2015 Selected Financial Data

December 31
($ in millions)
2015 2014 Percentage
Change
Premiums 2,043.6 1,964.1 4.0%
Net Income 64.7 63.1 2.5
General Account Assets 8,280.9 8,218.6 0.8
Separate Account Assets 9,590.6 9,579.4 0.1
Total Assets 17,871.5 17,798.0 0.4

*Total Surplus as a percentage of General Account

Independent Ratings1

A.M. Best (as of December 2015) A+ (Superior)

Standard & Poor's® (as of December 2015) AA- (Very Strong)

Fitch (as of December 2015) AA- (Very Strong)

  • 1

    While these ratings do not apply to the safety or investment performance of the Separate Account investment funds available under Mutual of America’s products, they do reflect the Company’s ability to fulfill its General Account obligations, which include its obligations under the Interest Account, annuity purchase rate guarantees and annuity benefit payouts, as well as life insurance and disability income payments. Third party ratings are subject to change.

    “A.M. Best, Standard & Poor’s® and Fitch Ratings are independent rating agencies. Standard & Poor’s® and S&P® are trademarks of Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.”

Letter from Thomas J. Moran

I was entrusted with a legacy conceived and nurtured by those who came before me. It is a legacy of caring.

Thomas J. Moran, Chairman of the Board

I was entrusted with a legacy conceived and nurtured by those who came before me. It is a legacy of caring.

Thomas J. Moran, Chairman of the Board

At the Mutual of America Board of Directors’ meeting on March 3, 2016, I asked the Board to formally accept my decision to retire. After 40 years of service and 21 years as President and Chief Executive Officer, I made a decision that it was time for me to move into the next phase of my life. As a young man when I began my career with Mutual of America, I never expected that I would be here for so many years. But I have loved every day. I have loved this Company, our employees and everything we stand for.

When I was appointed CEO, I was entrusted with a legacy conceived and nurtured by those who came before me. It is a legacy of caring. Perhaps the legacy is attributable to the reason we were formed: to provide retirement plan services to nonprofit professionals, who dedicate their lives caring for those most in need, so they can retire with dignity. Working together, we have been faithful stewards of that legacy. We have been able to greatly expand the number of people we serve and significantly enhance the services we provide them.

Our sense of caring is also reflected in our philanthropic endeavors. Our employees have a passion for making a difference in the world that has inspired me and has had a profound influence on the person I am today.

I am grateful to each of you for all that you do.

At the March 3rd meeting, I also recommended, and the Board approved, the appointment of John R. Greed as the Company’s new CEO. As you can imagine, my decision to retire was made with very mixed emotions. I could not have made this decision without knowing that I am leaving the Company in the capable hands of John Greed and a leadership team that, like John, is second to none in terms of their professional skills, their ethics and their commitment to our customers.

I first met John more than 20 years ago when he worked for one of the large accounting firms. I knew immediately that Mutual of America could benefit from his experience. It didn’t take me long to approach John and ask if he would consider working at Mutual of America. John agreed because his father was sick at the time, and he sought more time to be with his family. That’s the kind of person John is: he cares! He is meticulous and professional, and he puts people first—precisely the traits that reflect Mutual of America’s values.

Over the past 20 years, John has demonstrated his commitment to those values. John and I have worked closely together over the last few years preparing for my retirement. I am confident that under John’s leadership the sense of caring that defines Mutual of America will flourish.

Mutual of America is uniquely committed to fostering individual growth, helping its employees develop to their fullest capacities so they may work together to help others. I am forever grateful to my predecessor, Bill Flynn, for the mentoring I received from him over the years. He taught me that Mutual of America not only values its employees’ professional skills, but also values who they are as people.

Twenty-one years ago, Mutual of America’s Board of Directors put their trust in me by providing me the opportunity to lead this great Company. I have endeavored every day to reward the confidence they have placed in me through my service. John and I are very similar in the sense of caring we share for our customers and our employees, but I know that his leadership style will be different from mine. That is both necessary and good, for he will face new challenges in a changing world. There is no question in my mind that he possesses the intellect, professional ability and character to meet those challenges and lead this Company forward, maintaining our financial strength and stability and our dedication to the individuals we serve and our employees.

Thomas J. Moran

Thomas J. Moran
Chairman of the Board

Letter from John R. Greed

I have assumed the leadership of a Company that has been brilliantly managed and is well positioned for continued success going forward.

John R. Greed, President and Chief Executive Officer

I have assumed the leadership of a Company that has been brilliantly managed and is well positioned for continued success going forward.

John R. Greed, President and Chief Executive Officer

Since being appointed President of Mutual of America in March 2015, I have spent a considerable amount of time traveling the country to meet with our Regional Office representatives and our clients. The feedback I received reaffirmed what I have always known distinguishes Mutual of America from its competitors: namely, our ongoing commitment to providing on-site, personal service to employers and individuals saving for retirement. The availability, dedication and expertise of our employees, when combined with our enhanced technology for plan administration and our prudent, long-term investment policies, are the reasons why clients not only choose us, but stay with us for decades.

Our personalized service allows us to help our customers understand their retirement plan and their investment choices. This is critically important when financial markets are volatile, as they have been recently. Emotional responses to movements in the markets can negatively impact long-term success in saving for retirement. Our on-site education and personal consultations are especially important for those just starting their careers, such as Millennials, who may face significant barriers to saving. For them, our automatic enrollment and automatic escalation features have proven to be a tremendous benefit by enrolling them right away and increasing their contribution deferral rates automatically over time.

Our dedication to service highlights one of Mutual of America’s greatest strengths: our employees. Caring isn’t a quality we can mandate; it comes from within. Mutual of America’s employees strive to do their utmost for our clients. Mutual of America was founded in 1945 for the sole purpose of addressing the needs of employees of nonprofit organizations who had no retirement plan benefits. Our more than 70 years of serving these organizations and their employees has had a profound effect on us and has greatly influenced our Company’s culture of caring, giving back and being a responsible corporate citizen.

In my new capacity as President and Chief Executive Officer, I am in a very fortunate position, and that is because I have had the good fortune to follow Tom Moran. Tom has served as Chief Executive Officer for the past 21 years, and during this past year, he celebrated 40 years of service to Mutual of America. Given this extraordinary and remarkable commitment, there can be no doubt that his engaging personality and personal imprint have greatly contributed to the Company’s tremendous success over more than two decades. Key to that success is the caring corporate culture that he has built, which focuses on truly making a difference in the lives of our customers, our employees and in the communities in which they live and work. His generosity in helping others inspires everyone who knows him.

What this means is that I have assumed the leadership of a Company that has been brilliantly managed, has experienced significant growth, while at the same time further enhancing its financial strength, and most importantly, is well positioned for continued success going forward. This enables me to devote all of my efforts toward the future and helping the Company continue to develop and grow by meeting the retirement savings needs of our clients in what is likely to be an even more challenging and competitive environment going forward.

February 9, 2016

John R. Greed

John R. Greed
President and Chief Executive Officer

Mutual of America Boards of Directors

  • Thomas J. Moran Thomas J. Moran
    Thomas J. Moran Chairman of the Board Mutual of America New York, New York
  • John R. Greed John R. Greed
    John R. Greed President and Chief Executive Officer Mutual of America New York, New York
  • Clifford L. Alexander, Jr. Clifford L. Alexander, Jr.
    Clifford L. Alexander, Jr. President Alexander & Associates, Inc. New York, New York
  • Kimberly Casiano Kimberly Casiano
    Kimberly Casiano President Kimberly Casiano & Associates Inc. San Juan, Puerto Rico
  • William S. Conway William S. Conway
    William S. Conway Senior Executive Vice President and Chief Operating Officer Mutual of America New York, New York
  • Wayne A. I. Frederick, M.D. Wayne A. I. Frederick, M.D.
    Wayne A. I. Frederick, M.D. President Howard University Washington, D.C.
  • Earle H. Harbison, Jr. Earle H. Harbison, Jr.
    Earle H. Harbison, Jr. Chairman Harbison Corporation St. Louis, Missouri
  • Maurine A. Haver Maurine A. Haver
    Maurine A. Haver Founder and Chief Executive Officer Haver Analytics, Inc. New York, New York
  • Frances R. Hesselbein Frances R. Hesselbein
    Frances R. Hesselbein President and Chief Executive Officer The Frances Hesselbein Leadership Institute New York, New York
  • Amir Lear Amir Lear
    Amir Lear Chairman and Chief Executive Officer Mutual of America Capital Management LLC New York, New York
  • LaSalle D. Leffall Jr., M.D. LaSalle D. Leffall Jr., M.D.
    LaSalle D. Leffall Jr., M.D. Charles R. Drew Professor of Surgery Howard University College of Medicine Washington, D.C.
  • Senator Connie Mack Senator Connie Mack
    Senator Connie Mack Chairman Emeritus Liberty Partners Group Washington, D.C.

    Chairman Emeritus H. Lee Moffitt Cancer Center & Research Institute Tampa, Florida
  • Robert J. McGuire, Esq. Robert J. McGuire, Esq.
    Robert J. McGuire, Esq. Counsel New York, New York
  • Roger B. Porter, Ph.D. Roger B. Porter, Ph.D
    Roger B. Porter, Ph.D IBM Professor of Business and Government Harvard University Cambridge, Massachusetts
  • Peter J. Powers Peter J. Powers
    Peter J. Powers Chairman and Chief Executive Officer Powers Global Strategies, LLC New York, New York
  • General Dennis J. Reimer General Dennis J. Reimer
    General Dennis J. Reimer U.S. Army (Retired)

    National Security Consultant Arlington, Virginia
  • James J. Roth James J. Roth
    James J. Roth Senior Executive Vice President and General Counsel Mutual of America New York, New York
  • Elie Wiesel Elie Wiesel
    Elie Wiesel Founder The Elie Wiesel Foundation for Humanity;

    Nobel Laureat
    New York, New York

Election of Directors

Mutual of America policyholders and contract holders are entitled to participate in the election of Directors. The election is held each year on a designated working day in April. In 2016 the election of Directors is scheduled for Thursday, April 21, 2016, between 10:00 a.m. and 4:00 p.m., at the Home Office, 320 Park Avenue, New York, NY 10022. At each election, approximately one-third of the Directors are elected for terms of three years.

Each policyholder and contract holder whose policy or contract has been in force for one year prior to the date of election is entitled to one vote per person to be cast in person, by mail or by proxy. Pursuant to Section 4210 of the New York Insurance Law, groups of policyholders or contract holders have the right to nominate one or more independent tickets not less than five months prior to the date of each election. Mail ballots may be obtained by writing to the Corporate Secretary at Mutual of America’s Home Office address, no later than 60 days prior to the date of election.

Mutual of America Capital Management LLC

  • Amir Lear Chairman and Chief Executive Officer Mutual of America Capital Management LLC New York, New York
  • Theresa A. Bischoff Chief Executive Officer (Past) American Red Cross in Greater New York New York, New York
  • Noreen Culhane Executive Vice President (Past) New York Stock Exchange New York, New York
  • Nathaniel A. Davis Chairman and Chief Executive Officer K12 Inc. Herndon, Virginia
  • Robert C. Golden Executive Vice President of Corporate Operations (Past) Prudential Financial, Inc. Newark, New Jersey
  • John E. Haire Chief Executive Officier (Past) Parade Publictions, Inc. New York, New York
  • Christopher C. Quick Vice Chairman, Global Wealth and Investment Management (Past) Bank of America New York, New York
  • James E. Quinn President (Past) Tiffany & Company New York, New York
  • Alfred E. Smith IV Chairman of the Board (Past) Saint Vincent Catholic Medical Centers New York, New York
  • John J. Stack Chairman and Chief Executive Officer (Past) Ceska Sporitelna Prague, Czech Republic

Mutual of America Investment Corporation

Mutual of America Institutional Funds, Inc.

  • James J. Roth Chairman of the Board, President and Chief Executive Officer Mutual of America Investment Corporation and Mutual of America Institutional Funds, Inc. New York, New York
  • Carolyn N. Dolan Founding Principal and Portfolio Manager Samson Capital Advisors LLC New York, New York
  • LaSalle D. Leffall III President and Founder LDL Financial, LLC Washington, D.C.
  • John W. Sibal President and Chief Executive Officer Eustis Commercial Mortgage Corporation New Orleans, Louisiana
  • Margaret M. Smyth Chief Financial Officer U.S. National Grid New York, New York
  • Patrick J. Waide, Jr. President (Past) Drucker Foundation New York, New York
  • William E. Whiston Chief Financial Officer Archdiocese of New York New York, New York

320 PARK

Analytics LLC

  • Paul Travers Chairman of the Board, President and Chief Executive Officer 320 Park Analytics LLC New York, New York
  • Mark C. Alexander Associate Dean for Academics and Professor of Law Seton Hall Univerity Newark, New Jersey
  • William P. Hannon Executive Vice President, Enterprise Risk Management, Chief Risk Officer & Business Conduct Officer (Past) The Travelers Companies, Inc. New York, New York