April 17, 2023
Mutual of America Life Insurance Co. will pay $2.75 million to resolve a lawsuit alleging it put profits over retirement plan participants' interests by steering their savings toward proprietary investments and saddling them with a costly record-keeping system, according to a filing in New York federal court.
April 05, 2023
Mutual of America Life Insurance Co. has agreed to resolve a proposed class action alleging it violated federal benefits law by permitting its employee retirement plan to use a proprietary record-keeping system and offer proprietary investments to generate profits at the expense of plan participants.