Review Vacancy
AgencyTeachers' Retirement System
TitleActuary Trainee/Assistant Actuary
Occupational CategoryOther Professional Careers
Bargaining UnitCSEA Local 658 (NYS Teachers’ Retirement System)
Salary RangeFrom $59609 to $87497 Annually
Duties Description The Actuary Trainee/Assistant Actuary is a staff member of the Actuarial Department of one of the 10 largest public pension funds in the nation. The focus of the actuarial team is to maintain a secure, stable pension for the members of the NYS Teachers’ Retirement System through its annual preparation of the actuarial valuation and employer contribution rate. The Actuary Trainee/Assistant Actuary will be deeply involved in all aspects of the actuarial job duties listed below and work with a highly collaborative team. Given the size of the plan, the position allows for a wide range of actuarial opportunities and skill growth within an organization that supports a healthy work-life balance.
NY HELPS Program Information
This title is part of the New York Hiring for Emergency Limited Placement Statewide Program (NY HELPS).
For the duration of the NY HELPS Program, this title may be filled with a non-competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications, and any specialized requirements, of the title for which they apply.
At a future date (within one year of permanent appointment), it is expected employees hired under NY HELPS will have their non-competitive employment status converted to competitive status, without having to compete in an examination.
Job Duties
The Actuary Trainee/Assistant Actuary will be responsible for, but not limited to, the following duties:
Participate in the annual actuarial valuation of System data, assets and liabilities leading to the development of the employer contribution rate, using the System’s valuation software (ProVal)
Calculate the System’s annual actuarial gain/loss using the System’s valuation software (ProVal)
Analyze annual experience studies used to gauge the effectiveness of actuarial assumptions
Create materials needed for compliance with GASB 67 and GASB 68
Participate in the preparation of fiscal notes for proposed plan design legislation affecting the System
Assist in the preparation of the New York State Dept. of Financial Services annual filing
Develop information, charts, and graphs for the Actuarial and Statistical section of the System’s Annual Financial Report
Work with outside auditors and system accountants on preparation of the System’s annual financial statements, including preparation of actuarial and funding disclosures
Analyze actuarial assumptions as needed (typically every five years)
Prepare annuity values and option factors in accordance with statue, including the computation of option factors for alterative options and domestic relation orders
Minimum Qualifications Minimum Qualifications
To be appointed via the NY HELPS program, you must meet the following requirements:
Actuary Trainee (Grade 13)*
On or before the date of filing your application, you must have a bachelor's degree including 24 semester credit hours in mathematics, statistics, or actuarial science.*Conditions for Actuarial Traineeship: During the one-year traineeship, appointees will be required to have successfully completed one examination of the Society of Actuaries or the Casualty Actuarial Society. Those trainees who meet the requirements may be advanced to the title of Assistant Actuary without further examination. Those trainees who do not meet this requirement within one year of appointment will have their employment terminated.
Assistant Actuary (Grade 14)
A bachelor's degree or higher including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science; AND successful completion of one (1) examination of the Society of Actuaries or Casualty Actuarial Society.
Preferred Qualifications
Working knowledge in Microsoft Word, Excel, and PowerPoint
Excellent oral and written communication skills
Ability to organize and prioritize work in a dynamic and complex environment to meet deadlines and daily requirements
Experience with pension valuation programming, ideally with ProVal
Commitment to providing exceptional customer service
Additional Comments In order to be considered for this position, you are required to complete a NYSTRS’ employment application for the position you are applying for. The link to the employment applications is below.
https://nystrs.wd12.myworkdayjobs.com/NYSTRS_Careers
Some positions may require additional credentials or a background check to verify your identity.
Email Address nystrshr@nystrs.org
Address
Notes on ApplyingIn order to be considered for this position, you are required to complete a NYSTRS’ employment application for the position you are applying for. The link to the employment applications is below.
https://nystrs.wd12.myworkdayjobs.com/NYSTRS_Careers