GRADE
15
LOCATION OF POSITION
Maryland State Retirement Agency
Retirement
Processing Team– Benefits Processing Unit
120 E. Baltimore Street
Baltimore, MD 21202
Main Purpose of Job
This position serves as the lead worker of the Finals Retirement Processing Section. This position assists and reports to the supervisor of the Finals Retirement Processing Section, and as scheduled by the Director and as the work dictates, will rotate periodically with the lead worker of the Estimates Processing Section. The incumbent must possess the statutory pension, internal procedures and policies, and processing knowledge to lead and assist the unit supervisor.
As a lead worker, the incumbent will be responsible for assisting the unit supervisor in daily processing and providing technical direction to staff. The lead worker reviews the work of staff, provides guidance and training, and in the absence of the supervisor, assigns work and manages processing through pro-active allocation of resources. This position assigns and reviews the work of staff, trains and provides guidance to staff, and may assist the unit supervisor in hiring new staff. This position works closely with the unit supervisor to manage workflows to meet the productivity standards required within the entire Unit and/or Division.
The incumbent is required to maintain knowledge of internal policies and procedures, federal and state pension laws, regulations, proper processing knowledge.
Estimate Processing Section:
Process member requests for benefit allowance estimates. The estimate notice is the document the member uses to make their financial retirement decisions. It provides estimated allowance amounts of the basic and optional allowances. Only within the first 30 days following retirement may a retiree change their option selection. Accuracy is critical as the individual makes a lifetime financial decision based upon the numbers generated and released in the notice issued to the member.
The process begins with a complete audit of the member’s historical pension membership records, from date of hire to the date of projected retirement. The audit is to verify and confirm that the member paid the statutory required member contributions, the record reflects accurate membership, military, purchased, approved leave and eligibility service credits as well as the service was credited to the proper benefit tier to ensure proper benefit formula is applied to the calculation, and the employer reports accurate actual and annualized salaries each fiscal year.
Additionally, staff determines the member’s eligibility to retire at the requested retirement date; manually calculates the member’s Average Final Compensation which is one of the three key components needed to calculate a benefit allowance, and projects additional membership and eligibility service that the member will earn up through their requested retirement date. Suspect errors and identified discrepancies (such as: incorrect payment data reported by their employer, under or over stated service or eligibility service on record; over or under paid member contributions, extraordinary salary increases that require board approval, actuarial calculations for estimates benefit allowance in excess of the Internal Revenue Code section 415 requirements, etc.) must be investigated through contact with the member, the member’s participating employers as well as coordinating with other Agency staff.
The lead worker must become an expert and maintain that expertise in federal tax laws applicable to governmental pensions, Eligible Domestic Relations Orders and the impact on the benefit payment to the retiree and the individuals named in the order along with the tax consequences in allocating the Investment in Contract and Employer Pick Up contributions required for calendar year tax processing as to the taxability of the pensions and generation of the 1099R tax documents and subsequent tax reporting to the Internal Revenue Service and the State Comptroller’s Office.
Additionally, staff is responsible for locating and communicating with terminated vested members who have failed to apply for their retirement benefit at normal retirement age. Federal tax law requires compliance with mandatorily retiring vested members at age 70 ½ years old to maintain the Agency’s compliance with the Internal Revenue Code related to minimum distribution payouts of retirement benefits. As time progresses, additional knowledge of tax laws is mandated for the Agency to remain in compliance with federal tax laws and to calculate and estimate the benefit allowance payable to each party under Eligible Domestic Relations Orders, Lien and other court orders.
Final Retirements Processing Section:
Similar to the estimate process with the exception that the end result is to finalize the retirement and create the actual lifetime payment record.
The process begins with a complete audit of the member’s historical pension membership records, from date of hire to the date of projected retirement. The audit is to verify and confirm that the member paid the statutory required member contributions, the record reflects accurate membership, military, purchased, approved leave and eligibility service credits as well as the service was credited to the proper benefit tier to ensure proper benefit formula is applied to the calculation, and the employer reports accurate actual and annualized salaries each fiscal year.
Additionally, staff determines the member’s eligibility to retire at the requested retirement date; manually calculates the member’s Average Final Compensation which is one of the three key components needed to calculate a benefit allowance, and projects additional membership and eligibility service that the member will earn up through their requested retirement date. Suspect errors and identified discrepancies (such as: incorrect payment data reported by their employer, under or over stated service or eligibility service on record; over or under paid member contributions, extraordinary salary increases that require board approval, actuarial reductions in benefit allowance in excess of the Internal Revenue Code section 415 requirements, etc.) must be investigated through contact with the member, the member’s participating employers as well as coordinating with other Agency staff.
The lead worker must become an expert and maintain that expertise in federal tax laws applicable to governmental pensions, Eligible Domestic Relations Orders and the impact on the benefit payment to the retiree and the individuals named in the order along with the tax consequences in allocating the Investment in Contract and Employer Pick Up contributions required for calendar year tax processing as to the taxability of the pensions and generation of the 1099R tax documents and subsequent tax reporting to the Internal Revenue Service and the State Comptroller’s Office.
Timely completion of the processing is required to ensure payment to the retiree as of the effective month of retirement.
This position serves as the Lead Worker of the Final Retirement Processing Section in the Retirement Processing Unit of the Benefits Processing Division. The incumbent reports to the Supervisor of the Final Retirement Processing Section. Primary responsibilities include assigning work to staff, tracking retirement applications using Microsoft Access, working and reviewing benefit calculation worksheets, training new staff in preparing calculation worksheets, and resolving issues and discrepancies related to the processing of retirement applications.
The incumbent may also assume the responsibilities of the lead worker of the Estimate Processing Section. The duties of the Retirement Application Processing Section lead worker may be rotated with the duties of the lead worker of the Estimate Processing Team to ensure that staff is cross trained in all areas of processing and to ensure smooth operations of the Retirement Processing Unit.
During the probationary period, this position will work 100% at the office of the Maryland State Retirement Agency. After the probationary/training period, and at the discretion of the Unit Supervisor and Director, this position may be eligible to telework one day per pay period.
During the probationary period, this position will work
100% at the office of the Maryland State Retirement Agency. After the
probationary/training period, and at the discretion of the Unit Supervisor and Director,
this position may be eligible to telework one day per pay period.
POSITION DUTIES
· Assign and review estimate request and
retirement application calculation worksheets in accordance with established procedures to minimize backlogs and to ensure
timely processing.
· Provide guidance and
training to new and existing staff in the preparation and calculation of
estimates requests and retirement application calculation worksheets in
accordance with established procedures to minimize backlogs and to ensure
timely processing.
· Assist the section
supervisor in the preparation and modification of procedures.
· Special Projects and other
duties as assigned by the Retirement Processing Manager, Deputy Director or
Director.
MINIMUM QUALIFICATIONS
Education: Graduation from an accredited high school or possession of a high school equivalency certificate.
Experience: Three years of administrative staff or professional work.
Notes:
1. Candidates may substitute 30 college credit hours from an accredited college or university for each year up to two years of the required experience.
2. Candidates may substitute the possession of a Bachelor's degree from a college or university for the required experience.
3. Candidates may substitute U.S. Armed Forces military service experience as a commissioned officer involving staff work that included the regular use of independent judgment and analysis in applying and interpreting complex administrative plans, policies, rules or regulations or analysis of operational programs or procedures with recommendations for improvement on a year-for-year basis for the required experience.
DESIRED OR PREFERRED QUALIFICATIONS
·
Two or more years' experience using Microsoft Office (Word,
Excel and Access), and Outlook.
·
Two or more years' experience working for a financial
services related organization processing applications/claims related to pension
benefits, health or life insurance benefits, or other financial transactions
(e.g. mortgage loans)
LICENSES, REGISTRATIONS AND CERTIFICATIONS
Employees in this classification may be assigned duties which require the operation of a motor vehicle. Employees assigned such duties will be required to possess a motor vehicle operator’s license valid in the State of Maryland.
SELECTION PROCESS
Please make sure that you provide sufficient information on your application to show that you meet the qualifications for this recruitment. All information concerning your qualifications must be submitted by the closing date. We will not consider information submitted after this date. Successful candidates will be ranked as Best Qualified, Better Qualified, or Qualified and placed on the eligible (employment) list for at least one year.
EXAMINATION PROCESS
The assessment may consist of a rating of your education, training, and experience related to the requirements of the position. It is important that you provide complete and accurate information on your application. Please report all experience and education that is related to this position.
BENEFITS
FURTHER INSTRUCTIONS
Online applications are highly recommended. However, if you are unable to apply online, the paper application and supplemental questionnaire may be submitted to: Department of Budget and Management, Recruitment and Examination Division, 301 W. Preston St., Baltimore, MD 21201. Paper application materials must be received in our office by the closing date for the recruitment. No postmarks will be accepted.
For questions regarding this recruitment, please contact the DBM Recruitment and Examination Division at Application.Help@maryland.gov or 410-767-4850, MD TTY Relay Service 1-800-735-2258.
We thank our Veterans for their service to our country.
People with disabilities and bilingual candidates are encouraged to apply.
As an equal opportunity employer, Maryland is committed to recruitment, retaining and promoting employees who are reflective of the State's diversity.
