Actuarial Valuation Analyst- Advanced

The Actuarial Valuation Analyst uses analytical and communication skills to help clients with the financing of retirement and other benefit plans. Advanced Actuarial Valuation Students work independently in the Valuation Center on a variety of projects and have opportunities to leverage his/her knowledge and expertise through others in order to accomplish the goals of the project team. Client projects include data preparation, pension valuations, and government filings.

Specific Accountabilities
Mastery of all accountabilities of the RFM Actuarial Valuation Student Experienced job
 Preparation of data
 Valuation of plans

Manage projects
 Manage pension valuation project from data preparation to presentation of results
 Use database tracking software to monitor valuation progress

Develop and Coach Other Associates
 Leverage technical knowledge to other team members
 Train and coach associates to produce client results
 Provide honest, specific and timely feedback on an ongoing basis
 Provide feedback, ranging from technical skills to suggestions for growth, during the annual performance assessment process

General Business
 Pass actuarial exams: minimal requirement of one course per year
 Complete work assignments accurately and on time
 Adhere to and ensures others adhere to the firms standards and procedures for quality control (e.g. information storage systems, quality control procedures)
 Manage various projects simultaneously, with little oversight
 Complete significant amount of work through others (i.e. delegation)
 Takes responsibility and uses own initiative to ensure that projects are being completed efficiently and on time
 Coach/train entry and experienced level students or analysts
 Demonstrate flexibility to work additional hours when client needs dictate or take responsibility for finding resources to complete the assignment

Deliverables and Performance Measures
 Client and billable time (at individual level)
 Feedback from peers, project manager, those to whom associate reports, and those who may be coached or mentored by associate
 Success and financial results of client engagement (e.g. project profitability and client satisfaction)
 Exam progress
 Adherence to quality guidelines
REQUIREMENTS
Education/ Certifications/ Work Experience Required
 Academic background or aptitude in Actuarial Science, Mathematics, Economics or Statistics
 Generally, 4+ years of actuarial work experience
 Completion of numerous exams (most likely an ASA or EA)
 Demonstrated proficiency in using computer systems and programs
 Advanced database knowledge
 Advanced spreadsheet knowledge (Excel required)
 Ability to work independently and manage projects

Technical Competencies/Skills Required
Actuarial Valuations/Funding
 Funding policy/methods and the related business impact
 Understand impact of varying assumptions
 Assist with the selection of assumptions
 Use and tailor valuation software
 Validate and reconcile data
 Validate and reconcile results (e.g. including gain/loss analysis)
 Minimum and/or maximum funding calculations
 File reports and certifications with the relevant government and regulatory authorities
 Prepare actuarial reports
 Prepare PowerPoint slides with valuation results
 Review actuarial work prepared by entry and experienced valuation analysts and students
 Ability to interpret and explain results to client teams
 Knowledge of professional and internal guidance

United States Knowledge Areas
 Knowledge and application of Actuarial Standards of Practice
 Interaction of funding policy, funding flexibility, accounting costs, and PBGC premiums
 Strong knowledge of cost methods
 Reconcile liability gains and losses
 Equation of balance
 Funding Standard Account amortization schedules
 Maximum deductible contribution
 Additional Funding Requirement
 Full Funding Limitation (ERISA and RPA)
 Full Funding Limit Credits
 Current Liability
 Applicability and calculation of quarterly contribution requirements
 Applicability and calculation of ERISA 4011
 FAS 35 accrued benefit valuations
 PBGC Form 1 with Schedule A, Form 1-EZ, and Form 1-ES
 Form 5500 and applicable schedules
 Reconciling and validating data using ADMS system
 Valuation programming on ProVal system
 Demographic reporting tools on ProVal/Excel

Accounting
 Relevant accounting standards and related business impact
 Funding methods
 Selection of assumptions
 Impact of varying assumptions
 Calculate profit and loss (Income Statement) items
 Calculate balance sheet items
 Basic knowledge of the impact of special events
 Disclosure requirements
 Project results
 Basic knowledge of relevant standards for overseas clients
 Knowledge of professional and internal guidance

United States Knowledge Areas
 FAS 87 Accounting and FAS 132 Disclosure
 FAS 88 Accounting for Settlements and Curtailments
 FAS 106 Accounting for Post-retirement Medical and Life Insurance Benefits
 Annual Report and 10-K Disclosure Reporting
 IAS 19 (for clients with international disclosures)

Statutory Framework and Professional Guidance
 Pension Legislation
 Tax authority practice and limits
 Review of legal documentation
 Professional and internal guidance
 Role of government and regulatory bodies
 Continuing education requirements

United States Knowledge Areas
 Applicable IRS Code Sections, IRS Regulations, Revenue Procedures, Revenue Rulings, and IRS Notices
 Actuarial Standards of Practice (ASOPs)
 Annual government reporting requirements
 Maintenance of E.A. and M.A.A.A. Designations
 Actuarial Technical Forum database
 ABCD (Actuarial Board of Counseling and Discipline)


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.