Pension Benefits Analyst

Socket.dev; Toronto; Hybrid; CAD 72,000 - 80,000; Full time

Job summary

TTCPP is seeking a Pension Benefits Analyst in Toronto on a 18‑month contract. The role supports members and pensioners in person, virtually and by phone, preparing estimates for life events and correspondence. You will work within the Member Services team reporting to the Team Lead, Member Services.

Ideal candidates have 3+ years in pension benefits administration, knowledge of pension laws, and strong Excel/365 skills. Hybrid work at 2 Bloor St. E. in Toronto.

Qualifications

• 3+ years of pension benefits administration or related experience with emphasis on customer service.
• Understanding of defined benefit pension plans and relevant acts.
• Experience calculating entitlements for life events (retirement, termination, death).

Responsibilities

• Respond to member and pensioner inquiries about pension and benefits.
• Update pensioner payroll records and changes.
• Prepare retirement or termination estimates for members.
• Finalize estate files and prepare payment documentation for pensions.

Skills

Customer service

Communication

Attention to detail

Problem solving

Teamwork

Discretion

Education

High-school diploma

PPAC/CPBI certificate or in progress

Tools

SAP

SuccessFactors

Job description

PositionTitle: Pension Benefits Analyst

Reports to: Team Lead, Member Services

Employee Status:Fixed-term, full-time contract (18 months)

Openings: Two (2) vacancies

Work Hours: 35 hours per work week

Salary Range:$72,000 to $80,000 annually, plus 4% of bi-weekly earnings in lieu of vacation time and 7% of bi-weekly earnings in lieu of benefits.

Location: Toronto, Ontario / Hybrid; 2 Bloor St. E.

Why join the TTC Pension Plan (TTCPP)

We care about the employees who work at TTCPP and the excellent services they provide to our members! As a member of our team, you will play a critical role in TTCPP’s success. By working together and living our values, we can achieve our vision and 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 $10.0 billion in net assets.

• OurVISION is clear: To always be there for our members–today and for a lifetime.
• OurMISSION: 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.
• OurVALUES: Member-first, Accountable, Collaborative

Position Summary

The Pension Benefits Analyst is a member of the Member Services team, reporting to the Team Lead, Member Services. They are responsible for providing in-person, virtual and phone customer service support to members and pensioners, preparing estimates and correspondence to members and beneficiaries through various life events: terminations, retirements, pre- and post- retirement death benefits, and marriage breakdowns.

The role requires knowledge of pension legislation and pension administration processes, exceptional customer service skills, critical problem-solving abilities, and attention to detail.

This posting is for two (2) existing vacancies.

Key Duties & Responsibilities

Responsibilities include, but are not limited to, the following:

Member & Pensioner Services

• Respond to telephone, email, and written requests from members and pensioners about all aspects of pension and relevant benefits.
• Update pensioner payroll records with requested changes submitted via email or by phone.
• On an as-needed basis, meet with retiring or terminated members and/or family members of deceased pensioners to assist with completing documentation and answering questions.
• Prepare and provide retirement or termination estimates to members leaving the Plan, as applicable.

Pension Administration & Benefit Processing

• Prepare correspondence to survivor spouses or beneficiaries of deceased Plan members, outlining the requirements to settle the estate file, and prepare onboarding documents for survivors/beneficiaries as needed.
• Finalize estate files upon receipt of required documents; prepare payment documentation for lump-sum value payments and final monthly pension payments.
• Coordinate with TTC Employee Benefits for all pre-retirement death files and for post-retirement death files with group life insurance policies available for pay out.
• Support in the preparation of the calculation of members' Family Law Valuations.

Pension Payroll & Records Administration

• Maintain all member and pensioner death records in the register and document management systems (Laserfiche and/or SharePoint).
• Periodically request death certificates through the Registrar General where family members of deceased cannot be located or are unwilling or unable to provide the requested documentation.
• Assist the team with maintaining pension payroll adjustments and changes monthly, including updating address, banking or tax information, delimiting deceased pensioners from payroll, printing cheques, and processing wire transfer payments.
• Assist with calculating and updating the monthly Bank of Canada Commuted Value (CV) interest rates and the quarterly OAS and CPP maximum payments.

Operational Support & Continuous Improvement

• Support business readiness, testing, training, and operational activities associated with pension administration system modernization initiatives.
• Maintain up-to-date training materials and standard operating procedure documents.
• Provide general office administrative support by scanning and uploading various file types to the enterprise content management system (e.g., Laserfiche).
• Perform other duties as assigned

Skills & Qualifications

Education

• High-school diploma or post-secondary education or equivalent work experience in pension administration.
• Pension Plan Administration Certificate (PPAC) or CPBI Pension Certificate or equivalent or working towards the designations.
• Commitment to continuous learning and staying current with developments in pension administration, pension legislation, regulatory requirements, and industry trends.

Experience & Skills

• 3+ years of experience working in pension benefits administration or a related industry, as a benefits analyst, coordinator or representative, with strong emphasis on customer service.
• Understanding of defined benefit pension plans, TTCPP’s Bylaws, Canadian payroll regulations, Ontario Pension Benefits Act, Family Law Act, Canada Revenue Agency regulations.
• Experience calculating pension entitlements for various life events – termination, retirement, pre-retirement death, marriage breakdown - combined with familiarity with basic accounting principles and practices, and strong mathematical skills.
• Working experience using SAP and/or SuccessFactors is a strong asset.
• Proficiency with Microsoft 365 applications, including Excel, Word, PowerPoint, and Teams.

Key Success Attributes

• Excellent communication skills (written and verbal), and strong attention to detail, to provide clear and concise responses to inquiries from members regarding plan provisions.
• Demonstrated critical thinking, analytical capability, financial acumen, sound record-keeping, and problem-solving skills.
• Strong relationship-building skills to build and maintain productive relationships that foster cross-team collaboration and clear, transparent communication.
• Professionalism, integrity, and ability to act with discretion to maintain confidentiality.
• Ability to work effectively under pressure and meet deadlines without compromising quality or accuracy.
• Ability to problem solve, ask questions, and elevate issues where necessary.
• Works well independently and in a team environment.

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 also committed to fostering a diverse and inclusive workplace that encourages and welcomes all elements of diversity, including diversity of thought. If you require accommodations at any stage of the hiring process, please contact [e-mail]. All accommodation-related information will be kept confidential.