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Nature of Work
Under general supervision, applies advanced level mathematical, statistical
and actuarial methods in the performance of actuarial functions. Performs
related work as required.
In the Consolidated Public Retirement Board, calculates member's benefit rights including credited service, earnings for benefit purposes and other aspects of the benefit calculation process.
In the Public Employees Insurance Agency, calculates medical and drug claim trends, analysis of data to assist management in the development of Plan benefits, review of premium levels and capitations to assure Plan solvency, examine reimbursement rates, perform a variety of analytical studies as requested by the Director.
Distinguishing Characteristics
At this level, an incumbent serves as an assistant in supporting an agency
actuary or consulting actuary. Typically, the assist role intended for this
class results in the responsibility for applying mathematical, statistical
and actuarial methods in performing actuarial functions.
Examples of Work
In Consolidated Public Retirement Board:
Calculates retirement benefits for members in each of the six defined
benefit plans, including the several different types of benefits; such as,
normal retirement, disability retirement, or termination of the member,
and the benefits to be provided the survivors of a member upon the passing
of the member.
Assists in performing the annual actuarial valuation process which includes
the acquisition of the data for members and survivors of members who are
receiving benefits, or might in the future receive benefits from any of the
six defined benefit plans.
Prepares the computer programs needed to calculate the costs, annual funding
requirements, funded position, and liquidity studies for the annual actuarial
valuation of each of the six defined benefit plans.
Assists in preparing the annual actuarial reports for each of the six
defined benefit plans.
In Public Employees
Insurance Agency:
Reviews statistical information to assist management in making actuarial
and financial decisions relating to the Plan.
Develops business strategy, performs trend studies, pricing, and contract
analysis, financial modeling and other assignments.
Performs statistical analysis, database programming, managed care pricing
for the plan in cooperation with the consulting actuary.
Assists the consulting actuary in preparing the quarterly and annual actuarial
report for the Public Employees Insurance Agency Finance Board and a wide
variety of highly technical and complex actuarial reports for management,
and the legislature; researches and provides actuarial data for inclusion
in the official financial statement of the Plan.
Knowledge, Skills
and Abilities
Knowledge of mathematics, calculus, statistics, and probability.
Knowledge of standard casualty actuarial policies and methodologies.
Knowledge of basic actuarial practices, rate structures.
Knowledge of the Federal tax law and West Virginia State code pertaining
to area of assignment.
Skill in abstract reasoning, logic and analysis with particular strength
in mathematical talents and training.
Skill in problem recognition and problem solving.
Ability to perform detailed analysis of numerical and statistical data.
Ability to prepare complex statistical reports.
Ability to perform advanced algebra and multi-variable equations.
Ability to comprehend and apply abstract concepts and reasoning to commonplace
events.
Ability to communicate effectively, both orally and in writing.
Ability to maintain effective working relationships with other employees,
employers and government officials.
Minimum
Qualifications [Top]
For the Consolidated Public Retirement Board:
Training:
Bachelor's degree from a regionally accredited four-year college or
university in mathematics, statistics, actuarial science, business administration,
economics, finance, insurance, accounting, or a related field.
Experience:
One year of full-time or equivalent part-time paid actuarial experience.
Promotion Only: One year of full-time or equivalent part-time paid
experience as an Actuarial Analyst Trainee.
For the Public
Employees Insurance Agency:
Training:
Bachelor's degree from a regionally accredited four-year college or
university in mathematics, statistics, actuarial science, business administration,
economics, finance, insurance, accounting, or a related field.
Experience:
Two years of full-time or equivalent part-time paid health care actuarial
experience.
Special Requirement:
Completion of an examination in the area of assignment sponsored by the
Society of Actuaries or, upon appointment, incumbent will be required to
begin an examination track sponsored by the Society of Actuaries related
to the area of assignment.
Established: 1/16/97
Revised: 7/26/99, 6/9/08
Title Change: 7/26/99
Effective: 6/9/08