Net project outflows for the year through February are roughly negative $1.5B. This most likely means another 50+ layoffs sometime in the future. If the market declines and has a 20% correction in 2026, then it could get real ugly.
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I don't work for your company, but I just did a Google AI search of Mutual of America and this is what turned up:
"Some say that Mutual of America has declined in recent years due to poor management, low salaries, and a toxic work environment. Others say that the company has treated customers poorly and has been slow to respond to complaints.
Employee reviews
- Some employees say that the company has a toxic work environment with little engagement and no creativity
- Some employees say that the company has low salaries, no employee culture, and no upward mobility
- Some employees say that the company has little to no training and expects employees to know aspects of plan design without training
Customer reviews
- Some customers say that the company has terrible customer service and has been slow to respond to complaints
- Some customers say that it has been difficult to get their money transferred or withdrawn from the company
Financial performance
- Mutual of America reported net losses of $76 million in 2023 and $72 million in 2022
- Fitch Ratings downgraded Mutual of America's IFS rating to "A-" due to its limited financial flexibility
Other issues
- Some say that the company has laid off employees and cut benefits
- Some say that the company has frozen pension plans"
How much is that CFO who doesn't even have any type of CPA is making ? They should get rid of the Controller position because they can't actual control the money as it is all flowing one way !! OUT !!!!
Stock Market has been up 20% in 2021, 2023, and 2024 !!!! How in hi holy h-ell could they lose a $140M last year. Jesus H H.
The issue with The Firm is that they don't know how to market to generate leads in the 21st century. They rely on cold calling and that is D-E-A-D. Use radio, billboards, form strategic partnerships with brokers. Their National Account leads are all D-E-A-D. Got to revamp the websites for employers and participants !!! Add SDBA Option !!!! Add in plan annuities and professional money management option within 401k/403b. Those enhancements would rake it millions a year !!!!!
Holy Schit !!!! WTF is the company so slow to adopt this Schit. f-u-c-king A !!!!
If net outflows are a negative -$1.5B by 12/31/25 then there is no way there won't be more layoffs in order for the Senior Executives to receive incentive compensation in March 2026.
Think about it this way: if the CEO and CFO are at risk of losing THEIR OWN $150K bonus, they are going to do anything in h-e-l-l to trim the fat so that they will be assured to take home that fat bonus. Don't believe me ? Just watch how it plays out.
They need to get rid of the goons with the highest salaries first. There are tons of highly talented experienced people who would and could readily step in for a third or half the salary of the clowns that are in there now and be twice as productive. Here is what needs to be done: rank all employees by highest paid to lowest paid. Then rank everyone by title. Cut 75% of all VPs or above who make over a base salary of $175K per year. Savings would be $20M per year and the Firm would be back in the black in no time. A-holes
What recordkeeper would be in best position to buy Mutual of America Securities, LLC ? It's a subsidiary of Mutual of America Life Insurance so it doesn't need to be demutualized so who would bid on the business if MoA Financial Group isn't making any money ? The deal would probably be done for at most $25-$50 million and then the surplus and money in the bank from the sale of 320 Park would go to the acquirer and Swiss / Munich Re on the reinsurance side. If LLC is sold, the agreement should be to retain 75% of MoA employees based on 1. Seniority 2. Education 3. IQ 4. Lowest salaries. All Field Executive VPs and Senior VP who add no value would be canned.
The MOA koolaid has turned to MOA swamp water. Stop drinking it! Employees and clients deserve better.
Anyone who believes that the layoffs are done for this year are delusional. The company continues to lose BILLIONS in AUM and clients are still running for the hills. Ask yourself, how long can a company fail to make a profit and continue to exist? Even after 200+ layoffs, they still have to pay salaries and benefits while operating at a loss. Not sustainable. Receivership is imminent. Anyone who can get out, should get out now.