pension administration software)
Completion or enrolment in industry recognized pension courses/programs is an asset (e.g., CEBS, PPAC, ASA, FSA and/or FCIA)
Demonstrate the following competencies: strong analytical and organization skills, thoroughness, attention to detail, strong written and oral communication skills, ability to work in teams, self-reliance, resourcefulness
Able to multi-task and work in a team oriented environment
Able to handle high pressure situations with very tight turnaround