Work Location: Madison, WI
We are seeking an uncommon professional to join our team as a Pension Finance Team Senior Specialist
Percent of Time:
45% 1. Analyze and review supporting documentation for complex and non-routine work assignments requiring extensive financial and pensions knowledge . Determine course of action and assist Financial staff with the completion of these assignments related to all financial transactions of our clients' Federally governed qualified defined benefit and defined contribution plans. Ensure that work is appropriately completed in accordance with the plan specifications, IRS regulations and SEC regulations. Processes include: establish and maintain financial parameters of each plan, establish and update employee data including investment elections, review and allocate deposits, transfer of funds, calculate and update of adjustment transactions, update of withdrawal and forfeiture reallocations transactions, review and issue renewal billings, prepare and distribute Defined Benefit and Defined Contribution financial statements, analyze and summarize financial activity based upon customer requirements, prepare and enter file fixes to properly reflect plan and participant account activity, calculate complex variable unit price corrections, update unit price file, prepare general ledger entries and reconciliations for the CUNA Mutual and CUNA Mutual Life general ledger systems, and answer revenue file and rep commission questions related to pension contributions. Provide back up to Pension Financial staff as necessary.
15% 2. Provide technical training and expertise on complex and non-routine aspects of the financial unit processes and procedures outlined in #1 above to ensure proper analysis and processing of all pension plan accounting transactions in compliance with plan documents, IRS requirement and "SEC" regulations. Technical expertise includes the ability to identify issues in non-routine situations, determine course of action using extensive Pensions and accounting knowledge, and take steps (individually or by assisting staff to resolve issues. Such "support" would be provided to clients (Plan Trustees, Board of Directors, credit union managers, etc. financial unit members, Pension department managers and staff, Corporate reporting staff, and field staff for confidential inquiries for financial information and resolving problems related to the processes mentioned in #1 above. Expertise includes the ability to identify and resolve complex and non-routine issues for financial activity and transaction processes related to qualified defined benefit and defined contribution pension plans (401(k , profit sharing, money purchase, target benefit, thrift and include fixed and "SEC regulated" variable accounts. Expertise also includes extensive working knowledge of systems that support these processes such as the CUNA Mutual Recordkeeping system, the CUNA Mutual Life Group Annuity System, TSO, The Walker General Ledger, the MSA General Ledger, the EFT System and the InfoPac Report Distribution Management System.
20% 3. Review and/or prepare reconciliations of internal Pension systems, daily cash activity and the corporate EFT and General Ledger systems. This includes the variable fund Separate Accounts which are heavily scrutinized by regulators. Have a thorough understanding of the complex transaction flow and accounting system structure for multiple pension recordkeeping systems and two general ledger systems. Provide direction to other unit members to resolve any discrepancies, provide adequate documentation and prepare necessary correcting journal entries. Coordinate work with Madison and Waverly accounting areas to analyze and research accounting variances.
Provide direction to unit members with the verification and reconciliation of daily/monthly reports, as required, for the assigned pension plans.
Review and verify accuracy of monthly client financial statements on a random basis by manually replicating complex system calculations. Perform and/or supervise corrections to the financial statements.
15% 4. Recommend system enhancements and procedural enhancements and actively participate in the design, testing and implementation of those enhancements. Determine the effect of system and procedural changes and assist management in communicating with and training management and staff of other Pension units. Assist in the development, maintenance and update of unit procedures. Analyze system production problems and work with Information Technology System staff to determine the course of action to rectify these problems. Test changes by performing complex manual calculations and transactions to parallel the production system. On call to address system processing issues related to variable funds processing and monthly/financial statement production.
5% 5. Assist with the preparation of the monthly schedule identifying specific duties such as daily batch, daily journal entry processing, reviewing daily reports for accuracy and integrity, etc. Assist management and unit leader with review of work order requests and assign to staff based on complexity. Perform follow-ups, as needed, to ensure assignments are completed in an efficient and timely manner. Assist with the compilation of weekly activity reports of the unit staff, utilizing the work measurement program.
Assist management in providing workflow direction to ensure that processing requirements stated in the Disclosure Statement are consistently met. Deposits must be processed within 24 hours of the day received; withdrawals and transfer must be processed on the day received if received by 3:00 pm. Participant allocations to these investment options must be accurately applied on the appropriate day. Any exception will require staff to generate adjusting transactions to "true up" individuals' accounts. This can result in CUNA Mutual making up for any changes in market value fluctuations.
6. The above statement of duties is not intended to be all inclusive and other duties will be assigned from time to time.
1 Associate degree in Accounting/Finance or equivalent trade-off in professional work experience.
2 Five years accounting work experience with 3 years progressively more responsible Pension work experience to include expertise in:
- Review and update of clients' pension plan transactions for various plan types which include profit sharing, money purchase, 401(k , target benefit and thrift in compliance with plan documents, IRS regulations and "SEC" regulations
- Analysis and review of fund deposits, transfers and other financial transactions compliance with plan documents and the Statement of Disclosure
- Analysis and review of client financial statements
- Preparation and review of general ledger entries and reconciliations
- Mainframe and PC operations to include Pensions financial systems, spreadsheet and word processing software.
3 Demonstration of leadership, organization and planning skills.
4 Demonstration of interpersonal and customer focused skills as shown through previous assignments and projects.
5 Demonstration of oral and written communication skills including the ability to communicate Pensions accounting information and processes to internal and external clients.
6 Demonstration of working both individually and as a team member.
CUNA Mutual Group’s insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. As a dynamic and growing company, we strive to create a culture of performance, high standards and defined values.
Along with an excellent benefits package, our staff is engaged, rewarded for performance, and encouraged to grow professionally and personally. Our future is driven by our people, and our people are driven to deliver value through innovation, involvement and determination. If you want to be recognized for your results and empowered to reach your potential, we urge you to apply.
In return for your skills and contributions, we offer highly competitive compensation and benefit packages, significant professional growth, and the opportunity to win and be rewarded.
Experience Level: 3-5 years
Area of Interest(s): Claims, Customer Operations
Type of Job: Full Time
Job ID: MML20132202-81093