Job Information
MTA Reconciliation Analyst Pension in New York, New York
Reconciliation Analyst Pension
Job ID: 7877
Business Unit: MTA Headquarters
Location: New York, NY, United States
Regular/Temporary: Regular
Department: MaBSTOA Pension Administration
Date Posted: Jun 27, 2024
Description
JOB TITLE : Reconciliation Analyst – Pensions
SALARY RANGE : 75,000 - $86,783
HAY POINTS : 393
DEPT/DIV: MTA Consolidated Pension & Retirement Benefits
SUPERVISOR : Deputy Directors, MTA Consolidated Pensions
LOCATION : 2 Broadway New York, NY 10004
HOURS OF WORK : 9:00 am - 5:30 pm (7 1/2 hours/day)
DEADLINE : Until Filled
This position is eligible for telework which is currently one day per week. New hires are eligible to apply 30 days after their effective date of hire.
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 :
Identify and maintain correct Pension Tiers for active participants in the MaBSTOA and MTA Defined Benefit Pension Plans. Maintain correct pension status for all active and inactive participants.
Understand and manage the administrative complexities of pension plans Tier 6 rules. Manage participant contribution obligations.
Update employee contribution rates each April 1 for Tier 6 participants based on actual earnings.
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 Deputy Directors and Senior Manager in implementing new pension features/tiers as a result of legislation and collective bargaining.
Communicate with participants regarding their obligations to contribute.
Create a professional environment that respects individual differences and enables all employees to develop and contribute to their full potential.
Other duties as assigned.
KNOWLEDGE, SKILLS, AND ABILITIES
Competencies
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.
Must possess excellent analytical, math, and computer skills. Strong oral and written communication skills. Must be very detailed oriented. Good to superior knowledge of MaBSTOA and MTA DB Plan Articles or public or ERISA pension plans
Proficiency in and/or ability to learn to work with all internal levels within a given organization.
Proficiency in and/or ability to learn communicate and interact well with external agencies.
Proficiency in and/or ability to learn completing short- and long-term projects effectively and as efficiently as possible.
Proficiency in excellent time management skills, and ability to manage individual and team assignments.
Demonstrated proficiency in or ability to learn the Microsoft Office Suite or comparable applications, i.e., Word, Excel, PowerPoint, and Outlook.
Experience utilizing PeopleSoft 9.2 is a plus.
Must be a self-starter with ability to manage multiple tasks, and activities simultaneously with adherence to deadlines.
Must possess ability to identify, prioritize, evaluate, resolve, and escalate complex problems promptly.
Customer oriented; seeks solutions that will provide value to the customer.
EDUCATION AND EXPERIENCE :
REQUIRED:
Education and Experience
Bachelor’s degree in in Business Administration, Accounting, Human Resources 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 related experience.
PREFERRED for the three levels where applicable:
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:
Pursuant 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 with respect to veteran status and individuals with disabilities.
The MTA encourages qualified applicants from diverse backgrounds, experiences, and abilities, including military service members, to apply.