Reconciliation Analyst Pension

JOB TITLE:

Reconciliation Analyst Pension

DEPT/DIV:

People

SUPERVISOR:                    

Special Projects Manager

WORK LOCATION:

2 Broadway, New York, NY 10004

HOURS OF WORK:

9:00 am - 5:30 pm (7.5 hours/day, or as required)

FULL/PART-TIME

FULL

SALARY RANGE:

$79,071 - $87,857

DEADLINE:

Until filled

Opening:

The Metropolitan Transportation Authority is North America's largest transportation network, serving a population of 15.3 million people across a 5,000-square-mile travel area surrounding New York City, Long Island, southeastern New York State, and Connecticut. The MTA network comprises the nation’s largest bus fleet and more subway and commuter rail cars than all other U.S. transit systems combined. MTA strives to provide a safe and reliable commute, excellent customer service, and rewarding opportunities.

Job Summary:

Consolidated Pensions, a unit in Compensation & Benefits, manages the administration and custodial operations of all MTA and MTA Agency-sponsored defined benefit pension plans. These plans cover almost all MTA family employees and retirees, other than those who are covered by New York City or New York State plans. The defined benefit plans are highly complex and technical multi-article plans. They include separate tiers within the Plan and special sub-plans within the tiers. The MTA Defined Benefit Plan administers twelve separate basic benefit structures and the MaBSTOA Pension Plan administers six. There are subdivisions of each. The purpose of this position is to manage the administration of participant contributions, including the obligation of the participants to contribute and the impact on pensionable earnings. This includes the complex Tier 6 plans in the MTADBPP and MaBSTOA plans. This position will be responsible for Participant Pension Data vital to the annual Actuarial Valuation and annual independent financial audit as well as be involved with recurring PeopleSoft upgrades and testing.

Responsibilities:

• Conduct periodic audits of tier assignments, contribution rates, and pension statuses to identify discrepancies and initiate corrective actions.
• Determine correct pension status for all active and inactive participants using MTA Agency, Date of Hire, HR status, and Pension status.
• Understand and manage the administrative complexities of pension plan Tier 6 rules. Manage participant contribution obligations.
• Update employee contribution rates each year for Tier 6 participants based on projected and actual earnings following rules of Tier 6 Pension Legislation.
• Manage when employee contributions should stop each year as Tier 6 overtime limits are exceeded. Calculate employee contributions, with interest, that may have been overpaid each calendar year. Work with pension banking unit to reimburse overpaid employee contributions.
• Work with Senior Directors and Senior Manager in implementing new pension features/tiers as a result of legislation and collective bargaining. Test PeopleSoft changes and create test scripts.
• Develop and maintain internal controls and data quality checks to ensure accuracy of participant-level pension data prior to actuarial valuation cycles.
• Support Deputy Chief of Pensions, Sr. Directors, and Pension Managers by fulfilling ad hoc requests for demographic and pension data for pension plan participants.
• Responsible for monthly benefit payment reconciliations for disbursements exceeding $100 million dollars a month for 18,000 plus retirees and beneficiaries.
• Maintain comprehensive documentation of reconciliation procedures, contribution rules, system logic, and valuation data preparation standards to support team consistency, audit readiness, and to fulfill the requirements of the Annual NYS Compliance Audit.
• Responsible for the gathering of data to fulfill the annual Valuation Report requests. This includes supplemental spreadsheets maintained throughout the year by the Reconciliations Analysts, as well as the Valuation Report generated in PeopleSoft. Valuation Report must be reviewed for missing information. Reconciliation Analysts must determine the correct information to be updated in PeopleSoft based on participants’ agency, date of hire, date of birth, bargaining unit, HR status, pensionable and total earnings, in order to provide the pension plans’ actuaries with accurate information that directly impacts MTA funding of the MTA-sponsored pension plans.
• Participate in system upgrades, data conversions, and regression testing to ensure pension-related fields and calculations are functioning correctly.
• Support Pension Accountants with payroll queries used in the reconciliation of employee contributions.
• Performs other duties as assigned
• Complies with all policies and standards
• May be required to work hours outside regular work hours, as applicable
• Observes the work performed by contractors, as applicable
• Reviews invoices and approves them if the work has contractual standards, as applicable
• Addresses performance issues with the contractor when possible, as applicable
• Escalates issues to other parties when needed, as applicable

Required Knowledge/Skills/Abilities:

• Must be proficient in all aspects and articles of Plan in relation to MaBSTOA, LIRR, MNR, LI Bus, MTA Bus and MTA Police or possess extensive knowledge of one or all of the following: the New York State Retirement System, the New York City Retirement System or ERISA pension plans.
• Proficiency in computer applications pertaining to spreadsheet, database, and presentation software, including Microsoft Office Suite.
• Must have good communication skills and demonstrated ability to effectively interact with staff and representatives of constituent agencies.
• Strong time and task management skills are required.
• Must possess excellent analytical, math, and computer skills. Strong oral and written communication skills. Must be very detail-oriented. Good to superior knowledge of MaBSTOA and MTA DB Plan Articles or public or ERISA pension plans. 
• Must be a self-starter with the ability to manage multiple tasks and activities simultaneously with adherence to deadlines. 
• Must possess the ability to identify, prioritize, evaluate, resolve, and escalate complex problems promptly. 
• Must possess strong interpersonal skills, with the ability to work and collaborate with all levels within and outside of an organization.
• Must possess excellent time management skills and the ability to manage individual and team assignments. 
• Customer-oriented; seeks solutions that will provide value to the customer.

Required Education and Experience:

• Bachelor’s Degree in Arts/Sciences (BA/BS). A Bachelor’s degree in Business Administration, Accounting, Payroll, or a related field or an equivalent combination of education and experience from an accredited college may be considered in lieu of a degree.
• Minimum 5 years At least 5 years of experience in accounting, payroll, and/or employee benefits is required.

The Following is/are preferred:

• Experience utilizing PeopleSoft 9.2 is a plus. Preferred
• Prior experience working in a large, multi-faceted, fast-paced organization or governmental body.
• Familiarity with the MTA’s policies and procedures.
• Familiarity with the MTA’s collective bargaining procedures.

Other Information

May need to work outside of normal work hours (i.e., evenings and weekends)

Travel may be required to other MTA locations or other external sites.

According to the New York State Public Officers Law & the MTA Code of Ethics, all employees who hold a policymaking position must file an Annual Statement of Financial Disclosure (FDS) with the NYS Commission on Ethics and Lobbying in Government (the “Commission”).

Equal Employment Opportunity

MTA and its subsidiary and affiliated agencies are Equal Opportunity Employers, including those concerning veteran status and individuals with disabilities.

The MTA encourages qualified applicants from diverse backgrounds, experiences, and abilities, including military service members, to apply.