Pension Risk and Innovation Director, BERS

2 days ago

Manhattan, United States New York City Department of Education Full time $147,283 - $225,000
Position Type:

Administrative and Central Office



Office Title/Functional Title:

Pension Risk and Innovation Director, BERS - 24606



Civil Service Title:

Administrative Retirement Benefits Specialist



Level:

G6



Division/Office:

Board of Education Retirement System



Borough:
Manhattan

Posting End Date:
11/25/2024

This position is in a civil service competitive class that is subject to examination. If you do not already have permanent NYC civil service status as Administrative Retirement Benefits Specialist, you will have to file to take the Civil Service Exam when it is offer. The filing period for the exam is 02/05/2025 - 02/25/2025. Information regarding NYC civil service exams can be found on the Department of Citywide Administrative Services (DCAS) website. This position is open to qualified persons with a disability who are eligible for the 55-a program. Please indicate in your cover letter that you would like to be considered for the position under the 55-a program.



Description:

Position Summary: Under the direction of the Executive Director of the Board of Education Retirement System (BERS), with great latitude for the exercise of independent initiative and judgment, the Pension Risk and Innovation Director will be responsible for creating and managing an asset/liability/cashflow model to support investment decision-making and systems to monitor and analyst asset projection returns and risk. Performs related work.
Reports to: Executive Director, BERS
Direct Reports: Investment Community Coordinator
Key Relationships: Staff throughout BERS, Board of Trustees, Office of the Comptroller’s Bureau of Asset Management (BAM), Office of the Actuary, Investment Consultants, Academic and Media organizations.
Responsibilities
  • Perform assets, liability, and cashflow modeling and analysis. Utilize historical and projected asset returns and actuarial projections provided by the New York City Office of the Actuary.
  • Support Trustee decision making, consulting advisors, and BAM by analyzing, verifying and assimilating disparate opinions on investment recommendation differences between BAM, and Consultants, or between the two Consultants
  • Advise Trustees on creation, and amendments to Investment Policy Statement monthly.
  • Analyze, prepare, and review investment-related materials to support trustees and advise on fulfilling their fiduciary duties.
  • Review and analyze performance data from BAM and Investment Consultants, from an explainability and actuarial risk standpoint.
  • Develop asset allocation and liability risk models, as well as additional independent analysis on model assumptions and benchmarks.
  • Attend trustee meetings to provide data or clarification on pension investments, funding dynamics, and investing innovation.
  • Coordinate with BAM and Investment Consultants on asset allocation, annual implementation plans, manager selection, and performance and risk reporting.
  • Provide guidance, information to trustees, and other key parties in the City concerning BERS’ investments.
  • Partner with BERS’ Procurement Department to obtain investment related goods and services.
  • Use asset allocation, liability risk and cashflow models to showcase reserve accounting, data and analysis on a regular basis to support asset allocation, investment pipeline, consultant advisors and Trustee decision making.
  • Manage Variable TDA negotiations to bring BERS Variable TDA governance in compliance with legal requirements and analyze options for management of Variable TDA assets.
  • Maintain and improve information flows from BAM, consultants, and BERS staff to Trustees to enhance decision making.
  • Supervise maintenance of SharePoint records of historic and future documents related to investment decisions made by Trustees.
  • Perform artificial-intelligence optimization on operational, as well as investment processing flow, as needed
  • Create and maintain risk dashboard for Executive Director, and Board of Trustees.

Qualification Requirements:
Minimum
  • A baccalaureate degree from an accredited college including or supplemented by 12 credits in mathematics, statistics, accounting and/or actuarial science and four years of satisfactory full-time experience implementing the provisions of a retirement plan involving the use of mathematical, statistical, actuarial or accounting computations, 18 months of which must have been in an administrative, managerial or executive capacity or supervising professionals implementing the provisions of a retirement plan involving the use of mathematical, statistical, actuarial or accounting computations; or
  • An associate degree or 60 credits from an accredited college, including or supplemented by 12 credits in mathematics, statistics, accounting and/or actuarial science and six years of satisfactory full-time experience as indicated in “1”; or
  • Education and/or experience equivalent to “1” or “2” above. However, all candidates must have 60 credits from an accredited college, including or supplemented by 12 credits in mathematics, statistics, accounting and/or actuarial science and the 18 months of experience in a supervisory, administrative, managerial or executive capacity as described in “1” above.

Preferred
  • Code-ready data analytics, optimization, and machine learning experience.
  • Pension, model, and parametric risk background.
  • Strong investment management and valuation experience.
  • Innovative thought leadership.
  • Leadership experience with public pension funds or other institutional investor.
  • Experience with and understanding actuarial analysis and reporting (GASB 67-68).

Salary: $147,283 - $225,000
(Internal candidates who are selected for this position and who currently hold comparable or less senior positions within the DOE will not earn less than their current salary.)
Please include a resume and cover letter with your application. NOTE: The filling of all positions is subject to budget availability and/or grant funding.
* New York City Residency is NOT Required * We encourage all applicants from the New York City tri-state area to apply.

AN EQUAL OPPORTUNITY EMPLOYER

DOE Non- Discrimination Policy
The Department of Education of the City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment upon any legally protected status or protected characteristic, including but not limited to an individual's actual or perceived sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, gender identity, veteran status, or pregnancy. For more information, please refer to the DOE Non-Discrimination Policy.



Public Service Loan Forgiveness
As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs.

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