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Actuary Trainee/Assistant Actuary
New York State Teachers' Retirement System • Albany, NY1d • Hybrid
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Actuary Trainee/Assistant Actuary (NY HELPS)
New York State Teachers' Retirement System•Albany, NY
•Hybrid
About The Position
The Actuary Trainee/Assistant Actuary is a staff member of the Actuarial Department at the New York State Teachers’ Retirement System (NYSTRS), one of the 10 largest public pension funds in the nation. The actuarial team maintains a secure, stable pension for NYSTRS members through the annual actuarial valuation and development of the employer contribution rate. The position contributes to a broad range of actuarial work and offers opportunities to develop skills in a collaborative team environment. The title is part of the New York Hiring for Emergency Limited Placement Statewide (NY HELPS) Program. During the program, appointments may be non-competitive, with no examination required, provided candidates meet the title’s minimum and specialized requirements. Employees hired through NY HELPS are expected to convert to competitive status within one year of permanent appointment without taking an examination. The Actuary Trainee position is Grade 13 and requires a bachelor’s degree with 24 semester credit hours in mathematics, statistics, or actuarial science. During the one-year traineeship, the appointee must successfully complete one Society of Actuaries or Casualty Actuarial Society examination; trainees who meet the requirements may advance to Assistant Actuary without further examination. Failure to meet the examination requirement within one year results in termination. The Assistant Actuary position is Grade 14 and requires a bachelor’s degree or higher, including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science, and successful completion of one Society of Actuaries or Casualty Actuarial Society examination. The position currently follows a hybrid work schedule, which may change. Sponsorship is not available; applicants must have unrestricted work authorization, and NYSTRS cannot sponsor or assume sponsorship of an employment visa now or in the future.
Requirements
- For appointment as Actuary Trainee (Grade 13): bachelor’s degree with 24 semester credit hours in mathematics, statistics, or actuarial science.
- For appointment as Assistant Actuary (Grade 14): bachelor’s degree or higher, including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science, and successful completion of one Society of Actuaries or Casualty Actuarial Society examination.
- Actuary Trainees must successfully complete one Society of Actuaries or Casualty Actuarial Society examination during the one-year traineeship; failure to meet this requirement within one year of appointment results in termination.
- Applicants must hold unrestricted work authorization; employment visa sponsorship is not available.
Nice To Haves
- Working knowledge of Microsoft Word, Excel, and PowerPoint.
- Excellent oral and written communication skills.
- Ability to organize and prioritize work in a dynamic and complex environment to meet deadlines and daily requirements.
- Experience with pension valuation programming, ideally ProVal.
- Commitment to providing exceptional customer service.
Responsibilities
- Participate in the annual actuarial valuation of System data, assets, and liabilities, leading to development of the employer contribution rate, using ProVal valuation software.
- Calculate the System’s annual actuarial gain or loss using ProVal.
- Analyze annual experience studies used to gauge the effectiveness of actuarial assumptions.
- Create materials needed for compliance with GASB 67 and GASB 68.
- Participate in preparing fiscal notes for proposed plan-design legislation affecting the System.
- Assist with the New York State Department of Financial Services annual filing.
- Develop information, charts, and graphs for the Actuarial and Statistical section of the System’s Annual Financial Report.
- Work with outside auditors and System accountants to prepare annual financial statements, including actuarial and funding disclosures.
- Analyze actuarial assumptions as needed, typically every five years.
- Prepare annuity values and option factors in accordance with statute, including option factors for alternative options and domestic relation orders.
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
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Based on current job postings on Teal, the average Teachers Assistant salary in the US is approximately $38,000 per year, with a typical range of $33,000 to $44,000.
