2020-11-16T15:00:28-06:00 2019-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2019-01-01 530116720 NAVY MUTUAL AID ASSOCIATION NAVY 8006286011 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 RDML BRIAN LUTHER PRESIDENT 7036141638 2020-11-16 1 J CALVIN MARKS P01226973 9197196400 34.206.232.202 2020-11-16 15:00:22 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 75F1779BA68A735F9CB0B3115F257B873EEC838E 2019 2022-01-07 14:23:13Z RDML BRIAN LUTHER 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 517232484 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 "UNIFORMED SERVICES") LIFE INSURANCE AT AS NEAR THE ACTUAL NET COST AS POSSIBLE; ASSIST UNIFORMED SERVICE MEMBERS AND THEIR FAMILIES IN SECURING FEDERAL BENEFITS TO WHICH THEY MAY BE LEGALLY ENTITLED; AND EDUCATE UNIFORMED SERVICE MEMBERS AND THEIR FAMILIES ON MATTERS OF FINANCIAL SECURITY. 16 15 141 16 57777 45011 0 0 78687119 82711934 170472728 171804324 1070184 1098441 250230031 255614699 0 0 159981710 167718371 20836871 18918619 0 0 0 68022151 61963110 248840732 248600100 1389299 7014599 3124123706 3184755036 2817302355 2867481151 306821351 317273885 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. 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 6500 0 1 141 1 1 1 0 0 0 0 0 0 0 X 16 15 0 0 0 0 1 1 0 1 1 0 0 1 1 0 1 1 1 1 1 0 X ADAM MULLINS 8006286011 29 CARPENTER ROAD-HENDERSON HALL ARLINGTON VA 22212 RADM BRUCE ENGELHARDT PRESIDENT 40.00 X X 766673 0 127690 SANGEETA JACOB CHIEF OPERATING OFFICER (FROM 3/2019) 40.00 X 361196 0 413719 LAUREN BLOOM GEN COUNSEL/VP, GOVT AFFAIRS (TO 7/2019) 40.00 X 286793 0 204716 ADAM MULLINS CHIEF FINANCIAL OFFICER 40.00 X 295007 0 152531 MIRANDA DEDJA VP, HR, FACILITIES, & ADMINISTRATION 40.00 X 285012 0 157763 JAMIE MALTESE SR. VP, INVESTMENTS 40.00 X 286753 0 136961 STEPHEN PIETROPAOLI CHIEF OPERATING OFFICER 40.00 X 342760 0 50494 RDML BRIAN LUTHER CHIEF STRATEGY OFFICER 40.00 X 365290 0 14867 CHRISTOPHER KURDLE DIRECTOR, UNDERWRITING 40.00 X 189815 0 182130 CRAIG CRESSMAN SR. DIRECTOR, MEMBERSHIP & MILITARY AFFAIRS 40.00 X 199708 0 57230 RYAN HUTCHISON LEAD SALES PRODUCER 40.00 X 203607 0 49013 JOSHUA FEUERSTEIN DIRECTOR, MARKETING 40.00 X 179099 0 53021 FREDERICK MOLEN DIRECTOR, ACTUARY 40.00 X 195504 0 25655 RADM JOHN LUECKE CHAIR 1.00 X 0 0 0 ERIC CANDELORI VICE CHAIR 1.00 X 0 0 0 VADM JOHN TERENCE BLAKE DIRECTOR (FROM 4/2019) 1.00 X 0 0 0 BGEN PETER B COLLINS 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 ADM JONATHAN GREENERT 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 VADM STANLEY SZEMBORSKI DIRECTOR 1.00 X 0 0 0 RADM CARI B THOMAS DIRECTOR 1.00 X 0 0 0 RDML FRANK THORP IV DIRECTOR 1.00 X 0 0 0 LT GEN GEORGE J TRAUTMAN III DIRECTOR (TO 4/2019) 1.00 X 0 0 0 GEN MICHAEL WILLIAMS DIRECTOR 1.00 X 0 0 0 VADM ANTHONY WINNS DIRECTOR 1.00 X 0 0 0 3957217 0 1625790 46 0 1 0 QUATTRO DIRECT LLC 200 BERWYN PARK SUITE 310 BERWYN PA 19312 ADVERTISING/ MARKETING 1552708 ACCENTURE LLP 161 N CLARK ST CHICAGO IL 60601 ALIP CONSULTING 1494860 EBIX INC PO BOX 2153 BIRMINGHAM AL 35287 SOFTWARE DEVELOPMENT 1183100 MILLIMAN INC 201 EDGEWATER DRIVE SUITE 289 WAKEFIELD MA 01880 ACTUARIAL SERVICES 707388 EXAMONE WORLD WIDE PO BOX 201392 DALLAS TX 75320 UNDERWRITING / MEDICAL SERVICES 610930 7 NET EARNED PREMIUM 524113 65842678 65842678 ANNUITY CONSIDERATIONS 524298 15455345 15455345 SURVIVOR INCOME DEPOSITS 524298 1413911 1413911 82711934 171823598 57777 171765821 261598511 261617785 -19274 -19274 -19274 AMORTIZATION OF IMR 524298 1098441 1098441 1098441 255614699 82711934 57777 172844988 167718371 3247693 10601188 2199291 1981576 888871 236202 258528 728486 1844735 3838962 1770290 2093263 286488 310349 5150867 CHANGE IN LIFE RESERVE 43942480 MEDICAL EXPENSES 1373244 REINSURANCE 100652 28564 248600100 70021643 106062803 178936 250322 169934206 170071529 55878379 55531079 301091 347300 2057793633 2126778165 795095705 749516543 30798492 31728374 3124123706 3184755036 35974948 39024620 1089354 1042842 40164 45855 2780197889 2827367834 2817302355 2867481151 X 306821351 317273885 306821351 317273885 3124123706 3184755036 X 7014599 13573708 -10135773 X 0 1 X 1 0 0 1 X 55878379 55531079 347300 347300 PRIVATE PLACEMENT BONDS 745077843 F PARTNERSHIPS 4438700 F 749516543 RESERVE FOR LIFE CONTRACTS 2682983703 LIABILITY FOR DEPOSIT-TYPE CONTRACTS 97149945 ASSET VALUATION RESERVE 26425881 INTEREST MAINTENANCE RESERVE 10178479 EMPLOYEE BENEFITS 10629826 2827367834 265213521 13573708 13573708 251639813 3974886 3974886 255614699 244625214 0 244625214 3974886 3974886 248600100 PART IV, LINE 2B: NAVY MUTUAL HOLDS AMOUNTS IN ESCROW FOR MEDICAL AND DEPENDENT CARE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 49739000 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 42584000 EUROPE 0 0 INVESTMENTS 124086000 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 36290000 NORTH AMERICA 0 0 INVESTMENTS 95395000 SOUTH AMERICA 0 0 INVESTMENTS 3108000 SOUTH ASIA 0 0 INVESTMENTS 4954000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 1000000 0 0 0 0 0 0 357156000 0 357156000 1 0 0 0 1 1 PART III ACCOUNTING METHOD: X 1 1 X X X X X 0 0 0 RADM BRUCE ENGELHARDT PRESIDENT 407381 0 345000 0 14292 0 92897 0 34793 0 894363 0 0 0 SANGEETA JACOB CHIEF OPERATING OFFICER (FROM 3/2019 245725 0 100000 0 15471 0 375132 0 38587 0 774915 0 0 0 LAUREN BLOOM GEN COUNSEL/VP, GOVT AFFAIRS (TO 7/2 196101 0 89900 0 792 0 190753 0 13963 0 491509 0 0 0 ADAM MULLINS CHIEF FINANCIAL OFFICER 209864 0 80000 0 5143 0 122372 0 30159 0 447538 0 0 0 MIRANDA DEDJA VP, HR, FACILITIES, & ADMINISTRATION 203428 0 80000 0 1584 0 141910 0 15853 0 442775 0 0 0 JAMIE MALTESE SR. VP, INVESTMENTS 206393 0 80000 0 360 0 95567 0 41394 0 423714 0 0 0 STEPHEN PIETROPAOLI CHIEF OPERATING OFFICER 259663 0 70000 0 13097 0 47240 0 3254 0 393254 0 0 0 RDML BRIAN LUTHER CHIEF STRATEGY OFFICER 280562 0 50000 0 34728 0 9800 0 5067 0 380157 0 0 0 CHRISTOPHER KURDLE DIRECTOR, UNDERWRITING 148255 0 35000 0 6560 0 152722 0 29408 0 371945 0 0 0 CRAIG CRESSMAN SR. DIRECTOR, MEMBERSHIP & MILITARY 164161 0 35000 0 547 0 53970 0 3260 0 256938 0 0 0 RYAN HUTCHISON LEAD SALES PRODUCER 94122 0 109372 0 113 0 37275 0 11738 0 252620 0 0 0 JOSHUA FEUERSTEIN DIRECTOR, MARKETING 143488 0 35000 0 611 0 21037 0 31984 0 232120 0 0 0 FREDERICK MOLEN DIRECTOR, ACTUARY 180550 0 11906 0 3048 0 6887 0 18768 0 221159 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES WERE PROVIDED TO THE PRESIDENT OF NAVY MUTUAL AID ASSOCIATION. THE ENTIRE COST OF $1,668 WAS TREATED AS TAXABLE INCOME TO THE RECIPIENT. FORM 990, PART VI, SECTION A, LINE 6 NAVY MUTUAL HAS A MEMBERSHIP OF APPROXIMATELY 105,000. ALL MEMBERS HAVE THE OPPORTUNITY EACH YEAR TO VOTE FOR BOARD MEMBERS, INCLUDING THE CHAIRMAN. 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 MEMBERS VOTE TO FILL OPEN BOARD POSITIONS. BOARD TERMS ARE EACH THREE YEARS, AND BOARD MEMBERS CAN SERVE FOR A MAXIMUM OF THREE CONSECUTIVE TERMS. 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. WE POST OUR CODE OF ETHICS ON OUR INTRANET HOMEPAGE. BREACHING THE CODE OF ETHICS OR CONFLICT OF INTEREST POLICY 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 2020. 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 -10,520,641. CHANGE IN NON-ADMITTED ASSETS 41,774. CHANGE IN ADDITIONAL MINIMUM LIABILITY FOR POSTRETIREMENT BENEFITS 343,094.