Got laid off a couple weeks ago after 14 yrs. One thing that pi---s me off is how much money we were giving out to clients. We weren't acting like a Sales organization. We were like George Soros running an endowment giving away money like it was growing on trees and flushing those same trees down the toilet. GARs would get so giddy when they got a donation request. They spent more time giving away money, playing golf, and attending client outings then actually selling. It was sickening. They and the RVP spent 10% of their time giving away money and trying to fill seats at these events no one wanted to go to the tune of $6M a year ! $6M ! How many jobs could have been saved ? How many people could we have kept ? There were clients leaving us and we'd still send them money. $10k, $15K, all amounts. Sales keep going down, asset retention keeps going down. Meanwhile the money giveaway keeps going up. WTF ? What a waste of time and money.
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There has been whispers of a big class action lawsuit by policyholders but it is still under discussion and can't be denied or confirmed.
Take the corporation donation money and shore up our pension before the PBGC has to !
The spending spree has begun ! Our Executive VP and RVP say the "checkbooks are now open" and it corporation donation time again ! This time, they want to be aggressive and mention in initial prospect meetings (IPMs) is what we call it that we "give back" and they feel like this will help grease the wheel for more sales. So, take away more of my pension money and give it to non profits who already have a stronger balance sheet than "Mutual Of Americanos." F-that !
It would be called "rebating" if the clients were anything other than non-profit organizations. I'd love to see an honest accounting of donations paid out to new clients in the last 5-6 years vs. fees paid to MOA from those clients' retirement plans.
Unethical EFVPs & RVPs are just gaming the sales contest so they can line their own pockets. Between the rebating and the stadium suites, EFVPs like Tyrone Golatt & Ivan Gregory and RVPs like John Cottee are effectively stealing from the company surplus and retired employees to fund their continued livelihoods.
I can see why they have to resort to rebating, though. How else could anyone sell this disaster of a product to a new customer?
It's tragic to see what these people have done to a once-proud company.
Well the budgets have been set for 2025 and the money give a ways has been. Donating money to non profits that they don't need and Mutual of America doesn't have has now begun in earnest. Let the money flushing down the toilet begin. All of our pension money given away in corporate donations.
The Company has always had the management philosophy of “manage what you can.” So things like dress code enforcement (easy) took precedent over running a profitable company (hard). Softball championships were celebrated instead of business success. By celebrating the Community Partnership Award and the Company's other charitable giving, management was able to get the Board to focus on that stuff, rather than on business metrics
Given the environment and the financial issues facing the company, they should at least "temporarily" suspend this type of spending. That money could have saved a few job at least.
If the company is in so much financial difficulty not turning any type of profit since 2018, why on God's green Irish Earth are they giving away all this money like a kids taking candy in the candy store. It's misuse of policyholder funds and it puts full funding of employee pension at risk.