Actuarial Specialist

City of New York • New York, NY • 5d ago

Job Description

Overview:

The New York City Office of the Actuary (NYCOA) provides actuarial services to the City's five actuarially funded Retirement Systems and other funds, including Variable Supplements Funds, Tax-Deferred Annuity Programs, life insurance funds, closed pension funds and the New York City Health Benefits Program. In addition, the NYCOA provides actuarial information - pension and Other Post-Employment Benefits (OPEB) to employers, City and State legislative bodies, labor organizations, oversight agencies, and active and retired members.

The NYCOA seeks 2 entry level actuarial associates for the Certification Services Division. Under direction, with varying degrees of latitude for the exercise of independent initiative, the selected candidate will assist in the administration of retirement and survivor benefits across multiple systems, supporting a team that handles complex calculations, benefit determinations, and legislative impact reviews. This is an entry-level position ideal for a detail-oriented individual with strong analytical skills who is looking to grow a career in public sector pensions and employee benefits.

Key Responsibilities:

Support routine retirement benefit calculations across all five city pension systems under guidance

Assist with research and documentation for restoration cases, reclassifications, and line-of-duty determinations

Prepare draft memos for IRC 415 calculations and benefit limitations

Help compile and review inventory logs; assist in generating monthly status reports for various retirement systems

Maintain and update databases and case tracking systems

Contribute to fiscal note analysis by gathering data and preparing preliminary member impact reports

Draft and organize documentation for methodologies and macros used in benefit calculations

Participate in annual updates to internal calculators, including the social security offset calculator

Respond to data and information requests from the Actuarial Services Division

Assist with benefit determinations involving domestic relations orders, death gamble reviews, TDA balances, and estate settlements

Support the maintenance of compliance records and audit documentation

ACTUARIAL SPECIALIST LEVEL I - 40731

Qualifications

A baccalaureate degree from an accredited college or university, including or supplemented by 24 semester credits in actuarial science, mathematics or statistics; or

A baccalaureate degree from an accredited college or university and one year of satisfactory full-time professional experience in the actuarial work of an employee retirement system; or

Education and/or experience equivalent to "1" or "2" above. A maximum of nine semester credits in computer science may be substituted on a credit-for-credit basis for the credits in actuarial science, mathematics or statistics described in "1" above. However, all candidates must have a baccalaureate degree.

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