Thread regarding Mutual of America Life layoffs

@OP when are the next layoffs scheduled to occur ? The company is bleeding assets like you wouldn't believe, and plan sales are still down even though the market is up nearly
100% since the end of covid. Net outflows continue to out pace net in flows by over $1B per year. Company isn't finding vehicles to raise revenue fast enough. It's all cost cutting but you can't cut your way into profitability. Companies have to grow.

As most can recall it was a very BIG SCANDAL in 1995 when HR changed their No Smoking policy to Permit Smoking Throughout All Private Offices at the new Mutual of America 320 Park Avenue Headquarters. This Forced more than just a few Dozens of the most "Extremely Talented" AND "Very Brilliant" people doing Technology, Finance, Investments and Actuarial work to leave the firm. Far too many of their brightest and smartest employees were made an example, who complained, being escorted by HR to the front door with two armed security guards.

Tom Moran, CEO (and his wife Joan Moloney Squires), Ignored Non Smoker Complaints, he spent well over two decades visiting these Smoke Filled Offices inhaling that Environment Second Hand Tobacco Smoke and Died at an extremely Early Age in his 60s, not surprised.

The story about the smoking policy in the 1990s says it all about how out of touch the Firm has been over the years. It has always been a 1950's style "Good Ole Boys Club." In the rounds of layoffs in 2024, a disproportionate amount of women and minorities were laid off. Many over the age of 50. Many who were vocal or didn't see eye to eye with management. Many who were seen as a nuisance or had a "bad attitude." Many of the CRMs who were canned were fired because of client surveys even though SURVEYS were never included as part of the performance evaluations. Many were also canned because they were not "photogenic" the company forced every field office personnel to have their picture taken to see how attractive they were. If they were deemed unattractive, management didn't want them to be client facing. It goes to the s-xism and nepotism and the covert 'lookism' that has permeated company culture for years. It is despicable, alarming, and outrageous and this bias must end. The only way it will end is to can the M&M boys, those in Home Office Client Operations Management positions, and the Field Ex VPs,

While most large companies were going Smoke Free in the 1990s, Mutual of America HR in 1995 changed their No Smoking Policy (They Never Enforced anyway) to now Permit Smoking Throughout All Private Offices at their brand new 320 Park Avenue Headquarters. As you can imagine Non Smokers were very upset and complained to HR and Senior Management about this insane HR Policy. Dozens of Non Smokers who made complaints to HR were terminated and were prominently Escorted to the Door by Armed Security Guards throughout 1995 and beyond. Most found much BETTER JOBS and beyond AMAZING CAREERS ! ! !

F-U-C-K-M-O-A

I still have over $100K in the 401k. With all of these security breaches at other companies very worried my money is not safe at the firm. I've heard that account takeover activity is on the rise plus paper forms floating out there on the internet if those forms get in the wrong hands someone could drain the account. Does anyone know if the firm has had security lapses and are the pension and 401k accounts safe from hacksters. Lemme know.

6 months ago, I left this once great firm after over 15 yrs. The Executives in our client facing areas don't get it. After 3 yrs on the new platform, reports for clients are lacking and like a previous poster said, government client compliance is a disaster. The new DVW portal su-ks. Audits were disastrous. I became convinced the only way to save the company would be to sell it and merge with a firm who would be willing to save jobs and the company.

I was laid off earlier this year. What is very disappointing is how the mobile app never work and the website is bare bones and is really behind other companies. If the firm still has allegedly $600,000,000 in surplus, how come it can't spend $25M to provide us a top notch user experience. It's the least they could do after getting sh*t-canned.

In recent days, the firm has taken down a number of job postings. Many sales rep positions taken down. Rumor has it, there is a hiring freeze and it appears there will be an additional round of layoffs. Early retirement buyouts or through attritions according to sources. Some commentators have discussed further reductions in pension lump sum and frozen pension. Quite possibly. We'll know something definite in November before the next board meeting.

It appears that Greed and Festog were booted for cause. Word is that others will be let go in order to clean house. So much in assets lost with a significant number of employers terminating their contract. Time will tell if new management will be able to profitability and offer a high level of service and a competitive product.

Why have a Board of Directors if they don’t monitor the atrocious goings on at Mutual. How did they let this go on for so long and result in so many lay offs, which were not humanely done. Imagine working somewhere for 20 + years and getting a tap on the shoulder to see HR only to find out you have been let go. Walked out to the parking lot, not letting you get your personal belongings and not saying goodbyes to your co workers and you drive away. Shame on MOA. I am retired, so not affected, but, this has caused such stress and health problems for many of my former coworkers. So much for dedicating many years of trust and dedication to a company, that just kicked you out to the curb. You should be ashamed. To my friends at Mutual who are devastated about all this shenanigans, know that you will put this horrendous treatment aside, heal and be well. Good health and happiness to all. Do not this affect your health. It’s not worth it. Enjoy life. ☮️

Tom Moran didn't necessarily promise no layoffs, he promised that the CEO would be first to go if there were to be layoffs. Greed would do well to abide by this, given how poorly he has performed.

Interstingly, if you look at Glassdoor, you will see three new postings saying how great the place is. Presumably, pressure was put on people to mask the truths expressed in the earlier comments.

This once stable and prosperous company has sadly been run into the ground by the massive egos of John Greed and Chris Festog. How the Board can stand by and watch this is beyond comprehension. Greed and Festog will retire with their millions while they’ve destroyed the company and the lives of their “loyal” employees. Meanwhile, Festog has the gall to give “leadership” lectures to an audience consisting only of his subordinates. Narcissisism at its best.

Class Action Lawsuit …the case was initiated by Nicklaus and Kaster. The 3 Mutual of America individuals agreed to be were class representatives. They had no involvement in initiating the case.

Let’s talk about the board. The purpose of the board is so ‘this’ type of thing doesn’t happen. This being a death defining spiral download. They let John Greed do whatever he wanted. A company that has been successful and grown since the 1940 and in a few short years with John at the helm has been brought to his knees. And the board sat by and did nothing. Shame on them. They as well as John are to blame for destroying people’s lives. If John wanted to do what was best for the company he would have resigned. All he has done to failed the company, employees, retirees, clients, etc.

Fur 31 years I was an employee for American Life the Mutual of America for 31 years. Back then with Mr. Flynn and Moran, it was a family company. The company paid for our medical coverage etc. Everything was great until Mr. Flynn then Mr. Moran passed that there was a big change in the company. It was not the same. It’s a shame that Mutual is not the company it used to be. my manager said there’s going to be changes, I knew and decided to put in my retirement notice. That was 3 years ago. Who knows if I was still working there, I would have been the many laid off. I too, was one of many included in the lawsuit. I know several of the workers in the New York home office that was let go. I agree, those who were let go should sue Mutual. This is a disgrace and lack of respect to all who worked there for so many years

Honestly, it appears to be the dismantling of a once great financially strong company. A Company that took pride in its fiscal strength, commitment to quality service and loyalty to its work family. Customer service has been become an embarrassment with significant premium outflows and selling off floors of the headquarters.They walked away from their retirees and now the existing workforce.

This company used to be amazing. They did a complete 180. John Greed might be the worst CEO ever. Is the board going to do anything about their tanking company or are they content with the inevitable bankruptcy?

You’re right ^ Tom Moran must be rolling over in his grave. Why did he leave the company in the hands of such a poor leader like Greed?

Never have I’ve been exposed to such a poorly managed organization. While layoffs is a common thread in today’s workforce, it’s typically a tool utilized in a climate where instability exist. Mutual of America has always been a financially stable company, or at least up until now, so what went wrong? Seems like it’s time to hold management accountable. A lot of people are hurting.

Six weeks of insurance afterwards 😂😂😂. That’s a joke. My sister only gets till April 1st. They let her go on Tuesdays.Then poof just like her job. I hope everybody takes their money out and go somewhere else and does it really fast.

Bill Flynn and Tom Moran must be turning over in their graves. They said there would be no layoffs at Mutual. How long before another company acquires them?

Also don't forget their own former employees sued them in a class action suit for charging too much in fees on the retirement plans and won a 2.75 million settlement. I also believe they have violated the WARN Act by not providing a 60 day notice of these layoffs. Some of these employees that were let go, should also sue them for that.

I think management of a well run company may have gave warning that layoffs were coming, instead of just saying cutting costs. Be accountable. Give people a chance to plan. I'm sure they would have been happy if people left voluntarily.

During the meeting they did mention cutting costs. It was the first thing on my mind. I knew layoffs were coming. They also paid the employees a severance and are paying them for two weeks after their departure. I also believe they will continue to pay their health insurance for 6 weeks. They might have laid people off but the writing has been on the wall, they might not have announced it during the meeting but it was leading in that direction and they did give them employees compensation. So they did not leave them out to dry.

It's horrible how employers treat their employees now. No warning what so ever. They want their employees to give two weeks notice, but they can tell you the same day not to return to work.

Saw the writing on the wall six months ago. You don’t bring in Boston Consulting and not expect major changes. Company is in a death spiral, all the benefit changes, layoff and platform change is going to lead to more clients leaving Mutal, less money under asset leading to more layoffs.

Such a shame. For many years the Company was conservatively run with solid financial results. Their customer service has dropped consistently and you have to wonder what the Board knows of the ongoing problems.

They've had hundreds of complaints filed by clients over the last year due to failures by the leadership.

The company had an Employee meeting on March 7, 2024 and Chris festog mention about the company lost about $73,000,000 between 2022 and 2023. Nothing was mentioned regarding people being fired. This was because of the new platform that was been rush on February 7, 2022 per manager conversation it was a mistake and that they were trying to correct they mistake and get connected back to client and participants. The new platform was rush without been test first. This should have been done first with one field office and small client and see how it work. But they didn’t want to do that because they were looking to transition to the new platform to quickly and save money. Put because clients and participants were waiting to speak to their representative in which sometime there was no return call or were told that someone will return they call in with 24 to 48 hours. They would get upset and started to look to new providers and participants start withdrawing all their retirement money and transferring to fidelity or Charles Schwab. So employees of Mutual of America are paying for John Greed and Chris festog mistake. So they have to make sure the the Board Members are happy. Also Mutual of America is renting or selling each floor individually and are planning on selling 320 Park Ave building

Communication was never their strong point.

3 days after the annual employee meeting. No mention whatsoever.