Health Actuary

The Health Actuary is responsible for performing actuarial analysis. The incumbent will serve as the owner of assigned actuarial models, evaluate the financial impact of benefit enrollment, funding and healthcare cost changes, and provide recommendation to stakeholders. This position will proactively work with the actuarial team, other Health staff, and agency employees.

This is a hybrid position at our Austin, TX headquarters. All applicants must reside in the state of Texas upon employment and continue to reside in Texas throughout employment with TRS.

WHAT YOU WILL DO:

Actuarial Analysis and Modeling

• Owns actuarial models, key analyses, assumptions, and recurring deliverables for assigned health actuarial workstreams.
• Performs actuarial valuations, forecasting, experience studies, trend analyses, utilization studies, and financial impact assessments.
• Develops, validates, and enhances actuarial models used to evaluate healthcare costs, enrollment projections, benefit changes, and funding requirements.
• Performs sensitivity testing and scenario analysis to quantify financial risks and evaluate alternative strategies.
• Reviews data sources, identifies anomalies, and ensures the completeness, accuracy, and reliability of actuarial analyses.
• Documents model methodologies, assumptions, processes, limitations, and results to support transparency and auditability.
• Refines assumptions, run scenarios, interpret model results, and document methods, rationale, limitations, and impacts.
• Develops rates for self-funded active and retired populations.
• Determines the impact of plan design and benefit changes on enrollment, utilization, and health care costs.
• Prepares statutory and legislative reports related to health care benefit programs.
• Develops data for reporting and analysis for all TRS health benefit programs.
• Analyzes data to identify emerging trends.
• Maintains and updates IBNR models.
• Researches benefit costs and suggest ways of controlling health care spending.
• Develops reports to help monitor the status of Accountable Care Organizations, value-based arrangements and other TRS initiatives.
• Reviews actuarial work performed by others.

Financial Analysis and Reporting

• Develops and updates financial models to evaluate the value of proposals for TRS-Care and TRS-ActiveCare services.
• Assists with the development of fund balance projections for TRS-Care and TRS-ActiveCare.
• Reviews and analyzes statistical and financial reports, including reports reflecting vendor credits, rebates and refunds expected and received; and reports monitoring the financial status of TRS-Care and TRS-ActiveCare.
• Develops financial models to evaluate the value of proposals for TRS-Care and TRS-ActiveCare services.

Actuary Recommendations

• Provides actuarial expertise to management regarding financial risks, program design alternatives, and policy decisions.
• Develops recommendations and presents analytical findings, assumptions, risks, and alternatives to stakeholders.
• Translates complex actuarial concepts into understandable business information for non-technical audiences.
• Participates in stakeholder meetings and serves as a subject matter resource on assigned actuarial projects.
• Supports decision-making through quantitative analysis and evidence-based recommendations.

Performs related work as assigned.