Retirement Benefits Specialist

Retirement Benefits Specialist (DC Plan)

Job Vacancy | Monday, April 15, 2024

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Reference Number

Reference Number 240271

Position Level IS 3/4

Department

Department Budget, People, and Management Systems Department

Division

Division Retirement Benefits and Investment Unit

Location

Date Posted

Date Posted Monday, April 15, 2024

Closing Date

Join Our Mission to Foster Prosperity in Asia
Are you ready to make a lasting impact on the future of Asia and be a catalyst for positive change? We are thrilled to offer a unique opportunity to become an important part of the prestigious Asian Development Bank (ADB). At ADB, our mission is simple yet powerful: to alleviate poverty and promote sustainable development in the Asia-Pacific region. Organizational Setting and Reporting Relationship
The position of Retirement Benefits Specialist (DC Plan) is assigned to the Retirement Benefits and Investment Unit (BPOD-RIU) within the Budget, People, and Management Systems Department (BPMSD). You will be based at our Headquarters in Manila, Philippines. BPOD-RIU is responsible for the retirement benefits, policies and procedures across the organization, ensuring that they are designed, monitored and managed in a way which supports the strategic objectives of ADB. You will report to the Advisor, BPMSD and Head, Retirement Benefits and Investment Unit and will supervise national and administrative staff. Your Role
As a Retirement Benefits Specialist (DC Plan), you will support initiatives in BPOD-RIU, the unit that ensures the effectiveness of policies and guidelines on compensation and benefits for all ADB stakeholders (i.e., Board Members, Management, International Staff (IS), National Staff (NS) and Administrative Staff (AS) in headquarters (HQ) and the field offices (FOs) as well as Plan Participants in the ADB Institute. You will
a. Defined Contribution Plan Management
• Lead the work on policy and administration of the defined contribution (DC) plan component of ADB’s Staff Retirement Plan (SRP) and provide interpretation of benefits policies to support the Pension Unit’s objectives effectively. Maintain proper governance on the DC plan including secretariat work for the DC Plan Committee in coordination with Office of the General Counsel (OGC) and other relevant stakeholders. Maintain knowledge and understanding of benefit programs of comparator organizations and research emerging trends in benefits, especially DC plans.
• Regularly conduct performance monitoring and assessment of the plan administrator in alignment with contractual obligations and the Service Level Agreement (SLA). Implement periodic benchmarking exercises to maintain/improve the quality and value of services provided to the DC plan. Make periodic on-site visits to assess the operations on the ground in addition to the regular calls.
• Maintain a proper fund range under the DC Plan to meet the changing needs of plan members. With support from the external investment advisor, conduct periodic comprehensive fund range review including revisiting investment principles for the DC plan and member surveys.
• Ensure awareness of benefits policies and programs among plan members through the publication of DC plan annual report, plan booklets, and regular updates on the BPMSD website and other portal sites. Design and implement financial literacy programs for both the DC Plan Committee and the plan members. Collaborate with relevant stakeholders to integrate pertinent inputs into the ADB-wide financial literacy and wellness programs, ensuring alignment with organizational goals and member needs. b. Pension Unit Management
• Support the Management of the Pension Unit in overseeing the administration process for the SRP, Discretionary Benefit (XB) Scheme and DC Plan, including, but not limited to ensuring smooth and efficient administration process for contributions and withdrawals for the DC plan, endorsing XB disbursement requests, facilitating system approvals of cost-of-living adjustments (COLA) on Oracle, reviewing and endorsing certificates issued for active plan members and retirees, approving issuance of the Retiree ID for eligible retirees. c. Staff Supervision
• Take on the role of team leader, overseeing the work of team members and supervising the performance of reporting staff. Provide clear direction, regular monitoring, and constructive feedback to ensure optimal performance.
• Ensure continuous learning and development of reporting staff, fostering their professional growth and skill enhancement. d. Others
• Provide inputs in setting the unit’s work plan and ensure these align the Department’s work program, goals and objectives
• Contribute to the development, implementation, and improvement of human resource policies and programs, supporting the goals of ADB Strategy 2030.

Qualifications

You will need:
• A University Degree, or equivalent, in Business or Public Administration, Finance, Economics, Law, Actuarial Science, Social Sciences or related fields preferably at post-graduate level or its equivalent.
• At least 6 years of relevant experience in DC Plans or related work, preferably with investment and legal expertise and experience
• International experience working in several countries
• Credible expert in field of expertise with recognized ability to lead projects and to share relevant knowledge to benefit the broader ADB community
• Significant expertise within a specific area or breadth across multiple areas with in-depth knowledge within one area Please refer to the link for ADB Competency Framework for International Staff levels 3 and 4. Benefits
ADB offers competitive compensation and a comprehensive benefits package. The salary will be based on ADB’s standards and comparator markets, taking into account your qualifications and experience.
● Paid leave (including parental)
● Medical and health benefits
● Life and other insurance plans
● Staff development
● Retirement plan
● Housing and education allowance (if applicable)
● Expatriate benefits About Us
Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030 . ADB only hires nationals of its 68 members . To view ADB Organizational Chart, please click here . ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply. Visit ADB Careers FAQ for more information.