For those of you who are still working at Mutual Of America, have they released the net profit or loss for 2024 yet ? If so, what is the number ?
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My understanding is that total recordkeeping AUM are close to: $24B. A significant decline over the past few years. Net cash flow is close to negative -$2B.
You have to understand that in the past 2 years+, the company has lost close to 2,000 group plans and close to 100,000 participants. The only area of the company still hiring is Plan Deconversions..
The financial operating loss for 2024 as reported to the Rating Agencies after all the accounting tricks is $139,000,000 ($139M). Considering the last two years were amazing years in the stock market, it is shocking to have such a loss this year. Extremely worrisome and disappointing. The best thing which could happen to the employees now is for Mutual of America to merge with a other recordkeeper to ironically try to save the jobs of the hard working employees who are left.
From my inside sources, total premium was about $1.75 Billion in 2024. This is way down from well over $2 B just a few years ago. Total participants with an account balance totals roughly 325,000. The 500,000 number includes accounts who are eligible to participate buy don't, accounts with a 0 balance, etc., I believe it's entire history Mutual has had a total over just over 1,000,000 accounts since 1945 but the actual accounts are about 325,000. All of this if the company is truly transparent should be disclosed in the annual report.
Would like to see group and individual product premium for the period ending 12/31/24, along with the net change from 2023.
While just a start, these numbers will provide important insight.
surely by now, there must be a good sense of Mutual's 2024 financial results. Anyone have an update?
How many years in a row can a company lose money and stay in business? Any company?
So when the Company put 512,000 Participants in bold letters in last year’s Annual Report, they weren’t even correct to within 200,000? I guess they do need to work a bit on understanding their business.
In terms of the actual number of participants, I believe the company has lowered that number to around 300,000. The 500,000 number that was once used is no longer valid and it now questionable if it was ever valid.
In addition to the question on profit and loss results, how big is the company now in terms of Assets? Participants (and was there ever a speck of truth to the 500,000+ number?), Premium Income? Asset outflow?