Actuary Trainee/Assistant Actuary (NY HELPS)

NYSTRS; City of Albany (NY); Hybrid; USD 60,000 - 93,000; Full time

Benefits offered by this job

Hybrid work schedule

Job summary

NYSTRS in New York is seeking an Actuary Trainee/Assistant Actuary to join the Actuarial Department. The role supports valuation, GASB reporting, and other actuarial duties with opportunities to grow in a large public pension fund.

The position is part of NY HELPS and may start in a non-competitive appointment with eventual conversion. A bachelor’s degree with math/stat/actuarial coursework and one actuarial exam are required, plus strong MS Office skills and customer service focus.

Qualifications

• Bachelor's degree with 24 semester credit hours in mathematics, statistics, or actuarial science.
• Completion of one SOA/CAS exam within one year of appointment.
• Ability to use Word, Excel and PowerPoint effectively.

Responsibilities

• Participate in annual actuarial valuation using ProVal.
• Calculate annual actuarial gains/losses with ProVal.
• Analyze experience studies and GASB 67/68 materials.
• Prepare fiscal notes for plan design legislation.
• Assist in DoF annual filing preparation.
• Develop charts and graphs for the Annual Financial Report.
• Collaborate with auditors and system accountants on disclosures.
• Review actuarial assumptions roughly every five years.
• Prepare annuity values and option factors per statute.

Skills

Microsoft Word

Excel

PowerPoint

Education

Bachelor's degree with 24 credits in mathematics/statistics/actuarial science

Tools

ProVal

Job description

All postings will close at 12:01am EST on the date indicated under posting end date. Note: Sponsorship is not available for this position. Applicants must hold unrestricted work authorization. NYSTRS is unable to sponsor or assume sponsorship of an employment visa for this position now or in the future.

Position Summary

The Actuary Trainee/Assistant Actuary is a staff member of the Actuarial Department of one of the 10 largest public pension funds in the nation. The focus of the actuarial team is to maintain a secure, stable pension for the members of the NYS Teachers’ Retirement System through its annual preparation of the actuarial valuation and employer contribution rate. The Actuary Trainee/Assistant Actuary will be deeply involved in all aspects of the actuarial job duties listed below and work with a highly collaborative team. Given the size of the plan, the position allows for a wide range of actuarial opportunities and skill growth within an organization that supports a healthy work-life balance.

NY HELPS Program Information

This title is part of the New York Hiring for Emergency Limited Placement Statewide Program (NY HELPS). For the duration of the NY HELPS Program, this title may be filled with a non‑competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications, and any specialized requirements, of the title for which they apply. At a future date (within one year of permanent appointment), it is expected employees hired under NY HELPS will have their non‑competitive employment status converted to competitive status, without having to compete in an examination.

Minimum Qualifications

• Actuary Trainee (Grade 13)* On or before the date of filing your application, you must have a bachelor's degree including 24 semester credit hours in mathematics, statistics, or actuarial science.
• *Conditions for Actuarial Traineeship: During the one‑year traineeship, appointees will be required to have successfully completed one examination of the Society of Actuaries or the Casualty Actuarial Society. Those trainees who meet the requirements may be advanced to the title of Assistant Actuary without further examination. Those trainees who do not meet this requirement within one year of appointment will have their employment terminated.
• Assistant Actuary (Grade 14) A bachelor's degree or higher including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science; AND successful completion of one (1) examination of the Society of Actuaries or Casualty Actuarial Society.

Preferred Qualifications

• Working knowledge in Microsoft Word, Excel, and PowerPoint
• Excellent oral and written communication skills
• Ability to organize and prioritize work in a dynamic and complex environment to meet deadlines and daily requirements
• Experience with pension valuation programming, ideally with ProVal
• Commitment to providing exceptional customer service

Work Modality

Currently we have a hybrid work schedule which may be subject to change in the future.

Job Duties

• Participate in the annual actuarial valuation of System data, assets and liabilities leading to the development of the employer contribution rate, using the System’s valuation software (ProVal)
• Calculate the System’s annual actuarial gain/loss using the System’s valuation software (ProVal)
• Analyze annual experience studies used to gauge the effectiveness of actuarial assumptions
• Create materials needed for compliance with GASB 67 and GASB 68
• Participate in the preparation of fiscal notes for proposed plan design legislation affecting the System
• Assist in the preparation of the New York State Dept. of Financial Services annual filing
• Develop information, charts, and graphs for the Actuarial and Statistical section of the System’s Annual Financial Report
• Work with outside auditors and system accountants on preparation of the System’s annual financial statements, including preparation of actuarial and funding disclosures
• Analyze actuarial assumptions as needed (typically every five years)
• Prepare annuity values and option factors in accordance with statute, including the computation of option factors for alternative options and domestic relation orders

Salary Grade

• Actuary Trainee: Grade 13
• Assistant Actuary: Grade 14

Salary Range

• Actuary Trainee (SG 13): $59,609-$87,497
• Assistant Actuary (SG 14): $63,074-$92,584

Job Type

CSEA/Civil Service

Diversity, Equity, and Inclusion

At NYSTRS, diversity, equity, and inclusion are integral to our mission of providing our members with a secure pension and exceptional customer service. We are committed to fostering an inclusive and equitable culture where all diversity is valued and recognized as a source of strength and enrichment across all operations. NYSTRS is proud to provide equal opportunities to all employees and qualified applicants without regard to race, color, religion, creed, sex, gender expression or identity, national origin, age, ability and disability status, veteran status, marital status, pregnancy status, sexual orientation, citizenship, or any other legally protected class. We are committed to being a workplace that attracts, supports, and retains talented individuals from diverse backgrounds and experiences while championing equal opportunity across recruitment, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

All applications to NYSTRS should be done via our Website. NYSTRS will never ask you to submit private information via email or direct you to submit private information to another site as part of our recruitment process.

About NYSTRS

Established in 1921 by the New York State Legislature, the New York State Teachers’ Retirement System (NYSTRS) provides retirement, disability and death benefits to eligible New York State public school teachers and administrators. The System is among the 10-largest public pension funds in the nation based on total assets.

Mission

To provide our members with a secure pension.

Vision

To be the model for pension fund excellence and exceptional customer service.

Values

Respect, Excellence, Diversity, Balance, Integrity, Resourcefulness, Diligence