Management of Not-for-Profit and Community Service Organizations: An Interview with William J. Flynn, Chairman of the Board, Mutual of America Life Insurance Company

Article excerpt

Mutual of America has specialized in providing pension and retirement-related products, programs, and services since 1945. It offers variable accumulation annuities, variable universal life insurance, and group life and disability insurance, as some of its products. Headquartered in New York City, with 1,200 employees and managing more than $10 billion in assets, Mutual of America has 36 regional field offices throughout the United States, which are staffed by both salaried consultants and service representatives. It is one of the financially strongest life insurance companies in the United States.

A.M. Best has given Mutual of America its Superior rating (A+),which it assigns to companies that have achieved excellent overall performance when compared to the norms in the life insurance industry. This rating "...reflects the company's prominent market position as a provider of retirement products in the not-for-profit pension sector, along with its sound capitalization, favorable operating performance and excellent balance sheet quality." Standard & Poor's gives the company an Excellent (AA+) rating, assigned to life insurance companies that offer excellent financial security and capacity to meet policyholder obligations. This rating "...reflects the company's solid position within the pension market for not-for-profit organizations, excellent capitalization, good financial performance, and sound investment portfolio." "And Fitch (formerly Duff & Phelps) gives it a Very High (AA) rating, assigned to life insurance companies that have very high claims-paying ability. Their analysis commends "...Mutual of America's strong market position in the small-to-medium size case, not-for-profit pension and annuity market; a low-cost distribution system; well-regarded service capabilities; and strong capital position. "Ward Financial Group named Mutual of America to the 2001 Ward's 50 Benchmark Groups for achieving outstanding financial results in the areas of safety, consistency and performance over the past five years (1996-2000).

Through the years, Mutual of America's mission has remained constant -- to help individuals meet their future long-term financial security objectives.

William J. Flynn is the Chairman of the Board, Mutual of America Life Insurance Company. He has served as Chairman of the Board of the Life Insurance Council of New York, which in 1994 named him the most outstanding CEO of the life insurance industry for the past 25 years. Besides his contributions to his own profession, Mr. Flynn has devoted a great deal of his time to charitable organizations. He currently serves as Chairman of the National Committee on American Foreign Policy, and is a member of the Boards of several humanitarian organizations, including the Alfred E. Smith Memorial Foundation, the John Jay College of Criminal Justice Foundation, the Elie Wiesel Foundation for Humanity, and the Ireland America Economic Advisory Board to the Taoiseach.

A graduate of Cathedral College of the Immaculate Conception, Huntington, N.Y., Mr. Flynn received his MA in Economics from Fordham University. He has been granted seven Honorary Doctorate degrees, including one from St. John's University. Mr. Flynn has also received numerous humanitarian awards, nationally and internationally, from businesses and from not-for-profit organizations. These include the Ubi Caritas Deus Thi Award, the highest honor of Catholic Charities. He received the American Cancer Society's Alfred P. Sloan, Jr. Memorial Award, and was the inaugural recipient of the Human Rights and Business Award of the International League for Human Rights. He was given the National Conference of Christians and Jews Brotherhood Award, the Israel 40th Anniversary Medal from the State of Israel, and the Catholic Charities Bishop's Humanitarian Award. He has worked on behalf of the handicapped, the poor, the aging, and the ill, and has made great efforts toward bringing about peace in Northern Ireland. …