Presented By: Mary C. Petrick Kirk L. Pruett 09/15/2011.

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Presentation transcript:

Presented By: Mary C. Petrick Kirk L. Pruett 09/15/2011

 Background  Valuation Process  Retirement Services  Prospective Careers

 Towson Alumni Class of 2009 ◦ Actuarial Program  Employed at Aon Hewitt, Retirement ◦ Received internships from Job Fair

Determine the “status” of a pension or medical plan

Data Update for the current year Check for reasonableness Runs Complete the run Check sample lives Results Use run’s numbers to asses plan Report results to the client

Data CensusAssets Plan Provisions Claims / Enrollment

 Program modeling software with benefit formulas and actuarial assumptions to determine the present value of benefits ◦ Assumptions include:  Mortality/Decrements  Interest Rates  Future increases in salary  Future increases in medical costs  Participation  Healthcare Reform Impact

 Results are reported in accordance with: ◦ Employee Retirement Security Act of 1974 (ERISA)  Updated by the Pension Protection Act of 2006 (PPA) ◦ Accounting Standards Codification (ASC) ◦ Government Accounting Standards Board (GASB)

 Compliance ◦ PBGC ◦ IRS ◦ Auditors  Participant Documents ◦ Benefit Statements ◦ Funding Notices  Plan Design ◦ New Plans ◦ Updating/Terminating Benefits

 Managing Risk ◦ Investment Consulting ◦ Changes in Plan design ◦ Forecast ◦ Plan Termination

Exam Focused Careers Actuarial Analyst at Aon Hewitt, Health and Benefits Actuarial Assistant at Fidelity & Guaranty Life Analyst at Dept. of Health and Human Services, CMS Prospective Careers

 Manage retiree drug subsidy process  Manage early retiree reinsurance program  Consult on pricing, plan design, and contribution policy for healthcare plans  Project and analyze Medical and Rx plans

 Compile mortality studies for life and annuity products  Analyze earnings for each line of business  Create and price new products  Monitor current market conditions and adjust pricing and assumptions accordingly

 Set Medicare premiums, deductibles and coinsurance  Monitor Medicare trust fund  Project the status of the Medicare trust fund based on regulations set by Congress  Measure the impact of changes in legislation on the fund

Math Related Careers Health and Benefits Analyst at Mercer Contract Surety Underwriter at Liberty Mutual Associate at Yaffe & Company, Inc. Prospective Careers

 Design and price companies health and benefits plans  Facilitate vendor assessments/negotiations  Manage company’s healthcare data  Evaluate companies benefits programs

 Underwrite and service a network of accounts  Perform primary credit underwriting and risk analysis  Build and maintain positive relationships with accounts

 Consults on executive compensation for the healthcare and higher education industries  Conducts President/CEO performance reviews  Projects incentive pay goals, accomplishments, and retirement benefits

 Mary C. Petrick ◦  Kirk L. Pruett ◦ Images in this presentation provided by: renjith krishnan / FreeDigitalPhotos.net