Job Classification:
Actuarial - Actuarial
At Prudential, we believe talent is key to achieving our vision. When you join Prudential, youll unlock a motivating and impactful career all while growing your skills and advancing your profession at one of the worlds leading financial services institutions!
The U.S.Pension Risk Transfer (PRT) market presents a significant global growth opportunity for Prudential Retirement. Prudential has positioned itself as a leader in this market and continues to expand resources focusing on the challenges faced by plan sponsors in managing a pension plan. Prudential has participated in this market for nearly 100 years and led the new era of Pension Risk Transfer, closing market-defining transactions with GM and Verizon that transferred $33B of pension obligations to Prudential in 2012. The market has continued to expand since that time and Prudential continues to be the market leader.
Pension Risk Transfer is responsible for manufacturing and administering the institutional insurance products that play an important role in the management of defined benefit plans. As part of our strategic focus on this market, we are looking to hire an Associate Actuary to our New Business Actuarial Support team. The successful candidate will support the VP of the US Pension Risk Transfer New Business Actuarial team, which includes the US pension and retiree medical risk transfer products.
The position is based in Newark, NJ.
The current EWA for this position is Hybrid and requires your on-site presence on a reoccurring basis as determined by your business. Your manager will provide additional details relative to the specific number of days you are expected to be on-site.
What you can expect:
Providing pension actuarial subject matter expertise to the PRT team by regularly identifying and analyzing the market, regulatory and other changes in the retirement arena that inform plan sponsor views of pension risk
Support of the PRT distribution team
Annual compilation and analysis of plan sponsor data to identify top-tier PRT prospects
Development and maintenance of pre-approved slides for use in client presentations
Development of compelling analytics and illustrative pricing for prospective clients and conference participation
Partnership on PRT Transactions
Partner with the Transaction Management team on large and/or complex PRT transactions
Provide support and expertise to PRT Pricing team:
Review and analysis of unique plan provisions
Cash Flow Matching for transactions $1B
Valuation of complex payment forms and/or benefit components
Validate final data and calculate premium true-up amounts.
Support the legal and administrative teams by providing expertise and validation throughout the transaction process
Assistance in new product development initiatives as we build unique capabilities to sustain competitive advantage, respond to client needs, and maintain market recognition as a PRT leader
Supporting development of thought leadership content for marketing purposes
Supporting the Retiree Medical Risk Transfer product (MRT) through actuarial expertise
What youll need:
FSA or ASA designation
Enrolled Actuary designation
Defined Benefit expertise deep knowledge of benefit structures, pension actuarial principles and funding/accounting regulations
Minimum 5 years of consulting experience with pension plan sponsors
Outstanding quantitative and analytical skills
Desire to participate in the development of new products and markets
Ability to work effectively in a fast-paced, results-oriented team environment
Experience with actuarial projections and valuation software, preferably ProVal
Strong MS Excel and PowerPoint skills
Solid written and verbal communication skills.
Prudential welcomes all applicants, even if you don't meet every requirement. If your skills align with the role, we encourage you to apply.
At Prudential, you can:
Take charge of your career. We equip and empower our employees to expand their skills and experience by using powerful learning, gigs, and job opportunities. We offer a suite of services including 1:1 Career advice, on demand resources and networking to propel your career forward.
Were a global organization, full of outstandingly dedicated people who arent afraid to think differently, challenge the status quo and take sensible risks along the way. You will enjoy pushing boundaries as we build innovative technology that helps clients, customers and employees live their best lives. You will have access to leadership and learning opportunities and the resources needed to take your career in any direction. We will help you do your best work, offering flexibility, while delivering on our Purpose.
What we offer you:
Market competitive base salaries, with a yearly bonus potential at every level
Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave
Retirement plans:
401(k) plan with company match (up to 4%)
Company-funded pension plan
Wellness Programsto help you achieve your wellbeing goals, including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs
Work/Life Resourcesto help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
Tuition Assistanceto help finance traditional college enrollment toward obtaining an approved degree, many accredited certificate programs, and industry designations.
Employee Stock Purchase Plan:Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.
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Equal Opportunity Employer - minorities/females/veterans/individuals with disabilities/sexual orientation/gender identity