Pension Analyst - Terminations

Job Description

As the Pension Analyst - Terminations, you will be responsible for pension terminations and pre-retirement death benefit processing, payments made to former plan members, as well as re-occurring monthly activities, ensuring accuracy and confidentiality. In addition, this position provides support and assistance to various members of the department.

What will you do? ​

• Accurately calculate and process pension packages for terminating RBC defined benefit plan members within 30 days of termination processing. On necessary terminations, co-ordinate with Sun Life on DC values.
• Accurately calculate pension entitlement for beneficiary of deceased RBC defined benefit plan members within 30 days of receipt of notification of death for deceased members who are under age 55 or over age 55 if divorced or single or in the DS Grandfathered Plan (any age).
• Accurately calculate and process pension payouts for employees terminating from RBC Pension Plans (all), ensuring consistency of application, validity in light of documentation, pension by-laws, and legislation
• Accurately prepare and distribute PARs to employees following termination from all RBC pension plans within CCRA timelines.
• Review the rehired reports to ensure letters are not sent and/or values are not paid out. Correct the pension system, if applicable.
• Ensure that report of new enrolments for the Caribbean Plan is directed to appropriate parties, each pay period, if applicable. 
• Second signoff on termination payouts. Ensure authorization to custodian for payment matches system and election forms.
• Ensure tracking and reporting of all deferred pension elections and payouts by custodian are accurate and up-to-date.
• Ensure follow-up letters are sent to RBC pension plan terminated members who have not responded for current and previous years.
• Review and maintain department procedures on a quarterly basis, ensuring all procedures are documented and current.
• Act as back up for other processes in the department.
• Assist with other projects as assigned.

 What do you need to succeed?

 Must Have

• Well organized with the ability to prioritize work effectively
• Good oral and written communication skills/computer skills
• Strong decision making ability and ability to take the task to completion with minimal instruction
• Good understanding of Pension Standards Act, ITA and provincial pension legislation.
• Self-starter
• Strong PC skills (Microsoft Excel, Word)

Nice to Have

• SAP knowledge
• Business Knowledge Functional Expertise
• Pension Plan Administration Certificate (enrolled in CEBS or PPAC)
• Understanding of actuarial concepts
• RBC net & HR Self-Serve Tools
• Knowledge of RBC Pension Program

 What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• Opportunities to do challenging work
• Opportunities to take on progressively greater accountabilities
• Opportunities to building close relationships with clients
• Access to a variety of job opportunities across business and geographies

Job Skills

Additional Job Details

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Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Our Employment Opportunities

At RBC, we are guided by living shared values of Client First, Integrity, Collaboration, Respect and Excellence and winning together as One RBC. We believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

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RBC is presently inviting candidates to apply for this existing vacancy. Applying to this posting allows you to express your interest in this current career opportunity at RBC. Qualified applicants may be contacted to review their resume in more detail.