Actuary Retiree Medical-Pension Services
The National Rural Electric Cooperative Association (NRECA), with offices in Arlington, VA and Lincoln, NE is the trade association for over 900 consumer-owned electric cooperatives serving more than 42 million people. NRECA is committed to harnessing the strength of Americas electric cooperatives into a single powerful voice. NRECA has won the following awards over the past few years:
- Top Workplace by the Washington Post
- 100 Best Places to Work - ComputerWorld Magazine
- 50 Best Places to Work - The Washingtonian
- CARE Award Recipient - Recognizing organizations that promote a positive work-life balance
- 50 Greatest places to Work - AARP
- Best Place to Work Award Recipient - Lincoln, NE
- Gold Well Workplace - Wellness Councils of America
- State of NE Governor's Wellness Award - Grower Level
At NRECA, we work with people who are leaders in their fields. They are down-to-earth, hardworking professionals committed to helping our members serve their communities. Our work is interesting, constantly evolving, and requires new skills to meet the evolving needs of a dynamic industry. In this collegial, inclusive work environment, united around the compelling purpose and history of electric cooperatives, we thrive. And topping it off, NRECA cares about each persons overall well-being, encouraging health, financial security, and a sustainable work/life balance.
Actuary Retiree Medical-Pension Services P4
Provides comprehensive support to the retiree medical plan valuation team in preparing annual financial reporting and related actuarial analysis for cooperative post-retirement (non-pension) benefit plans, from initial data collection/processing through report preparation. Independently perform post-retirement plan analysis, applying appropriate assumptions, actuarial cost methods, and accounting rules, and complying with actuarial standards. Communicates results to co-ops and consults with co-ops on routine issues. Supports the defined benefit plan services team and other actuarial units in performing projects, special studies, and related actuarial analysis.
Purpose and Mission
Applies comprehensive actuarial experience in the teams efficient and timely delivery of actuarial services to co-ops sponsoring post-retirement benefit plans, and in performing ad-hoc actuarial studies and projects.
Uses actuarial expertise to complete valuations and disclosures for financial statement reporting. Prepares plan design change cost analysis, impact of business/plan mergers, settlement of liabilities, funding strategies, cost sharing strategies, assumption setting, and analyzing changes in accounting requirements of the FASB.
Utililizes critical thinking and applies actuarial concepts to program the actuarial valuation system to accommodate new plans as well as to incorporate changes in assumptions, benefit structure, cost sharing provisions, and actuarial cost method for existing plans. Reviews test cases and performs gain/loss and other analyses to ensure accuracy of the participant data, software coding, assumptions and results.
Uses actuarial judgement to ensure financial reporting and all actuarial work is in compliance with actuarial standards of practice, and applicable financial accounting standards. Assists with analyzing emerging legislation and professional standards and their impact on co-op plans. Translates new standards into revised cost determination and reporting tools.
Provides co-op financial staff with information related to the actuarial valuation process and routine results. Supports the Lead Post-Retirement Benefits Actuary in explaining and responding to complex inquiries.
Assists with project management including tracking work though all phases of service delivery. Acts as a resouce and provides guidance to interns and less senior staff in performing data analysis, preparing intermediate results, and report generation. Peer reviews work product.
Supports the defined benefit actuarial team serving NRECAs Multiple Employer Pension Plan. Performs analysis and review for a broad range of recurring and special projects including complex benefit calculations, employer contribution allocation, plan design, cooperative business/workforce changes, analysis of new plan features, etc.
Assists with the actuarial work supporting other NRECA benefit plan offerings, including defined contribution, non-qualified deferred compensation, and medical/prescription drug.
Requirements and Qualifications
Bachelor degree in mathematics, actuarial science, or equivalent education experience.
Associate of the Society of Actuaries or Enrolled Actuary designation.
8+ years in performing post-retirement medical and defined benefit pension benefit actuarial analysis, preparing related actuarial valuations and financial reporting.
Experience in coding actuarial software used to determine retiree welfare benefit liabilities.
Ability to communicate, both verbally and in writing, with a diverse membership, employees and/or vendors in a clear and precise manner as demonstrated.
Ability to present complex financial and actuarial topics in a simple and concise way to a diverse audience.