Thread regarding Mutual of America Life layoffs

Board of Directors

Big Board Meeting coming up next week. It should be a barn burner. Lots of Angst in the air. Asset Retention hasn't gotten much better so far this year and those is such much in the air with the $140M loss when the stock market had one of its best two year streaks on record. Lots of concern over the Boca property and the unwinding of Truespire/Landmark. NYDFS discussions...

I'm sure there are a couple of Board Members on this Forum so listen up:

  1. Implement a Whistleblower Policy
  2. Implement a Ethics Reporting Hotline
  3. Find ways to boost employee moral by draining the HR and Boca Admin Operations swamp
  4. Release a summary of the Board Minutes to employees
  5. Have at least two employee or retiree representatives on the board so you don't hear the lies and spin from Executive Managmemt
  6. Travel the country and show your faces to the employees of Mutual of America. We NEVER hear from the Board. They get paid $300K each and are not even accountable to the employees. Board members don't talk to us or find out what we need. It is despicable and shameful. Breach of Fiduciary Duties
  7. Transparency: Post salaries of Executive Management and Board Members on the Public Website
  8. Come Clean about Landmark and the Boca property.
by Anonymous
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Post ID: @OP+1jnj45zhg
Comment! It's anonymous!

7 replies (most recent on top)

Cut more board members and save $300K each. Better for bottom line. Replace all Board members by employees, retirees, and AI Decision Making based on changed needed for the actual company. Board members should be forced to retire at 70 yrs of ago. Limit comp to $100K, be forced to take a MOCA (Montreal Cognitive Assessment Test) and all Executive VPs or above are forced to work with an Executive Coach, and receive cognitive, medical, and mental assessments by outside Board Certified doctors yearly.

by Dr. Rony Jacckkson
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Post ID: @23q+1jnj45zhg

More Addition by Subtraction, another person has left the Board.

by Anonymous
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Post ID: @1nr+1jnj45zhg

The Board is now down by 1 person. As our former long term (and very capable) General Counsel once described it: Addition by Subtraction. The Board is still bigger than it needs to be, and is still stacked with overage very long term members, with little understanding of how a life insurance company in the pension business can and should be run.

by Anonymous
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Post ID: @1d2+1jnj45zhg

Have the members of the Board of Directors scheduled their listening tours around the Country to find out from front line employees what changes need to be made ? They are paid $300K a year, supposedly, but have no accountability to employees or policyholders. Publish the Board Minutes. Meet with Policyholders. Meet and listen to employees.

by The Average Age of The Board is 76.3
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Post ID: @1d0+1jnj45zhg

If there is an actual ethics line, it is not known by very many employees. Executive Management doesn't want to emphasize it but it should be emphasized now with Stephen Rich's goal of transparency. Also, HR should send out an updated employee manual. We haven't seen a new version in years and there have been a lot of federal law changes since then.

by Anonymous
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Post ID: @wd+1jnj45zhg

At the direction of the Board, Mutual implemented an anonymous ethics reporting hotline about six or seven years ago. The number is somewhere on the intranet, maybe the employee manual.

by Anonymous
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Post ID: @tj+1jnj45zhg

Thank you !!!!!

by Anonymous
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Post ID: @cj+1jnj45zhg

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