African Development Bank Group (AfDB) – Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth.
We are recruiting to fill the position below:
Job Title: Head of Unit – Staff Benefits Plan Administration, Staff Retirement and Medical Plans (PTSB)
Position Number: 50092465
Location: Abidjan, Cote d’Ivoire
Position Grade: PL1
- The People and Talent Management Complex (PTVP), will retain overall responsibility for attracting, developing, motivating and retaining a strong complement of professionals, support staff and contingent staff to deliver the business of the Bank into the future.
- The PTVP complex is responsible for ensuring effective systems and controls in HR administration from hire to retirement.
- The PTVP complex is also responsible for the effective administration of the Bank’s benefit plans (medical and staff retirement) and ensuring the financial sustainability of these plans.
The Hiring Department
The Staff Benefits Plan Administration, Staff Retirement and Medical Plans (PTSB) is responsible for the overall staff related plans as follows:
- The Staff Retirement Plan (SRP or the Plan) is a contributory benefit scheme established by the Bank’s Board of Governors on 31 May 1989 and which became effective on 1 January 1990.
- The objective of the Plan is to contribute towards the financial security and well-being of its members and towards securing benefits for survivors.
- Initially the Plan was a Defined Benefit (DB) Scheme, where the Bank assumed all risk, but since 1 July 2019, the Plan has evolved into a Hybrid (Defined Benefit/Defined Contribution) Scheme for new members joining after this date, where risk is shared between the Bank and the members.
- The Plan is financed from regular and technical contributions by members and the Bank and the income generated from investment of the assets of the Plan. Entitlements of members are determined based on their final average salary and years of contributory service with the Plan. All benefits are denominated in Units of Account.
- Benefits provided under the Plan include normal retirement benefit, early retirement benefit, death benefit to surviving spouse and qualifying children or designated beneficiaries, disability pension, withdrawal settlement and Defined Contribution (DC) capital. The administration of the Plan is vested in three main entities: the Steering Committee, the Investment Committee and the Plan Administrator.
- The Medical Benefit Plan (MBP) is self-insured by the African Development Bank and staff. It is based on the principle of cost sharing of medical expenses between the Bank and MBP members (staff and retirees) through regular contributions and co-payment arrangements.
- The MBP provides comprehensive coverage for medical, dental and hospital benefits as well as prescription drugs for the staff and eligible retirees and their dependents. The administration of the Medical Plan is vested in the Medical Plan Board.
The overall role of the Head of Unit – Staff Benefits Plan Administration, Staff Retirement and Medical Plans, include the following:
- Administering the benefit Plans of the Bank, ensuring their long-term financial sustainability;
- Coordinating all activities of the Plans and, acting as the official representative of the Plans within and outside the Bank;
- Building capacity for designing and providing policies and systems for authorizing benefit payments and following up on benefit transfers to respective beneficiaries;
- Overseeing the maintenance of members’ records and providing Secretariat services to the Steering and Investment Committees of the Plan, as well as the Medical Board;
- Initiating and supporting benefit plans related regulatory framework and reforms.
Under the administrative supervision of the Vice President PTVP, the Head of the Unit performs the following key functions :
- Lead and coordinate the business of the Benefit Plans and, act as the official representative of these Plans;
- Lead the analysis, formulation, implementation and review of policies and objectives;
- Coordinate and facilitate the effective functioning of the Governing bodies of the benefit plans through the provision of secretariat services to the Committees, and organization of regular meetings and follow up on implementation of Committees’ decisions;
- Receive all notices, requests and other documents relating to the Plans submitted by the Bank or by beneficiaries under the Plans and action them, with appropriate information and recommendation, to the competent Committee, or take final decision where delegated to him/her;
- Lead in managing the relationship and coordination of activities of external service providers – scheme actuary, advising actuary, external auditors, asset manager, ALM (Asset and Liability Management) and other specialists – including their selection and engagement, and performance management;
- Foster an environment that stimulates and rewards innovation, creativity and accountability for results, and motivate staff for optimal delivery;
- Recruit, train and supervise teams of professional and general staff within the Unit to ensure the Unit operates effectively and meets performance and quality targets as well as compliance with best practices;
- Resolve complex and controversial issues that may arise with individual claims, in coordination with the Legal Department or the Governing Committees;
- Regularly review and update the terms of reference of the Committees.
- Lead and oversee the maintenance of accurate records concerning participation in, retirement under, or termination from the Plans and any entitlement to benefits thereunder as shall be required for the proper administration of the Plans;
- Ensure that certain plan information is available to those who are entitled to receive it, and that the information is accurate and complete, and provided within the timeframe specified in the Plans’ rules;
- Enrol employees in the Plans;
- Provide plan beneficiaries information about their rights and responsibilities in respect to the Plans;
- Provide plan beneficiaries information and documents that are required to be disclosed under each Plan rules;
- Determine plan beneficiaries’ entitlements under the pension schemes;
- Make payments to plan beneficiaries when they are due;
- Make payments to surviving spouse(s) of plan beneficiaries in accordance with Pension Plan rules, and court documents that are filed with the Administrator);
- Respond to inquiries or complaints from plan beneficiaries;
- Oversee and authorize pension benefit payments and follows up benefit transfers to respective beneficiaries;
- Lead the preparation of annual reports, financial statements and actuarial reports of the Plans and the condition of the Benefit Plans and circulate to the Bank and participants;
- Lead the compilation of data necessary for regular actuarial valuations;
- Manage the liquidity of the Plans and monitor the financial movements to ensure optimal resource allocation;
- Lead in ensuring transfer of contributions from the members and Bank to the SRP & Medical accounts;
- Provide thought leadership for the investment of excess capital from the SRP & Medical Plan funds
- Keep minutes of discussions and decisions of the Governing Committees;
- Manage day-to-day administration of the Staff Benefit Plans;
- Manage the delivery and performance of the staff in PTSB.
- Keep abreast with trends in the industry; provide authoritative technical and financial analysis and furnish to each Committee all such information or interpretations as shall be required to enable each Committee to make appropriate and informed decisions in the discharge of their mandate;
- Foster and maintain professional partnerships and linkages with other international organizations and negotiate and arrange agreements for the continuation and transfer of pension rights with sister international organizations;
- Lead issues of retirement and medical funds management of the Plans;
- Perform all other functions assigned from time to time under the Plans or by the Governing Committees.
Competencies (Skills, Experience, and Knowledge)
- A Master’s Degree in Law, Accounting, Business Administration, Economics, Finance, Management, Asset Management, Actuarial Science, or related discipline;
- A minimum of nine (9) years of relevant experience in Administration, Investments and Pension related services. Out of these five (5) years must be at managerial/supervisory level;
- Further experience in auditing, financial accounting and reporting, risk management, asset management and actuarial;
- Expert knowledge in investment management, actuarial sciences and/or benefits plan administration;
- Ability to deal with sensitive issues in a multi-cultural environment and to build effective working relations with diverse stakeholders;
- Problem solving, with clear understanding of the drivers and barriers to success in complex cultural environment where uniform rules need to be applied;
- Ability to drive change;
- Ability to lead and motivate teams;
- Results focused;
- Builds relationship with diverse and complex stakeholders;
- Ability to be flexible, open minded and to maintain integrity;
- Good understanding of identifying and evaluating reputational risk;
- Ability to communicate clearly and concisely (written and oral) in English and/or French, with a solid working knowledge of the other;
- Competence with standard Microsoft Office applications such as Word, Excel, Access, PowerPoint; Preferably experience in the use of project management software.
Application Closing Date
7th December, 2022.
How to Apply
Interested and qualified candidates should:
Click here to apply online