Experienced Retirement Analyst

The Actuarial Analyst uses analytical and communication skills to help clients with the design, financing, and administration of retirement and other benefit plans. This would include some direct client contact. Experienced Actuarial Analysts work independently, with minimal supervision, on various types of client projects, including data preparation, benefit calculations, and pension valuations.Specific Accountabilities
Preparation of Data
 Independently perform data preparation from beginning to end
 Problem solve basic issues that arise and escalate more complex issues to the appropriate resource
 Use past experience and knowledge to make basic decisions on outstanding issues and assumptions
 Understand the effect of data changes
 Follow up with client on data inconsistencies and issuesCalculation/Administration of Benefits
 Perform benefit calculations
 Handle benefit plan administration and associated special projects for various clients
 Responsible for quality control of the client's pension calculation system
 Maintain client databases and benefit calculation log
 Consult with client on special projects such as nonstandard benefit calculations, benefit statements, changes to requirements, special programs or other administrative requests
 Assist with the set-up and testing of the system for new clients according to the plan provisions and administrative requirements
 Assist with the development of plan administrator documents
 Broaden knowledge of defined benefit administration rulesValuation of Plans
 Update ProVal coding and run jobs
 Update census specifications and run inactive liabilities
 Update plan provisions and assumptions for active liabilities with close supervision
 Update assets and funding policy in ProVal; run valuation set for basic valuation results
 Summarize AVL output and basic valuation results
 Assist with preparation of valuation reports
 Prepare government filingsAssist/Support Experienced Consultants
 Assist actuaries on various special projects and client requests
 Communicate with actuarial client teams to achieve desired results
 Use Lotus Notes-based client databasesDeliverables and Performance Measures
 Client and billable time
 Feedback from peers, clients, and associates who work with this associate
 Success and financial results of client engagement (e.g. recovery ratio).
REQUIREMENTS
Education/ Certifications/ Work Experience Required
 Undergraduate degree or equivalent experience
 Demonstrated proficiency in using computer systems and programs
 Generally, 2+ years relevant work experience
 Knowledge of defined benefit plans/administration
 Intermediate database knowledge
 Intermediate spreadsheet knowledge ( Excel preferred)Knowledge Base Required
 Defined Benefit plan experience
 Organizational skills
 Database management
 Basics of actuarial mathematics and life contingenciesTechnical Competencies/Skills Required
Actuarial Valuations/Funding
 Understand impact of varying assumptions
 Use, tailor, and program valuation software
 Validate and reconcile data
 Validate and reconcile valuation results
 Minimum and/or maximum funding calculation components
 File reports and certificates with the relevant government and regulatory authoritiesUnited States Knowledge Areas
 FAS 35 accrued benefit valuations
 Actuarial Standards of Practice No. 23 (ASOP)  Data Quality
 Form 5500 and applicable schedules
 Data programming and maintenance of ADP/ADMS systems
 Valuation programming on ProVal systemAccounting
 Relevant accounting standards and related business impact
 Disclosure requirementsUnited States Knowledge Areas
 FAS 87 Accounting and FAS 132 Disclosure
 FAS 88 Accounting for Settlements and Curtailments
 FAS106 Accounting for Post-retirement Medical and Life Insurance Benefits
 FAS 112 Accounting for Other Post-employment Benefits
 Annual Report and 10-K Disclosure Reporting
 IAS 19 (for clients with international disclosure)Benefit Design
 Benefit design spectrum (e.g., DC, DB, hybrid)
 Impact of union negotiations on plan designUnited States Knowledge Areas
 Nondiscrimination implications of benefit plan design
 Use strawman illustrations to show impact of new design
 Excel Hot Zone coding and production
 Benefit IndexBenefit Calculations and Actuarial Factors
 Ability to read and interpret plan documents in order to calculate benefits
 Calculate benefits and factors
 Termination before retirement
 Early/normal/late retirements
 Conversion of annuity to lump sum (and vice versa)
 Cash balance account calculations, including conversion to annuity
 Calculation of optional forms of paymentUnited States Knowledge Areas
 Use actuarial factors to quantify subsidized early retirement or optional form election experience
 QDRO calculations
 Application of the 401(a)(17) pay cap
 IRC Section 415 limit calculations
 Treatment of breaks in service and termination/rehires
 Application of Section 411 minimum vesting and accrual rules
 Calculate benefits beyond normal retirement age
 Application of Section 401(a)(9) minimum required distributions
 Special provisions applicable to disabled participants
 Run benefit calculations using DBCalc
 Excel actuarial add-in functionsCompetencies  Client Knowledge, Responsiveness & Relationships
 Communication
 Numeracy, Programming and Computing Skills
 Personal Effectiveness, Adaptability & Professionalism
 Problem Solving & Decision Making
 Project Management
 Working with Others
Hewitt Associates is a global outsourcing and consulting firm delivering a complete range of human capital management services to companies, including HR & Benefits Outsourcing, Payroll, Health Management, Retirement & Financial Management, and Talent & Organization Consulting.Our associates have been instrumental in developing innovative solutions that have helped our clients become some of the most successful companies in the world. Today, our client roster includes more than half of Fortune 500 companies and more than a third of Fortune Global 500 companies.