Prin Actuary Life - Grade 28

Positions in this title can be hired through NY HELPS

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Positions

This title exists within Various New York State Agencies and has approximately 22 positions statewide.


*The number of positions is approximate and represents the number of positions established (both filled and vacant); it is not an indication or reference to position type or duration, or intent to be filled.

Career Ladder

A listing of titles that are most commonly used as steps for upward mobility for this title series.

Salary Information for Senr Actuary Life
Title Grade Hiring Rate/yr Job Rate/yr
Senr Actuary Life 19 $68,523 $87,032
Assoc Actuary Life 24 $88,639 $111,897
Prin Actuary Life 28 $109,250 $134,178
Supvg Actuary Life 64 $123,793 $156,224
Chief Life Actuary 3 65 $137,457 $173,664
Chief Life Actuary 2 66 $152,191 $191,427
Chief Life Actuary 1 67 $167,754 $207,762

All salary grades for trainees titles are non-statutory (NS) equated to the salary grade identified. These grade equations apply to the starting salaries in their respective salary schedule for the traineeship levels.

This title may exist in more than one negotiating unit. This salary schedule represents the most typical salary for this title. Click here to view additional salary information regarding the various bargaining units.

An individual's final salary is determined by the Office of the State Comptroller. This salary schedule does not reflect any Special Salary Treatments

Job Duties

As a Principal Actuary (Life) in the NYS Department of Financial Services, you may perform studies in various phases of life insurance and retirement systems, including testing the effectiveness of current and proposed regulations. You may determine proper reserve basis for life insurance, annuities, disability benefits, accidental death benefits and contingent liabilities of insurers. You may review proposals by domestic life insurance companies to revise their valuation procedures, review policy forms and product illustrations for actuarial compliance with Insurance law and regulations, and determine the reasonableness of accident and health rates. You may review submissions of medium complexity regarding agent compensation, separate accounts, investment income allocation and actuarial projections for company plans of operation. You may review rate adjustment applications for health products from Health Maintenance Organizations, Life and Accident and Health Insurance Companies, Non-Profit Medical and Dental Indemnity Corporations, Non-Profit Health and Hospital Service Corporations and government sponsored programs for compliance with statutes and regulations, investigate public complaints on actuarial related matters, analyze the financial impact of a health company's employee benefit package, and participate in public rate hearings.

As a Principal Actuary (Life) in the NYS Office of the State Comptroller, you would be responsible for producing the annual actuarial valuation, experience studies, calculations of various actuarial liabilities, and cost estimates for proposed benefit changes.

As a Principal Actuary (Life) in the Teachers' Retirement System, you would supervise all activities of the Actuary Department, coordinate the work of the Department with that of other departments, oversee the preparation of various reports, and supervise staff. You would also participate in the annual valuation of the System's liabilities, participate in the GASB 45 OPEB actuarial valuation and prepare related disclosures, review legislation affecting the System, prepare fiscal notes for proposed legislation affecting the System, analyze the actuarial gains and/or losses of the System, prepare actuarial data for reports to be submitted to regulators, develop updated actuarial assumption tables when warranted, calculate option factors as required by a Domestic Relations Order (DRO), perform studies of actual experience in relation to expected experience based on the valuation assumptions, generate statistics based on the System's membership, repare the actuarial and statistical portions of the annual reports to members, and prepare presentations as required.

View the classification standard for this title which illustrates the nature, extent and scope of duties and responsibilities of the classes they describe.

Summary of Minimum Qualifications

For informational purposes only, click on the examination number(s) listed below to see the current or previous examination(s) that are used to fill this title.

20-120

Please note: qualifications for this position may be subject to change. Job postings on StateJobsNY will contain the most up-to-date qualifications.

How to Apply

All HELP and NY HELPS open positions are now posted on StateJobsNY. It is now even easier for Jobseekers to find openings and connect with New York State agencies.

To narrow your search to NY HELPS jobs, click on "For the General Public", then "Search Vacancies", and select "Yes" on the NY HELPS dropdown to narrow your search to NY HELPS jobs.

Directions to apply will be specified on each individual job posting.

Mobility Options

Career mobility is not just limited to the titles in the Career Ladder, above. Additional movement may be achieved through transfers opportunities or other examinations.

For additional information or clarification of transfer determinations, current State employees should contact the Career Mobility Office at (518) 485-6199 or (800) 553-1322.

You can also visit ELMS Online to view established open-competitive, promotion, and transition eligible lists.

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