Sr Principal Defined Benefit Plan Administration
Sr Principal Defined Benefit Plan AdministrationLocation:
ArlingtonCategory:
Investment/Financial ServicesDepartment:
IFS Actuarial Services Job DescriptionThe National Rural Electric Cooperative Association (NRECA), with offices in Arlington, VA and Lincoln, NE is the trade association for over 900 consumer-owned electric cooperatives serving more than 42 million people.
NRECA is committed to harnessing the strength of America's electric cooperatives into a single powerful voice.
NRECA has won the following awards over the past few years:
Top Workplace by the Washington Post 100 Best Places to Work - ComputerWorld Magazine 50 Best Places to Work - The Washingtonian CARE Award Recipient - Recognizing organizations that promote a positive work-life balance Best Place to Work Award Recipient - Lincoln, NE Gold Well Workplace - Wellness Councils of America State of NE Governor's Wellness Award - Grower LevelAt NRECA, we work with people who are leaders in their fields.
They are down-to-earth, hardworking professionals committed to helping our members serve their communities.
Our work is interesting, constantly evolving, and requires new skills to meet the evolving needs of a dynamic industry.
In this collegial, inclusive work environment, united around the compelling purpose and history of electric cooperatives, we thrive.
And topping it off, NRECA cares about each person's overall well-being, encouraging health, financial security, and a sustainable work/life balance.
EEO/AA- M/F/Disability/Protected Veteran Status/Genetic DataSummarySr Principal Defined Benefit Plan Administration Partners with the Vice President Actuarial Services/Chief Actuary in fulfilling the Actuarial Unit's responsibility for ensuring highly accurate, consistent, and legally compliant pension benefit calculation administration for the NRECA sponsored defined benefit plan (RS Plan).
Leverages significant expertise in laws and regulations related to Defined Benefit Plans and a well-developed understanding of RS Plan provisions and features to lead cross functional efforts to enhance benefit administration, performs extensive research and analysis on emerging issues, provide expertise for systems development efforts and other NRECA teams, and supports various Actuarial Unit projects and consulting engagements.
Purpose and Mission Leads the Actuarial Unit's efforts to ensure RS Plan calculation methodology, administrative practice, and related documentation is compliant with all applicable rules.
Leads cross-functional initiatives, partnering with ERISA counsel, Compliance, and other NRECA teams to perform comprehensive analysis of newly identified administrative issues and emerging legislation to determine proper handling and required changes to methodologies and processes.
Works closely with the Systems Actuary and System Programmers/Developers to provide the expertise needed to ensure accurate changes and updates to benefit calculation software, and that all modifications are consistent and in compliance with governmental requirements and plan specifications.
Serves as subject matter expert in support of system or process improvement projects undertaken by other NRECA teams that require detailed understanding of RS Plan provisions and calculation methodology.
Possesses (or rapidly develops in the first year after hire) a highly detailed understanding of all types of RS Plan benefit calculations.
Reviews proposed plan provisions and features, and related amendments to plan language, to ensure compatibility with the existing Plan.
Partners with legal and actuarial staff in translating the current plan design and administrative practice, and any design and legislative changes, into clear and accurate plan document language.
Works across departments to develop effective administrative practice that meets all legal requirements, complies with plan provisions, and results in practical and streamlined plan administration.
Leverages broad expertise to support multi-functional teams that develop new RS Plan products and services by performing requested research, providing actuarial analysis, reviewing co-op communications materials, designing and creating tools and procedures for service delivery, and providing education to staff.
Supports our internal actuarial consultant's efforts to educate cooperative leadership regarding the NRECA Retirement Plans, analyze their current plan design and proposed changes relative to business objectives, and effectively communicate the impact of proposed and final changes on a contributions and participant benefits.
Leverages deep understanding of administration system functionality and rules to ensure compatibility with proposed plan changes or mergers.
Project Management/Support Serves as subject matter expert on ad-hoc cross-functional projects and initiatives.
Performs and manages assigned projects, establishes workplans, monitors and directs assigned staff, and peer reviews the work of others Trains/mentors Actuarial Analysts to perform special projects Manages response to co-op issues/problems Supports other actuarial unit functional leaders in documenting processes and proceduresRequirements and QualificationsFormal Education RequiredBachelor's degree in mathematics, actuarial science, or equivalent education.
Enrolled Actuary designation.
Fellow or Associate of the Society of Actuaries.
Experience and Certifications Required15 plus years as a retirement plan actuary, with substantial experience with benefit administration for large/complex defined benefit plans.
Comprehensive working knowledge of the broad range of legal requirements (IRS code/regulations/notices, DOL guidance and regulations, etc.
) governing pension:
benefit administration.
Knowledge, Skills and Abilities Required (as demonstrated by prior work experience) Ability to lead highly visible multidisciplinary project/program teams or initiatives and provide leadership as the authority in a specialized field.
Ability to define issues, establish facts and draw valid conclusions and apply to work environment.
Ability to communicate, both verbally and in writing, with a diverse membership, employees and/or vendors in a clear and precise manner.
Ability to present complex financial and actuarial topics in a simple and concise way to a diverse audience.
Ability to be persuasive, negotiate, and collaborate with individuals at all levels inside and outside of the organization as demonstrated by prior work experience.
Ability to manage competing deadlines and multiple projects at various stages of development using effective organization skills and attention to detail.
Ability to work with a wide variety of people to foster cooperation in sharing information and materials.
Ability to listen and interpret the customer's needs, de-escalate difficult customer calls, while at the same time researching the issue and applying broad business and technical knowledge to meet the customer's satisfaction as demonstrated by prior work experience.
Ability to use Microsoft Office tools (Excel, Word, Power Point) in the day-to-day essential duties of the job.
Ability to operate various office equipment such as personal computer, copier, printer, fax machine or other job-related equipment Strong decision making and analytical problem-solving skills.
Ability to exercise judgment and discretion in the execution of all duties and responsibilities.
Ability to provide service excellence by building relationships, being resourceful, responsive and respectful.
Interpersonal skills, member service orientation and ability to work in a team environment.
Ability to conceptualize, produce and disseminate high-quality materials.
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.
Estimated Salary: $20 to $28 per hour based on qualifications.
ArlingtonCategory:
Investment/Financial ServicesDepartment:
IFS Actuarial Services Job DescriptionThe National Rural Electric Cooperative Association (NRECA), with offices in Arlington, VA and Lincoln, NE is the trade association for over 900 consumer-owned electric cooperatives serving more than 42 million people.
NRECA is committed to harnessing the strength of America's electric cooperatives into a single powerful voice.
NRECA has won the following awards over the past few years:
Top Workplace by the Washington Post 100 Best Places to Work - ComputerWorld Magazine 50 Best Places to Work - The Washingtonian CARE Award Recipient - Recognizing organizations that promote a positive work-life balance Best Place to Work Award Recipient - Lincoln, NE Gold Well Workplace - Wellness Councils of America State of NE Governor's Wellness Award - Grower LevelAt NRECA, we work with people who are leaders in their fields.
They are down-to-earth, hardworking professionals committed to helping our members serve their communities.
Our work is interesting, constantly evolving, and requires new skills to meet the evolving needs of a dynamic industry.
In this collegial, inclusive work environment, united around the compelling purpose and history of electric cooperatives, we thrive.
And topping it off, NRECA cares about each person's overall well-being, encouraging health, financial security, and a sustainable work/life balance.
EEO/AA- M/F/Disability/Protected Veteran Status/Genetic DataSummarySr Principal Defined Benefit Plan Administration Partners with the Vice President Actuarial Services/Chief Actuary in fulfilling the Actuarial Unit's responsibility for ensuring highly accurate, consistent, and legally compliant pension benefit calculation administration for the NRECA sponsored defined benefit plan (RS Plan).
Leverages significant expertise in laws and regulations related to Defined Benefit Plans and a well-developed understanding of RS Plan provisions and features to lead cross functional efforts to enhance benefit administration, performs extensive research and analysis on emerging issues, provide expertise for systems development efforts and other NRECA teams, and supports various Actuarial Unit projects and consulting engagements.
Purpose and Mission Leads the Actuarial Unit's efforts to ensure RS Plan calculation methodology, administrative practice, and related documentation is compliant with all applicable rules.
Leads cross-functional initiatives, partnering with ERISA counsel, Compliance, and other NRECA teams to perform comprehensive analysis of newly identified administrative issues and emerging legislation to determine proper handling and required changes to methodologies and processes.
Works closely with the Systems Actuary and System Programmers/Developers to provide the expertise needed to ensure accurate changes and updates to benefit calculation software, and that all modifications are consistent and in compliance with governmental requirements and plan specifications.
Serves as subject matter expert in support of system or process improvement projects undertaken by other NRECA teams that require detailed understanding of RS Plan provisions and calculation methodology.
Possesses (or rapidly develops in the first year after hire) a highly detailed understanding of all types of RS Plan benefit calculations.
Reviews proposed plan provisions and features, and related amendments to plan language, to ensure compatibility with the existing Plan.
Partners with legal and actuarial staff in translating the current plan design and administrative practice, and any design and legislative changes, into clear and accurate plan document language.
Works across departments to develop effective administrative practice that meets all legal requirements, complies with plan provisions, and results in practical and streamlined plan administration.
Leverages broad expertise to support multi-functional teams that develop new RS Plan products and services by performing requested research, providing actuarial analysis, reviewing co-op communications materials, designing and creating tools and procedures for service delivery, and providing education to staff.
Supports our internal actuarial consultant's efforts to educate cooperative leadership regarding the NRECA Retirement Plans, analyze their current plan design and proposed changes relative to business objectives, and effectively communicate the impact of proposed and final changes on a contributions and participant benefits.
Leverages deep understanding of administration system functionality and rules to ensure compatibility with proposed plan changes or mergers.
Project Management/Support Serves as subject matter expert on ad-hoc cross-functional projects and initiatives.
Performs and manages assigned projects, establishes workplans, monitors and directs assigned staff, and peer reviews the work of others Trains/mentors Actuarial Analysts to perform special projects Manages response to co-op issues/problems Supports other actuarial unit functional leaders in documenting processes and proceduresRequirements and QualificationsFormal Education RequiredBachelor's degree in mathematics, actuarial science, or equivalent education.
Enrolled Actuary designation.
Fellow or Associate of the Society of Actuaries.
Experience and Certifications Required15 plus years as a retirement plan actuary, with substantial experience with benefit administration for large/complex defined benefit plans.
Comprehensive working knowledge of the broad range of legal requirements (IRS code/regulations/notices, DOL guidance and regulations, etc.
) governing pension:
benefit administration.
Knowledge, Skills and Abilities Required (as demonstrated by prior work experience) Ability to lead highly visible multidisciplinary project/program teams or initiatives and provide leadership as the authority in a specialized field.
Ability to define issues, establish facts and draw valid conclusions and apply to work environment.
Ability to communicate, both verbally and in writing, with a diverse membership, employees and/or vendors in a clear and precise manner.
Ability to present complex financial and actuarial topics in a simple and concise way to a diverse audience.
Ability to be persuasive, negotiate, and collaborate with individuals at all levels inside and outside of the organization as demonstrated by prior work experience.
Ability to manage competing deadlines and multiple projects at various stages of development using effective organization skills and attention to detail.
Ability to work with a wide variety of people to foster cooperation in sharing information and materials.
Ability to listen and interpret the customer's needs, de-escalate difficult customer calls, while at the same time researching the issue and applying broad business and technical knowledge to meet the customer's satisfaction as demonstrated by prior work experience.
Ability to use Microsoft Office tools (Excel, Word, Power Point) in the day-to-day essential duties of the job.
Ability to operate various office equipment such as personal computer, copier, printer, fax machine or other job-related equipment Strong decision making and analytical problem-solving skills.
Ability to exercise judgment and discretion in the execution of all duties and responsibilities.
Ability to provide service excellence by building relationships, being resourceful, responsive and respectful.
Interpersonal skills, member service orientation and ability to work in a team environment.
Ability to conceptualize, produce and disseminate high-quality materials.
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.
Estimated Salary: $20 to $28 per hour based on qualifications.
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