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