Posted on: May 3, 2024
Pension Benefits Analyst
Position title: Pension Benefits Analyst
Reports to: Manager, Pension Administration
Employee Status: Contract, Full-time
Work Hours: 35 hours per work week
Compensation: $33.00 per hour to $40.00 per hour + 4% of bi-weekly earnings in lieu of vacation time + 7% of bi-weekly earnings in lieu of benefits
Contract term: 6 months with the possibility of extension (estimated 3-year pension transformation project)
Location: Toronto, Ontario / Hybrid
Posting Date: May 3, 2024
Why join the TTC Pension Plan (TTCPP)
We care about the team members that work at TTCPP and the excellent services they provide to our members! As a member of the team, you play a critical role in the success of TTCPP. By working together as we live out our values, we can meet our vision and our mission!
TTCPP is a defined benefit pension plan established in 1940 for employees of the Toronto Transit Commission, the Amalgamated Transit Union Local 113, and TTCPP. For more than 80 years, we have been providing a secure retirement income for our members. The Plan is fully funded and strong with more than 27,000 members and $8.0 billion in net assets.
- Our VISION is clear: To always be there for our members–today and for a lifetime.
- Our MISSION: Providing a financially secure retirement for our members by delivering a pension for life at a reasonable cost. Supporting our members with responsiveness, open communication, and hands-on service, now and throughout their retirement.
- Our VALUES: Sustainability, Accountability, Communication, Knowledge, and Professionalism.
Position Summary
Our organization is embarking on an estimated 3-year long pension transformation project. This is a critical project for the organization and we are seeking a dedicated Pension Benefits Analyst to join the Pension Administration and Retirement Services teams, to support them during the implementation of the new Pension Administration software. Reporting to the Manager of Pension Administration, you will support the retirements and pension administration teams in preparing correspondence to pension members and their families, explaining the benefit entitlements to members, and addressing member inquiries in navigating their retirement journey. You will also support team members in preparing and processing member estimates, retirement packages and other documentation. The contract position is 6 months, with a possibility of extension.
What will I do?
Responsibilities include, but not limited to, the following:
- Calculating and verifying member pension estimates and member retirement packages, while ensuring accuracy and compliance with the TTCPP Bylaws, Canada Revenue Agency (CRA) and Income Tax Act (ITA) rules.
- Preparing new member packages, tracking, and rerouting returned member and pensioner mail.
- Preparing and providing termination packages and/or retirement estimates to members leaving the Plan, as determined by their eligibility.
- Preparing correspondence to survivor spouses or beneficiaries of deceased Plan members.
- Assisting with correspondence related to pre-and post-retirement death cases, and family law related applications.
- Finalizing estate files upon receipt of required documents, preparing payment documentation for lump-sum commuted value payments and final monthly pension payments.
- Providing general office administrative support by scanning and uploading various file types to the enterprise content management system (e.g., Laserfiche).
- Inputting member beneficiary information into the pension administration system (e.g., CPAS).
- Performing data maintenance and updates to member and pensioner records.
- Providing front-line support by interacting with members with their retirement and plan inquiries, in person, online and by phone.
- Providing comprehensive assistance to pension members in understanding, probing, and assessing their retirement needs, by explaining all workable solutions and making appropriate recommendations.
- Performing other duties as assigned.
What will help me be successful?
Education
- High-school diploma or post-secondary education or equivalent work experience in pension administration.
Experience & Skills
- 2+ years of experience working in pension benefits administration with strong emphasis on customer service and administrative support.
- Good knowledge of pertinent Pension Legislation, and relevant CRA tax legislation.
- Good knowledge of procedures for calculating pension entitlements, refunds, and death estimates, combined with familiarity with basic accounting principles and practices, and good mathematical skills.
- Experience processing member terminations, retirements, deaths, transfers and calculating pension estimates.
- Working experience using SAP and/or SuccessFactors is a strong asset.
- Proficiency with Microsoft Suites (i.e., Excel, Word, PowerPoint, Teams) or similar office tools.
Key Success Attributes
- Excellent communication skills (written and verbal), to provide clear and concise responses to inquiries from members regarding plan provisions.
- Ability to problem solve, ask questions, and escalate issues where necessary.
- Professionalism, integrity, and ability to act with discretion to maintain confidentiality.
- Ability to work well under pressure and meet deadlines, without compromising quality or accuracy.
- Demonstrated ability to work independently in a fast-paced environment, effectively managing multiple priorities and meeting deadlines.
What do you offer?
-
- Exciting and challenging work
- Flexible and hybrid work model that supports collaboration and work life balance
- TTC transportation pass
- Percentage of pay in-lieu of benefits and vacation time
- Percentage of pay as per Ontario Employment Standards Act, in-lieu of paid time-off
We are committed
TTCPP is an equal opportunity employer, committed to the principles of the Accessibility for Ontarians with Disabilities Act (AODA). We will provide an accessible experience for applicants, members, guests, and TTCPP employees. We are committed to providing an inclusive and barrier-free work environment.
We are committed to fostering diversity, equity, and inclusion in our workplace. We will learn, evolve, and collaborate with our community to create a culture of empathy and belonging, while respecting and celebrating the unique differences that unite us.
If you require accommodation at any stage of the hiring process, please confidentially contact careers@ttcpp.ca. All information received in relation to your accommodation will be confidential.
How to apply
Candidates must be legally entitled to work in Canada. Any offer of employment made will be conditional upon a credit check, criminal record check and reference check.
We welcome and encourage all qualified applicants to apply. We thank all applicants interested in this opportunity; however, we will contact those selected for various stages in the hiring process.
Apply Now
Position title: Pension Benefits Analyst
Reports to: Manager, Pension Administration
Employee Status: Contract, Full-time
Work Hours: 35 hours per work week
Compensation: $33.00 per hour to $40.00 per hour + 4% of bi-weekly earnings in lieu of vacation time + 7% of bi-weekly earnings in lieu of benefits
Contract term: 6 months with the possibility of extension (estimated 3-year pension transformation project)
Location: Toronto, Ontario / Hybrid
Posting Date: May 3, 2024
Why join the TTC Pension Plan (TTCPP)
We care about the team members that work at TTCPP and the excellent services they provide to our members! As a member of the team, you play a critical role in the success of TTCPP. By working together as we live out our values, we can meet our vision and our mission!
TTCPP is a defined benefit pension plan established in 1940 for employees of the Toronto Transit Commission, the Amalgamated Transit Union Local 113, and TTCPP. For more than 80 years, we have been providing a secure retirement income for our members. The Plan is fully funded and strong with more than 27,000 members and $8.0 billion in net assets.
- Our VISION is clear: To always be there for our members–today and for a lifetime.
- Our MISSION: Providing a financially secure retirement for our members by delivering a pension for life at a reasonable cost. Supporting our members with responsiveness, open communication, and hands-on service, now and throughout their retirement.
- Our VALUES: Sustainability, Accountability, Communication, Knowledge, and Professionalism.
Position Summary
Our organization is embarking on an estimated 3-year long pension transformation project. This is a critical project for the organization and we are seeking a dedicated Pension Benefits Analyst to join the Pension Administration and Retirement Services teams, to support them during the implementation of the new Pension Administration software. Reporting to the Manager of Pension Administration, you will support the retirements and pension administration teams in preparing correspondence to pension members and their families, explaining the benefit entitlements to members, and addressing member inquiries in navigating their retirement journey. You will also support team members in preparing and processing member estimates, retirement packages and other documentation. The contract position is 6 months, with a possibility of extension.
What will I do?
Responsibilities include, but not limited to, the following:
- Calculating and verifying member pension estimates and member retirement packages, while ensuring accuracy and compliance with the TTCPP Bylaws, Canada Revenue Agency (CRA) and Income Tax Act (ITA) rules.
- Preparing new member packages, tracking, and rerouting returned member and pensioner mail.
- Preparing and providing termination packages and/or retirement estimates to members leaving the Plan, as determined by their eligibility.
- Preparing correspondence to survivor spouses or beneficiaries of deceased Plan members.
- Assisting with correspondence related to pre-and post-retirement death cases, and family law related applications.
- Finalizing estate files upon receipt of required documents, preparing payment documentation for lump-sum commuted value payments and final monthly pension payments.
- Providing general office administrative support by scanning and uploading various file types to the enterprise content management system (e.g., Laserfiche).
- Inputting member beneficiary information into the pension administration system (e.g., CPAS).
- Performing data maintenance and updates to member and pensioner records.
- Providing front-line support by interacting with members with their retirement and plan inquiries, in person, online and by phone.
- Providing comprehensive assistance to pension members in understanding, probing, and assessing their retirement needs, by explaining all workable solutions and making appropriate recommendations.
- Performing other duties as assigned.
What will help me be successful?
Education
- High-school diploma or post-secondary education or equivalent work experience in pension administration.
Experience & Skills
- 2+ years of experience working in pension benefits administration with strong emphasis on customer service and administrative support.
- Good knowledge of pertinent Pension Legislation, and relevant CRA tax legislation.
- Good knowledge of procedures for calculating pension entitlements, refunds, and death estimates, combined with familiarity with basic accounting principles and practices, and good mathematical skills.
- Experience processing member terminations, retirements, deaths, transfers and calculating pension estimates.
- Working experience using SAP and/or SuccessFactors is a strong asset.
- Proficiency with Microsoft Suites (i.e., Excel, Word, PowerPoint, Teams) or similar office tools.
Key Success Attributes
- Excellent communication skills (written and verbal), to provide clear and concise responses to inquiries from members regarding plan provisions.
- Ability to problem solve, ask questions, and escalate issues where necessary.
- Professionalism, integrity, and ability to act with discretion to maintain confidentiality.
- Ability to work well under pressure and meet deadlines, without compromising quality or accuracy.
- Demonstrated ability to work independently in a fast-paced environment, effectively managing multiple priorities and meeting deadlines.
What do you offer?
-
- Exciting and challenging work
- Flexible and hybrid work model that supports collaboration and work life balance
- TTC transportation pass
- Percentage of pay in-lieu of benefits and vacation time
- Percentage of pay as per Ontario Employment Standards Act, in-lieu of paid time-off
We are committed
TTCPP is an equal opportunity employer, committed to the principles of the Accessibility for Ontarians with Disabilities Act (AODA). We will provide an accessible experience for applicants, members, guests, and TTCPP employees. We are committed to providing an inclusive and barrier-free work environment.
We are committed to fostering diversity, equity, and inclusion in our workplace. We will learn, evolve, and collaborate with our community to create a culture of empathy and belonging, while respecting and celebrating the unique differences that unite us.
If you require accommodation at any stage of the hiring process, please confidentially contact careers@ttcpp.ca. All information received in relation to your accommodation will be confidential.
How to apply
Candidates must be legally entitled to work in Canada. Any offer of employment made will be conditional upon a credit check, criminal record check and reference check.
We welcome and encourage all qualified applicants to apply. We thank all applicants interested in this opportunity; however, we will contact those selected for various stages in the hiring process.