Actuarial Analyst - EB Consulting

Milliman•Boise, ID

2d•Hybrid

About The Position

The Employee Benefits (EB) Consulting Practice offers excellent retirement, health, compensation, and investment consulting services to our clients. We are seeking an analytical and detail-oriented Benefits Consulting Analyst to support retirement and health & welfare employee benefits programs. The ideal candidate will have strong Excel skills, a foundation in data analysis, and an interest in benefits consulting. You will prepare deliverables, assist with financial analyses, and ensure compliance with regulations while collaborating with internal teams. If you are proactive, organized, and eager to grow in the benefits field, we encourage you to apply—including recent graduates and students graduating in May 2026. Who We Are Independent for over 75 years, Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world’s most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation. Milliman invests in skills training and career development and gives all employees access to a variety of learning and mentoring opportunities. Our growing number of Milliman Employee Resource Groups (ERG’s) are employee-led communities that influence policy decisions, develop future leaders, and amplify the voices of their constituents. We encourage our employees to give back to their varied professions, including leadership in professional organizations. Please visit our web site Social Impact | Milliman | Worldwide to learn more about Milliman’s commitments to our people, inclusion, and sustainability. Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance. What You Will Do This entry level position provides support and assistance to actuarial consultants. Supporting the design and delivery of retirement and health & welfare employee benefits programs by performing data analysis, preparing key deliverables, and assisting with financial reviews. Collaborate with internal teams, ensure compliance with regulations, and contribute insights to enhance benefits strategies. You will be expected to perform this work while maintaining efficient and organized workflows when working with retirement and health & group benefit plans. This includes measuring liabilities and annual costs, projecting health plan costs, setting rates and reserves, studying the effects of changes in the design of employee benefit plans, and communicating results. Perform data analysis related to pension, OPEB, health and welfare employee benefits programs, including monthly experience reports, short-term projections, IBNR estimates, and retirement plan valuation related work. Assist in the design, development, and refinement of benefits programs to align with organizational goals and industry trends. Prepare deliverables such as valuation reports, premium equivalent rates, COBRA rates, and plan design analyses. Draft communications, including emails for vendor management and client follow-ups. Support financial analyses for RFPs and market checks; conduct ad-hoc analyses as needed. Participate in client calls and document meeting notes and action items. Collaborate with internal teams and other Milliman groups. Study benefits trends, benchmark against industry standards, and provide insights to enhance benefits strategy. Ensure work is delivered efficiently and within communicated deadlines, following applicable processes and documenting appropriately. Initiate peer review processes for work products and comply with document and email retention policies. Monitor and communicate changes in applicable regulations to consultants to ensure compliance. Work within assigned budget or proactively communicate when additional time is required.

Requirements

A motivated self-starter with a strong analytical mindset and attention to detail.
Demonstrated proficiency in Microsoft Excel and comfort working with large datasets.
Interest or experience in retirement and health & welfare employee benefits programs.
Excellent communication skills, both written and verbal, with the ability to draft professional emails and documentation.
Ability to work collaboratively within a team and across departments.
Commitment to learning and staying current with industry trends and regulations.
Strong organizational skills and ability to manage multiple tasks to meet deadlines.
Willingness to take initiative, seek feedback, and continuously improve processes and deliverables.
Integrity and respect for confidentiality and compliance with company policies.
Bachelor’s degree in actuarial science, mathematics, statistics, business, or a related field is preferred.
A minimum of one SOA exam passed.
0-2 years of experience as an Actuarial Analyst.
Strong analytical and quantitative skills; experience with data analysis in employee benefits or health care preferred.
Proficiency in Microsoft Excel.
Familiarity with other data analysis tools is a plus.
Basic understanding of retirement and health & welfare benefits programs and current industry trends is desirable.
Ability to produce accurate and timely work while following established processes.
Excellent written and verbal communication skills, including the ability to draft professional emails and documentation.
Strong organizational skills and attention to detail.
Ability to work collaboratively in a team environment and interact with cross-functional teams.
Willingness to stay updated on relevant regulations governing employee benefits.
Ability to manage multiple tasks and prioritize workloads to meet deadlines.
Commitment to maintaining confidentiality and complying with document retention policies.

Nice To Haves

Familiarity with other data analysis tools is a plus.
Basic understanding of retirement and health & welfare benefits programs and current industry trends is desirable.

Responsibilities

Supporting the design and delivery of retirement and health & welfare employee benefits programs by performing data analysis, preparing key deliverables, and assisting with financial reviews.
Collaborate with internal teams, ensure compliance with regulations, and contribute insights to enhance benefits strategies.
Measuring liabilities and annual costs, projecting health plan costs, setting rates and reserves, studying the effects of changes in the design of employee benefit plans, and communicating results.
Perform data analysis related to pension, OPEB, health and welfare employee benefits programs, including monthly experience reports, short-term projections, IBNR estimates, and retirement plan valuation related work.
Assist in the design, development, and refinement of benefits programs to align with organizational goals and industry trends.
Prepare deliverables such as valuation reports, premium equivalent rates, COBRA rates, and plan design analyses.
Draft communications, including emails for vendor management and client follow-ups.
Support financial analyses for RFPs and market checks; conduct ad-hoc analyses as needed.
Participate in client calls and document meeting notes and action items.
Collaborate with internal teams and other Milliman groups.
Study benefits trends, benchmark against industry standards, and provide insights to enhance benefits strategy.
Ensure work is delivered efficiently and within communicated deadlines, following applicable processes and documenting appropriately.
Initiate peer review processes for work products and comply with document and email retention policies.
Monitor and communicate changes in applicable regulations to consultants to ensure compliance.
Work within assigned budget or proactively communicate when additional time is required.

Benefits

Medical, Dental and Vision – Coverage for employees, dependents, and domestic partners.
Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.
401(k) Plan – Includes a company matching program and profit-sharing contributions.
Discretionary Bonus Program – Recognizing employee contributions.
Flexible Spending Accounts (FSA) – Pre-tax savings for dependent care, transportation, and eligible medical expenses.
Paid Time Off (PTO) – Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis.
Holidays – A minimum of 10 paid holidays per year.
Family Building Benefits – Includes adoption and fertility assistance.
Paid Parental Leave – Up to 12 weeks of paid leave for employees who meet eligibility criteria.
Life Insurance & AD&D – 100% of premiums covered by Milliman.
Short-Term and Long-Term Disability – Fully paid by Milliman.