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Nature of Work
Under close supervision, performs in a training capacity,
acquiring work specific knowledge, skills and abilities in
learning the rules of the six defined benefit retirement systems
administered by the State of West Virginia Consolidated Public
Retirement Board. Through on-the-job training, calculates
member's benefit rights including credited service earnings for
benefit purposes, and other aspects of the benefit calculation
process. Under the direction of the Board's Actuary, learns
basic principles of actuarial science in cost and liability
calculations. Performs related work as required.
Distinguishing Characteristics
This is a trainee level. Employees assigned to this class
are expected to acquire the work specific knowledge, skills and
abilities to function as an Actuarial Assistant. The incumbent
will supplement on-the-job training by taking the actuarial exams
given by the Society of Actuaries. Serves in a training capacity
for one year.
Examples of Work
Learns to calculate 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.
Participates in 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.
Assists in preparing 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 the Board Actuary in the preparation the annual
actuarial reports for each of the six defined benefit plans.
Knowledge, Skills and Abilities
Knowledge of algebra and multi-variable equations.
Ability to acquire skill in abstract reasoning, logic, and
analysis with particular strength in mathematical talents
and training.
Ability to acquire skill in problem recognition and problem
solving.
Ability to learn the Federal tax law and West Virginia State
code pertaining to area of assignment.
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
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Training:
Bachelor's degree from an accredited four-year
college in mathematics, statistics, actuarial science,
business administration, economics, finance, insurance,
accounting, or a related field.
Established: 07/15/99
Effective:
08/01/99