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RETIREMENT PLANS SPECIALIST

Job ID49160-3163
CompanyMcMaster University
LocationHamilton
ProvinceON
Date Posted2022-09-21
Job TypeFull-time
Job CategoryEducation
Description

Retirement Plans Specialist

McMaster University is ranked among the top 80 universities globally and is recognized as Canada’s Most Research Intense University. We serve our community and society by nurturing and supporting the fulfillment of human potential: inspiring creativity and critical thinking, promoting an enduring love of learning and the habit of inquiry, and undertaking innovative research that extends the boundaries and enhances the efficacy of knowledge. We are focused on advancing human and societal health and well-being, working across disciplines to find creative solutions to complex problems, helping to improve people’s lives and build a brighter future for all.  As a result, we are consistently recognized as one of the top employers in the Hamilton/Niagara region and have been recognized as one of Canada’s Top Diversity employers in each of 2019, 2020 and 2021. 

About Human Resources

As value-added service partners, we cultivate human potential and champion an inclusive culture by: Enabling University strategy; Collaborating with our community; Delivering service excellence; and Empowering learning & growth. McMaster University is multi-faceted with multiple locations and constituencies. As a result, Human Resources support and services at McMaster have developed over time to meet a spectrum of stakeholder needs. The Human Resources Services team consists of functional units such as HR Operations (Payroll and Data Management, HR Client Services, HR Systems Strategy, Reporting and Analytics); Talent, Equity & Development; Employee & Labour Relations; Compensation, Benefits and Retirement Programs; Health, Safety & Risk Management who enable the delivery of comprehensive Human Resources programs and services in collaboration with leaders, HR area offices and HR practitioners across our community.

 

About Compensation, Benefits & Retirement Programs Unit

The Compensation, Benefits and Retirement Programs Unit is responsible for planning, designing, analyzing, and developing strategy related to McMaster University’s total rewards programs, the components of which include, but are not limited to: compensation, job evaluation, pay equity, defined benefit pension plans, group RRSPs, extended health and dental plans for active and retired employee groups, long-term disability plans, accidental death and dismemberment, early retirement programs, benefits and pension programs for affiliated employers.

 

About the Position

Reporting to the Manager, Retirement Plans, the Retirement Plans Specialist is a subject matter expert on McMaster University’s defined benefit pension plans and Group RRSP. The Retirement Plans Specialist provides pension administration services and helps promote members’ understanding of the retirement plan programs through responding to daily inquiries. The Retirement Plan Specialist also provides retiring employees with information about post-retirement benefit eligibility and provisions.

 

Core Areas of Accountability

Pension Administration

  • Develops a thorough understanding of Pension Plan texts and accurately interprets provisions.
  • Generates pension calculations and prepares option statements on termination of employment, retirement or death.
  • Liaises with and communicates options to the participants in the University’s Supplemental Retirement Plans.
  • Completes manual pension estimates.
  • Ensures that pension calculations are accurate and delivered within FSRA’s prescribed timelines.
  • Reviews, reconciles and validates employment and payroll data prior to the preparation and execution of pension documentation following the members’ termination of employment, retirement or death. Investigates and resolves pension contribution and employment related discrepancies.
  • Corrects and updates information in the pension administration system.
  • Provides required information for marital breakdown scenarios to employees and coordinates the completion of Family Law Value calculations with external actuaries.
  • Produces pension authorizations and liaises with others in Human Resources, Treasury and the pension plans’ Trustee.
  • Conducts retirement meetings with employees to discuss post-retirement benefits and pensions and communicates eligibility and options in accordance with provisions that vary by and within employee groups.
  • Ensures required election forms and documents are received.
  • Provides support for all Faculty of Health Sciences Human Resources pension inquiries and actions information for beneficiary updates, completes calculations and conducts retirement meetings with all FHS employees who are retiring and terminating employment.
  • Determines life insurance payouts and coordinates with the University’s benefits provider on the payment of life insurance claims for active and retired members.
  • Completes processes to close termination, retirement and FLV files in the pension administration system.
  • Analyzes and independently solves problems arising from employment, payroll and pension records related to pension administration.
  • Investigates issues and recommends and implements appropriate resolution.
  • Monitors election deadlines for members and completes the default process when no election is returned.

 

Member Services and Communications

  • Meets with members and beneficiaries to explain options and provide support to members.
  • Informs campus community of terminations, retirements and deaths.
  • Provides customer service by responding to daily questions received by telephone, email and in person visits.

 

Retirement Plan Programs Operation and Support

  • Completes user acceptance testing of Pension Administration System changes including parallel processing initiatives.
  • Supports required system updates and identifies opportunities to update and improve the effectiveness of administrative processes.
  • Supports initiatives related to the pension system and its functionality.
  • Assists in completing a variety of pension plan related projects, some of which are cross departmental in scope.
  • Liaises with other areas of Human Resources to provide information on retirement plan programs. Validates eligibility for post-retirement benefits in accordance with collective agreements and eligibility rules.

 

Are you the right candidate?

This role requires a Compensation Professional with at least 3 years of progressive experience in defined benefit pension plan administration, preferably in a large, unionized environment. The successful candidate will have extensive knowledge and understanding of retirement programs, defined benefit pension plan administration & relevant legislation including the Ontario Pension Benefit Act, Income Tax Act and Employment Standards Act. Additionally, the successful incumbent will have a proven track record of superior analytical, research and problem-solving skills with attention to detail.

 

Other qualifications

  • University degree with a focus in Business Administration or Human Resources or related discipline.
  • Ability to understand, analyze, interpret, and act upon a variety of retirement plans, and related human resources issues in accordance with applicable policies, practices, collective agreements, and legal requirements.


For more information, visit McMaster University for RETIREMENT PLANS SPECIALIST