2022-11-15T08:57:45-06:00 2021-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2021-01-01 530116720 NAVY MUTUAL AID ASSOCIATION NAVY 8006286011 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 RDML BRIAN LUTHER PRESIDENT 7036141638 2022-11-14 1 RDML BRIAN LUTHER 999009999 J CALVIN MARKS P01226973 9197196400 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z RDML BRIAN LUTHER 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 304804850 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 14 141 17 339052 279366 0 0 81016095 85938719 172471697 164437762 1632288 2168337 255120080 252544818 0 0 174505897 193680272 19816264 19506735 0 0 0 55072718 28755428 249394879 241942435 5725201 10602383 3244413996 3268377418 2919784704 2919241221 324629292 349136197 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 5964 0 1 141 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 40.00 X X 736218 0 33670 MIRANDA DEDJA VP, HUMAN RESOURCES (TO 12/2021) 40.00 X 435200 0 318551 SANGEETA JACOB CHIEF STRATEGY OFFICER 40.00 X 463817 0 253129 ADAM MULLINS CHIEF FIANANCIAL OFFICER 40.00 X 417978 0 167092 JAMIE MALTESE SR. VP, INVESTMENTS 40.00 X 430360 0 154378 FREDERICK MOLEN DIRECTOR, ACTUARY 40.00 X 282815 0 41760 CHRISTOPHER KURDLE SENIOR LIFE UNDERWRITER 40.00 X 208124 0 106734 STEVEN COONEY VP, SALES & UNDERWRITING 40.00 X 266263 0 29035 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 40.00 X 259073 0 34464 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 40.00 X 240844 0 27759 BRUCE ENGELHARDT FORMER PRESIDENT 0.00 X 250000 0 17631 LINDSAY MCFARLAND VP, MEMBER SERVICES 40.00 X 199967 0 55888 ROBERTO IMPEDUGLIA INVESTMENT MANAGER 40.00 X 174619 0 67507 JORDAN COHL DIRECTOR, FINANCE & ACCOUNTING 40.00 X 188859 0 44264 RYAN HUTCHISON SENIOR NEW MEMBER SPECIALIST 40.00 X 193182 0 37206 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 (FROM 4/2021) 1.00 X 0 0 0 ERIC CANDELORI DIRECTOR (FROM 4/2021) 1.00 X 0 0 0 BGEN PETER B COLLINS DIRECTOR (TO 4/2021) 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 (FROM 4/2021) 1.00 X 0 0 0 ADM JONATHAN GREENERT DIRECTOR (TO 4/2021) 1.00 X 0 0 0 CAPT REGGIE HOWARD DIRECTOR (FROM 4/2021) 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 LT GEN ROBERT WALSH DIRECTOR 1.00 X 0 0 0 VADM ANTHONY WINNS DIRECTOR 1.00 X 0 0 0 4747319 0 1389068 46 1 1 0 EBIX INC PO BOX 2153 BIRMINGHAM AL 35287 IT SERVICES 857400 ACCENTURE INTL LTD PO BOX 29889 CHICAGO IL 60673 IT SERVICES 828001 THE LIFE & ANNUITY GROUP INC 29 BRIAR HILL ROAD AVON CT 06001 CONSULTING SERVICES 631499 IBU INC PO BOX 63 MARLBOROUGH CT 06447 UNDERWRITING SERVICES 618241 EXAMONE PO BOX 201395 DALLAS TX 75320 MEDICAL UNDERWRITING SERVICES 540342 18 NET EARNED PREMIUM 524113 66047786 66047786 ANNUITY CONSIDERATIONS 524298 19409522 19409522 SURVIVOR INCOME DEPOSITS 524298 481411 481411 85938719 172460367 339052 172121315 44237427 52260032 -8022605 -8022605 -8022605 AMORTIZATION OF IMR 524298 2168337 2168337 2168337 252544818 85938719 339052 166267047 193680272 3728411 10538065 2048382 2283293 908584 256956 340128 578685 2104611 3900873 1577574 3315454 359538 153296 4561846 CHANGE IN LIFE RESERVE 10278034 UNDERWRITING 1165747 REINSURANCE 107074 TAXES & LICENSES 55612 241942435 31239823 25178981 55562139 40024147 236362 79848 166085472 159039088 61726357 61353036 245749 373321 2070309863 1800818397 888511290 1210802698 32223298 32060938 3244413996 3268377418 47115047 47473786 1003515 966689 31122 45687 2871635020 2870755059 2919784704 2919241221 X 324629292 349136197 324629292 349136197 3244413996 3268377418 X 10602383 824580 13079942 X 0 1 X 1 0 0 1 X 61726357 61353036 373321 373321 PRIVATE PLACEMENT BONDS 1157807722 F PARTNERSHIPS 33263646 F PRIVATE PREFERRED STOCK 15132260 F SURPLUS NOTES 4133315 F SUBORDINATED DEBT 465755 F 1210802698 RESERVE FOR LIFE CONTRACTS 2732468917 LIABILITY FOR DEPOSIT-TYPE CONTRACTS 95606518 ASSET VALUATION RESERVE 20693706 INTEREST MAINTENANCE RESERVE 11605729 EMPLOYEE BENEFITS 10380189 2870755059 249790713 824580 824580 248966133 3578685 3578685 252544818 238363750 0 238363750 3578685 3578685 241942435 PART IV, LINE 2B: NAVY MUTUAL HOLDS AMOUNTS IN ESCROW FOR MEDICAL AND DEPENDENT CARE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 53934000 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 64956000 EUROPE 0 0 INVESTMENTS 113039000 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 19280000 NORTH AMERICA 0 0 INVESTMENTS 99623000 SOUTH AMERICA 0 0 INVESTMENTS 14461000 SOUTH ASIA 0 0 INVESTMENTS 4954000 0 0 0 0 0 0 370247000 0 370247000 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 391948 0 295000 0 49270 0 30450 0 3220 0 769888 0 0 0 MIRANDA DEDJA VP, HUMAN RESOURCES (TO 12/2021) 294386 0 107845 0 32969 0 305113 0 13438 0 753751 0 0 0 SANGEETA JACOB CHIEF STRATEGY OFFICER 312084 0 130998 0 20735 0 223457 0 29672 0 716946 0 0 0 ADAM MULLINS CHIEF FIANANCIAL OFFICER 296746 0 120172 0 1060 0 142797 0 24295 0 585070 0 0 0 JAMIE MALTESE SR. VP, INVESTMENTS 294712 0 120172 0 15476 0 124916 0 29462 0 584738 0 0 0 FREDERICK MOLEN DIRECTOR, ACTUARY 210829 0 68383 0 3603 0 29765 0 11995 0 324575 0 0 0 CHRISTOPHER KURDLE SENIOR LIFE UNDERWRITER 160399 0 36053 0 11672 0 83289 0 23445 0 314858 0 0 0 STEVEN COONEY VP, SALES & UNDERWRITING 239555 0 25689 0 1019 0 27862 0 1173 0 295298 0 0 0 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 197431 0 55033 0 6609 0 26711 0 7753 0 293537 0 0 0 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 180207 0 60000 0 637 0 25222 0 2537 0 268603 0 0 0 BRUCE ENGELHARDT FORMER PRESIDENT 0 0 250000 0 0 0 17631 0 0 0 267631 0 0 0 LINDSAY MCFARLAND VP, MEMBER SERVICES 139010 0 51744 0 9213 0 45020 0 10868 0 255855 0 0 0 ROBERTO IMPEDUGLIA INVESTMENT MANAGER 148172 0 25500 0 947 0 43662 0 23845 0 242126 0 0 0 JORDAN COHL DIRECTOR, FINANCE & ACCOUNTING 145088 0 40000 0 3771 0 33311 0 10953 0 233123 0 0 0 RYAN HUTCHISON SENIOR NEW MEMBER SPECIALIST 112219 0 79150 0 1813 0 26916 0 10290 0 230388 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES WERE PROVIDED TO THE PRESIDENT OF NAVY MUTUAL AID ASSOCIATION IN 2021. THE ENTIRE COST OF $7,863 WAS TREATED AS TAXABLE INCOME TO THE RECIPIENT. PART I, LINE 4A MIRANDA DEDJA RECEIVED A SEVERANCE PAYMENT OF $15,893 IN 2021. 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. 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 8,446,390. CHANGE IN NON-ADMITTED ASSETS 2,093,572. CHANGE IN ADDITIONAL MINIMUM LIABILITY FOR POSTRETIREMENT BENEFITS 2,539,980.