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detailgal

Anyone Have Experience?

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Hello All,

 

Is anyone out there in a Mutual of America plan?

 

Forgive my asking this once more, but it's looking like our cfo (see my other posts if you want the fascinating details), is leaning heavily in the direction of freezing the ING Erisa plan and opening a plan with M of A. Vanguard et. al. make her too uncomfortable in the education and meeting-the-needs-of-guaranteed-return-fund-investors department. She initially renounced annuities and bought the double-speak from M of A that they were not offering an annuity. (They speak more plainly now.) At this point, M of A is a simple answer in that it makes her comfortable about her responsiblity and the average total expenses are 1.35 (my calculations) vs. ING's 2.10. And, she's part-time, doesn't get paid to spend a lot of time on this. She did bring in a 403b broker who claimed that he could get us a plan with American Funds with a total exp. of less than .90 (my challenge). Haven't heard if he's still in the picture.

 

I'd like to hear from anyone in a Mutual of America plan. Your experience? Or if you know of anyone who's invested through them.

 

thanks a mil'

detailgal

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This is not the best place to find Mutual of America clients. Most of the people on this board are connected with public school systems. Mutual of America deals almost entirely, last I heard, with not-for-profits, in which market they are by far the industry leader. I have no personal experience with them, but if you are a 501©(3), then they have experience working with organizations like yours.

 

If I were you, I would call around to not-for-profits in the area, especially those connected with the United Way. I believe that M of A was actually set up originally by the United Way to provide financial services for their member organizations, so there is a good chance that people in local United Way agencies will have the kind of experience you want to hear about.

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