Close relatives1 of ADB staff, except spouses of international staff, are not eligible for recruitment and appointment to staff positions. Applicants are expected to disclose if they have any relative/s by consanguinity/blood, by adoption and/or by affinity/marriage presently employed in ADB.
1Close relatives refer to spouse, children, mother, father, brother and sister, niece, nephew, aunt and uncle
Staff on probation are not eligible to apply. Applicants for promotion must have served at their position for at least one year and must have normally served at their personal level for at least two years immediately preceding the date of the vacancy closing date. Applicants for lateral transfer must have served at their position and personal level for at least one year immediately preceding the date of the vacancy closing date (reference A.O. 2.03, paragraphs 5.8 and 5.9).
In the event that the staff appointed to a new category (i.e. from AS to NS, or from NS to IS) is rated at 2 or lower in the first two performance reviews after appointment at the new level, they will return to the level occupied immediately prior to their appointment in the new category.
Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.
ADB only hires nationals of its 68 members.
The position is assigned in the Retirement Benefits and Investment Unit (RIU) within the Budget, People and Management Systems Department (BPMSD). The department provides services to ADB in the areas of human resources and budget & management services. The division is responsible for the retirement benefits, policies and procedures across the organization, ensuring that they are designed, monitored and managed in a way which supports the strategic objectives of ADB.
To view ADB Organizational Chart, please click here.
The Senior Retirement Benefits Officer (SRP) provides substantial expert contributions and support to the Division, with particular focus on the areas of benefits policy and administration, as well as overall plan modeling and secretariat for the Defined Benefit pension plan and post-retirement group medical insurance plan (PRGMIP). The incumbent will report to designated International staff and may supervise National and Administrative staff.
a. Policy for pension and other post-retirement benefits and their administration (including funding):
- Attends to pension benefit policy-related initiatives as delegated by the Specialist(s), which may include conducting quantitative, legal or financial analysis of current and new policy, and formulating and motivating proposals, as well as detailing related implementation instructions.
- With the team, attends to preparation of technical / policy documents, leads benchmarking exercises, coordinates project communications and provides operational support
b. Modeling, data management and administration of projects in the area of pension and medical plans
- Ensures availability of high-quality, up-to-date and relevant data for the areas of interest, data management and provides relevant analyses and overall modeling of the Staff Retirement Plan (SRP) and PRGMIP.
- Provides coordination and operational support for projects and annually recurring valuations and approvals prepared for the Pension Committee (PC), Investment Committee (IC) and Administration Committee (AC). This may also include work on Terms of Reference (TORs), Expression of Interest (EOIs), Request for Payment (RFPs), Consultant Management System (CMS) and budgets.
c. Achieving compliance with Reporting Requirements on pension assets and liabilities
- With the Specialist, coordinates the actuarial and accounting valuations of the SRP and the PRGMIP, which may include collaborating on assumption setting, submission of data and actuarial analysis of funding and accounting results.
- Provides support to the Specialists on any additional (reporting) requirements based on the joint evaluation of pension assets and liabilities. This may involve technical / quantitative analysis and active participation in reviews and benchmarking in line with best practice in the industry.
d. Office Administration, team supervision and stakeholder coordination
- Supports the Specialist(s) in supervising the team member/s, including the organization and prioritization of work items, establishing procedures and ensuring timely and efficient completion of the team’s planned deliverables
- Serves as the liaison, supporting the Specialist(s), e.g. between the Committees and ADB Departments/Offices (e.g. Controller’s Dept , Office of the General Counsel , Office of the Auditor General ), external auditors and Plan participants. Coordinates with all parties to reach effective outcomes.
- Coordinates as needed on SRP administration, SRP financial statements, SRP budget allocations, audit of the SRP, request for data, and other similar areas.
- Administration of Committee related matters, through the supervision of staff, preparation of briefing materials and acting as a focal point (also in the relation with other Multilateral Development Banks (MDBs), International Financial Institutions (IFIs), International Organizations (IOs)
e. Short-term Liquidity Management
- Liaises with internal and external parties for data collection, updating short-term benefit and contribution forecasts, and executing liquidity management procedures and preparing related reports
Relevant Experience & Requirements
- Bachelor’s degree in Business Administration, Management, Actuarial science, Mathematics, Statistics or related fields. Master’s Degree or equivalent is an advantage. Member of a recognized Actuarial Profession is an advantage.
- Minimum of 10 years of relevant professional experience in pensions, risk management, insurance, finance, accounting, investment or related function(s), with at least 5 years of supervisory experience. Mastery of MS Office (Word, Excel and PowerPoint). Advanced skills in Excel and programming and automation skills (e.g. VBA in excel) are a plus.
- Excellent organization, coordination and interpersonal skills; able to effectively implement project management, e.g. stakeholder communications, organize meetings, calendar management and document preparation.
- Communicate and act based on thinking in terms of anticipated outcome, and able to exercise judgment on matters of confidential nature and those requiring urgent attention. An understanding of the role of the division and department, and its contribution to the overall mission of the organization.
- Able to work collaboratively within the team and to build effective working relationships with colleagues in other divisions and departments.
- Excellent written and verbal communication skills in English are required.
- Please refer to the link for the ADB Competency Framework for NS5.
The selected candidate, if new to ADB, is appointed for an initial term of 3 years.
ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB’s standards and computation, taking into account the selected individual’s qualifications and experience.
ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.
Please note that the actual level and salary will be based on qualifications of the selected candidate.