Does anyone know how much a member of the Board of Directors gets paid ? Why don't they release internally meeting minutes of all Board meetings ? Why doesn't the Firm publish the total compensation packages of all Senior VPs and above on its website. Steve Rich said he was going to be transparent. Steve, you'd win a lot of votes from your disgruntled employees if you came clean and published this information.
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Every member of the board ought to be sued for breach of fiduciary duties.
Dennis Reimer is 85 years old and serves on the Board. There should be an age limit of 70 and all Board Members must pass a MOCA screening, and they must be an expert in their field that is tied directly to the direct needs of a retirement plan recordkeeper. Gen Reimer. Thank you for your service to our country but you got to GTFO the Board of Directors to make room to "Drain the Swamp at 320 Park Avenue."
Board elections in mutual insurance companies are essentially rigged, Sure policyholders vote, but you need to nominate alternative candidates to elect them. There probably is a minimum number of policyholder signatures requirement, and It is probably already past the nomination deadline for the next election.
Generally almost no one votes, but if there were alternate candidates on the ballot, management would make sure that policyholder-employees that drink the Kool Aid, policyholders that don't know any better, but can be relied upon to do "the right thing," etc would be brought out in numbers to elect the current slate.
If the Company were truly transparent and open to honest elections, it could remove the hurdles that make it impossible to elect an alternate slate. Probably not gonna happen.
What is the process in NY State for Policyholders for force change in the compensation and board make up of a Mutual Insurance Company ?
What does Wayne Fredrick and the rest of the Board of Directors have in common ? Very few if any of them have intimate knowledge of how a retirement plan record keeper works. MoA need experts on the Board from the areas of: Cybersecurity and Info Security, Investments, Audits, HR, Finance, Sales, Customer Service, Legal, Retirement Plan Recordkeeping. Instead, they have 85 yr old retired generals, astronauts, 100 year old non profit execs (30 yrs past their prime--to quote Don Lemon), and many more who don't know a lick about turning a profit and running a real business in 2025. Most are 75 yrs or older and probably would have trouble with the MOCA cognitive assessment. Add on top of that, they are paid $300k per annum ! WTF ! How do Mutual of America policyholders and the NYDFS allow Executive Management to get way with this set up ?
Wayne Fredericks is a paid consultant of Boston Consulting Group. The organization that was hired to "dismantle" the company piece by piece. That's wh BCG does everywhere they go. How is this not a conflict of interest?
$300K ! That is not only crazy but "criminal" given the Firm's poor performance since 2018. Can NYDFS put any pressure on MoA to remove it's Executive Team and Board Members over mismanagement, misconduct, and violations of insurance statutes in NY State ?
My recollection is that Mutual's outside Board members are paid around $300,000 with Board fees, Incentives, meeting fees, etc. That's a lot for such a poorly performing Board. You can get a copy of Schedule G of the Annual Statement if you visit NYDFS. That shows compensation for high paid people and (I think) board members too.