2023-11-14T06:31:53-06:00 2022-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2022-01-01 530116720 NAVY MUTUAL AID ASSOCIATION NAVY 8006286011 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 RDML BRIAN LUTHER PRESIDENT 7036141638 2023-11-13 1 RDML BRIAN LUTHER 999009999 0 J CALVIN MARKS P01226973 9197196400 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RDML BRIAN LUTHER 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 404305534 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. 17 16 152 16 562687 507333 0 0 85938719 131836152 164437762 167245173 2168337 3564035 252544818 302645360 0 0 193680272 210839223 19506735 20354041 0 0 0 28755428 66917495 241942435 298110759 10602383 4534601 3268377418 3300429651 2919241221 2955396883 349136197 345032768 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. 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 5708 0 1 152 1 1 1 0 0 0 0 0 0 0 X 17 16 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 40.00 X X 782485 0 34648 JAMES MALTESE SENIOR VP, INVESTMENTS 40.00 X 454354 0 -70417 STEVEN COONEY VP, SALES & UNDERWRITING 40.00 X 340228 0 34487 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 40.00 X 328327 0 34799 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 40.00 X 326716 0 35853 FREDERICK MOLEN DIRECTOR, ACTUARY 40.00 X 309011 0 41886 ADAM MULLINS CHIEF FINANCIAL OFFICER 40.00 X 461245 0 -174662 LINDSAY MCFARLAND VP, MEMBER SERVICES 40.00 X 318473 0 -39458 WEIHONG LI ACTUARY 40.00 X 218519 0 49859 JORDAN COHL DIRECTOR, FINANCE & ACCOUNTING 40.00 X 212472 0 2083 DANIEL PAUTLER MANAGER, PROFESSIONAL DEVELOPMENT 40.00 X 212563 0 -95917 RYAN HUTCHISON SENIOR NEW MEMBER SPECIALIST 40.00 X 218991 0 -141786 MIRANDA DEDJA VP, HUMAN RESOURCES (TO 12/2021) 0.00 X 225257 0 -182194 SANGEETA JACOB CHIEF STRATEGY OFFICER (TO 4/2022) 40.00 X 291593 0 -673878 VADM STANLEY SZEMBORSKI CHAIR 1.00 X 0 0 0 RDML FRANK THORP IV VICE CHAIR 1.00 X 0 0 0 VADM JOHN TERENCE BLAKE DIRECTOR 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 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 RADM CHRISTINE HUNTER DIRECTOR 1.00 X 0 0 0 CAPT CATHERINE MULE DIRECTOR 1.00 X 0 0 0 CAPT NITA SOOD DIRECTOR 1.00 X 0 0 0 RADM CARI B THOMAS DIRECTOR 1.00 X 0 0 0 VADM MICHAEL VITALE DIRECTOR (FROM 4/2022) 1.00 X 0 0 0 LT GEN ROBERT WALSH DIRECTOR 1.00 X 0 0 0 VADM ANTHONY WINNS DIRECTOR 1.00 X 0 0 0 4700234 0 -1144697 55 1 1 0 THE LIFE & ANNUITY GROUP INC 29 BRIAR HILL ROAD AVON CT 06001 CONSULTING SERVICES 5463415 ACCENTURE INTL LTD PO BOX 29889 CHICAGO IL 60673 IT SERVICES 1828923 IBU INC PO BOX 63 MARLBOROUGH CT 06447 UNDERWRITING SERVICES 461569 EXAMONE WORLD WIDE PO BOX 201392 DALLAS TX 75320 MEDICAL UNDERWRITING SERVICES 406743 FIONTA INCORPORATED PO BOX 66794 WASHINGTON DC 20035 IT SERVICES 327360 20 NET EARNED PREMIUM 524113 67105114 67105114 ANNUITY CONSIDERATIONS 524298 64083901 64083901 SURVIVOR INCOME DEPOSITS 524298 647137 647137 131836152 165930258 562687 165367571 102975089 101660174 1314915 1314915 1314915 AMORTIZATION OF IMR 524298 3564035 3564035 3564035 302645360 131836152 562687 170246521 210839223 3786989 11698926 1739798 2143427 984901 321530 392966 15000 681097 5204240 4341711 2249086 6140557 377918 311712 13143 5859859 CHANGE IN LIFE RESERVE 39532989 UNDERWRITING 1144163 TAXES & LICENSES 147409 REINSURANCE 106048 78067 298110759 25178981 17919470 40024147 20662383 79848 852187 159039088 159215744 65757944 65521349 373321 236595 1800818397 1928651857 1210802698 1139868712 32060938 33022703 3268377418 3300429651 47473786 60493326 966689 968357 45687 63113 2870755059 2893872087 2919241221 2955396883 X 349136197 345032768 349136197 345032768 3268377418 3300429651 X 4534601 -23494108 14856078 X 0 1 X 1 0 0 1 X 65757944 65521349 236595 236595 PRIVATE PLACEMENT BONDS 1073061516 F PARTNERSHIPS 45809934 F PRIVATE PREFERRED STOCK 14397600 F SURPLUS NOTES 5130695 F SUBORDINATED DEBT 1468967 F 1139868712 RESERVE FOR LIFE CONTRACTS 2772001906 LIABILITY FOR DEPOSIT-TYPE CONTRACTS 89778985 ASSET VALUATION RESERVE 13296410 INTEREST MAINTENANCE RESERVE 16252621 EMPLOYEE BENEFITS 2542165 2893872087 275470155 -23494108 -23494108 298964263 3681097 3681097 302645360 294429662 0 294429662 3681097 3681097 298110759 PART IV, LINE 2B: NAVY MUTUAL HOLDS AMOUNTS IN ESCROW FOR MEDICAL AND DEPENDENT CARE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 46911000 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 64894000 EUROPE 0 0 INVESTMENTS 117003000 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 19451000 NORTH AMERICA 0 0 INVESTMENTS 98558000 SOUTH AMERICA 0 0 INVESTMENTS 16799000 SOUTH ASIA 0 0 INVESTMENTS 4954000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 1978000 0 0 0 0 0 0 370548000 0 370548000 1 0 0 0 1 1 PART III ACCOUNTING METHOD: X 1 1 X X X X X 1 0 0 RDML BRIAN LUTHER PRESIDENT 422791 0 316000 0 43694 0 32025 0 2623 0 817133 0 0 0 JAMES MALTESE SENIOR VP, INVESTMENTS 311832 0 126500 0 16022 0 -97986 0 27569 0 383937 0 0 0 STEVEN COONEY VP, SALES & UNDERWRITING 243789 0 95500 0 939 0 32025 0 2462 0 374715 0 0 0 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 238353 0 74423 0 15551 0 32025 0 2774 0 363126 0 0 0 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 192485 0 133500 0 731 0 32025 0 3828 0 362569 0 0 0 FREDERICK MOLEN DIRECTOR, ACTUARY 234360 0 71183 0 3468 0 32025 0 9861 0 350897 0 0 0 ADAM MULLINS CHIEF FINANCIAL OFFICER 313631 0 126600 0 21014 0 -201009 0 26347 0 286583 0 0 0 LINDSAY MCFARLAND VP, MEMBER SERVICES 230997 0 75423 0 12053 0 -51625 0 12167 0 279015 0 0 0 WEIHONG LI ACTUARY 196822 0 20908 0 789 0 23874 0 25985 0 268378 0 0 0 JORDAN COHL DIRECTOR, FINANCE & ACCOUNTING 162057 0 43000 0 7415 0 -9670 0 11753 0 214555 0 0 0 DANIEL PAUTLER MANAGER, PROFESSIONAL DEVELOPMENT 117938 0 94130 0 495 0 -98829 0 2912 0 116646 0 0 0 RYAN HUTCHISON SENIOR NEW MEMBER SPECIALIST 119998 0 96152 0 2841 0 -153078 0 11292 0 77205 0 0 0 MIRANDA DEDJA VP, HUMAN RESOURCES (TO 12/2021) 0 0 204066 0 21191 0 -182194 0 0 0 43063 0 0 0 SANGEETA JACOB CHIEF STRATEGY OFFICER (TO 4/2022) 112618 0 178750 0 225 0 -680623 0 6745 0 -382285 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES WERE PROVIDED TO THE PRESIDENT OF NAVY MUTUAL AID ASSOCIATION IN 2022. THE ENTIRE COST OF $8,816 WAS TREATED AS TAXABLE INCOME TO THE RECIPIENT. PART I, LINE 4A MIRANDA DEDJA RECEIVED SEVERANCE TOTALING $21,191 DURING 2022. FORM 990, PART VI, SECTION A, LINE 6 NAVY MUTUAL HAS A MEMBERSHIP OF APPROXIMATELY 105,000. 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 JANUARY 2022. 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 7,397,296. CHANGE IN NON-ADMITTED ASSETS 1,093,209. CHANGE IN ADDITIONAL MINIMUM LIABILITY FOR POSTRETIREMENT BENEFITS 6,365,573.