Pension Compliance Analyst

at  Financial Services Regulatory Authority of Ontario FSRA

At FSRA, our vision is to ensure financial safety, fairness, and choice for Ontarians. As a financial services regulator, we’re passionate about protecting consumers. Our principles-based approach means we can quickly and effectively respond to the changing needs of consumers and the industry.
Our team combines industry expertise with commitment to public service. We attract individuals who are interested in meaningful work and who measure success through outcomes, not inputs.
At FSRA, we invest in the personal and professional growth of our team. We offer a competitive compensation package that includes an employer-matched
defined benefit pension plan
, comprehensive and competitive benefits plan, a hybrid work model and flexible work arrangements. We prioritise learning and development, wellbeing, diversity, equity, inclusion and belonging, and community giving.
Join FSRA and help us shape the future of regulation for generations to come!
Job Description:
Purpose of Position
To identify, review, and verify pension plans that have failed to file the required reporting documents as outlined in the Pension Benefits Act and regulations. To coordinate the preparation of delinquent filing notification letters and provide information to pension plan administrators related to legislated filing requirements to facilitate voluntary compliance. To provide technical support to the Pension Risk Analysis Officer for the preparation of prosecution materials for the initiation of enforcement proceedings by FSRA as required. To update data on the branch Pension Database System and prepare statistical reports related to delinquent filings.
3. Duties/Responsibilities

The job requires:

• Reviewing the Pension Division’s Regulatory Database (PORO) and analyzing various reports to identify pension plans for which information filings required by legislation have not been received by the due date. Prepares a summary of all delinquent pension plans that will receive notice of delinquent filing letters for review by staff in the Pension Operations Unit or Pension Quality Assurance & Control Unit, before the letters are generated. Coordinates the suppression of letters requested by staff, and updates PORO accordingly to begin the generation of delinquent letters.
• Acting as the central contact for any inquiries from pension plan administrators regarding delinquent filings. Responds to questions and provides information services to support and guide pension plan administrators in meeting compliance requirements, and to facilitate voluntary compliance of delinquent pension plans. Notes content of discussion with pension plan administrators for the file and for future potential legal proceedings.
• Receiving, reviewing, analyzing and verifying received financial statements on the PORO and preparing requests for audit letters based on analysis of submissions and audit report requirements within the PORO.
• Following up with pension plan administrators to clarify submission information based on the analysis of submission, requests additional documents as required and monitors the receipt of documents in accordance with deadline date agreement. As required, conducts follow up research, investigation and analysis to determine accuracy and completeness of submissions.
• Reviewing and analyzing requests for extension under the Pension Benefits Act (PBA) in respect of time limits for the submission of various filings. Reviews and assesses whether rationale provided to support the request are acceptable under the PBA, FSRA’s policies and Branch procedures.
• Identifying severely delinquent plans and commencing the delinquency review process for possible prosecution. Coordinates the gathering of information and documents during the delinquent review process. Monitors deadlines and follows up with faxes to pension plan administrators, and sets up case files.
• Updates the PORO with information provided by through proactive monitoring of case files.
• Conducting ongoing review of PORO records to identify pension plans with recurring delinquent filings and referring to the Pension Risk Analysis Officer for follow up with the pension plan administrators.
• Conducting corporate searches and retrieving information from both internal and external sources to aid in the investigation of non-compliant companies. Provides assistance, when necessary, in the analysis of data stored in PORO to support the preparation of annual reports for Canada Revenue Agency, StatsCan and external experts.
• Preparing and/or participating in the preparation of analytical reports and briefing materials, and providing recommendations on branch operational policy/procedures related to compliance issues to the Manager, Pension
• Risk Analysis Unit. Developing and/or assisting in the development and implementation of unit/branch training materials and modules.
• Providing analytical support to the Manager, Pension Risk Analysis Unit and other unit team members, and assisting with user acceptance testing, data validity projects and end user training as requested.
• Providing orientation, training and ongoing technical direction/support to the Pension Compliance Assistant.
• Developing and sustaining knowledge of program legislation, policies, procedures, branch goals/objectives and current pension issues/trends by participating in ongoing technical training workshops/courses; conducting regular literature reviews; and leading or participating as a team member within the branch on assigned projects. Participates on more senior level pension plan review assignments as a training/learning opportunity under the guidance of the Manager, Pension Risk Analysis Unit or the Pension Risk Analysis Officer.
• Acting as backup to the Pension Risk Analysis Officer and other unit staff as assigned.

Knowledge:

The job requires knowledge of:

• Relevant sections of the Pension Benefits Act and related regulations and FSRA policies, procedures and processes related to the identification, notification and administration of delinquent pension plan filings to analyze pension plan records on the PDRD system and identify delinquent filings, coordinate the delinquency notification processes, and conduct detailed reviews of submitted filings.
• PDRD system to update, monitor/verify data, coordinate the transfer of information, and generate reports.
• Records management processes and techniques to organize and maintain electronic and manual filing systems of delinquent filings.
• FSRA’s mandate and programs, and knowledge of the unit’s mandate, objectives, and priorities to provide information to pension plan administrators related to legislative filing requirements.
• Terminology and Pension Plans Branch procedures and policies to initiate the preparation of delinquency notification letters.
• Data collection and analysis in order to evaluate and report information from Pension Division’s Regulatory Database.
• Structure of other divisions in FSRA and external government bodies (CRA and MOR/MOF), and their role/function to exchange information and ensure the accuracy, timeliness and effectiveness of the delinquency notification process.
• Policies and legal processes related to the prosecution of breaches of the legislation to prepare files from an evidentiary perspective for prosecution
• Ability to obtain accreditation as Provincial Offences Officer which will enable incumbent to swear information and serve summonses.
• Capabilities, operations and advances of various information technology systems and software programs including: word processing, database management, spreadsheet, and branch specialized administrative systems to prepare documents, and to update various reporting/data base systems.

Skills:

The job requires:

• Reasoning and organizational and problem solving skills to determine priority when performing a variety of different tasks with conflicting deadlines.
• Research and organizational skills to gather and compile documents and information as support to senior staff in the unit and other branch staff, and to set up/maintain computerized and manual filing systems related to delinquent pension plan filings.
• Reasoning skills to review the PDRD system to identify delinquent filings and to coordinate the various stages of notification letters.
• Attention to detail, reasoning and analytical skills to review, analyze and verify received filings to determine if document submitted fulfill the statutory requirements.
• Reasoning skills to determine the appropriate format of computer generated documents and to create electronic files for delinquent filing letters/documents.
• Oral communication skills to provide and exchange information with FSRA staff and Pension plan administrators and their agents.
• Reasoning and communication skills to advise pension plan administrators regarding compliance requirements, and to negotiate extended filing deadline dates.
• Interpersonal skills to deal effectively with ministry/FSRA staff and to respond to incoming inquiries from internal/external contacts.
• Written communication skills to prepare correspondence, memoranda, statistical reports and draft briefing materials.
• Good judgement to deal effectively with daily incoming and outgoing information in both electronic and hard copy formats.
• The ability to work in a high pressure environment and meet critical deadlines.
• Analytical skills to determine areas to improve efficiency of current procedures.
• Computer skills and knowledge/skill in word processing, spread sheets, and database applications (e.g. PDS) to access and analyze data, monitor filing submissions, and prepare statistical reports

Job Posting End Date:
09/30/2024
Job postings close at 11:59pm on the date noted.
Compensation Grade:
Grade 30-OPSEU ADM
Compensation Range:
$997.19
-
$1,268.21
Bargaining Unit:

Please refer the Job description for details