Helping our employees plan for a financially secure future

Human Resources

Mutual of America’s strong culture of caring permeates everything we do. I’m proud to be part of an organization that understands that taking care of its employees and its customers is not only essential; it’s also the right thing to do.”

Tara Favors Executive Vice President and
Chief Human Resources Officer

A Robust Product Offering

A high-quality retirement plan can be an essential tool in helping employers to attract and retain valued workers, especially in today’s tight labor market. Mutual of America was founded with the belief that every worker deserves a financially secure and dignified retirement, and the idea of actively promoting the welfare of others—including our own employees—continues to drive us forward.

“The 401(k) Savings Plan we offer our employees is an essential component of our benefits package. It reinforces Mutual of America’s culture of caring by letting our employees know their current and future financial well-being greatly matters to us,” said Tara Favors, Executive Vice President and Chief Human Resources Officer. “That’s why everyone in the Company works closely together to ensure that we are providing the most current and robust retirement savings offering to our employees for their benefit, just as we look to do the same for the clients we serve.”

Jenny Lum

Informing and educating our plan participants about transferring the Company’s own 401(k) Savings Plan helped to address concerns; it also reminded everyone that our retirement plan is an investment in our future, as employees and as a Company.”

Jenny Lum Vice President,
Employee Benefits

New Technology Platform

The implementation of Mutual of America’s new administration and recordkeeping technology platform during 2021 is the latest example of the Company’s commitment to provide a positive retirement plan experience. Having this enhanced technology in place enabled the Company to transfer its own 401(k) Savings Plan from the Company’s group annuity platform to its new NAV Trust platform, and have it serviced on the new recordkeeping system. This NAV Trust platform accommodates retail mutual funds and enables us to offer our plan participants a broader selection of investment funds to choose from when constructing their retirement portfolio.

“Transferring Mutual of America’s own 401(k) Savings Plan to our new NAV Trust platform, along with investment elections and other plan data, allowed us to experience, firsthand, the transition using the enhanced technology,” said Jenny Lum, Vice President, Employee Benefits. “This transition truly was a collaborative effort across all areas of the Company, and we are pleased to be able to offer our employees this modern retirement savings plan.”

Favors adds that, among the suite of benefits employees look for in an organization, one of the most important is having the ability to save for the future through an employer-sponsored retirement plan, such as a 401(k) or 403(b) plan.

“At Mutual of America, we encourage our employees to think not just about today, but also about their future,” she said. “Ultimately, the decisions we make about the Company’s retirement plan are made for the good of all plan participants.”

Tara Favors, Jenny Lum and Erin Grainger meeting in the Mutual of America Headquarters

Redefining the Employee Experience

  • Think multichannel. Our retirement plan enables our employees to access information about their account in the way they want, whether online, by phone or in person.
  • Provide real value. We stay connected with our employees with messages that show we understand the challenges they’re facing.
  • Educate and inform. Our new website includes valuable information about saving for retirement that is easy to read, readily digestible and relevant.
  • Make it actionable. Our content also empowers employees with education to help them leverage their plan in reaching their retirement savings goals.

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