Mutual of America
| Company type | Mutual company |
|---|---|
| Industry | Insurance, Retirement services, Investment management |
| Founded | 1945 |
| Headquarters | New York City , United States |
Area served | United States |
Key people | Stephen J. Rich (Chairman and CEO) |
| Products | Retirement savings plans (401(k), 403(b), 457(b)), Traditional and Roth IRAs |
| Owner | Mutual policyholders |
| Website | www |
Mutual of America Life Insurance Company operates as a retirement services and investment provider in the United States, catering to employers, employees, and individual clients. Established in 1945, the firm is dedicated to assisting customers in accumulating and safeguarding their assets through a variety of retirement-focused solutions.
Based in Manhattan, New York City, Mutual of America is a Fortune 1000 mutual company managing $26.4 billion in assets under administration as of December 31, 2023. The organization supports over 500,000 participants in 401(k) and 403(b) plans from a client base exceeding 5,000 across the country.
The company holds majority ownership of its headquarters located at 320 Park Avenue, a property acquired in 1992. Additionally, it maintains a corporate campus and training facility in Boca Raton, Florida. Its broad presence includes nearly 60 regional and affiliate offices situated in major U.S. cities such as New York City, Boston, Atlanta, Chicago, Minneapolis, Denver, Dallas, Phoenix, Los Angeles, and San Francisco.
Stephen J. Rich serves as Chairman and CEO, guiding the firm’s strategic initiatives within the competitive landscape of retirement planning and asset management services.
History
Founded in 1945 as Mutual of America Financial Group, the company initially concentrated on providing retirement products tailored for nonprofit organizations.
In 1976, the headquarters relocated to a 62,000 square-foot space at 666 Fifth Avenue. Later in 1992, Mutual of America purchased the 34-story office tower at 320 Park Avenue for $130 million and renamed it the Mutual of America building. The architectural redesign was overseen by Swanke Hayden Connell Architects.
William J. Flynn assumed the role of president in 1971, became CEO in 1972, and was appointed chairman in 1982 before transitioning to chairman emeritus status in 2005. Thomas J. Moran was promoted internally to president in 1992, advanced to CEO by 1995, and took on the chairman role in 2005. During his tenure, the company sustained profitability even amid the subprime mortgage crisis.
John R. Greed took over as president and CEO in 2016 and was elevated to chairman in 2018 following Moran’s retirement; Moran then held the title of chairman emeritus until his passing later that year. Greed has been with Mutual of America since 1996.
In June 2024, Brian Q. Severin was named president while Greed continued as chairman and CEO. By July 2024, Stephen J. Rich replaced Greed as both chairman and CEO.
Products & Services
Mutual of America offers a range of retirement savings plans including 401(k), 403(b), and 457(b) options alongside individual products such as Traditional and Roth IRAs.
Mutual of America Capital Management LLC
Established in 1993 as a wholly owned subsidiary and SEC-registered investment adviser, Mutual of America Capital Management LLC oversees investment portfolios and provides advisory services to institutional clients as well as MoA Funds. These funds are available beyond the company’s retirement plan offerings. As of February 2024, this subsidiary managed roughly $28 billion across a suite of 28 funds covering equities, fixed income, international investments, asset allocation strategies, and target-date funds.
Community Partnership Award
Since 1996, the Mutual of America Foundation has annually honored nonprofit organizations across the United States through its Community Partnership Award, celebrating impactful collaborations between public and private sectors. Each year, hundreds of organizations compete nationwide; in 2023, an independent panel selected six recipients. To date, a total of 262 partnerships have been recognized.
The highest honor, the Thomas J. Moran Award, includes a $100,000 prize and a professionally produced documentary. The Frances R. Hesselbein Award provides $75,000 to a program that effectively tackles social issues spanning multiple communities or demonstrates potential for expansion. Additionally, four other distinguished programs receive $50,000 each in recognition.
Breast Cancer Walk
Mutual of America serves as the exclusive Flagship Sponsor for the American Cancer Society’s Making Strides Against Breast Cancer Walk in New York, contributing to efforts supporting research and programs aimed at combating breast cancer. Over a period exceeding 30 years, the company has helped generate more than $4 million for this important cause.
Board of directors
- Chairman: Stephen J. Rich
- Matthew J. Adams (former Senior Partner and U.S. Insurance Practice Leader)
- Rosemary T. Berkery, Esq. (former Chairman and CEO of UBS Bank USA)
- Gwendolyn Hatten Butler (former President and Chief Investment Officer at Capri Investment Group)
- Kimberly Casiano (President of Kimberly Casiano & Associates Inc.)
- Wayne A.I. Frederick, M.D. (Charles R. Drew Professor of Surgery and Immediate Past President of Howard University)
- Maurine A. Haver (Founder and CEO of Haver Analytics, Inc.)
- Robert J. McGuire, Esq. (former Police Commissioner of New York City)
- Ellen Ochoa, Ph.D. (former astronaut and Director of NASA Johnson Space Center)
- Roger B. Porter (IBM Professor of Business and Government at Harvard University)
- Paula A. Price (former Executive, CFO, and Advisor)
- General Dennis Reimer (33rd Chief of Staff of the United States Army)