Actuarial Analyst - EB Consulting (Health & Group Benefits)

Milliman, Inc; New Jersey; Hybrid; USD 69,000 - 122,000; Full time

Benefits offered by this job

Medical, Dental and Vision

401(k) Plan

Discretionary Bonus

Paid Time Off

Holidays

Life Insurance

Disability Insurance

Job summary

Milliman is seeking an entry level Actuarial Analyst to support health & welfare employee and retiree benefits programs. You will perform data analysis, assist with financial reviews, and help deliver client-ready deliverables in collaboration with internal teams. Strong Excel skills and attention to detail are essential.

The role requires in-person work two days a week at designated U.S. offices, with the team delivering comprehensive benefits consulting across pension and health programs.

Qualifications

• Analytical and detail-oriented professional with strong Excel skills.
• Foundation in data analysis and interest in benefits consulting.
• Effective communication and collaboration across teams.
• Proactive, organized, and committed to high-quality confidential work.
• Willingness to learn and stay current with industry trends and regulations.

Responsibilities

• Reconciling claims data, preparing budget projections, and analyzing reserves.
• Calculating contribution rates and retiree/COBRA/imputed income rates.
• Performing postretirement health valuations and projecting liabilities.
• Evaluating vendors via renewals and market checks; conducting analyses.
• Collaborating with internal teams and Milliman groups to ensure quality and timeliness.
• Maintaining documentation and adhering to processes and retention policies.

Skills

Excel

Data analysis

Communication

Teamwork

Attention to detail

Integrity

Education

Bachelor's degree in actuarial science, mathematics, statistics, business, or a related field

SOA exam passed

Job description

Individual(s) must be legally authorized to work in the United States without the need for immigration support or sponsorship from Milliman now or in the future.

The Employee Benefits (EB) Consulting Practice offers excellent retirement, health, compensation, and investment consulting services to our clients. We are seeking an analytical and detail-oriented Actuarial Analyst to support health & welfare employee and retiree benefits programs. The ideal candidate will have strong Excel skills, a foundation in data analysis, and an interest in benefits consulting. You will prepare deliverables, assist with financial analyses, and ensure compliance with regulations while collaborating with internal teams. If you are proactive, organized, and eager to grow in the benefits field, we encourage you to apply.

Who We Are

Independent for over 75 years, Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world's most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Milliman invests in skills training and career development and gives all employees access to a variety of learning and mentoring opportunities. Our growing number of Milliman Employee Resource Groups (ERG's) are employee-led communities that influence policy decisions, develop future leaders, and amplify the voices of their constituents. We encourage our employees to give back to their varied professions, including leadership in professional organizations. Please visit our web site Social Impact | Milliman | Worldwide to learn more about Milliman's commitments to our people, inclusion, and sustainability.

Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance.

What You Will Do

This entry level position provides support and assistance to actuarial and benefits consultants. Supporting the design and delivery of health & welfare employee benefits programs by performing data analysis, preparing key deliverables, and assisting with financial reviews. You will be expected to perform this work through collaboration with internal teams while maintaining efficient and organized workflows. This job includes:

• Reconciling claims data, preparing budget projections, calculating claims reserves, pricing plan design changes, analyzing vendor renewals, and preparing experience reports.
• Calculating employer/employee contribution rates, retiree rates, COBRA rates, and imputed income rates.
• Performing postretirement health valuations, including the development of claim cost and health cost trend assumptions, projection of liabilities and calculation and reporting of financial statement information.
• Evaluating vendors via renewals, RFPs, and market checks; conducting financial and adhoc analyses.
• Collaborating with internal teams and other Milliman groups.
• Ensuring quality, timeliness, and budget adherence; following processes, initiating peer review, and maintaining document/email retention.

What We Are Looking For

We are looking for a motivated and detail-oriented professional with strong analytical skills and proficiency in Excel. The ideal candidate communicates effectively, works well in teams, manages multiple tasks efficiently, and is eager to learn and stay current with industry trends. Integrity, initiative, and commitment to high-quality confidential work are essential.

• A motivated self-starter with a strong analytical mindset and attention to detail.
• Demonstrated proficiency in Microsoft Excel and comfort working with large datasets.
• Interest or experience in health & welfare employee benefits programs.
• Excellent communication skills, both written and verbal, with the ability to draft professional emails and documentation.
• Commitment to learning and staying current with industry trends and regulations.
• Strong organizational skills and ability to manage multiple tasks to meet deadlines.
• Willingness to take initiative, seek feedback, and continuously improve processes and deliverables.
• Ability to work collaboratively within a team and across departments.
• Integrity and respect for confidentiality and compliance with company policies.

Preferred Qualifications

Bachelor's degree in actuarial science, mathematics, statistics, business, or a related field preferred (or nearing completion in May 2026).

• A minimum of one SOA exam passed.
• 0-2 years of experience as an Actuarial Analyst.
• Strong analytical and quantitative skills; experience with data analysis in employee benefits or health care preferred.
• A motivated self-starter with a strong analytical mindset and attention to detail.
• Proficiency in Microsoft Excel. Familiarity with other data analysis tools is a plus.
• Ability to produce accurate and timely work while following established processes.
• Excellent communication skills, both written and verbal, with the ability to draft professional emails and documentation.
• Commitment to learning and staying current with industry trends and regulations.
• Strong organizational skills and attention to detail.
• Willingness to take initiative, seek feedback, and continuously improve processes and deliverables.
• Ability to work collaboratively in a team environment and interact with cross-functional teams.
• Ability to manage multiple tasks and prioritize workloads to meet deadlines.
• Commitment to maintaining confidentiality and complying with document retention policies.

The Team

The EB Consulting practice delivers innovative actuarial and consulting solutions across a diverse range of industries, serving both active employees and retirees. Our team partners with corporate, public sector, and multiemployer clients, offering tailored expertise in the following key areas:

• Corporate Pension Plans
• Multiemployer Pension Plans
• Public Pension Plans
• Other Postretirement Benefit Plans (Corporate, Multiemployer, and Public combined)
• Health and Group Benefits (Corporate, Multiemployer, and Public combined)
• Compensation and Benefits Surveys
• Investments

By collaborating closely with our clients, we help them navigate complex benefit challenges, optimize plan design, and ensure long-term financial security for their participants.

Location

Candidates hired into this role will be required to work in-person two days a week in one of the following Milliman office locations: Walnut Creek, CA, Orange County, CA, Omaha, NE, New York City, NY or Little Falls, NJ.

Compensation

The overall salary range for this role is $60,300 - $121,555.

For candidates residing in:

• California, New Jersey and New York City the salary range is $69,345 - $121,555
• Nebraska, the salary range is $60,300 - $105,700

A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

Benefits

We offer a comprehensive benefits package designed to support employees' health, financial security, and well-being. Benefits include:

• Medical, Dental and Vision - Coverage for employees, dependents, and domestic partners.
• Employee Assistance Program (EAP) - Confidential support for personal and work-related challenges.
• 401(k) Plan - Includes a company matching program and profit-sharing contributions.
• Discretionary Bonus Program - Recognizing employee contributions.
• Flexible Spending Accounts (FSA) - Pre-tax savings for dependent care, transportation, and eligible medical expenses.
• Paid Time Off (PTO) - Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis.
• Holidays - A minimum of 10 paid holidays per year.
• Family Building Benefits - Includes adoption and fertility assistance.
• Paid Parental Leave - Up to 11 weeks of paid leave for employees who meet eligibility criteria.
• Life Insurance & AD&D - 100% of premiums covered by Milliman.
• Short-Term and Long-Term Disability - Fully paid by Milliman.

Equal Opportunity

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

This employer is required to notify all applicants of their rights pursuant to federal employment laws.

For further information, please review the Know Your Rights notice from the Department of Labor.

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