2024-11-08T04:53:13-06:00 2023-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2023-01-01 530116720 NAVY MUTUAL AID ASSOCIATION NAVY 8006286011 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 RDML BRIAN LUTHER PRESIDENT 7036141638 2024-11-06 1 0 J CALVIN MARKS P01226973 9197196400 2023 2024-10-15 13:58:12Z RDML BRIAN LUTHER 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 546269402 0 X WWW.NAVYMUTUAL.ORG X 1879 VA AND FORM 990, PART III, LINE 1:TO PROVIDE MEMBERS OF THE NAVY, MARINES, COAST GUARD, NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION,PUBLIC HEALTH SERVICE, AND HONORABLY DISCHARGED VETERANS (COLLECTIVELY THE "SEA SERVICES") LIFE INSURANCE AT AS NEAR THE ACTUAL NET COST AS POSSIBLE, ASSIST MEMBERS OF THE SEA SERVICES AND OTHER UNIFORMED PERSONNEL AND THEIR FAMILIES IN SECURING FEDERAL BENEFITS TO WHICH THEY MAY BE LEGALLY ENTITLED, AND ADVISE AND EDUCATE UNIFORMED PERSONNEL AND THEIR FAMILIES ON MATTERS OF FINANCIAL SECURITY. 15 14 149 19 -460023 0 0 0 131836152 118905389 167245173 189154836 3564035 3701785 302645360 311762010 0 0 210839223 224716149 20354041 22142727 0 0 0 66917495 70747275 298110759 317606151 4534601 -5844141 3300429651 3312205022 2955396883 3000681256 345032768 311523766 SEE SCHEDULE O 0 0 THE NAVY MUTUAL AID ASSOCIATION ("NAVY MUTUAL") IS A MUTUAL AID ASSOCIATION THAT CONSERVATIVELY MANAGES ITS ASSETS TO PAY PROMISED LIFE INSURANCE BENEFITS TO ITS MEMBERS AND THEIR BENEFICIARIES. NAVY MUTUAL'S BENEFIT PLANS ARE DESIGNED AT AS NEAR ACTUAL NET COST AS POSSIBLE IN ORDER TO PROVIDE MEMBERS OF THE UNIFORMED SERVICES WITH LIFE INSURANCE COVERAGE THAT IS NOT LIMITED BY WAR, TERRORISM, OR AVIATION CLAUSES. NAVY MUTUAL'S INSURANCE IS NOT SUBJECT TO LIMITS ON COVERAGE BASED ON ACTIVE DUTY STATUS OR GEOGRAPHICAL LOCATION. AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PRESENTS EDUCATIONAL PROGRAMS TO MEMBERS OF THE UNIFORMED SERVICES AND THEIR FAMILIES IN ORDER TO ASSIST THEM IN UNDERSTANDING MILITARY SURVIVOR BENEFITS. FURTHER, UNDER OPNAV INSTRUCTION 1750.5A, NAVY MUTUAL IS OFFICIALLY DESIGNATED BY THE DEPARTMENT OF THE NAVY AS ITS PRIMARY EDUCATOR UNDER ITS FINANCIAL MANAGEMENT REGULATION. NAVY MUTUAL'S ROLE EXTENDS TO PROVIDING THESE EDUCATIONAL SERVICES ON BEHALF OF THE U.S. ARMED FORCES ON MILITARY BASES NATIONWIDE AND OVERSEAS. THESE SERVICES ARE IN DIRECT SUPPORT OF MANDATED READINESS COURSES AND ARE PROVIDED AT NO COST TO THE DOD. AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PROVIDES BENEFICIARY ASSISTANCE AND COUNSELING TO ASSIST MEMBERS' SURVIVORS THROUGH THE DEATH PROCESS AND TO HELP SECURE THE FEDERAL BENEFITS TO WHICH THEY MAY BE ENTITLED, INCLUDING REPRESENTATION BEFORE THE VETERANS BENEFITS ADMINISTRATION AND BOARD OF VETERANS' APPEALS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5102 0 1 149 1 1 1 0 0 0 0 0 0 0 X 15 14 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ADAM MULLINS 8006286011 29 CARPENTER ROAD-HENDERSON HALL ARLINGTON VA 22212 RDML BRIAN LUTHER PRESIDENT & CEO 40.00 X X 836429 0 36353 ADAM MULLINS CHIEF FIANANCIAL OFFICER 40.00 X 469602 0 140880 JAMES MALTESE SENIOR VP, INVESTMENTS 40.00 X 473446 0 134642 LINDSAY MCFARLAND VP, MEMBER SERVICES 40.00 X 335381 0 109305 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 40.00 X 371935 0 37897 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 40.00 X 336533 0 35298 FREDERICK MOLEN DIRECTOR, ACTUARY 40.00 X 319185 0 40656 RYAN HUTCHISON SENIOR NEW MEMBER SPECIALIST 40.00 X 272202 0 49612 WEIHONG LI ACTUARY 40.00 X 230202 0 52537 BRANDON SMITHHART DIRECTOR, UNDERWRITING 40.00 X 218138 0 50468 DONALD NISBETT DIRECTOR, MILITARY AFFAIRS & FACILITIES 40.00 X 225335 0 25805 STEVEN COONEY VP, SALES, UNDERWRITING, NEW BUSINESS (OUTGOING 20 40.00 X 181856 0 6869 VADM JOHN TERENCE BLAKE CHAIR 1.00 X 0 0 0 VADM STANLEY SZEMBORSKI CHAIR (OUTGOING 2023) 1.00 X 0 0 0 RADM CHRISTINE HUNTER VICE CHAIR 1.00 X 0 0 0 RDML FRANK THORP IV VICE CHAIR (OUTGOING 2023) 1.00 X 0 0 0 VADM TED N BRANCH DIRECTOR 1.00 X 0 0 0 ERIC CANDELORI DIRECTOR 1.00 X 0 0 0 CAPT ANTHONY COOPER DIRECTOR 1.00 X 0 0 0 CHRISTOPHER DEAN ESQ DIRECTOR (OUTGOING 2023) 1.00 X 0 0 0 CAPT HEIDI A FLEMING DIRECTOR 1.00 X 0 0 0 CAPT REGGIE HOWARD DIRECTOR 1.00 X 0 0 0 CAPT CATHERINE MULE DIRECTOR (OUTGOING 2023) 1.00 X 0 0 0 VADM ALLEN G MYERS DIRECTOR (INCOMING 2023) 1.00 X 0 0 0 CAPT GARY A ROGENESS DIRECTOR (INCOMING 2023) 1.00 X 0 0 0 CAPT NITA SOOD DIRECTOR 1.00 X 0 0 0 RADM CARI B THOMAS DIRECTOR (OUTGOING 2023) 1.00 X 0 0 0 VADM MICHAEL VITALE DIRECTOR 1.00 X 0 0 0 LT GEN ROBERT WALSH DIRECTOR 1.00 X 0 0 0 CAPT ROBERT W WARREN DIRECTOR (INCOMING 2023) 1.00 X 0 0 0 VADM ANTHONY WINNS DIRECTOR 1.00 X 0 0 0 4270244 0 720322 62 0 1 0 THE LIFE & ANNUITY GROUP INC 29 BRIAR HILL ROAD AVON CT 06001 CONSULTING SERVICES 6998808 CALCFOCUS LLC 1500 JFK BLVD SUITE 1220 PHILADELPHIA PA 19102 IT SERVICES 2610000 IPIPELINE INC 222 VALLEY CREEK BLVD SUITE 300 EXTON PA 19341 IT SERVICES 692519 ACCENTURE INTL LTD PO BOX 29889 CHICAGO IL 60673 IT SERVICES 563579 SUREIFY LABS INC 1100 LINCOLN AVENUE SAN JOSE CA 95125 IT SERVICES 554681 22 NET EARNED PREMIUM 524113 70360742 70360742 ANNUITY CONSIDERATIONS 524298 48449184 48449184 SURVIVOR INCOME DEPOSITS 524298 95463 95463 118905389 173904184 -460023 174364207 249758044 234507392 15250652 15250652 15250652 AMORTIZATION OF IMR 524298 3701785 3701785 3701785 311762010 118905389 -460023 193316644 224716149 3221898 14054771 1440864 2303177 1122017 268753 470532 15000 547653 4280590 5641929 2284359 5592110 385920 426120 2600 3487188 CHANGE IN LIFE RESERVE 45800697 UNDERWRITING 1187632 TAXES & LICENSES 187195 REINSURANCE 104008 64989 317606151 17919470 10678275 20662383 36091048 852187 3972853 159215744 166457627 67923576 67689098 236595 234478 1928651857 1889507536 1139868712 1171119071 33022703 34144134 3300429651 3312205022 60493326 54156677 968357 886153 63113 49106 2893872087 2945589320 2955396883 3000681256 X 345032768 311523766 345032768 311523766 3300429651 3312205022 X -5844141 -11405411 -16259450 X 0 1 X 1 0 0 1 X 67923576 67689098 234478 234478 PRIVATE PLACEMENT BONDS 1092567850 F PARTNERSHIPS 59021930 F PRIVATE PREFERRED STOCK 13902926 F SURPLUS NOTES 3988665 F SUBORDINATED DEBT 1637700 F 1171119071 RESERVE FOR LIFE CONTRACTS 2817802604 LIABILITY FOR DEPOSIT-TYPE CONTRACTS 87526331 ASSET VALUATION RESERVE 25181729 INTEREST MAINTENANCE RESERVE 13274022 EMPLOYEE BENEFITS 1804634 2945589320 296808946 -11405411 -11405411 308214357 3547653 3547653 311762010 314058498 0 314058498 3547653 3547653 317606151 PART IV, LINE 2B: NAVY MUTUAL HOLDS AMOUNTS IN ESCROW FOR MEDICAL AND DEPENDENT CARE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 48758000 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 49252000 EUROPE 0 0 INVESTMENTS 131738000 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 19644000 NORTH AMERICA 0 0 INVESTMENTS 107552000 SOUTH AMERICA 0 0 INVESTMENTS 16783000 SOUTH ASIA 0 0 INVESTMENTS 6030000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 2617000 0 0 0 0 0 0 382374000 0 382374000 1 0 0 0 1 1 X 1 1 X X X X X 0 0 0 RDML BRIAN LUTHER PRESIDENT & CEO 446179 0 342050 0 48200 0 34650 0 1703 0 872782 0 0 0 ADAM MULLINS CHIEF FIANANCIAL OFFICER 327389 0 131050 0 11163 0 113939 0 26941 0 610482 0 0 0 JAMES MALTESE SENIOR VP, INVESTMENTS 326073 0 130550 0 16823 0 107887 0 26755 0 608088 0 0 0 LINDSAY MCFARLAND VP, MEMBER SERVICES 240783 0 82500 0 12098 0 97202 0 12103 0 444686 0 0 0 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 267972 0 101050 0 2913 0 34650 0 3247 0 409832 0 0 0 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 248421 0 87550 0 562 0 33040 0 2258 0 371831 0 0 0 FREDERICK MOLEN DIRECTOR, ACTUARY 243130 0 71000 0 5055 0 33257 0 7399 0 359841 0 0 0 RYAN HUTCHISON SENIOR NEW MEMBER SPECIALIST 114332 0 157338 0 532 0 38193 0 11419 0 321814 0 0 0 WEIHONG LI ACTUARY 201584 0 27895 0 723 0 25170 0 27367 0 282739 0 0 0 BRANDON SMITHHART DIRECTOR, UNDERWRITING 176197 0 41500 0 441 0 24118 0 26350 0 268606 0 0 0 DONALD NISBETT DIRECTOR, MILITARY AFFAIRS & FACILIT 185623 0 38500 0 1212 0 23547 0 2258 0 251140 0 0 0 STEVEN COONEY VP, SALES, UNDERWRITING, NEW BUSINES 82679 0 99000 0 177 0 6359 0 510 0 188725 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES WERE PROVIDED TO THE PRESIDENT OF NAVY MUTUAL AID ASSOCIATION IN 2023. THE ENTIRE COST OF $8,508 WAS TREATED AS TAXABLE INCOME TO THE RECIPIENT. FORM 990, PART VI, SECTION A, LINE 6 NAVY MUTUAL HAS A MEMBERSHIP OF APPROXIMATELY 110,000. VOTING MEMBERS HAVE THE OPPORTUNITY ELECT BOARD MEMBERS, INCLUDING THE BOARD CHAIR. ALL MEMBERS WILL SHARE IN THE PROFIT / NET ASSETS OF THE ORGANIZATION IN THE UNLIKELY EVENT OF A DISSOLUTION. FORM 990, PART VI, SECTION A, LINE 7A NAVY MUTUAL HOLDS ANNUAL ELECTIONS IN WHICH ITS VOTING MEMBERS VOTE TO FILL OPEN BOARD POSITIONS. BOARD TERMS ARE THREE YEARS, AND BOARD MEMBERS CAN SERVE FOR A MAXIMUM OF THREE CONSECUTIVE TERMS, UNLESS ELECTED TO SERVE AN ADDITIONAL THREE YEAR TERM AS BOARD CHAIR OR VICE CHAIR. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF NAVY MUTUAL'S FORM 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING WITH THE IRS. QUESTIONS ARE ANSWERED ON A TIMELY BASIS. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF NAVY MUTUAL'S BOARD OF DIRECTORS ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST IN WRITING. OUR LEGAL DEPARTMENT REVIEWS THE DISCLOSURE STATEMENTS TO ENSURE COMPLIANCE. POTENTIAL CONFLICTS ARE SHARED WITH THE CHAIR OF THE GOVERNANCE COMMITTEE. OUR CODE OF ETHICS IS POSTED ON OUR HRIS AND WE REQUIRE ANNUAL TRAINING FOR ALL EMPLOYEES. EMPLOYEES MUST ACKNOWLEDGE IN WRITING THAT THEY HAVE COMPLETED THE TRAINING AND AGREE TO BE BOUND BY THE CODE. BREACHING THE CODE OF ETHICS IS GROUNDS FOR DISCIPLINE, UP TO AND INCLUDING TERMINATION. FORM 990, PART VI, SECTION B, LINE 15 MEMBERS OF NAVY MUTUAL'S BOARD CONSTITUTE OUR COMPENSATION COMMITTEE. THIS COMMITTEE MEETS 2 TIMES/YEAR TO DISCUSS AND ANALYZE THE PRESIDENT'S AND STAFFS' SALARY AND BONUS FOR THE FOLLOWING YEAR. THE COMMITTEE USES SEVERAL BENCHMARKS IN ITS DISCUSSION/ANALYSIS, INCLUDING AN INDEPENDENT NOT-FOR-PROFIT SALARY STUDY, AN INSURANCE COMPANY SALARY STUDY AND A LOCAL AREA SALARY STUDY. THE COMMITTEE ALSO UTILIZES AN OUTSIDE COMPENSATION CONSULTANT TO VERIFY COMPENSATION BY GRADE AND BY JOB DESCRIPTION FOR ALL EMPLOYEES, INCLUDING THE PRESIDENT. THIS COMPARABILITY STUDY IS CONDUCTED EVERY 3 YEARS FOR EMPLOYEES AND EVERY YEAR FOR THE PRESIDENT. THE RESULTS OF THE COMMITTEE'S ANALYSIS ARE PRESENTED TO THE FULL BOARD OF DIRECTORS FOR APPROVAL PRIOR TO IMPLEMENTATION. THE PRESIDENT'S COMPENSATION WAS LAST REVIEWED IN DECEMBER 2023. FORM 990, PART VI, SECTION C, LINE 19 ALL PUBLIC DOCUMENTS ARE AVAILABLE UPON REQUEST. A FINANCIAL STATEMENT SUMMARY IS INCLUDED IN NAVY MUTUAL'S ANNUAL REPORT, WHICH IS AVAILABLE ON-LINE. FORM 990, PART XI, LINE 9: CHANGE IN ASSET VALUATION RESERVE -11,885,319. CHANGE IN NON-ADMITTED ASSETS -3,843,224. CHANGE IN ADDITIONAL MINIMUM LIABILITY FOR POSTRETIREMENT BENEFITS -530,907.