Operations Officer
MetLife
Total years of experience :18 years, 6 Months
Responsibilities : Extensive experience on end to end Operations of Defined Contribution (DC) and Defined Benefit (DB) Pensions Plan and Annuities offered to Corporates.
Supervises a team that performs core processing and administrative functions of the business unit, which include providing day to day client services and administrative support to customers, responding to client requests, ensuring significant financial transactions are processed accurately, completely and timely.
Support Sales Manager for pitching Pension products - Review proposals, tailor made presentations and Plan Rules based on client requirement. Assist in Client orientation presentations and meetings. Finalize Policy Contracts, Plan Rules, Service Level Agreement’s and Employee Presentations & Member Hand Book.
Review and approve setting up Policies on the Administration system based on Policy Contract and Plan Rules parameters. Audit / Review for accurate upload of census data to system i.e: Beneficiaries, Dates, Fund Investment selections, Nationalities and updating FATCA related data for Corporates and Individuals.
Ensure KYC, OFAC, FATCA, AML, and Audit regulations are in place for new business, premium payments and benefit payouts. Review data screening processes for new as well as existing customers for OFAC Sanctions, PEP (Politically Exposed Person), SDGT (Specially Designated Global Terrorist), FATCA (Foreign Account Tax Compliance Act) pertinent to IRS and OFAC regulations and cure alerts /escalate to Compliance manager as required. Review checklist for “W” forms to update systems there by complying with the IRS regulations.
Monitor and reconcile Client accounts on the Administration Systems for Investments, Dis-investments by Investment Portfolio. Provide sign-off on instructions to Fund Managers for monthly investments and dis-investments. Conduct unit reconciliation between Administration System and Fund Manager.
Handling all escalated Customer Service issues and providing solutions to the Plan Representatives, Members and Associates.
Overseeing annual valuations of Capital Guaranteed plans and ensures monthly closing of Unitized Plans is in line with the agreed in-house service timeframes. Support Actuaries for DB plan valuations and benefit payments. Checking regional reports and other valuation / liability reports for internal stake holders.
Collaborate with Finance department for monthly accounts closing and ensure accurate update of premiums and surrenders. Review P&L and assist Actuaries for any possible queries from Auditors and H.O. Liaise with Fund Manager for deviation in Unit reconciliation, payables & receivables, commissions and rebate fees.
Act as second line to ensure smooth running of business and support all queries from Compliance, Audit, Legal and I.T. department.
Train and provide Pensions orientation to New Associates. Propose, evaluate and implement process improvements to increase efficiency and effectiveness.
Responsibilities : Operations of 401(K) Plans, Investment and Trust Services, Variance Processing and Reconciliation
Ensure timely and accurate investment of client contributions. Identify root causes (for unit reconciliation) and recommend solutions to avoid investment delays. Research on unresolved issues or discrepancies that may affect the monthly investment procedures by correcting data, consulting and collaborating with other teams.
Processing Client requests for distributions, loans, hardship withdrawals, rollovers and QDRO’s (Qualified Domestic Roll Overs) as per plan rules and eligibilities. Research and resolve outstanding issues which pertain to Distributions processing, daily QC and Funds verification.
Communicate with clients and colleagues in H.O. for appropriate client documentations related to census and other requests. Ensure timely and accurate processing and loading of participant census information. Analyze, identify and resolve census irregularities.
Analyze month end statements, sampling for errors and reconcile (employees outstanding balances issues if any) prior to releasing Employee statements. Maintain daily and weekly system logs.
Liaise with other departments for smooth transitions of business from H.O. Monitor and follow-up assigned tasks, including seeing problems through to resolution and closure. Support (if necessary) clients payroll processing to ensure all is in good order, and provide technical support.
Troubleshooting internal and external client issues by responding to all correspondence within agreed and standard operating timeframes.