D. ACTUARIAL INTERN PROGRAM - DEPARTMENT OF BANKING AND INSURANCE

1. New employees of the Department of Banking and Insurance who are hired as Actuarial Interns will be paid a salary equivalent to salary range P23 based on exams/courses passed and experience upon entry into the program.



2. As part of the program, Actuarial Interns in both Life & Health (L&H) and Property & Casualty (P&C) will receive a five percent (5%) increase in salary upon completion of each full exam/course.  These increases shall be applied on the first pay period in January (for Fall exams/courses) and July (for Spring exams/courses).



3. In addition to item 2 above, Actuarial Interns shall receive an annual merit increase of two thousand dollars ($2,000), if supported by a PAR rating of Pass.  The first merit increase shall be applied on the first pay period in September or March, after thirteen (13) months of employment as an Actuarial Intern.  Each subsequent merit increase shall be applied on the annual anniversary of the first merit increase.  These merit increases shall continue for a maximum of eight (8) increases, until a salary of $65,000.00 is attained, or successful attainment of the title Managing Actuary, whichever comes first.
   
   
4. Under the L&H track, Actuarial Interns with six (6) or less completed courses will be eligible for exam program and/or performance increases, with an annual maximum salary of sixty-five thousand dollars ($65,000).
   
   
5. Under the P&C track, Actuarial Interns with seven (7) or less completed exams will be eligible for exam program and/or performance increases, with an annual maximum salary of sixty-five thousand dollars ($65,000).
   
   
6. While in the title of Actuarial Intern, employees will receive the benefit of any negotiated contract items applied to Employee Relations Group P.  These contract items will not be subject to the sixty-five thousand-dollar ($65,000) limitation, mentioned in 4 and 5 above.
   
   
7. For the L&H track, upon successful completion of the first six (6) exams and achievement of the professional designation “Associate of the Society of Actuaries” (ASA), Actuarial Interns will be nominated for appointment to the title Managing Actuary with a five percent (5%) salary increase, in addition to the five percent (5%) course increase stated in 2.
   
   
8. For the P&C track, upon successful completion of the first seven (7) exams and achievement of the professional designation “Associate of the Casualty Actuarial Society” (ACAS), Actuarial Interns will be nominated for appointment to the title Managing Actuary with a five percent (5%) salary increase, in addition to the five percent (5%) exam increase stated in 2.
   
   
9. The program shall be limited to a maximum of ten (10) employees.