Mgr, Actuarial Services
How have you impacted someone’s life today? At Hackensack Meridian Health our healthcare teams are focused on changing the lives of our patients by providing the highest level of care each and every day. From our hospitals, rehab centers and occupational health teams to our long-term care centers and at-home care capabilities, our complete spectrum of services will allow you to apply your skills in multiple settings while building your career all within New Jersey’s premier healthcare system.
The Manager of Actuarial Services will perform the actuarial functions for the Hackensack Meridian Health (HMH) Network, including but not limited to the followings: (i) perform actuarial valuations and projections of defined benefit plans and other post-employment benefit (OPEB) plans in accordance with relevant funding rules and accounting standards; (ii) implement and maintain internal worksheets and election forms for various actuarial computations; (iii) perform periodic IBNR calculations for HMH's health programs; and (iv) provide ad-hoc actuarial support as necessary at the direction of the Vice President of Actuarial Services. Position also directs and supervises work of Actuarial Services Analyst.
Retirement Benefit Plans:
1. Prepares/reviews the annual pension valuations, budgets, participant notices, government forms (e.g., Schedule SB, Form 5500, PBGC filings) for defined benefit plans for HMH.
2. Reviews and replicates the work of outside pension actuaries to ensure accuracy. The work may include valuations, assumption validation, projections, monthly updates of funded status, government forms, retirement calculations, nondiscrimination testing, and any other substantive actuarial measurements.
3. Implements and maintains necessary workbooks, forms, documents, reports, etc. Examples include valuation & projection workbooks and reports, presentation templates, benefit database, benefit calculation workbook, sponsor election forms, contribution optimization strategy workbook, and plan design tool.
4. Reviews and prepares retirement benefit calculations and election forms (most benefits are frozen). Also periodically updates database of pension benefits if necessary.
Employee Health and Welfare Plans:
1. Develops loss reserve analysis, IBNR (incurred but not reported) loss determination and future valuation for a variety of products, liabilities, etc.
2. Reviews data monthly to highlight actual impacts of HMH plan vs. budgeted expectations.
3. Prepares actuarial opinions, reports, and memoranda.
Insurance Products and Programs, including Captives:
1. Coordinates with Population Health team to perform necessary actuarial computations to provide support for insurance decisions.
2. Prepares annual valuations of captive insurance liabilities including incurred but not reported (IBNR) liabilities for each of HMH's offshore captives.
1. Provides actuarial support for HMH's merger and acquisition activities (e.g., due diligence, purchase accounting, post-merger integration).
2. Continuously monitor evolving actuarial and accounting standards and reflects updates in all actuarial computations.
3. Manages the preparation of reports and presentations on all above topics.
4. Other duties and/or projects as assigned.
5. Adheres to HMH Organizational competencies and standards of behavior.
Education, Knowledge, Skills and Abilities Required:
1. Bachelor's Degree, preferably with a focus in mathematics, statistics, computer science or actuarial science.
2. Minimum of 5 or more years of actuarial experience, with 3+ years in employee benefits and 2+ years in running valuations in ProVal.
3. Knowledge of U.S. pension/OPEB funding rules and applicable accounting standards.
4. Knowledge of and experience in health plans and calculating IBNR reserves.
5. Extensive experience in actuarial modeling in Excel. VBA experience/knowledge is a plus.
6. Strong analytical, critical thinking and problem-solving skills.
7. Demonstrates initiative, ownership and sense of urgency.
8. Excellent interpersonal and communication skills (written, verbal, and presentation).
Licenses and Certifications Required:
1. Associate of the Society of Actuaries (ASA) or Enrolled Actuary (EA), or substantial progress towards ASA (an ASA is preferred if health-focused, but will consider candidates with substantial progress and strong commitment towards ASA).
Licenses and Certifications Preferred:
1. Other employee benefits-related designations (e.g., Certified Employee Benefit Specialist).
As a courtesy to assist you in your job search, we would like to send your resume to other areas of our Hackensack Meridian Health network who may have current openings that fit your skills and experience.
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