The opportunity
The Pension Fund Administration team governs and manages the activities to ensure the timely processing and accurate maintenance of the benefit payments and contribution records. The Senior Pension Fund Administrator plays a critical role in supporting the full execution of the pension payroll and funds coming into the plan from members and employers on an accurate and timely basis. This role also works closely with various internal and external teams to provide accounting expertise , resolve complex issues, conduct data analysis and prepare relevant reporting.
Who you'll work with
The Senior Pension Fund Administrator will report to the Manager, Pension Administration, Payroll & Records Management
What you'll do
Employer Remittances Administration
With support of the Pension Fund Administration Analyst & Pension Fund Administrator, ensures employer remittances administration activities are actioned with accuracy and timeliness due to impacts to OTPP Financial Reporting & Tax Reporting for the Registered Pension Plan (RPP) and the Retirement Compensation Arrangement (RCA)
Monitor employer remittances and provide guidance to Records Management (RM) team for payment log-in
Monitor, investigate and resolve employer remittance payment discrepancies (i.e. auto-apply failures, over- or under-payments, lateness, etc.) by collaborating with Employer Experience (EE)
Plan, coordinate and prioritize application of Federation Strike Payments with various departments
Query, consolidate, calculate and prepare journal entries relating to employer remittance payments (i.e. 50% RCA tax, matching purchases, foregone inflation, etc.)
Perform month end GL accounts reconciliation with respect to employer remittance payments
Collaborate with cross-functional teams to obtain required data for employer remittance payments for appropriate allocation of funds to RCA
Cash Forecasting
Query and consolidate data for various cash forecasting reports
Perform data analysis on trends and consult with cross-functional departments if irregularities are observed
Communicate status to cross-functional departments such as the Financial Operations team to advise on available funds for investment deals
Compliance / Audit Support
Assist with the preparation of various reports and responses as required for compliance or audit purposes
Government Billing
Assist with the annual preparation of RPP & RCA Government Bill
Participate in cross-functional department meetings
Pension Payroll:
With support of the Pension Fund Administration team, ensure the accurate gross to net calculations and on time pension payments for pensioners, survivors, ex-spouse and child survivors, as required by the Teachers’ Pension Plan Act (TPA), Income Tax Act (ITA), Family Law Value Act (FLV) and Family Responsibility and Support Arrears Enforcement Act.
Process monthly payroll for pensioners and survivors including statutory deductions, garnishments, support and custody orders, optional 3rd party deductions for benefits and professional fees
Reconcile data based on pre-file error reports and resolve differences
Review and correct errors and discrepancies in pension services reports according to necessary schedules
Ensure spousal split agreements are implemented
Meet established levels of service delivery by setting priorities and through follow up
Assist payroll service provider (RBC) to resolve on - going issues including returned payments and tax slips (T4A/NR4’s, etc.)
Support the completion of the retro payroll runs, monthly reconciliations and reporting
Assist with year-end processing and reconciliation
Assist with the annual inflation adjustment process for all pensioners
Keep current with legislation and reporting requirements
Continuous Improvement
Identify & implement continuous improvement opportunities
Documentation & Training Support
Support the creation and maintenance of internal procedures
Support the training to new team members
What you'll need
Member Payment…