Mutual of America

Last updated
Mutual of America Financial Group
Company type Mutual
Industry Financial services: Retirement
Founded1945
Headquarters New York City, United States
Area served
 United States
Key people
John R. Greed (CEO)
RevenueIncrease2.svg$2.785 billion USD (2022) [1]
Decrease2.svg-$72 million [2]
Number of employees
Increase2.svg1,146 [1]  (2022)
Website www.mutualofamerica.com

Mutual of America Financial Group is the trade name used by Mutual of America Life Insurance Company (Mutual of America), a provider of retirement services and investments to employers, employees and individuals. Founded in 1945, the company provides products and services to help its customers build and preserve assets. [3]

Contents

Mutual of America is a Fortune 1000 mutual company headquartered in Manhattan, New York City. [4]

The company had $25.5 billion in total assets under administration and served more than 500,000 401(k) and 403(b) retirement plan participants from more than 5,000 clients nationwide, as of December 31, 2022. [5]

Mutual of America is the majority owner of its corporate headquarters building at 320 Park Avenue, which it purchased in 1992. [6] The company also has a corporate campus and training center in Boca Raton, FL, which it opened in 1988. It has nearly 60 Regional Offices and affiliate offices throughout the U.S., including in New York City, Boston, Atlanta, Chicago, Minneapolis, Denver, Dallas, Phoenix, Los Angeles and San Francisco. [7]

History

Mutual of America Financial Group was founded in 1945. It specialized in retirement products for nonprofit organizations. [8]

In 1976, Mutual of America moved its headquarters into 62,000 square feet (5,800 m2) at 666 Fifth Avenue. [9] In 1992, Mutual of America bought a 34-story building at 320 Park Avenue in New York from Olympia and York for $130 million, and turned it into the Mutual of America building. The building had been occupied by ITT Inc. up until 1990. The building's redesign was managed by Swanke Hayden Connell Architects. [10] [11]

In 1971, William Flynn became the president of Mutual of America. He became the CEO the following year, and the chairman in 1982. [12] [13]

In 2005, he became the company chairman emeritus of Mutual of America. [13]

In 1992, Thomas J. Moran was named president of the company, the first person to have been appointed president from within the company. [14] He was named CEO in 1995 and in June 2005, he was appointed chairman of the board. [15]

Mutual of America remained profitable throughout the subprime mortgage crisis. [16]

In 2016, Thomas J. Moran retired as CEO and John R. Greed replaced him, becoming both president and CEO. [17] In 2018, John Greed became chairman of the board following Thomas Moran's decision to retire from the company. [18] John Greed joined the company in 1996. [17]

Products & Services

Mutual of America offers a variety of retirement savings and investment solutions. It primarily offers investment products, such as 401(k) plans and 403(b) plans, 457(b) plans, and individual products such as Traditional IRAs and Roth IRAs. [3]

Mutual of America Capital Management LLC

Mutual of America Capital Management LLC (Capital Management) is the investment arm of Mutual of America Financial Group. [19] It was formed in 1993 and operates as an investment management company serving institutional clients and an investment adviser to MoA Funds. [19] It offers portfolio management, financial planning, and investment advisory services to customers in the United States. [19] Its MoA FundsTM are available to the financial adviser channel and investors outside of Mutual of America's retirement plans. [19]

Capital Management is an SEC-registered investment adviser and an indirect, wholly owned subsidiary of Mutual of America Life Insurance Company. [20] As of February 2024, Capital Management managed approximately $28 billion and offered 28 funds with an array of asset classes and objectives, including equity, fixed income, international, asset allocation funds and target-date funds. [20]

Philanthropy

Community Partnership Award

The Mutual of America Foundation Community Partnership Award began in 1996. [21] It is an annual award given for outstanding contributions U.S. nonprofit organizations make to society in partnership with public, private and other social sector organizations. [22]

Hundreds of organizations participate in a national competition each year. [21] In 2023, six organizations were awarded. As of March 2024, 262 partnerships have been recognized. [21] The winning organizations are selected by an independent committee to receive the Community Partnership Award. [21]

The Thomas J. Moran Award is given to the national award-winning program and includes $100,000 and a documentary video about the program. [21]

The Frances R. Hesselbein Award is given to a partnership that is addressing social challenges in more than one community, or which demonstrates the potential to be replicated in other communities. This recipient receives $75,000. [23] [21]

Four other organizations are named Honorable Mention recipients for their programs, and each receives $50,000. [21]

Breast Cancer Walk

Mutual of America is the exclusive Flagship Sponsor for the American Cancer Society’s Making Strides Against Breast Cancer Walk in New York, which helps fund research in the fight against breast cancer and the many programs the American Cancer Society offers. [24] Mutual of America has helped raise more than $4 million over the walk’s 30-year history. [5]

Governance

Board of directors

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References

  1. 1 2 "Mutual of America Life Insurance". Fortune. Retrieved 2019-03-03.
  2. ↑ Fitch Revises Mutual of America's Outlook to Negative; Affirms IFS at 'A' Fitch Ratings. Accessed July 11, 2023.
  3. 1 2 "Learn More About Mutual of America Financial Group | Mutual of America". www.mutualofamerica.com. Retrieved 2024-03-20.
  4. ↑ "2022 Fortune 1000 Companies Spreadsheet Download". Fueled. 2022-07-07. Retrieved 2024-04-04.
  5. 1 2 "Mutual of America 2022 Annual Report" (PDF).{{cite web}}: CS1 maint: url-status (link)
  6. ↑ "Mutual of America". STO Building Group. Retrieved 2024-04-04.
  7. ↑ "Mutual of America Office Locator Map".{{cite web}}: CS1 maint: url-status (link)
  8. ↑ "Funding | Religion & Ethics NewsWeekly | PBS". Religion & Ethics NewsWeekly. Retrieved 2019-09-25.
  9. ↑ "Realty News New Leases Signed In 666 Fifth Avenue". The New York Times. 1979-05-27. ISSN   0362-4331 . Retrieved 2021-07-08.
  10. ↑ Weiss, Lois (2018-07-18). "How rebuilding a tower led to a Midtown success story". New York Post. Retrieved 2019-09-06.
  11. ↑ Dunlap, David W. (1993-11-14). "Building's New Look Shaped by Old Zoning". The New York Times. ISSN   0362-4331 . Retrieved 2019-09-25.
  12. ↑ "Biography, William J. Flynn". University of St. Thomas - Houston.
  13. 1 2 June 05, Allison Bell |; PM, 2018 at 06:13. "Mutual of America Chairman Emeritus, and Peacemaker, Dies at 91". ThinkAdvisor. Retrieved 2019-09-25.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ↑ "Tom Moran's new Belfast post". Irish Echo. 2015-04-16. Retrieved 2019-09-25.
  15. ↑ America, Mutual of. "Thomas J. Moran, Chairman Emeritus, Mutual of America, Passes Away at Age 65". www.prnewswire.com. Retrieved 2024-04-04.
  16. ↑ "Thomas Moran - a dreamer, a doer and a force for good". IrishCentral.com. 2018-08-16. Retrieved 2019-09-25.
  17. 1 2 America, Mutual of. "Thomas J. Moran to Retire as Mutual of America Life Insurance Company CEO; John R. Greed, Company President, Named Successor". www.prnewswire.com. Retrieved 2019-09-25.
  18. ↑ Smith, Ryan. "Mutual of America names new board chair". Insurance Business. Retrieved 2019-09-25.
  19. 1 2 3 4 "Mutual of America Capital Management LLC - Company Profile and News". Bloomberg.com. Retrieved 2024-04-04.
  20. 1 2 "Mutual of America Financial Group Names Thaddeus Pollock as Executive Vice President and Head of Value Equity". Yahoo Finance. 2024-02-01. Retrieved 2024-04-04.
  21. 1 2 3 4 5 6 7 Group, Mutual of America Financial. "Mutual of America Foundation Announces Six Winners of the 2023 Community Partnership Award Competition". www.prnewswire.com. Retrieved 2024-04-04.
  22. ↑ Group, Mutual of America Financial. "Child Advocate Program Named Winner of Mutual of America Community Partnership Award". www.prnewswire.com. Retrieved 2024-04-04.
  23. ↑ "Remembering Frances R. Hesselbein". Mutual of America Community Partnership Award. Retrieved 2024-04-04.
  24. ↑ "Mutual of America 2021 Annual Report". annualreport2021.mutualofamerica.com. Retrieved 2024-04-04.
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