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Review: Mutual of America |
Company Information
Company History: Founded 1945, New York City. ... |
Survey Results
Overall, how satisfied are you, with Mutual of America?
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Contact Information
Company Contact Info:
Chairman/President Thomas J. Moran
320 Park Avenue
New York, NY 10022-6839
800-468-3785 |
Comments
"A 90 basis point "distribution expense" is charged to individuals with a variable annuity IRA (Individual Retirement Annuity)policy on top of the already high expenses embedded in the separate accounts. There also appears to be no guaranteed death benefit which is one of the main features of a typical annuity product. After looking at the prospectus, it states that the .90% covers the salaries of employees. This seems similar to what is typically known as a "wrap fee" which is typically used within managed accounts through an investment advisor. A wrap fee is used as payment to the advisor for giving the investor actual advice while providing constant monitoring and service. Why should a policy holder who has never received any advice from an "employee" of MOA be assessed such a charge. In addition, over half of the separate account lineup consists of proprietary funds through MOA. Lots of expenses and mediocre performance which are appear to be offset by the lure of no surrender charges."
2008-10-29 18:48:20 EST
"Had my 401(k) with them at my previous job. When I needed to roll it over to my new 401(k), they are extremely unhelpful and unfriendly. The whole thing took much longer time than needed, until my new 401(k) Schwab contacted them directly. Don't buy anything from them if you can help it."
2008-10-01 01:14:36 EST
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