Enrolled Actuary

CUNA Mutual   •  

Madison, WI

Industry: Accounting, Finance & Insurance


8 - 10 years

Posted 147 days ago

This job is no longer available.

Job Purpose:

  • Assist the Director of Enrolled Actuaries in providing timely, quality, valuation results to clients.
  • Perform pricing and reserving calculation for Pension Risk Transfer annuity product.
  • Manage defined benefit plan specialists in the completion of all defined benefit work.
  • Support CUNA Mutual Retirement Solutions and clients by serving as a valuable resource of defined benefit pension knowledge.
  • This role reports to the Director of Enrolled Actuary Services.

Job Responsibilities:

Reviewing Valuations Results and Benefit Calculations (40%)

  • Review defined benefit census data for reasonableness
  • Review asset data for valuation purposes
  • Reviewing valuation assumptions including pre/post retirement mortality tables, turnover, retirement, disability, and salary scale assumptions
  • Reviewing defined benefit plan liabilities and normal costs
  • Review minimum and maximum deductible contribution calculations including quarterly contributions
  • Review complex benefit calculations including accrued benefits, pension vesting service, pension benefit service, normal retirement ages, and optional forms of payment
  • Apply EA knowledge to verify that benefit calculations comply with 415 benefit limits
  • Review death and disability benefit calculations, QDRO benefit calculations, large lump sum distributions
  • Calculate actuarial increases for delayed retirement payments and calculate required minimum distribution payments
  • Interpret plan document language as it relates to plan design and benefit calculations
  • Review benefit statements
  • Work with FIS on the distribution of defined benefit payments
  • Prepare valuationreports and results presentations that include documentation of assumptions and methods used according to ASOPS
  • Calculating ASC 715 benefit expense and balance sheet liabilities including setting reasonable assumptions
  • Effectively communicate with the plan sponsor, auditor and IRS or DOL

Support Pension Risk Transfer Product (30%)

  • Evaluate potential deals, set and review assumptions and perform pricing calculations
  • Perform reserving calculation quarterly or as needed and communicate results with corporate finance
  • Set up administrative systems to facilitate benefit calculation and preparation of distribution forms and to support client service personnel
  • Review calculations and distribution forms prepared by specialists

Special Projects (20%)

  • Performing Nondiscrimination tests including 410(b) and 401(a)(4) 
  • Completing Top Heavy Tests
  • Reviewing and signing government forms for determining PBGC premium payments
  • Reviewing IRS 5500 filings including schedule SB’s
  • Developing new combined DB/DC plan proposals based on specific client needs that pass nondiscrimination tests
  • Assist with regulatory planaudit requests
  • Review annual funding notices
  • Review plan amendments and curtailments
  • Review plan document restatements
  • Preparing 204(h) notices
  • Calculating frozen benefits and restricted benefits
  • Review plan termination benefit calculations
  • Share ideas, knowledge and concepts across the organization

Serve as People Manager to Plan Specialists (5%)

  • Schedule 1 on 1’s with DB Plan Specialists
  • Answer questions from Plan Specialists
  • Monitor workload and reassign as needed
  • Serve as mentor

Maintain Designations and Update Regulatory Knowledge (5%)

  • Maintain EA and ASA designations in good standing by completing necessary continuing education credits
  • Update job knowledge through a combination of self-studying, attending EA meetings, participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations
  • Share ideas, knowledge and concepts across the organization

Job Requirements:

  • Bachelor's Degree in Actuarial Science, Mathematics, Statistics or equivalent trade-off in professional related work experience
  • Minimum of seven years in defined benefit pension experience
  • ASA or FSA designation and Enrolled Actuaries designation in good standing
  • Demonstrated knowledge in current government regulations regarding pension plans, PBGC forms, ERISA regulations, DOL/IRS forms, Top heavy test, 415 benefit limits, Nondiscrimination testing, cash balance plans, and final average pay plans
  • Demonstrated ability to manage and train junior employees
  • Demonstrated experience answering client questions

Job Id: R-00303