***Please DO NOT apply for this position by submitting your profile on this BC Government Hiring Centre website. Applications must be made via the following directions below.***
Employer Description
BC Pension Corporation is one of the largest professional pension service providers in Canada. We serve over 718,000 active and retired members and more than 1,000 plan employers, paying out nearly $500 million in benefits each month (over 5.8 billion a year) to over 233,000 retirees.
One in eight BC citizens is a member of one of the five pension plans we serve. Services include providing plan information to members and employers, managing contributions and members records, paying pension benefits, and providing policy, financial and communication services to plan boards. We are a community of dedicated professionals who share common beliefs about client service and a desire to make our organization an even better place tomorrow than it is today.
Job Description
Open to BC Pension Corporation and BC Government employees with in-service status only.
This posting is restricted to applicants who reside in the geographic location of Victoria, BC.
Classification: Financial Officer R15
Reports to: Senior Financial Analyst – Financial Services
Salary Range: $59,015.56 to $66,749.47 per annum
Union/Excluded: BCGEU
Security Screening: Required
Job Type: Regular full time
Additional Info: Testing may be required. Lesser qualified applicants may be appointed at a lower level.
We are seeking a Plan Reporting Financial Analyst to join our team in VICTORIA, British Columbia, Canada.
The Plan Reporting Financial Analyst reports to the Plan Reporting Supervisors. This position prepares reports, quarterly financial statements and year-end financial statements with supporting notes, completes financial calculations, analysis and reconciliations, and prepares other year-end accounting functions. As well, this position provides coaching and training to clerical staff members. Successful candidates must deal effectively with a diverse range of business contacts both internal and external to the corporation.
This is an exciting opportunity for you to expand your financial analysis skills and gain experience in financial reporting. You will be able to grow your own knowledge and skills in alignment with your career goals.
Hybrid Work Model
This position is located in our Victoria, BC office. You will have the flexibility to work part of the time on-campus and part of the time off-campus. The requirement for on-campus presence is a minimum of 40% of your schedule in a month.
Additional requirements are determined by the role functions and operational needs of each business area.
Responsibilities
1. Prepares interim and year-end financial statements including notes and schedules: (35%)
- Prepares financial statements in compliance with pension plan legislation, rules, Income Tax Act and generally accepted accounting principles
- Prepares supporting working papers, notes to the financial statements, schedules, accruals, re-classifications, and other numerical analysis such as the extrapolation of assets and pension liabilities for the notes to the statements
- Performs/documents variance or reasonableness analysis on key financial statement line items given known trends in the pension plan for reporting to management and pension boards
- Reviews/approves reconciliations to ensure all appropriate transactions are recorded in the general ledger for financial statement and board report preparation
- Liaises with external and internal auditors
- Prepares projections of demographic and service trends
- Prepares summaries, analyses, and presentations of financial statements for the Pension Boards
2. Prepares quarterly group benefit reporting and annual Inflation Adjustment Account (IAA) modeling for decision making by the Pension Plan Boards(5): (30%)
- Prepares projections of demographic and service trends of group benefits for Plan Board decisions on a quarterly basis
- Prepares financial analysis on the use of member and employer adjustment account contributions for Plan Board decisions on a quarterly basis
- Prepares annually by plan for the purpose of decision making of the boards, IAA modeling using economic trends, demographics, knowledge of contribution revenue, knowledge of group benefit tends
- Reviews statistics from contribution revenue and tests forecasts to validate revenue projections
- Reviews monthly, quarterly, yearly cash flow to ensure pension plan requirements are met, and notifies management of anomalies or any projections that might cause risk to the pension plan
- Analyzes benefit payments with actual and anticipated employer inflation revenue
3. Prepares or reviews a variety of key financial calculations, analysis and reconciliations: (15%)
- Reviews reports to ensure no major reporting vs. remittance differences exist before preparation of financial statements and assists with the reconciliation of the more complex employer accounts
- Prepares and analyzes notional inflation investment account
- Prepares or reviews monthly retired member group benefit premiums financial reconciliation
- Prepares annual information filing to Pension Benefits Standards Branch and Canada Revenue Agency for each of the pension plans (5)
- Performs present value indexing and excess investment return computations
- Reviews accounting entries for investment information and liaises with bcIMC staff when problems or errors arise
- Reviews reconciliations prepared by clerks on financial statement, annual report statistics, and other board reporting
- Analyzes offside benefit reports, records and reconciles in excel and allocates on financial statements
4. Responsible for year-end annual and actuarial reporting and analysis, researching exceptions, communicating with actuary regarding data specifications and anomalies, recommending changes to reporting process, research techniques and data specifications: (10%)
- Runs reports, researches, and compiles data from the database system and reports for inclusion in the published annual report
- Ensures data specifications, reporting and certification meet pension plan actuarial valuation requirements
- Coordinates and schedules actuarial data extractions and reports, reviews results, researches exceptions, recommends changes to process/reports to enhance reporting, and tests resulting changes
- Reviews reconciliations of actuarial and annual statistics prepared by clerks
5. Participates in the design and development of work unit procedures and forms, and computer system maintenance and implementation: (5%)
- Recommends and implements procedures to improve efficiency, or to deal with new service requirements and ensures consistency in practices amongst plans
- Participates in the research, modification, testing, and implementation of new/or existing accounting procedures and computer systems in response to new financial products and system enhancements
- Documents and updates procedures
- Maintains system financial reporting in a changing environment
- Arranges changes to programs, systems and forms so that they comply with legislated standards and policies
- Develops graphs, spreadsheets and charts for the purpose of providing management and pension board with tools for decision making
6. Provides training, coaching and team building to clerical staff, assists the Plan Reporting Supervisor in reviewing and approving their work: (5%)
- Participates in work unit, branch or corporation special projects
- Assists co-workers in order to accommodate vacation schedules, other schedules, other absences and workload distribution amongst the team
- Contributes knowledge and expertise to the team effort by coaching other members of the team
- Resolves accounting problems that are beyond the scope of responsibility or knowledge of plan finance clerks
Qualifications
Must have
- Post-secondary education in Commerce, Business Administration or similar discipline with a specialization in accounting OR an equivalent combination of education, training and experience (4 years) relevant to the position may be considered.
- A minimum of one year of experience conducting financial reconciliation and analysis
Nice to have:
- At least one year of related experience in preparing supporting working papers for financial statements is preferred
- Experience using Oracle Fusion is preferred.
Knowledge, Skills and Abilities
- Up to date knowledge of generally accepted accounting principles and their application to pension financial accounting and reporting in the private and public sector.
- Knowledge of available computer systems/technology sufficient to recommend opportunities for automation and system enhancements.
- Sound accounting and financial management skills are required to analyze financial information, develop and maintain appropriate financial controls, reporting systems, and specialized policies and procedures.
- Superior analytical, investigative, organizational, communication and interpersonal skills.
- Seasoned spreadsheet skills including charting abilities.
- Ability to schedule and assign work, set standards and priorities, resolve operating problems
- Proven ability to work effectively in a team environment
- Pro-active approach to identifying issues and/or potential for improvement, and taking ownership to resolve.
- Provide technical guidance and training to clerical staff.
- Remain abreast of any developments arising from research by the CPA Canada regarding accounting in the private and public sector pensions.
- Remain abreast of changes to statutes, regulations, plan documents, Income Tax Act affecting pension administration and reporting
Application requirements
Cover letter: Please do not submit a cover letter; it will not be reviewed.
Resume: A resume is required as part of your application. Ensure your resume includes your education, the start and end dates (month and year) of your employment, and any relevant information that relate to the job requirements.
Questionnaire: As part of the application process, you will be prompted to complete an online questionnaire to demonstrate how you meet the job requirements. Responses will be used to shortlist applicants against the job requirements. Please allow approximately 15 minutes to complete this questionnaire.
Applications will be accepted until 11:59 pm PST on the closing date. Late applications will not be considered.
Please apply through our career website: https://fa-exby-saasfaprod1.fa.ocs.oraclecloud.com/hcmUI/CandidateExperience/en/sites/CX_1013
Diversity & Inclusion
BC Pension Corporation is an equal opportunity employer committed to establishing an inclusive, equitable, and accessible environment for all. All qualified applicants will receive consideration for employment without regard to race, national origin, age, religion, disability, sexual orientation, gender identity or expression, marital status or any other basis protected by applicable law.
We are committed to ensuring that reasonable accommodations are made available to persons with disabilities during the recruitment, assessment and selection processes and will provide reasonable accommodations upon request. If you require assistance or accommodation due to a disability, please email us at jobs@pensionsbc.ca.
Thank you for your interest in working with us. We will let you know about your status in this competition as soon as possible. If you have questions about this opportunity, please email us at jobs@pensionsbc.ca.
DO NOT submit your application for this position through the BC Government Hiring Centre website. Applications submitted through the BC Government Hiring Centre will not be considered.
