2025-11-17T10:23:04-06:00 2024-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2024-01-01 530116720 NAVY MUTUAL AID ASSOCIATION NAVY 8006286011 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 RDML BRIAN LUTHER USN RET PRESIDENT 7036141638 2025-11-17 1 0 J CALVIN MARKS P01226973 9197196400 2024 2025-03-06 01:10:19Z RDML BRIAN LUTHER USN RE 29 CARPENTER RD - HENDERSON HALL ARLINGTON VA 22212 560381838 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. 14 13 148 15 327732 64073 0 0 118905389 104483931 189154836 177196191 3701785 3199023 311762010 284879145 0 0 224716149 203170104 22142727 22637633 0 0 0 70747275 54328367 317606151 280136104 -5844141 4743041 3312205022 3341207802 3000681256 3025740793 311523766 315467009 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 TO ASSIST THEM IN UNDERSTANDING MILITARY SURVIVOR BENEFITS. FURTHER, UNDER OPNAV INSTRUCTION 1750.5A, NAVY MUTUAL IS DESIGNATED AS AN APPROVED EDUCATOR OF THE SURVIVOR BENEFIT PROGRAM AND NAVY MUTUAL'S ROLE, AS AN AUTHORIZED NON-PROFIT ORGANIZATION, EXTENDS TO PROVIDING FINANCIAL LITERACY EDUCATION AND TRAINING ON DOD INSTALLATIONS NATIONWIDE AND OVERSEAS IN ACCORDANCE WITH DOD INSTRUCTION 1322.34. THESE SERVICES ARE IN SUPPORT OF THE FINANCIAL READINESS OF SERVICE MEMBERS AND 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 1 0 0 0 0 0 0 0 1 1 0 0 1 5695 0 1 148 1 1 1 0 0 0 0 0 0 0 X 14 13 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 USN RET PRESIDENT & CEO 40.00 1.00 X X 886154 0 39928 JAMES MALTESE SENIOR VP, INVESTMENTS 40.00 1.00 X 488896 0 71778 ADAM MULLINS CHIEF FIANANCIAL OFFICER 40.00 1.00 X 471582 0 45847 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 40.00 1.00 X 394734 0 40056 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 40.00 X 381834 0 38841 LINDSAY MCFARLAND VP, MEMBER SERVICES 40.00 X 353890 0 48040 FREDERICK MOLEN DIRECTOR, ACTUARY 40.00 X 328990 0 42857 BRANDON SMITHHART DIRECTOR, UNDERWRITING 40.00 X 238325 0 55294 WEIHONG LI ACTUARY 40.00 X 235417 0 46486 BILLIE DIVVER SENIOR SALES REPRESENTATIVE 40.00 X 224416 0 41400 DONALD NISBETT DIRECTOR, MILITARY AFFAIRS & FACILITIES 40.00 X 233411 0 26682 VADM JOHN TERENCE BLAKE CHAIR 1.00 X 0 0 0 RADM CHRISTINE HUNTER VICE CHAIR 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 CAPT HEIDI A FLEMING DIRECTOR 1.00 X 0 0 0 CAPT REGGIE HOWARD DIRECTOR 1.00 X 0 0 0 CAPT BRENDA K MALONE DIRECTOR (INCOMING 2024) 1.00 X 0 0 0 VADM ALLEN G MYERS DIRECTOR 1.00 X 0 0 0 CAPT GARY A ROGENESS DIRECTOR 1.00 X 0 0 0 CAPT NITA SOOD DIRECTOR (OUTGOING 2024) 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 1.00 X 0 0 0 VADM ANTHONY WINNS DIRECTOR (OUTGOING 2024) 1.00 X 0 0 0 4237649 0 497209 64 0 1 0 THE LIFE & ANNUITY GROUP INC 29 BRIAR HILL ROAD AVON CT 06001 CONSULTING SERVICES 3714372 ACCENTURE INTL LTD PO BOX 29889 CHICAGO IL 60673 IT SERVICES 1203175 CALCFOCUS LLC 1500 JFK BLVD SUITE 1220 PHILADELPHIA PA 19102 IT SERVICES 710800 MERAKATA INC 4094 OLD RIVER TRAIL POWHATAN VA 23139 CONSULTING SERVICES 533064 SUREIFY LABS INC 1100 LINCOLN AVENUE SAN JOSE CA 95125 IT SERVICES 496331 20 NET EARNED PREMIUM 524113 73990871 73990871 ANNUITY CONSIDERATIONS 524298 30401700 30401700 SURVIVOR INCOME DEPOSITS 524298 91360 91360 104483931 179375025 327732 179047293 273323859 275502693 -2178834 -2178834 -2178834 AMORTIZATION OF IMR 524298 3199023 3199023 3199023 284879145 104483931 327732 180067482 203170104 3209095 14723886 1038846 2529147 1136659 263594 532448 614733 3048421 6183710 2377228 5388127 397362 498870 2824 2477512 CHANGE IN LIFE RESERVE 30907860 UNDERWRITING 1227917 TAXES & LICENSES 217461 REINSURANCE 100003 90297 280136104 10678275 10400157 36091048 38434486 3972853 732364 166457627 171267526 20707417 20463327 234478 244090 1889507536 1856474078 1171119071 1229095156 34144134 34559945 3312205022 3341207802 54156677 54976101 886153 847469 49106 57388 2945589320 2969859835 3000681256 3025740793 X 311523766 315467009 311523766 315467009 3312205022 3341207802 X 4743041 4403836 -5203634 X 0 1 X 1 0 0 1 X 20707417 20463327 244090 244090 PRIVATE PLACEMENT BONDS 1140812852 F PARTNERSHIPS 66330116 F PRIVATE PREFERRED STOCK 8627560 F SURPLUS NOTES 6791290 F COMMON STOCK 5000405 C SUBORDINATED DEBT 1532933 C 1229095156 RESERVE FOR LIFE CONTRACTS 2848710464 LIABILITY FOR DEPOSIT-TYPE CONTRACTS 79568727 ASSET VALUATION RESERVE 32241742 INTEREST MAINTENANCE RESERVE 10171140 EMPLOYEE BENEFITS -832238 2969859835 285668248 4403836 4403836 281264412 3614733 3614733 284879145 276521371 0 276521371 3614733 3614733 280136104 PART IV, LINE 2B: NAVY MUTUAL HOLDS AMOUNTS IN ESCROW FOR MEDICAL AND DEPENDENT CARE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 48614000 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 46203000 EUROPE 0 0 INVESTMENTS 129050000 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 21813000 NORTH AMERICA 0 0 INVESTMENTS 114835000 SOUTH AMERICA 0 0 INVESTMENTS 15764000 SOUTH ASIA 0 0 INVESTMENTS 6036000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 2129000 0 0 0 0 0 0 384444000 0 384444000 1 0 0 0 1 1 X 1 1 X X X X X 0 0 0 RDML BRIAN LUTHER USN RET PRESIDENT & CEO 465734 0 365213 0 55207 0 36225 0 3703 0 926082 0 0 0 JAMES MALTESE SENIOR VP, INVESTMENTS 338410 0 123835 0 26651 0 41088 0 30690 0 560674 0 0 0 ADAM MULLINS CHIEF FIANANCIAL OFFICER 339668 0 128359 0 3555 0 14631 0 31216 0 517429 0 0 0 MICHELLE RAMOS DOMINGUE GENERAL COUNSEL 285447 0 103000 0 6287 0 36225 0 3831 0 434790 0 0 0 PETER MEYERS VP, SOLUTIONS & TECHNOLOGY 260752 0 94704 0 26378 0 34583 0 4258 0 420675 0 0 0 LINDSAY MCFARLAND VP, MEMBER SERVICES 252600 0 93065 0 8225 0 32991 0 15049 0 401930 0 0 0 FREDERICK MOLEN DIRECTOR, ACTUARY 250111 0 73874 0 5005 0 34518 0 8339 0 371847 0 0 0 BRANDON SMITHHART DIRECTOR, UNDERWRITING 193504 0 43000 0 1821 0 26339 0 28955 0 293619 0 0 0 WEIHONG LI ACTUARY 205663 0 29207 0 547 0 17272 0 29214 0 281903 0 0 0 BILLIE DIVVER SENIOR SALES REPRESENTATIVE 69721 0 153683 0 1012 0 20004 0 21396 0 265816 0 0 0 DONALD NISBETT DIRECTOR, MILITARY AFFAIRS & FACILIT 190651 0 41500 0 1260 0 24390 0 2292 0 260093 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES WERE PROVIDED TO THE PRESIDENT OF NAVY MUTUAL AID ASSOCIATION IN 2024. THE ENTIRE COST OF $12,715 WAS TREATED AS TAXABLE INCOME TO THE RECIPIENT. LAUREN BLOOM FORMER KEY EMPLOYEE 39250 LEGAL SERVICES 0 FORM 990, PART VI, SECTION A, LINE 6 NAVY MUTUAL HAS A MEMBERSHIP OF APPROXIMATELY 115,000. 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 2025. 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 -7,060,013. CHANGE IN NON-ADMITTED ASSETS -242,572. CHANGE IN ADDITIONAL MINIMUM LIABILITY FOR POSTRETIREMENT BENEFITS 2,098,951. CALCFOCUS LLC 1500 JFK BLVD SUITE 1220 PHILADELPHIA PA 19102 464376321 INVESTMENTS PA NAVY MUTUAL VENTURES INC UNRELATED -176991 4822429 0 0 0.72000 NAVY MUTUAL VENTURES INC 29 CARPENTER RD HENDERSON HALL ARLINGTON VA 22212 331482914 INVESTMENTS DE NMAA C 5000405 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 NAVY MUTUAL VENTURES INC B 5000000 FMV CALCFOCUS LLC M 710800 FMV