Bone crushing blow. Mutual of America is laying off over 200 employees over the next 15 months and shipping the jobs to India. A fleecing of America. An American company selling out. A giant suc-king sound. Morale is rock bottom. Mental Health counselors are on high alert. People are crushed. Devastated. Company can't find ways to raise revenue. Has to resort to cuts only. Accenture benefits. Mutual is now double paying: FIS ($8M) + Accenture ($~18M). Just think, the old system only only costs $8M per year. Now, they pay tripplethat
18 replies (most recent on top)
@f5 ross perot was right. giant su-king sound not to mexico albeit we have a call center there with illeagals manning the phones, but the giant su-king sound is to the Taj Mahal and Pakistan.
@cq its closer to 200 w/add ons closer to the go live date. we are hearing rumors of more layoffs in finance, investments, vendor management, non functioning sales reps, call center, facilities, more IT, & the director of hr & compensation. plenty left to cut
@qa The two Indian based teams my manager has met with tells us that many of the Indians don't know their way around OMNi & r expecting to learn the system in 9 months by using Chineese Deepseek & screenshots. iM leaving the company & was not asked to stay on but this scares & shocks me. it is deja vu all over again w/ distributions problems, payment issues, contributions. it took us years to learn this archiac & complex system. impossible in 9 month. i am truly scared. now, go ahead and down vote me.
@qa we should have merged with Slavic. they were right next door w/us in Boca. their tech is SO much better. smaller firm like mutual. i work in the wpc & am one of the lucky ones to lose my job to bollywood. what people don't realize is that the accenture contract has escalators in it. the contract w/tiaa & thrift savings plan (tsp) goes up 4%~5% per year and inflation is in the local currency (India) and tied to wages & not CPI. So what the firm will pay today will be way higher w/nickel & dime charges outside of the contract norms. Let's say they are paying $18M in the first 12 months, that will go up 5% each yr. If mutual has net flows of over negative $1B per year this plus one yr of the stock market declining 20% and we've got another $50m-$60m loss. This deal is not a great deal for many reasons. just look at tiaa & accenture. things are going as planned. accenture can't deliver on many promises. don't believe me ? talk to insiders at tiaa.
Accenture just does requirement they are not subject matter experts all they will do is constantly bill you for every minor change. Why not close 320 park and move to NJ, Florida or Texas like most of financial services firms are that's how you save money.
@k5 BINGO was his name O…
Last year on this Board we predicted Accenture would be taking over. Look at old posts from early 2025. In fact, based on our posts, Executive Management began to engage Accenture because of us ? you don't believe us ? We can recreate the timeline from our first post to the first meeting with Accenture in Executive Management. Check the dates. This plot has been in the works for nearly 17 months.
@c2 it looks like Phoenix will close in 18 months.
@ag agreed. their new payroll system absolutely SUC*KS ! the old one was more functional. better layout + organization. the new one is a huge step backwards
@cq i heard 149-150
@af not employees. 1099 contractors from India. 40% of the labor cost. Save $8M per yr.
@cq actually it is 179
@OP I thought it was 160 jobs. Where are you getting 200 from?
@OP So will the Phoenix Service Center or will the Boca Service Center close with these layoffs ? If anything, the company still has way too much Real Estate footprint even w/Regional Office closures. I say close both, save $5M-$8M and let everyone work from home post Covid. What say you ?
former mutual of america employer client here. we left your company 2 years ago because of your payroll system. whoever set it up should have been fired hopefully long ago. that and we had two women who passed away and it took their husbands a year to get their money. You deserve what you are getting
how in god's name will they have enough employees left to do the work ?
@OP this is the first that I'm hearing of this. hos did this all go down ? what happened ? I heard that KPMG also got fired to and replaced by Ernst and Young. You know the firm that miscounted the Oscar votes a few year back.
The deceive the employees with brighter future just so management can su-k out whatever money left.
Stu&pid employees leave before management su-ks out your pension money