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Accountant 2 Full-time

at Commonwealth of PA in Pennsylvania (Published at 21-10-2019)


This position independently performs important and responsible reconciliation and analysis of general ledger accounts as they relate to Premium Assistance Fund's $ 123 million complex and diverse investment portfolio and PSERS new Defined Contribution plan (DC) investments under Act-5. This position will be responsible for the preparation of journal entries to account for activity relating to the investment reporting of Premium Assistance and the DC plan. This position also serves as the oversight function for the overall investment reporting of the Fund's DC plan investments. Such reporting includes various financial management and performance-related reports of mutual funds that hold domestic and international equities, domestic and global fixed income, short-term, derivatives, options, futures, commodities, FX transactions and the healthcare account to PSERS' senior management and Board of Trustees.

  • Full-time employment


Responsible to analyze Financial and Management Reports as well as related documentation received from Voya (Third Party Administrator). Work closely with TPA's accounting staff. Analyze the Reports and documentation. Identify accrual related activity to be journalized (the full accrual method of accounting is used), and prepare journal entries. Analyze specific General Ledger accounts and perform reconciliations to ensure accuracy for internal financial reporting. Responsible to ensure the complete reporting of all cash & accrual related activity for the Defined Contributions Plan and associated journal entries. Responsibilities include, but are not limited to, researching and resolving routine, unique or complex investment accounting transactions and ensuring that the monthly reconciliations of cost, market, purchases, sales, accrual, pending trades, income, unrealized and realized currency and security gains/losses and income accruals posted to the general ledger are complete and accurate and in accordance with generally accepted accounting principles. Analyze results and identify anomalies. Recommend necessary corrections to Third Party Administrator based on identified anomalies. Be responsible to monitor the receipts and disbursements in accordance with applicable legal requirement.
Monitor and maintain premium assistance portion of contributions as received from Employers and the Commonwealth to ensure timely and accurate investment allocations.
Responsible to ensure all administrative expense invoices from the TPA are expenses covered by the contract. Monitor outstanding payable to ensure prompt payment to TPA and responsible for processing the request to pay the DC expense in a timely manner.
This position requires maintaining a thorough knowledge of government and financial accounting methods as applied to investments, generally accepted accounting principles and procedures, the Fund's investment objectives and guidelines, various investment and accounting software packages, and the investment markets and their impact on Fund performance.
Custodial bank reports for short-term investment funds, fund summary, currency summary, open payables and receivables and futures positions are requested for the Fund's investment managers and partnerships. Technical understanding of all the Fund's asset classes as well as short-term investments, and various manager investment strategies is required.
Communicate, verbally and in writing, with the custodial bank, senior Treasury officials, senior management staff, investment managers' operations' managers, brokers, Fund consultants and independent auditors to effectively coordinate the transaction, reporting and performance activity of the Fund's investments.
Responsible to keep an ongoing reconciled status of the Premium Assistance level of accounts and the Defined Contribution within the General Ledger. Through use of Commonwealth's accounting system, verify monthly short term earnings posted match the Mellon Reports. Responsible to analyze the sub-custodial bank activity for PA and DC plan.
Responsible to analyze the effects on the cash balance of the Health Insurance Account (for Premium Assistance) at the sub-custodial bank. Responsible to notify the Investment Office of substantial cash inflow or outflow for investment purposes. Responsible to accumulate data, identify amounts, and recommend quarterly investment allocation.
The incumbent is also responsible to develop and maintain controls for detecting misuse and/or loss of funds by monitoring the new Third-Party Administrator for administering the Defined Contribution Plan. Responsible for examination of financial data as submitted by the Third-Party Administrator. Ensure the accuracy and thoroughness of documentation.
Monitor and maintain premium assistance portion of contributions as received from Employers and the Commonwealth to ensure timely and accurate investment allocations. Investment accounting transactions involve, but are not limited to, equity, fixed income, options, futures, foreign exchange contracts, corporate actions, and various other derivatives. Maintains and reconciles the IABOR to the custodial bank through review of multiple reports. Research new and complex investment instruments purchased by the Fund and offered as part of the Defined Contribution plan to ensure proper accounting theory is applied in reporting the Fund's investment transactions. Review the following: the reconciliation, audit, and analysis of the Healthcare Fund including monthly journal entries for PSERS' general ledger and detailed year-end reports required for the annual independent audit; market values included in the monthly and quarterly performance reports prepared by the Fund's overall investment consultant for PSERS' senior management. Prepare or direct the preparation of correspondence to the custodial bank, outside consultants or claims administrators regarding cash or other problems requiring attention/correction.
Extensive knowledge and skill in use of Microsoft Office applications is required. Maintain working knowledge of various software programs including Executive Workbench, Document Direct, FCS, Bloomberg and Microsoft's suite of products including Excel, Word, Outlook and PowerPoint



  • Must meet PA residency requirement ? For more information on ways to meet PA residency requirements, follow the link and click on Residency
  • Minimum Experience and Training Requirements - one year as an Accountant 1; or two years of professional accounting experience, and graduation from a four-year college or university, including or supplemented by fifteen credits in accounting. Four years of bookkeeping experience and fifteen college credits in accounting may be substituted for college graduation. A Master's degree in Accounting or a related field may be substituted for one year of general work experience.
  • This posting requires submission of your college transcripts with your application. You may upload your documents as Attachments during the application process. You must still complete the application and answer the supplemental questions. All documents MUST be uploaded prior to the submission of your application. Unofficial transcripts are acceptable.
  • Must be able to perform essential job functions
Veterans: Pennsylvania law (51 Pa. C.S. ยง7103) provides employment preference for qualified veterans for appointment to many state and local government jobs. To learn more about employment preferences for veterans, go to www.employment.pa.gov/Additional%20Info/Pages/default.aspx and click the Veterans' Preference tab or contact us at ra-cs-vetpreference@pa.gov.
Telecommunications Relay Service (TRS): 711 (hearing and speech disabilities or other individuals)
The Commonwealth of Pennsylvania is proud to be an equal opportunity employer supporting workplace diversity.


  • Score valid for this specific posting only
  • Score based on information reported on application and supplemental questions
  • Provide complete and accurate information or:
    • score may be lower than deserved
    • application processing may be delayed
    • disqualification may result
  • May only test once under this announcement
  • Email notice of test results provided

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