Actuarial Valuation Analyst - Experience

The Actuarial Valuation Analyst uses analytical and communication skills to help clients with the financing of retirement and other benefit plans. Experienced Actuarial Valuation Analysts work independently in the Valuation Center, with minimal supervision, on various types of client projects, including data preparation, pension valuations, and government filings.

Specific Accountabilities
Preparation of Data
 Independently perform data preparation from beginning to end including:
 Receiving, loading, processing and editing data from clients
 Validating, reconciling and documenting data
 Problem solve basic issues that arise and escalate more complex issues to the appropriate resource
 Use past experience and knowledge to make basic decisions on outstanding issues and assumptions
 Understand the effect of data changes
 Follow up with client team on data inconsistencies and issues

Valuation of Plans
 Update ProVal coding and run jobs
 Update census specifications and run inactive liabilities
 Update plan provisions and assumptions for active liabilities with close supervision
 Update assets and funding policy in ProVal; run valuation set for basic valuation results
 Assist with preparation of valuation reports
 Prepare government filings
 Draft CVP
 Document work and results

General Business
 Complete work assignments accurately and on time
 Use initiative to complete repeat work with little direction
 Adhere to the firms standards and procedures for quality control (e.g. information storage systems, quality control procedures)
 Manage various projects simultaneously, with some oversight
 Completes some 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 level students or analysts
 Demonstrate flexibility to work additional hours on occasion when client needs dictate

Deliverables and Performance Measures
 Client and billable time
 Feedback from peers, clients, and associates who work with this associate
 Success and financial results of client engagement (e.g. recovery ratio).
 Adherence to quality guidelines
REQUIREMENTS
Education/ Certifications/ Work Experience Required
 Undergraduate degree or equivalent experience
 Generally, 2+ years relevant work experience
 Knowledge of defined benefit plans
 Demonstrated proficiency in using computer systems and programs
 Intermediate database knowledge
 Intermediate spreadsheet knowledge ( Excel preferred)

Knowledge Base Required
 Defined Benefit plan experience
 Organizational skills
 Database management
 Basics of actuarial mathematics and life contingencies

Technical Competencies/Skills Required
Actuarial Valuations/Funding
 Understand impact of varying assumptions
 Use and tailor valuation software
 Validate and reconcile data
 Validate and reconcile valuation results (e.g. including gain/loss analysis) with guidance
 Minimum and/or maximum funding calculations
 File reports and certificates with the relevant government and regulatory authorities
 Prepare actuarial reports
 Prepare PowerPoint slides with valuation results

United States Knowledge Areas
 Actuarial Standards of Practice No. 23 (ASOP)  Data Quality
 Maximum deductible contribution
 Equation of balance
 Funding Standard Account amortization schedules
 Additional Funding Requirement
 Full Funding Limitation
 Current Liability
 Applicability and calculation of quarterly contribution requirements
 Applicability and calculation of ERISA 4011
 FAS 35 accrued benefit valuations
 Form 5500 and applicable schedules
 PBGC Form 1 with Schedule A, Form 1-EZ, and Form 1-ES
 Reconciling and validating data using ADMS system
 Valuation programming on ProVal system

Accounting
 Basic knowledge of relevant accounting standards and related business impact
 Basic knowledge of the calculation of profit and loss (Income Statement) items
 Basic knowledge of calculation of balance sheet items
 Basic knowledge of disclosure requirements

United States Knowledge Areas
 FAS 87 Accounting and FAS 132 Disclosure
 FAS106 Accounting for Post-retirement Medical and Life Insurance Benefits
 Annual Report and 10-K Disclosure Reporting
 IAS 19 (for clients with international disclosure)

Statutory Framework and Professional Guidance
 Basic knowledge of Pension Legislation
 Basic knowledge of tax authority practice and limits
 Basic knowledge of professional and internal guidance
 Review of legal documentation

United States Knowledge Areas
 Basic knowledge of applicable IRS Code Sections, IRS Regulations, Revenue Procedures, Revenue Rulings, and IRS Notices
 Actuarial Technical Forum database

Competencies
 Communication
 Numeracy, Programming and Computing Skills
 Personal Effectiveness, Adaptability & Professionalism
 Problem Solving & Decision Making
 Project Management
 Working with Others



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.