SPRINGFIELD RETIREMENT SYSTEM
Executive Director
The position of Executive Director is independently responsible for the daily administration of the Springfield Retirement Office. The Executive Director must maintain a thorough knowledge of Massachusetts General Law Chapter 32 Public Pension Law; regulations of the Public Employee Administration Commission (PERAC); Federal and State regulations including but not limited to decisions of the Equal Employment Opportunity Commission (EEOC), the Division of Administrative Law Appeals (DALA), the Contributory Retirement Appeal Board (CRAB), the Industrial Accident Board (IAB), the Internal Revenue Service (IRS) and Department of Revenue (DOR) as they may relate to Chapter 32 retirement benefits. Independently responsible for the daily administration of various types of pension benefits for active, retired and inactive members of the Springfield Retirement System. The Director is responsible for transactions with and reports for custodial banks and PRIM for the purposes of Retirement assets held and invested with PRIT. Independently responsible for the submission of routine financial reporting to various governmental agencies as mandated by Massachusetts General Laws. Independently responsible for responding to various requests from 104 Contributory Retirement Systems within the Commonwealth of Massachusetts.
Essential Elements
As Chief Executive Officer of the Springfield Retirement System, responsible for the enforcement of all regulations pertaining to public pension benefits, as they pertain to the membership of the Springfield Retirement System, as prescribed by MGL Chapter 32, PERAC regulations, Springfield Retirement Board supplementary regulations, appeal decisions of DALA and CRAB, EEOC decisions, IAB regulations/decisions, IRS and DOR regulations.
Responsible for the accurate and timely reporting to Retirement Board Members of all pertinent information as it relates to the daily administration of the Retirement Office.
Responsible for ensuring timely and accurate reporting from custodial bank and several investment managers. Responsible for interpreting and recording all financial reporting relative to the assets of the Springfield Retirement System. Responsible for providing timely and accurate financial reporting to several governmental agencies, including preparation of Trial Balance, Receipts Journal, Disbursements Journal and Adjusting Journal Entries, on a monthly and year-end basis. Assists both PERAC auditors and the City’s independent auditors in the analysis and explanation of Retirement System financial records.
Responsible for the preparation of the annual operating budget for approval by the Springfield Retirement Board.
Responsible for the annual submission of membership and financial data to the Actuary.
Responsible for interpreting the annual Actuarial Report and providing notification to the City of Springfield Mayor, City Council, Executive Director, Housing Authority, Executive Director, Water & Sewer Commission. Responsible for notifying the same Units of the annual appropriation payment schedule, monitoring timely receipt of the Retirement System appropriation.
Responsible for the computation and collection of pro-rata pension amounts receivable and payable from 104 Contributory Retirement Systems within the Commonwealth of Massachusetts.
Responsible for ensuring proper receipt of annual cost-of-living reimbursement from the Commonwealth of Massachusetts.
Responsible for calculating cost-of-living adjustments for eligible retirees and survivors of the Springfield Retirement System and verifying that retiree records reflect accurate cost-of-living data for actuarial purposes.
Responsible for ensuring that sufficient cash is available to meet monthly pension payroll and operating expenses. Must coordinate asset transfers with PRIM/PRIT managers and custodial bank as deemed necessary.
Responsible for the review and payment of Retirement System expenses in the TYLER/PERA Accounting Systems.
Responsible for coordinating the timely disbursement of terminated membership accounts, as regulated by PERAC and the IRS. Including the transfer of memberships to 104 contributory retirement systems within the Commonwealth of Massachusetts.
Responsible for the issue of 1099R forms to terminated members of the system.
Responsible for the timely deposit of federal tax withholding to the IRS and the submission of associated year-end reporting to the IRS.
Responsible for the preparation of all relevant information for presentation to members of the Springfield Retirement Board at monthly Board meetings. Maintains the confidentiality and integrity of the reports; their findings; and conclusions until approved by the Springfield Retirement Board. Responsible for coordinating and interpreting various matters involving legal counsel. Responsible for accurate and timely submission of decisions of the Springfield Retirement Board to interested parties.
Responsible for the training and supervision of retirement office staff. Responsible for the daily administration of the retirement office, ensuring staff are effectively administering retirement benefits as legally regulated. Responsible for maintaining adequate office coverage at all times.
Responsible for maintaining and updating custom TYLER retirement software - Members, Retirees, Deduction Posting, Accounting Modules. Must ensure that Retirement Office Staff are properly trained in all modules and effectively utilizing the software.
Responsible for conducting Retirement Board Elections as legally regulated.
Responsible for counseling retirement system membership, with an emphasis on maintaining fair and consistent policies of the Retirement System as legally provided. Responsible for coordinating educational seminars for the membership of the system as deemed necessary.
Responsible for the import of member payroll contributions utilizing TYLER Deduction Posting software. Responsible for comparing deduction import totals to cash receipts reported by Treasurer/Collector and resolving any differences.
Responsible for providing annual Financial Statement to retirement system membership.
Responsible for the processing of disability applications, including the collection and recording of various medical records from associated medical facilities. Responsible for coordinating the convening of Regional Medical Panels with PERAC. Responsible for maintaining the confidentiality and integrity of the medical reports.
Responsible for the submission of various pension calculations to PERAC and subsequent notice of approval to members of the Springfield Retirement System.
Responsible for processing monthly pension payroll amounting to approximately 6 million per month on the TYLER software system. Responsible for reconciling year end taxable/non-taxable pension distribution totals for the processing of year end 1099R tax forms.
Responsible for monitoring workers compensation benefits awarded to active and retired members of the system and applying any applicable pension off-set as legally required.
Responsible for apprising Springfield Retirement System membership of appropriate appeal rights should they be aggrieved by a decision of the Springfield Retirement Board and/or PERAC.
Responsible for the oversight of proper enrollment of new members entering the system, ensuring that new employees of the all Units meet the membership criteria as prescribed by MGL Chapter 32 and Springfield Retirement Board supplementary regulations.
Responsible for researching and computing buyback calculations at the request of members of the system.
Responsible for monitoring vesting status of members who retain veterans status as defined by MGL Chapter 32 and providing timely notification to such members, once vested, of their right to purchase active military service for retirement credit.
Attend monthly Board meetings and educational workshops across the Commonwealth of Massachusetts.
Responsible to review proposed contract language that may relate to members’ retirement benefits, ensuring that contract language does not imply benefits inconsistent with MGL Chapter 32 and Retirement Board supplementary regulations.
Responsible for the verification of dependent status and proper issue of dependents allowance to eligible pension recipients.
Responsible for the oversight of proper receipt of annual Verification Form from all pension recipients as legally required.
Responsible for the utilization of both internet and manual resources in an effort to locate inactive membership of the system and providing proper notification of available options as they relate to their (inactive) retirement account.
Responsible for the custody, moving, disposal and oversight of all retirement system records, maintaining the confidentiality and integrity of the records at all times. As custodian of the records, responsible for appearing in court with said records upon receipt of subpoena.
Supervisory Responsibility
Must be able to independently plan, manage and supervise a municipal agency involved with a high volume of transactions with individuals and financial institutions. Must possess leadership as well as technical and professional accounting skills. Must be able to schedule, meet and maintain both a daily and monthly routine, assign responsibility to staff and maintain integrity of records. Must have the ability to train and supervise personnel.
Qualifications
To effectively perform this job, an individual must possess excellent oral and written communications, ability to explain retirement law complexities and strategies to the public. Must possess analytical and problem solving skills. Must have the ability to communicate with investment managers and custodial bank to assure accuracy of portfolio investment reports. Must have the ability to present information effectively which may be of a controversial nature, one on one, or in small groups, to outside organizations and officials of the City of Springfield.
Education and Experience
Candidate should possess bachelor’s degree in accounting or business-related discipline from an accredited college or a minimum of 10 years related experience within a MGL Chapter 32 public retirement system. Must possess knowledge of general business and accounting principles and practices. Must be proficient in the use of personal computers, including word processing and spreadsheet software. Ability and willingness to continuously upgrade accounting and retirement benefit skills by attending in service training.
Salary Range: $105,000 - $120,000 (placement in range dependent upon education and experience)
Letters of interest and resumes will be accepted until 4:00 pm, on Tuesday December 1, 2015. Please direct all correspondence to:
Thomas Scanlon, Chairman
Springfield Retirement System
70 Tapley Street, Springfield, MA 01104