The World Bank is one of the world’s largest sources of funding and knowledge for developing countries. The World Bank works in more than 100 developing economies to improve living standards and fight poverty. For each client, the World Bank uses financial resources and extensive experience to help our client countries to reduce poverty, increase economic growth, and improve quality of life. The International Bank for Reconstruction and Development is the original member of the World Bank Group and is owned by 189 member countries whose views and interests are represented by a Board of Governors and a Washington, DC-based Board of Directors. There are five World Bank Group institutions, each of which specialize in different aspects of development: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank has twin goals of ending extreme poverty and promoting shared prosperity. Its capacity to fulfill these goals is underpinned by a Treasury Vice Presidency (Treasury) that is widely recognized for its dynamic professionalism and its record of innovation in obtaining outperformance for its clients in all of the Treasury’s functions.
Treasury is the Vice Presidency performing treasury functions for the IBRD and IDA and, to varying degrees, for other members of the World Bank. Its activities are organized and grouped into six departments: Capital Markets, Investment Management, Pension and Endowments, Quantitative Solutions and Analytics, Treasury Operations and, Financial Advisory and Banking. Treasury has been a large and significant player in the international financial markets for more than fifty years and has achieved a global reputation as a prudent and innovative borrower, investor and risk manager.
Treasury is responsible for: (i) managing approximately $150 billion in assets for the World Bank and other official-sector investors; (ii) leading the World Bank’s triple-A rated financing program in international and domestic bond and derivatives markets; (iii) conducting asset and liability management for the World Bank’s balance sheet; (iv) overseeing the development and outreach related to the financing and hedging products the Bank provides for its developing-country clients; and (v) collaborating with the World Bank member countries to help build their capacity. Staff in Treasury regularly interacts and collaborates with the other departments across the Bank and Finance Teams.
Treasury staff are organized into six departments operating in the asset management, banking and debt management, and capital markets business segments. The Pension and Endowments Department (PEN) manages about $23 billion US dollars invested across a range of asset classes, from fixed income to public equities to private equity, real assets and absolute return strategies.
The Pension Administration Division (PENAD) is part of PEN and has staff located in the Bank’s offices in Washington, DC and Chennai, India. PENAD provides a full range of support functions for the administration of the Staff Retirement Plan (SRP) and the Post-Employment Benefit Plan (PEBP) and also provides some support services for the Retired Staff Benefits Plan (RSBP). These Plans cover approximately 15,000 active staff and over 9,000 retirees around the world. PENAD determines and administers payment of pension benefits to retirees in U.S. dollars and foreign currencies, accounts for the pension benefit payments, and provides a comprehensive educational program to disseminate the Staff Retirement Plan provisions to participants in the headquarters and country offices.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 3 year term appointment.
• Provide information, resolve problems and issues relating to the Staff Retirement Plan through in-person contacts, electronic mail, the telephone, and correspondences with active staff, retirees and other beneficiaries;
• Prepare communication in response to employees’ and pensioners’ inquiries about the Plan and associated benefits;
• Process and calculate pension benefit payments made under the Plan at the request of active participants and prepare certifications as requested by retired participants;
• Review benefit calculations to ensure consistency with the Plan provisions and established procedures;
• Assist in reviews of control procedures and transaction processing procedures to help streamline operations and gain efficiencies;
• Follow-up on issues pertaining to PENAD transactions as well as queries for internal and external counterparts;
• Manage counseling and transition support appointment requests;
• Scan incoming and outgoing documents into the electronic record management system and route documents to the appropriate staff member’s record;
• Prepare documents for archiving in accordance with the group’s retention policy;
• Review and input pensioners’ designation of beneficiary(ies);
• Serve the Pension Kiosk, answering telephones, directing queries to the appropriate counselors and assisting walk-in clients;
• Process and monitor the secure dispatch of participant rollover checks and benefit summary packets;
• Assist in the preparation, organization, and facilitation of Pre Retirement Seminars and Lunch Time Seminars;
• Identify systems problems and recommend enhancements; and
• Undertake ad hoc projects and special assignments as required by Supervisor and Headquarters as needed.
2. Experience in public/private financial institution or the finance function of a public/private corporation would be highly preferred. Prior experience with pension plan administration would be a plus.
3. Hands-on familiarity with analytical tools and ability to translate theoretical concepts into practical approaches for Bank financial work.
4. Proven skills in the latest information/office technology and other relevant business tools (e.g. Microsoft Word, Excel, Power Point and desktop publishing packages) and familiarity with standard Bank standard technology packages (e.g., SAP, Lotus Notes, PeopleSoft) is desirable.
5. Demonstrated ability to independently respond to extensive and diverse inquiries and make decisions when multiple courses of action are possible. Be able to process, handle, and communicate matters of a sensitive and confidential nature.
6. A strong team player with the confidence to interact at all levels of an organization.
7. Demonstrated initiative in developing practical approaches that will improve office support work and the effectiveness of unit/team.
8. Excellent verbal and written communication skills in English, including ability to reorganize, edit and draft a variety of quality written and presentation outputs.
9. Excellent interpersonal skills and mature judgement with the ability to deal tactfully and effectively with internal/external contacts at all levels in a multicultural environment.
10. Familiarity with or willingness to learn the Bank’s Staff Retirement Plan.
11. Positive attitude, high degree of initiative and reliability.
12. Highest ethical standards.
Lead and Innovate: Applies creativity, flexibility and persistence to develop new approaches. Considers own behavior in context of WBG’s values and mission and recognizes impact on others. Frames problems and recommends solutions.
Deliver Results for Clients: Demonstrates initiative, independence and autonomy in addressing client needs in changing business contexts and environments. Has knowledge of department strategy, vision, and goals and can link them to those of the larger organization. Allocates and prioritizes resources according to areas of most urgent need and greatest impact for the client.
Collaborate Within Teams and Across Boundaries: Adopts a collaborative approach to improve overall effectiveness outside one’s department and displays an open, helpful attitude toward others. Approaches conflicts as common problems to be solved. Demonstrates understanding of and acts to incorporate multiple perspectives. Frames thinking/actions with a WBG corporate perspective in mind.
Create, Apply and Share Knowledge: Takes ownership for organization of knowledge-sharing and learning activities. Contributes to the knowledge of the work group and beyond. Uses feedback to develop self and mentor others. Builds personal and professional networks within and beyond the work group.
Make Smart Decisions: Anticipates, researches, reviews, and analyzes available data and relevant empirical evidence, including lessons learned. Understands risk and can provide basic assessment using cost-benefit analysis. Uses critical thinking and good judgment to make decisions. Supports decisions, takes action and ensures appropriate follow-up actions are taken.
Records Management/Content Management on Web: Basic conceptual understanding of the principles underlying records management. Ability to identify the essence of the document, file it using the correct schema and route it to appropriate staff for further action.