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Actuarial Field from TU Grads

Actuarial Field from TU Grads. Presented By: Mary C. Petrick Kirk L. Pruett 09/15/2011. Overview. Background Valuation Process Retirement Services Prospective Careers. Background. Towson Alumni Class of 2009 Actuarial Program Employed at Aon Hewitt, Retirement

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Actuarial Field from TU Grads

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  1. Actuarial Field from TU Grads Presented By: Mary C. Petrick Kirk L. Pruett 09/15/2011

  2. Overview • Background • Valuation Process • Retirement Services • Prospective Careers

  3. Background • Towson Alumni Class of 2009 • Actuarial Program • Employed at Aon Hewitt, Retirement • Received internships from Job Fair

  4. Valuation Process - Purpose Determine the “status” of a pension or medical plan

  5. Valuation Process - Steps

  6. Valuation Process – Data

  7. Valuation Process - Runs • 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

  8. Valuation Process - Results • 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)

  9. Retirement Services • Compliance • PBGC • IRS • Auditors • Participant Documents • Benefit Statements • Funding Notices • Plan Design • New Plans • Updating/Terminating Benefits

  10. Retirement Services • Managing Risk • Investment Consulting • Changes in Plan design • Forecast • Plan Termination

  11. Prospective Careers

  12. Actuarial Analyst at Aon Hewitt, Health and Benefits • 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

  13. Actuarial Assistant at Fidelity & Guaranty Life • 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

  14. Analyst at Dept. of Health and Human Services, CMS • 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

  15. Prospective Careers

  16. Health and Benefits Analyst at Mercer • Design and price companies health and benefits plans • Facilitate vendor assessments/negotiations • Manage company’s healthcare data • Evaluate companies benefits programs

  17. Contract Surety Underwriter at Liberty Mutual • Underwrite and service a network of accounts • Perform primary credit underwriting and risk analysis • Build and maintain positive relationships with accounts

  18. Associate at Yaffe & Company, Inc. • Consults on executive compensation for the healthcare and higher education industries • Conducts President/CEO performance reviews • Projects incentive pay goals, accomplishments, and retirement benefits

  19. Contact Information • Mary C. Petrick • mary.petrick@aonhewitt.com • Kirk L. Pruett • kirk.pruett@aonhewitt.com Images in this presentation provided by: renjith krishnan / FreeDigitalPhotos.net

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