Mutual of America Financial Group
TypeMutual
IndustryFinancial services: Retirement
Founded1945
HeadquartersNew York City, United States
Area served
United States
Key people
John R. Greed (CEO)
RevenueIncrease$2.785 billion USD (2022)[1]
Decrease-$72 million[2]
Number of employees
Increase1,146[1] (2022)
Websitewww.mutualofamerica.com

The Mutual of America Financial Group, also referred to as Mutual of America, is a Fortune 1000 mutual company based in Manhattan, New York City. Founded in 1945, it was ranked as the tenth-largest retirement provider in the United States on the Forbes 500 list (later replaced by the Forbes Global 2000 list in 2003).[3]

History

Mutual of America Financial Group was founded in 1945. It specialized in retirement products for nonprofit organizations.[4]

In 1976, Mutual of America moved its headquarters into 62,000 square feet (5,800 m2) at 666 Fifth Avenue.[5] 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.[6][7]

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

In 2005, he became the company chairman emeritus of Mutual of America.[8]

In 1994, Thomas J. Moran was named president and CEO of the company, the first person to have been appointed president from within the company.[9] In June 2005, he was appointed chairman of the board.

Thanks to a safe asset management policy, the company remained profitable throughout the subprime mortgage crisis.[10]

In 2016, Thomas J. Moran retired from the role of CEO of the group after a 21-year office. The President John R. Greed replaced him, becoming president and CEO.[11] In 2018, John Greed became chairman of the board following Thomas Moran's decision to retire.[12]

In December 2018, the company held a premiere screening of the documentary film In Money We Trust?.[13] In 2019, Mutual of America raised its stakes in Microsoft to reach a stock holding value of $159.953 million. Microsoft is the group' s second largest asset.[14]

Description

Mutual of America Financial Group specializes in providing pension and retirement-related products, programs, and services. The company provides products and services for employee benefit plans of for-profit and nonprofit organizations, their employees, life insurance, retirement products to individuals, and mutual funds to institutional investors.

The company has closed its regional offices. The Better Business Bureau had 431 complaints filed against Mutual of America in 2023 for failing to send out clients withdrawals in a timely manner. Mutual of America does not allow electronic withdrawals and requires all requests be mailed to them, with notarization. They will accept withdrawal requests via email, but it does not speed up the process. A simple withdrawal can take over a month to receive and requires many phone calls to get it processed according to hundreds of complaints on the BBB and Yelp websites.

Governance

Board of directors

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. ↑ Fortune 500 2006 - Annual Ranking.
  4. ↑ "Funding | Religion & Ethics NewsWeekly | PBS". Religion & Ethics NewsWeekly. Retrieved 2019-09-25.
  5. ↑ "Realty News New Leases Signed In 666 Fifth Avenue". The New York Times. 1979-05-27. ISSN 0362-4331. Retrieved 2021-07-08.
  6. ↑ Weiss, Lois (2018-07-18). "How rebuilding a tower led to a Midtown success story". New York Post. Retrieved 2019-09-06.
  7. ↑ 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.
  8. ↑ 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)
  9. ↑ "Tom Moran's new Belfast post". Irish Echo. 2015-04-16. Retrieved 2019-09-25.
  10. ↑ "Thomas Moran - a dreamer, a doer and a force for good". IrishCentral.com. 2018-08-16. Retrieved 2019-09-25.
  11. ↑ 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.
  12. ↑ Smith, Ryan. "Mutual of America names new board chair". Insurance Business. Retrieved 2019-09-25.
  13. ↑ Forbes, Steve. "A Must-See Movie About Money". Forbes. Retrieved 2019-09-25.
  14. ↑ Maina, Elija (2019-09-20). "Microsoft Co. (NASDAQ:MSFT) Holdings Raised by Mutual of America Capital Management LLC". Mayfield Recorder. Retrieved 2019-09-25.
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