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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: New York City, New York

Salary: $137K - $180K

Reporting to the Chief People Officer, this position will provide oversight and highly technical direction to the general administration and financial monitoring of the following MTA administered plans, affiliated retirement systems and pension plans, public plans (e.g. NYCERS, NYSLERS, RRB & VDC) and all tax favored programs and plans.

SUMMARY:

Reporting to the Chief People Officer, this position will provide oversight and highly technical direction to the general administration and financial monitoring of the following MTA administered plans, affiliated retirement systems and pension plans, public plans (e.g. NYCERS, NYSLERS, RRB & VDC) and all tax favored programs and plans.

The incumbent will oversee the analysis of impact of legislative changes to retirement and tax favored programs covering employees and retirees; oversees the prompt, accurate calculation of all retirement plan benefits and approved payments; directs costing of delivering plan changes and proposals for Pension Board approvals; establishes and directs business and audit review process to systematically assess program efficiencies.

RESPONSIBILITIES:

  • Administer and structure the MTA Administered Pension plans, reconcile benefits and accounting transactions, as well as respond to the needs of participants while overseeing financial statements and reporting.
  • Interact with MTA Labor Relations, Legal, Payroll Administration, Finance, Consultants, Actuaries, Investment advisors, Social Security Administrations Railroad Retirement Board (RRRB) and various NYS and NYC public pensions systems to assure updated information is provided to membership and to monitor pension plan changes.
  • Work closely with the MTA Investment Board/Committee to assist with recommendations, work with the Chief Investment Officer in managing investments and run the Investment and Administration-Investment Board and Committee. Assist the Pension Board in administering funding methods.
  • Develop suggestions on cost containment measures affecting such areas as administrative procedures, funding methods and coverage and eligibility requirements.
  • Direct the generation of participant friendly summary plan documents; establish a participant outreach and education program incorporating meetings at agency locations, power point presentations, Q&A sessions, as well as pre-retirement seminars.
  • Work with the Actuary, Finance Department, and Investment Consultant to determine validity of assumptions and determine the experience studies.
  • Oversee the outside third-party administrator currently “Empower/Prudential Retirement Consultants (401K/457)” and other Tax Favored Plans (flex spending, TransitChek, etc.). Interact with the NY Sate on the State administered VDC Program.
  • Establish and implement additional Internal Control programs to include monthly reconciliation of employee and employer contributions and the pension payroll. These internal controls will assure fiscal integrity and reduce the risk of overpayment of pension benefits. In addition, create a “Quality Assurance Unit” to support the above internal control program; Liaison with external and internal auditors; Perform regular audits and self-assessments to further booster the veracity of pension claims and the corresponding calculations.
  • Establish a separation of duties and independent review of calculations and payee information. Maintain an interface program with the custodial banks to eliminate redundancy and assure correct payments to annuitants.
  • Lead the design and development on new Tax Favored Programs, engaging appropriate MTA and Agency staff and making recommendations on design to senior management for adoption.

KNOWLEDGE, SKILLS, AND ABILITIES        

  • Excellent consulting, problem solving, and analytical skills.
  • Strong working knowledge of vendor management and contract negotiations.
  • Demonstrated knowledge of pension and tax favored program benefits design and management.
  • Strong working knowledge of laws and regulations relevant to pension and tax favored benefit programs.
  • Demonstrated ability to manage defined contribution plans.
  • Proven ability to build trust and rapport, as well as influence at all levels of the organization.
  • Must be highly organized, self-motivated, with ability to work independently as well as manage a team.
  • Superior written and verbal communication skills for communication with all levels of the organization. Strong business acumen. Outstanding communication and customer service skills.
  • General understanding of PeopleSoft HCM modules or similar system preferred.
  • Knowledge of the MTA organization and its legal structure including relationships with its constituent Agencies is preferred.

EDUCATION AND EXPERIENCE:

  • Bachelor’s Degree in Management, Finance, Business Administration, Human Resources, or a related field. An equivalent combination of education and experience may be considered in lieu of a degree. An MBA or background in actuarial work is strongly preferred.
  • A minimum of 12 to 15 years of experience in the areas of Pension, Payroll, Benefits administration, Human Resources, or a related field in a unionized environment, of which at least eight years were in a managerial capacity. A clear emphasis on multi-plan union pension plan administration experience is preferred.

OTHER INFORMATION:

As an employee of MTA Headquarters, you may be required to complete an annual financial disclosure statement with the State of New York, if your position earns more than $105,472 (this figure is subject to change) per year or if the position is designated as a policy maker.

HOW TO APPLY:   

MTA employees must apply via My MTA Portal. You can submit an online application by logging into My MTA Portal, clicking the My Job Search ribbon, and selecting the “Careers” link.

Logging in through My MTA Portal will link your BSC ID number to your job application to identify you as an internal applicant.

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.