New York State Department of Civil Service announces Continuous Recruitment Examination Open to All Qualified Individuals
Principal Actuary (Life)
- Applications Accepted
- Tests To Be Held
|Exam Number||Exam Title and Agency||Salary Grade||Beginning Salary||Job Rate|
|20-120||Principal Actuary Life - NYS Department of Financial Services||G-28||$95,136||$116,844|
|20-121||Principal Actuary Life - NYS Office of the State Comptroller||G-28/M-3||$95,136/$97,466||$116,844/$123,166|
|20-122||Principal Actuary Life - NYS Teachers' Retirement System||G-28||$100,342||$125,314|
|20-139||Principal Actuary Life - NYS Insurance Fund||G-28||$95,136||$116,844|
NO APPLICATION PROCESSING FEE REQUIRED
Appointees who work in the five boroughs of New York City or in Nassau, Suffolk, Rockland, or Westchester Counties will receive an additional $3,026 annual downstate adjustment.
On or before the date of filing your application, you must have all of the following:
- A bachelor's degree or higher; AND
- Successful completion of the Society of Actuaries examinations MLC, MFE, and two additional examinations; AND
- Four years of actuarial experience in one or more of the following activities:
- actuarial or statistical work for operating units or management;
- governmental regulatory actuarial functions;
- governmental or private pension actuarial functions; OR
- performing actuarial computations for reserves, premium rates, and/or policy forms.
- Transcripts from the Society of Actuaries MUST be converted to the most current system. For information contact: Society of Actuaries, Brett Rogers, (847) 706-3586, firstname.lastname@example.org, 475 North Martingale Road, Suite 600, Schaumberg, IL 60173, www.soa.org. Preliminary test results will not be accepted.
- Your degree must have been awarded by a college or university accredited by a regional, national, or specialized agency recognized as an accrediting agency by the U.S. Department of Education/U.S. Secretary of Education. If your degree was awarded by an educational institution outside the United States and its territories, you must provide independent verification of equivalency. You can write to the Examination Information Desk of the NYS Department of Civil Service for a list of acceptable companies who provide this service. This information can also be found on the Internet at hthttp://www.cs.ny.gov/jobseeker/degrees.cfm. You must pay the required evaluation fee.
- New York State residence is not required.
- Appropriate part-time, internship, and volunteer experience, which can be verified, will be accepted on a prorated basis.
- Experience limited to teaching actuarial courses is NOT qualifying experience.
These positions exist in the NYS Department of Financial Services in Albany and New York City and in the NYS Office of the State Comptroller, the NYS Teachers' Retirement System, and the NYS Insurance Fund in Albany only.
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, prepare the actuarial and statistical portions of the annual reports to members, and prepare presentations as required.
As a Principal Actuary (Life) in the New York State Insurance Fund (NYSIF), you would provide statutory disability coverage and Paid Family Leave coverage to support the Disability Benefits Fund; determine proper reserve basis for disability benefits; analyze trends and drivers; calculate appropriate loss reserves; develop financial reports; review rates and rate structure; analyze proposed new products and contracts; develop analytics and models to support executive decisions; advise and assist in the use of actuarial techniques; and supervise staff.
Subject of Examination
The examination requires completion of an application/supplemental questionnaire (Forms NYS APP-3 #20-115 with SUPP#20-115). There will be no written test. The application/supplemental questionnaire is the test. Your completed application/supplemental questionnaire will be the only basis for rating your training, education, and experience.
Failure to complete the application/supplemental questionnaire correctly may result in disqualification. If disqualified, candidates must wait six months to re-apply.
If you meet the minimum qualifications, your training, education, and experience will be evaluated against the general background/critical activities of the position. Your completed application/supplemental questionnaire will be the only basis for rating your training, education, and experience. Your score will be based on the following: education, advanced degree, actuarial experience, and completion of examinations through the Society of Actuaries, and reading and following instructions. It is essential that you describe your training, education, and experience as completely as possible. Ambiguity, vagueness, or omissions will not be decided in your favor. If you need more space, attach additional 8½" x 11" sheets, following the same format used on the application/supplemental questionnaire. Resumes will NOT be accepted in lieu of a completed application/supplemental questionnaire.
Your final score must be 70 or higher in order to pass. Rank on the eligible list will be determined after adding any wartime veterans’ and Civil Service Law Section 85-a credits to your final passing score.
Important: The Department of Civil Service and other state agencies may communicate with you through email correspondence. This may include the notification of your examination results and canvassing you for interest in appointment. It will be important for you to keep your email address, phone number and mailing address current by logging into https://www.cs.ny.gov/home/myaccount.
How to Apply
You must use form NYS-APP-3 #20-115 application form/supplemental questionnaire.
- Download the examination application NYS-APP-3 #20-115 form; or
- Email email@example.com to request NYS-APP-3 #20-115 form; or
- Obtain NYS-APP-3 #20-115 form from a State agency or facility personnel/business office; or
- Request NYS-APP-3 #20-115 form by calling the Department of Civil Service in the Albany area at 518-457-2487 [press 2, then press 3]; or toll free at 1-877-697-5627 [press 2, then press 3].
Where to Apply
These examinations are decentralized to the following agencies. You must mail a separate completed application/supplemental questionnaire to one or more of the following:
For Exam No. 20-120:
NYS Department of Financial Services
One Commerce Plaza
Human Resources Management, Suite 301
Albany, NY 12257
For Exam No. 20-121:
NYS Office of the State Comptroller
Office of Human Resources
110 State Street
Albany, NY 12236
For Exam No. 20-122:
NYS Teachers' Retirement System
Human Resources – Exam
10 Corporate Woods Drive
Albany, NY 12211-2395
For Exam No. 20-139:
NYS Insurance Fund
15 Computer Drive West
Albany, NY 12205
State agencies have an ongoing need for persons qualified for appointment to these positions. Therefore, the agencies above will accept applications at any time and will rate applications whenever additional eligibles are needed. The agencies above will update the eligible list and notify successful candidates of their final scores and eligibility dates on a periodic basis.
Qualified candidates may file as frequently as every 12 months, but a new application/supplemental questionnaire is required each time.
New York State is an Equal Opportunity Employer
It is the policy of the State of New York to provide for and promote equal opportunity employment, compensation, and other terms and conditions of employment without unlawful discrimination on the basis of age, race, color, religion, disability, national origin, gender, sexual orientation, veteran or military service member status, marital status, domestic violence victim status, genetic predisposition or carrier status, arrest and/or criminal conviction record, or any other category protected by law, unless based upon a bona fide occupational qualification or other exception.
Appointment to many positions in State government require candidates to undergo an investigative screening. This may include a thorough character investigation, a Federal Bureau of Investigation Criminal Record History Check, a Child Abuse Registry clearance, or other similar procedures. Candidates may be fingerprinted and may be required to pay any necessary fees for that procedure. Depending on the nature of the job, the criminal convictions discovered, or any falsified or omitted information revealed, the investigative findings may bar appointment or result in removal after appointment.
Eligibility for Employment
You must be legally eligible to work in the United States at the time of appointment and throughout your employment with New York State. If appointed, you must produce documents that establish your identity and eligibility to work in the United States, as required by the federal Immigration Reform and Control Act of 1986, and the Immigration and Nationality Act.
Reasonable Accommodations in Testing
It is the policy of the Department of Civil Service, in accordance with the New York State Human Rights Law and the Americans with Disabilities Act, to provide qualified persons with disabilities equal employment opportunity and equal opportunity to participate in and receive the benefits, services, programs, and activities of the Department. It is the policy of the Department to provide such persons reasonable accommodations and reasonable modifications as are necessary to provide equal opportunity. Persons with disabilities who require an accommodation to participate in an examination must note this on their application. Further information is available from the Test Administration Unit of the Department of Civil Service. In the Albany area, call 518-457-2487. Outside of the Albany area, call toll free at 1-877-697-5627. For TDD services, call NY Relay at 711 (requires a fee) or 1-800-662-1220.
New York State Residence Is Not Required For Most Positions
However, you must be eligible for employment in the United States.
Continuous Recruitment/Eligible Lists
Candidates who meet the qualifications and pass this examination will have their names placed on the eligible list in the order of final scores, regardless of the date on which they filed or took the test. Generally, the names of qualified candidates will remain on the eligible list for one year. Appeal of ratings will not be allowed as the opportunity for retest exists. The Department of Civil Service reserves the right to terminate this special recruitment program.
This announcement is subject to amendment or cancellation without notice. Do not copy it, or post it to any other site, but link to it instead.