Senior Actuary Defined Benefit Plan Administration

Job Description

NRECA is a unique national trade association providing advocacy, financial services and business support services to over 900 consumer owned electric cooperatives across the country. This includes sponsoring a multiple employer traditional defined benefit plan, the Retirement Security Plan (RS Plan), for member cooperatives. Over 850 cooperatives participate in the plan, which has 75,000 participants and $11 billion in plan assets. NRECA employees are united by our mission, inclusive culture, collaborative workplace and commitment to service excellence.  As a “best place to work” employer, we operate with integrity, transparency and a spirit of innovation.

Are you ready to be part of a dynamic, inclusive, and mission-driven insurance and financial services team? At NRECA, we cultivate and reward a commitment to delivering service excellence to our members every day.  Our culture emphasizes a strong sense of diversity, integrity and belonging, driven by our core values of collaboration, communication, creative problem solving, and accountability. The work we do to develop and administer industry-leading employee benefit plans and services is diverse and intellectually challenging, and the results help improve the quality of life for hard working Americans all across the country.  If you are motivated by mission and values, as well as competitive pay and outstanding benefits, then this is the place for you.

Summary of Position

The Senior Actuary brings significant experience in defined benefit plan administration and actuarial expertise to support the Defined Benefit Calculations Team in producing highly accurate results and efficient and timely services. The Actuary serves as an authoritative resource on Retirement Security Plan (RS Plan) provisions, calculation methodologies, and administrative practices for internal teams and provides benefit administration guidance to co-ops on complex benefit issues. The role is responsible for managing and serving as subject matter expert for the annual IRS nondiscrimination testing process for the 850 separate employer plans within the RS Plan. They also provide broad support to the team by managing various actuarial projects, and providing support for assigned special initiatives and studies.

Key Responsibilities

• Serves as a subject matter expert for the Benefit Calculations Team, collaborating with Legal, Compliance, and Operations teams to research, analyze, and respond to emerging issues.

• Reviews complex benefit calculations.

• Manages the annual nondiscrimination testing for the RS Plan, performing much of the analysis, and managing actuarial team members supporting the work. Collaborates with the Compliance Team on any combined RS Plan and 401k Plan testing required for passing IRC 401(a)(4), and consults on the changes/actions needed to address failures.

• Collaborates with others on the Actuarial Team to address complex issues and establish new procedures and methodologies. Researches and analyzes emerging calculation and administration issues, and collaborates with other teams to resolve them. Responsible for ensuring the results of any analysis are documented and agreed upon administrative practices are understood by the team.

• Provides oversight and subject matter expertise for certain annually recurring services delivered by the Unit. Serves as lead actuary and consultant for assigned products and services.

• Supports the development of new products and services by providing actuarial analysis, developing and reviewing co-op communication materials, creating tools and procedures for service delivery, and providing training to staff.

• Performs and manages assigned projects, and peer reviews the work of others.

• Serves as Actuarial Team liaison and subject matter expert on various cross-functional projects and initiatives.

Qualifications

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Required Qualifications and Skills

• Bachelor’s degree in mathematics, actuarial science or equivalent field.

• 15 years as a retirement consulting or valuation actuary

• Enrolled Actuary, or Associate or Fellow of the Society of Actuaries.

• Knowledge of ERISA, IRS and DOL regulations and laws related to defined benefit plan administration and non-discrimination testing.

• Five years of recent experience with performing and reviewing defined benefit plan non-discrimination testing, and consulting with clients on the range of potential actions needed to pass testing.

• Five years of experience in performing benefit administration for large/complex defined benefit plans.

​Essential Physical Requirements:

• The worker is required to have close visual acuity to perform an activity such as: preparing and analyzing data and figures; transcribing; viewing a computer terminal and extensive reading.

• Exerting up to 20 pounds of force occasionally, and/or up to 10 pounds of force frequently, and/or a negligible amount of force constantly to move objects. If the use of arm and/or leg controls requires exertion of forces greater than that for sedentary work and the worker sits most of the time, the job is rated for light work.

Disclaimer Statement: The preceding job description has been written to reflect management’s assignment of essential functions. It does not prescribe or restrict the tasks that may be assigned

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Additional Requirement:

The preceding job description has been written to reflect management’s assignment of essential functions. It does not prescribe or restrict the tasks that may be assigned.  All qualified applicants will receive consideration for employment without regard to race, color, sex, sexual orientation, gender identity, religion, national origin, disability, veteran status, or other legally protected status.

NRECA is committed to working with and providing reasonable accommodation to individuals with physical and mental disabilities. If you need special assistance or an accommodation while seeking employment, please e-mail [email protected] or call: 703-907-5992 - NRECA Arlington Human Resources. Please call 402-483-9275 - NRECA Lincoln Human Resources, for Lincoln, NE employment opportunities. We will make a determination on your request for reasonable accommodation on a case-by-case basis.

The U.S. Equal Employment Opportunity Commission (EEOC) recently released the 'Know Your Rights' poster, which updates and replaces the previous "EEO is the Law" poster and "EEO Is the Law Poster Supplement". 

Pay Transparency Non-Discrimination. NRECA will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay. Please see the Pay Transparency Nondiscrimination Provision for more information.

E-Verify. As a Federal Contractor, NRECA is required to participate in the E-Verify Program to confirm eligibility to work in the United States. For information please click on the following link: E-Verify.

For more information about life at NRECA please visit www.Electric.coop.