Thread regarding Mutual of America Life layoffs

NYDFS has this information from Schedule G. Not sure if you need to make a Freedom of Information request, or if you can just show up and ask for copies, Compensation information for the Board and high paid folks is public information.

Does anyone know where we can get the pay and compensation for the c-Suite executives at Mutual of America and the Board of Directors ?

The company was spending over $25M on rent alone. Most of these regional office weren't even breaking even, and when one factors in the hundreds of thousands of dollars of rental expenses for each office, one can see how the spending got way, way out of control around the time of COVID. Now with the Sale of 320 Park Ave, all the rental income is going to Re and MOA will now have to pay millions each year to rent back 4 floors of the once mighty "Crown Jewel of Midtown Manhattan Real Estate."

I don't claim to know why Rozich resigned but she was terrible at her job. Greed and Festog brought her in from KPMG and they protected her. Greed once called her "his bulldog" and that's what she thought she was supposed to do. She loved to "catch" people doing things incorrectly and she thought she knew processes better than the departments. She was NOT collaborative at all. She was difficult to deal with, downright nasty to people. And yes, it as a huge conflict of interest to have her as Head of RM and Audit. The General Counsel told Greed that but as always, he didn't listen to his leadership team. He did whatever he wanted to do. Which is precisely the reason for ALL of this.

Do you think the NYDFS is in negotiation with MOA Top Brass forcing either a sale of the company OR if MOA doesn't get their house in order by a date certain, that NYDFS will have no choice but to force a receivership situation ?

This is mere speculation but from what has been communicated, the sense is that the internal audit area was ravaged by audits by regulators who found deficiencies in handling of checks and funds the last couple of years. Like all financial companies, MoA is probably getting hit by fraudsters and account takeover activity and there probably were control issues. NYDFS has mandated more requirements as it relates to Info Security. Also, you have the huge unknown of the Landmark Admin data breach impacting 800,000 people. It is unclear where the Truspire rebranding plays into all of this and if MOA has any liability exposure and lack of due diligence exposure here. We all wish Stephen Rich would address these issues with full and complete candor and transparency. To date, he has failed to fully level with policyholders and employees about these issues. The rating agencies and the regulators probably already know about this stuff. Why are the employees and policyholders the last to know ??

And that having the risk management and internal audit as the same person was a conflict of interest.

Agree with the comments above. And would also comment on The report also stating ( along with prior year reports) they recommend that the same person who oversees the enterprise risk management and internal audit not be the same person. M Rozich recently resigned effective Dec 31. Makes one wonder why she resigned. She was only with the firm for three years or so.

The NYDFS reports cities overspending by the company. Almost in the sense that it was a breach in fiduciary responsibility to the Mutual policyholders. Also, the calculation and asset adequacy reserves. This is what led MoA to divert $200M in order to shore up the massive amounts of claims being paid out. The internal audit area is weak. But the big takeaway for me is the massive overspending: Stadium Suites, Corporate Donations, excess Real Estate footprint and presence, excessive board and executive salaries, poor management and positioning of the general account, technology spending out of control and not getting the results needed.