Actuarial Analyst - EB Consulting

The Employee Benefits Consulting Practice offers excellent retirement, health, compensation and investment consulting services to our clients. We are currently seeking an Actuarial Analyst with 4-6 years of relevant experience. The position requires actuarial and financial capabilities, good communication and interpersonal skills, and organizational talents. Our principal values form the foundation of our truly distinctive program for aspiring actuaries. The Milliman culture provides motivated individuals with the essential tools and support to build a successful actuarial career. 

Who We Are

Independent for over 75 years, Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world’s most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Milliman invests in skills training and career development, and gives all employees access to a variety of learning and mentoring opportunities. Our growing number of Milliman Employee Resource Groups (ERG’s) are employee-led communities that influence policy decisions, develop future leaders, and amplify the voices of their constituents. We encourage our employees to give back to their varied professions, including leadership in professional organizations. Please visit our web site (https://www.milliman.com/en/social-impact) to learn more about Milliman’s commitments to our people, diversity and inclusion, social impact and sustainability.

Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance.

What You Will Do

This position provides support and assistance to actuarial consultants. This includes measuring pension liabilities and annual costs, studying the effects of changes in the design of employee benefit plans, and communicating results.

• Assist in preparation of recurring actuarial valuation and compliance work for qualified retirement plans of assigned clients, including:

• • actuarial funding valuations (corporate or public)
  • accounting valuations
  • government forms preparation
• Benefit calculations, including QDROs and Death Benefits, as needed
• Experience working on all aspects of plan terminations for Corporate plans
• Assist in the preparation and presentation of materials for clients.
• Provide analysis and assistance on special projects.
• Provide input to actuary and/or consultant on appropriate steps to complete required work.
• Work with the consultant to understand how his or her work fits into the overall project.
• Take initiative to improve processes involved with assigned clients and disseminate information and ideas to responsible consultant and staff.
• Provide proper notification of significant issues that should be brought to attention of the responsible Actuary or Senior Consulting Actuary.
• Observe Milliman formal peer review policy.

What We Are Looking For

• Bachelor of Science degree in mathematics, statistics, or another major with quantitative course work is required
• Four to six years of relevant pension actuarial experience
• At least three SOA exams passed
• Actively pursuing SOA exams towards Actuarial certification
• Experience with ProVal
• Experience working with Corporate plans, Retiree Medical plans, and Public plans
• Strong technical skills, IRS funding valuations or public plan valuations, (calculations required under PPA, funding, and accounting rules preferred), preparing government forms, valuation data preparation, etc.
• Excellent computer and technical skills
• Strong communication skills
• Ability to handle multiple projects at the same time
• Ability to work on detailed spreadsheets and other business software programs
• Ability to work in a team environment
• Must reside in Chicago and be available to work in the Chicago office two days per week, with the flexibility to work remotely for the remaining three days.

The Team

The EB Consulting practice provides actuarial and other consulting services for multiple industries, for actives and retirees and for Corporate, Public and Multiemployer Plans. This practice works with several key types of clients organized into the following seven lines of business:

• Corporate Pension Plans
• Multiemployer Pension Plans
• Public Pension Plans
• Other Postretirement Benefit Plans (Corporate, Multiemployer, and Public combined)
• Health and Group Benefits (Corporate, Multiemployer, and Public combined)
• Compensation and Benefits Surveys
• Investments

Location

This position is based in Chicago, IL. Candidates hired into this role must be willing to work in-person in the Milliman office on a weekly basis, but flexible work arrangements will be considered for our hybrid environment.

Compensation

The salary range is $83,380 - $145,970, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

Benefits

We offer a comprehensive benefits package designed to support employees’ health, financial security, and well-being. Benefits include: 

• Medical, Dental and Vision – Coverage for employees, dependents, and domestic partners.
• Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.
• 401(k) Plan – Includes a company matching program and profit-sharing contributions.
• Discretionary Bonus Program – Recognizing employee contributions.
• Flexible Spending Accounts (FSA) – Pre-tax savings for dependent care, transportation, and eligible medical expenses.
• Paid Time Off (PTO) – Begins accruing on the first day of work.
  • Full-time employees accrue 15 days per year.
  • Employees working less than full-time accrue PTO on a prorated basis.
• Holidays – A minimum of 10 observed holidays per year.
• Family Building Benefits – Includes adoption and fertility assistance.
• Paid Parental Leave – Up to 12 weeks of paid leave for employees who meet eligibility criteria.
• Life Insurance & AD&D – 100% of premiums covered by Milliman.
• Short-Term and Long-Term Disability – Fully paid by Milliman.

Equal Opportunity

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Salary : $83,380 - $145,970