Natural Rural Electric Cooperative Sr Principal Defined Benefit Plan Administration in Arlington, Virginia
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 procedures