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Sr Principal, Actuarial Services, Post Retirement Welfare Benefits

National Rural Electric Cooperative Association (NRECA)

in Arlington VA

Logo for National Rural Electric Cooperative Association (NRECA)

Responsibility for NRECA’s Post Retirement Welfare Plan actuarial products and services and the fee generation related to those products and services. Serves as NRECA’s industry expert on post-retirement welfare benefit issues. Leads and directs all actuarial consulting team functions including service operations, client relations, sales/marketing, compliance, billing, professional standards, training, quality control, and system/technology development.  Sets product and business strategy, anticipates and addresses emerging business and regulatory issues, and manages complex challenges impacting the unit. Seeks opportunities to expand services in order to increase co-op satisfaction and better utilize unit resources.

Essential Duties and Responsibilities

  • Leads the post-retirement benefits team to enhance and modify process documentation, technology, standards and methods, and technical resources to best support the team’s ability to deliver timely, consistent, efficient and accurate products and services.
  • Directs the work of team members  to achieve revenue and budget goals, improve products and services, strengthen client relations, comply with regulatory requirements/professional standards and lower risk exposure.
  • Markets the post-retirement welfare services to cooperatives, acquiring new business and retaining current business.
  • Serves as the  subject matter expert, providing comprehensive consulting services to cooperatives on plan design, curtailment/settlement of liabilities, cost sharing strategies, and accounting requirements of the FASB, the Rural Utilities Service, and other relevant entities.
  • Reviews reports and serves as the signing actuary with regard to ASC 715-60 health care per capita claims costs and accounting calculations.
  • Develops, monitors, forecasts and manages the service fee schedule, billing/collection practice, budgets, expenses and revenues.
  • During peak work periods participates with rest of the team in the production of valuation results and reporting.
  • Works closely with the compliance/legal function to fully comply with government rules and applicable NRECA policies and operating guidelines. Partners with other I&FS units to align benefit offerings with cooperative business goals and needs.
  • Monitors and researches governmental, legal, economic and regulatory developments affecting post-retirement welfare benefits. Keeps NRECA and cooperative personnel aware of these changes and the impact on their plans or financial accounting.
  • Ensures timely and coordinated response to cooperative concerns and external developments related to the plans. Trains staff in these areas.
  • Establishes and monitors policies and procedures and ensures that all activities are performed according to accounting and actuarial practice standards. Ensure integrity of actuarial/financial analysis and methods.
  • Responsible for the proper security and disposal of any confidential information that he\she may possess in the course of performing this position’s job duties, as well as ensuring staff compliance with security protocols in accordance with NRECA’s Personnel and Administrative Policy and HIPAA Privacy and Security Policies and Procedures Manuals.

Formal Education Required

  • Bachelor’s degree in mathematics, actuarial science, or equivalent education.
  • Associate or Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries meeting the requirements to issue actuarial opinions with respect to ASC 715-60 accounting calculations and per capita health care claims cost development
  • Enrolled Actuary designation required.

Experience and Certifications Required

  • 15 plus years as a healthcare and/or retirement plan actuary with 5 or more years in a lead consultant role.
  • Comprehensive experience with post-retirement welfare work, including per capita health care claims cost development, post-retirement welfare plan design, calculations of post-retirement welfare plan actuarial liabilities, selection of actuarial assumptions, ASC 715-60 accounting and related consulting.
  • Prior experience preferred managing a team providing post-retirement welfare services, responsible for service delivery, relationship building, team management and revenue generation.
  • Prior experience providing post-retirement welfare plan consulting services; including plan design and accounting standards

FLSA Status: Exempt

Knowledge, Skills and Abilities Required (as demonstrated by prior work experience):

  • Working experience with actuarial valuation software such as Proval or Lynchval
  • Ability to lead highly visible multidisciplinary project/program teams or initiatives and provide leadership as the authority in a specialized field.
  • Ability to define issues, establish facts and draw valid conclusions and apply to work environment.
  • Ability to communicate, both verbally and in writing, with a diverse membership, employees and/or vendors in a clear and precise manner.
  • Ability to present complex financial and actuarial topics in a simple and concise way to a diverse audience.
  • Ability to be persuasive, negotiate, and collaborate with individuals at all levels inside and outside of the organization as demonstrated by prior work experience.
  • Ability to manage competing deadlines and multiple projects at various stages of development using effective organization skills and attention to detail.
  • Ability to work with a wide variety of people to foster cooperation in sharing information and materials.
  • Ability to listen and interpret the customer’s needs, de-escalate difficult customer calls, while at the same time researching the issue and applying broad business and technical knowledge to meet the customer’s satisfaction as demonstrated by prior work experience.
  • Strong decision making and analytical problem solving skills. Ability to exercise judgment and discretion in the execution of all duties and responsibilities.
  • Proficient with Microsoft Office tools (Excel, Word, Outlook, Power Point) and ability use and operate various office equipment such as personal computer, copier, printer, fax machine or other job-related equipment.
  • Ability to conceptualize, produce and disseminate high-quality materials.
  • Exceptional Interpersonal skills, member service orientation and ability to work in a team environment.
  • Ability to provide service excellence by building relationships, being resourceful, responsive and respectful.

Essential Physical Requirements

  • The worker is required to have close visual acuity to perform an activity such as: preparing and analyzing data and figures; transcribing; viewing a computer terminal and extensive reading.
  • Exerting up to 20 pounds of force occasionally, and/or up to 10 pounds of force frequently, and/or a negligible amount of force constantly to move objects.
  • If the use of arm and/or leg controls requires exertion of forces greater than that for sedentary work and the worker sits most of the time, the job is rated for light work.

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