National Health & Welfare Retirement Association.

Mutual of America was originally was chartered, licensed, and incorporated as a not-for-profit corporation under the name National Health & Welfare Retirement Association (NHWRA), on October 1, 1945, by a group of business leaders. NHWRA offered defined contribution retirement plans and insurance to nonprofits and their employees.

The NHWRA first operated out of 441 Lexington Avenue, NYC. Milton H. Glover was the company's first President (1945–51) and later served as Chairman (1955–62). The NHWRA's first staff employee was Mary D. Stander. In 1957 the NHWRA added defined benefit plans to its offerings.

In 1971 William J. Flynn became the NHWRA President (1971-1992). He was named CEO in 1972 and would hold that title until 1994. He also served as Chairman of the Board 1982–2005 and Chairman Emeritus 2005–2018. During his tenure, Flynn transformed Mutual of America from a small retirement association into one of the most highly rated and respected financial services companies in the nation. In 1973, the first regional office was opened in Philadelphia. In 1977, NHWRA began offering a tax-deferred annuity product. In 1978 NHWRA hired Joan Casson as the Chief Investment Officer. In 1981 Frances R. Hesselbein, the National CEO of Girl Scouts of the USA, became a member of the Board of Directors.

In 1984, NHWRA was renamed Mutual of America Life Insurance Company and registered as a Broker-Dealer and investment adviser. By 1986, Mutual of America was licensed in 50 states and Washington, D.C. as an insurance company. Expansion continued with the creation of the Mutual of American Foundation in 1987 and the opening of a national telecommunications and training center in Boca Raton, FL in 1988.

In 1992, Thomas J. Moran was named President (1992–2015) and CEO (1995–2016). He also served as Chairman of the Board (2005–2018) and was named Chairman Emeritus in 2018. In 1993 he established the Mutual of America Capital Management LLC Corporation. In 1995 the company relocated to 320 Park Avenue, NYC. In 1996, the Mutual of America Community Partnership Award was established to recognize innovative work of nonprofits. In 2005, Capital Management LLC added portfolio managers. And in 2008, the company transformed its U.S. sales team structure into four regions (Eastern, Southern, Midwest and Western) with each overseen by an Executive Field Vice President.

John R. Greed was named President of Mutual of America in 2015, CEO in 2016, and Chairman of the Board in 2018. In 2019 Mutual of America established National Group Sales Vice President roles. Also in 2019, the company added a new trade name (Mutual of America Financial Group) and logo.