Assistant Actuary - Actuarial Support (PAS3)

  • 1200 K St NW, Washington, DC 20005, USA
  • Employees can work remotely
  • Full-time

Company Description

ProSidian is a Management and Operations Consulting Services Firm focusing on providing value to clients through tailored solutions based on industry-leading practices. ProSidian services focus on the broad spectrum of Enterprise Solutions for Risk Management | Compliance | Business Process | IT Effectiveness | Energy & Sustainability | Human Capital. We help forward-thinking clients solve problems and improve operations.

Launched by former Big 4 Management Consultants; our multidisciplinary teams bring together the talents of nearly 190 professionals nationally to complete a wide variety of engagements for Private Companies, Fortune 1,000 Enterprises, and Government Agencies of all sizes. Our Services are deployed across the enterprise, target drivers of economic profit (growth, margin and efficiency), and are aligned at the intersections of assets, processes, policies and people delivering value.

ProSidian clients represent a broad spectrum of industries to include but are not limited to Energy, Manufacturing, Chemical, Retail, Healthcare, Telecommunications, Hospitality, Pharmaceuticals, Banking & Financial Services, Transportation, Federal and State Government Agencies. Learn More About ProSidian Consulting at www.ProSidian.com

Job Description

ProSidian Seeks a Assistant Actuary - Actuarial Support (PAS3) (CONUS - Washington, DC (Remote) | Senior Consultant - Full-Time) to support an engagement for a federally chartered corporation that encourage the continuation and maintenance of voluntary private defined benefit pension plans.  The candidate works as part of an Team that provides Federal Financial Services Sector-related Management And Operations Consulting Solutions for Actuarial Support for Multiemployer Special Financial Assistance Services.

This service supports Capital Markets Sector Clients (For Present / Future Requirements) and ProSidian Team Members work as part of a Team to fulfill requirements for a shall participate on Teams and contribute to deliverables that assess potential risks of company decisions or situations using statistics, financial theories, and mathematics.  The candidate works as part of an Team that provides Federal Financial Services Sector related Management And Operations Consulting Solutions for Actuarial Support for Multiemployer Special Financial Assistance Services.  Their duties include estimating probabilities of the success of certain business decisions, projecting costs of potential natural disasters, deaths, or sicknesses of company employees, and designing insurance policies or business strategies to reduce a company's financial risks.

The Assistant Actuary shall be a data-driven professional interested in working with market leading tools and technology to participate on Teams, contribute guidance, and support requirements of clients and Teams of professionals who help clients assess benefit program and organizational risk by leveraging advanced analytics within their federal and/or public sector organization's environment.  This role offers the opportunity to advise clients through critical and complex benefit and risk issues, while allowing you to develop personally and professionally

As a Assistant Actuary within our Government & Public Services (GPS) Team you participate on Teams in the analysis of  financial consequences of risk.  Other duties and responsibilities include:

  • Studying statistical data for the purpose of creating an analysis
  • Creating estimates of probability and likely costs for a given event such as death, natural disaster or sickness.
  • Calculating how insurance policies for different types of coverage are likely to pay out
  • Generating charts and presenting them at meetings along with explaining the information
  • Analyzing reports to determine next steps for the company or client
  • Participate in and/or lead the development of deliverable content that meets the needs of the client and contract
  • Anticipate client needs and formulate solutions to client issues
  • Review deliverables for accuracy and quality
  • Provide coaching to junior staff
  • Contribute to new business proposals and proposal development
  • Manage own personal and professional development; seeks opportunities for professional growth and expansion of consulting skills and experiences

Assistant Actuary - Actuarial Support (PAS3) Candidates shall work to support requirements for  (Actuarial Support Services) and contribute to client deliverables related to Performance Area I: Special Financial Assistance (SFA) implementation, reporting, and monitoring as well as Special Financial Assistance (SFA) application reviews.  In addition provide Surge Support as part of Performance Area II for Multiemployer Special Financial Assistance (SFA) Actuarial Support: 

A1] Performance Area I: Special Financial Assistance (SFA) implementation, reporting, and monitoring:

  • Assist NRAD in the development and documentation of standard procedures to address requests from the plan for approval of SFA.
  • Review eligibility and priority groups for plans that apply for SFA.
  • Review and update reports to track status of active cases, completed and in progress with respect to SFA.
  • Review and update the standard report for presentation and certification of results of each SFA application review.
  • Train PBGC staff on SFA application review.
  • Prepare and develop case reporting for internal and external stakeholders.
  • Review financial and actuarial determinations post approval of SFA with respect to transactions such as mergers, transfers, and withdrawal liability settlements.
  • Monitor plans that receive SFA for compliance with conditions.

A2] Performance Area I: Special Financial Assistance (SFA) application reviews

  • Review the application information, including organization of the information in NRAD’s systems, for completeness.
  • Review certification of plan status, actuarial valuation reports and other actuarial reports provided in the application.
  • Review cash flow projections and actuarial calculations included in application.
  • Review assumptions and supporting documentation as they relate to the cash flow projections and other actuarial calculations included in application.
  • Identify any proposed change in actuarial assumptions from the pre-2021 zone status certification. If changes are proposed, review information submitted in support of conclusion that the existing assumption is no longer reasonable and that the proposed assumption is reasonable.
  • Review calculation of the amount of SFA.
  • Prepare summary of financial and actuarial information included in application for SFA.
  • Review actuarial assumptions, plan provisions, projected benefits, contribution projections, investment rate of return, repayment of suspended benefits (if any), new entrant assumption, and historical data for accuracy and completeness.
  • As requested, review census data and produce projected benefits reflecting plan provisions.
  • Prepare report to present findings and formal actuarial certification of the results of the SFA application review.

B1] Performance Area II:  Surge Support: The Contracting Officer may unilaterally execute all or a portion of this optional task area by formal modification of the contract. The Team shall not perform work under this section without a formal modification to the contract executed by the Contracting Officer.

B2] Performance Area II:  Overflow Work: The Team shall provide the services described above under Performance Area 1, in section 2.5.1 Special Financial Assistance (SFA) implementation, reporting, and monitoring, and section 2.5.2 Special Financial Assistance (SFA) application reviews, when surge support is required to cope with periods of unanticipated workload increase and/or to provide for additional skill sets or additional hours of service to support increased mission requirements of sections 2.5.1 and 2.5.2.

B3] Performance Area II:  Related Special Projects: Special projects represent a small portion of surge support but are not limited to the following:

  • Litigation Support: In some instances, litigation support (testimony, depositions, etc.) defending The Team's work or concerning other actuarial issues may be required by the PBGC.
  • Analysis of legislation proposals: The Team shall provide support as needed for purposes of analyzing the impact of proposed laws impacting either single employer or multiemployer pension plans.
  • Other Assistance as Needed: This may include but is not limited to, training on pension laws and regulations that undergo changes impacting work, analysis of the appropriateness of actuarial assumptions, and additional work to support PBGC's financial statements.

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Qualifications

ASSISTANT ACTUARY SKILLS AND QUALIFICATIONS

  • Assistant Actuary - Minimum Actuarial Qualifications: EA | Minimum Pension Experience: 5 years | Minimum Pension Experience since receiving Credentials: 0 years
  • Bachelor's degree in Mathematics, Economics, Statistics or other business related field
  • 3+ years of relevant consulting or industry experience
  • Proficiency in word processing, spreadsheet, and presentation creation tools, as well as Internet research tools
  • Experience identifying and validating pension plan data
  • Experience performing pension plan calculations
  • Attained or working towards attaining actuarial credentials such as ASA, EA, or FSA Must be able to obtain and maintain required clearance for this role

The Assistant Actuary will use various skills to perform their job duties effectively, which can include:

  • Knowledge of statistics, probability and calculus
  • Strong written and verbal communication skills to clearly relay information to other employees at the company or the client
  • Analytical skills to determine specifics of insurance policies and avoid any errors that would lead to negative consequences
  • Experience with computers and statistical modeling software
  • Knowledge of business and financial concepts
  • Organizational skills to keep track of multiple projects or cases at a time

PREFERRED ASSISTANT ACTUARY QUALIFICATIONS:

A qualified Assistant Actuary candidate for the position of will have, at a minimum, a bachelor's degree in actuarial science or a degree in a related field, such as mathematics or statistics.  Some actuaries may decide to pursue further education and obtain a master's degree in actuarial science.

  • Python experience
  • Knowledge and experience with/of multiemployer defined benefit plans; Employee  Retirement  Income  Security Act (ERISA), defined benefit plan limitations and guidelines, defined benefit plan assets to pay benefits.
  • Experience and tools for Financial Analysis, Change Management, Restructuring Actuarial Analysis, Restructuring Negotiations
  • Experience and tools for Census Data Analysis, Documentation Of Standard Procedures, Management Reports Tracking
  • Experience and tools for Financial And Actuarial Analysis, Case Reporting, Contribution Projections, Data Analysis, Actuarial Calculations
  • Experience and tools for working on multiemployer pension plan data and/or familiarity with multiemployer pension plans
  • Ability to support consultations on pension plan administration leading practices, including process and operational efficiencies
  • Experience working independently with minimal supervision and guidance
  • Strong problem solving and troubleshooting skills with experience exercising mature judgment
  • Proven experience effectively prioritizing workload to meet deadlines and work objectives
  • Demonstrated ability to write clearly, succinctly, and in a manner that appeals to a wide audience
  • U.S.  Citizenship Required - You must be a United States Citizen
  • Excellent oral and written communication skills (This employer participates in the e-Verify program)
  • Proficient with Microsoft Office Products (Microsoft Word, Excel, PowerPoint, Publisher, & Adobe)
  • All ProSidian staff must be determined eligible for a “Facility Access Authorization” (also referred to as an “Employment Authorization”) by the USG’s designated Security Office.
  • Other Requirements and Conditions of Employment Apply
  • May be required to complete a Financial Disclosure Statement
  • Must be able to submit to and qualify for varying levels of background investigative requirements, up to a Top Secret or DOE "Q" clearance.

 

 

Additional Information

CORE COMPETENCIES

  • Teamwork – ability to foster teamwork collaboratively as a participant, and effectively as a team leader
  • Leadership – ability to guide and lead colleagues on projects and initiatives
  • Business Acumen – understanding and insight into how organizations perform, including business processes, data, systems, and people
  • Communication – ability to effectively communicate to stakeholders of all levels orally and in writing
  • Motivation – persistent in pursuit of quality and optimal client and company solutions
  • Agility – ability to quickly understand and transition between different projects, concepts, initiatives, or work streams
  • Judgment – exercises prudence and insight in decision-making process while mindful of other stakeholders and long-term ramifications
  • Organization – ability to manage projects and activity, and prioritize tasks

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OTHER REQUIREMENTS

  • Business Tools – understanding and proficiency with business tools and technology, including Microsoft Office. The ideal candidate is advanced with Excel, Access, Outlook, PowerPoint, and Word, and proficient with Adobe Acrobat, data analytic tools, and Visio with the ability to quickly learn other tools as necessary.
  • Business Tools – understanding and proficiency with business tools and technology, including Microsoft Office. The ideal candidate is advanced with Excel, Access, Outlook, PowerPoint, and Word, and proficient with Adobe Acrobat, data analytic tools, and Visio with the ability to quickly learn other tools as necessary.
  • Commitment - to work with smart, interesting people with diverse backgrounds to solve the biggest challenges across private, public, and social sectors
  • Curiosity – the ideal candidate exhibits an inquisitive nature and the ability to question the status quo among a community of people they enjoy and teams that work well together
  • Humility – exhibits grace in success and failure while doing meaningful work where skills have an impact and make a difference
  • Willingness - to constantly learn, share, and grow and to view the world as their classroom

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