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Pension Actuary Series

Pension Actuary Series

California State Personnel Board Specification

Series established October 3, 1995

Scope

This series specification describes three levels of classes used by the Public Employees' Retirement System (CalPERS) to perform a wide variety of consultative and analytical assignments associated with the actuarial program of a large public pension.

 

Pension Actuary Series Specification - Class Titles and Codes
Schem Code Class Code Class
LP58 5436 Associate Pension Actuary
LP56 5461 Senior Pension Actuary
LP57 5490 Supervising Pension Actuary

Definition of Series

Classes in this series perform and review actuarial valuations to establish actuarial liabilities and contribution rates for participating employers and determine the effect of proposed or enacted plan amendments on contribution rates; perform or review experience investigations used to assist in the establishment of actuarial assumptions; review and recommend member and financial data to be maintained by operating divisions for actuarial investigations and valuations; prepare or review special actuarial reports as required by the CalPERS Board of Administration; and perform other actuarial duties.

Factors Affecting Position Allocation

The scope and complexity of responsibilities assigned, difficulty of work, independence and consequence of action, impact of decision making on affected programs, responsibility for special reports and presentation of findings to the CalPERS Board of Administration or other interested groups, and the degree of supervision exercised and received are differentiating factors between levels.

Definition of Levels

Associate Pension Actuary

This is the journey level. Under general supervision, incumbents perform and/or review actuarial valuations to establish rates for participating employers; perform actuarial valuations to determine effects of plan amendments; complete experience investigations and produce demographic and economic studies upon which to base actuarial assumptions; review, analyze and provide actuarial cost implications of proposed pension legislation; provide informational seminars for employers and employees on actuarial issues; complete special reports and assignments and do other related work.

Senior Pension Actuary

This is the full professional level. Under direction, incumbents work independently on the most difficult actuarial assignments; provide informational seminars for employers and employees on actuarial issues; prepare and present special reports to the CalPERS Board of Administration, legislative bodies, employer groups and other interested parties. Incumbents may act as leadpersons over Pension Actuaries and Actuarial Assistants, CalPERS, on special assignments or team projects; and do other related work.

Supervising Pension Actuary

This is the full supervisory level. Incumbents supervise Associate Pension Actuaries and Senior Pension Actuaries. In addition, they may serve as staff experts and consultants on the most complex and sensitive program issues; may personally perform the most complex and sensitive actuarial work; and do other related work.

Minimum Qualifications

Associate Pension Actuary

Either I

 

One year of experience in the California state service performing the duties of a Senior Actuarial Assistant, CalPERS, or a Supervising Actuarial Assistant, CalPERS. and

 

Possession of an Associateship in the Society of Actuaries.

Or II

 

Experience: Three years of responsible pension actuarial experience setting actuarial assumptions, processing or overseeing actuarial valuations of defined benefit plans and the production of actuarial valuation reports in either (1) a private pension program, or (2) a consulting actuarial firm working with employee pension programs, or (3) a comparable pension actuarial position in another governmental agency. (Experience in California state service must be at a level of responsibility provided in the promotional pattern.) and

 

Education: Equivalent to graduation from college with specialization in actuarial science, mathematics, statistics, or computer science, or a related field. and

 

Possession of an Associateship in the Society of Actuaries.

Senior Pension Actuary

Either I

 

One year of experience in the California state service performing the duties of an Associate Pension Actuary. and

 

Possession of an Associateship in the Society of Actuaries.

Or II

 

Four years of increasingly responsible pension actuarial experience setting actuarial assumptions, processing or overseeing actuarial valuations of defined benefit plans and the production of actuarial valuation reports in either (1) a private pension program, or (2) a consulting actuarial firm working with employee pension programs, or (3) a comparable pension actuarial position in another governmental agency. (Experience in California state service must be at a level of responsibility provided in the promotional pattern.) and

 

Education: Equivalent to graduation from college with specialization in actuarial science, mathematics, statistics, or computer science, or a related field. and

 

Possession of an Associateship in the Society of Actuaries.

Supervising Pension Actuary

Either I

 

One year of experience in the California state service performing the duties of a Senior Pension Actuary. and

 

Possession of an Associateship in the Society of Actuaries.

Or II

 

Five years of increasingly responsible pension actuarial experience setting actuarial assumptions, processing or overseeing actuarial valuations as defined benefit plans and the production of actuarial valuation reports, at least three years of which must have been supervising a team of actuaries in either (1) a private pension program, or (2) a consulting actuarial firm working with employee pension programs, or (3) a comparable pension actuarial position in another governmental agency. (Experience in California state service must be at a level of responsibility provided in the promotional pattern.) and

 

Education: Equivalent to graduation from college with specialization in actuarial science, mathematics, statistics, or computer science, or a related field. and

 

Possession of an Associateship in the Society of Actuaries.

Knowledge and Abilities

All Levels:

Knowledge of: Principles of actuarial science with emphasis on retirement systems; fundamentals of a sound retirement system; statistical techniques, data processing methods and procedures.

 

Ability to: Make complex and extensive actuarial and statistical computations; make complex and extensive actuarial investigations and valuations often requiring the development of complex scientific computer programs and to draw and apply correct conclusions from the results; prepare difficult and technical actuarial and statistical reports; analyze data, draw logical conclusions, and adopt an effective course of action; consult with the CalPERS Board of Administration; confer with public agency officials.

Supervising Pension Actuary

Knowledge of: All of the above, plus principles of supervision; the Department's Equal Opportunity Program objectives; a supervisor's role in the Equal Opportunity Program and the processes available to meet equal opportunity objectives.

 

Ability to: All of the above, plus supervise the work of others; evaluate employee performance; effectively contribute to the Department's equal opportunity objectives.

Class History

Pension Actuary Series History - Dates Established, Revised, and Title Changed
Class Date Established Date Revised Title Changed
Associate Pension Actuary 10/03/1995 -- --
Senior Pension Actuary 10/03/1995 -- --
Supervising Pension Actuary 10/03/1995 -- --
  Updated: 6/3/2012
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