IRA Contributions, Withdrawals & Retirement Income Options
Contributions can be made by check, or you can authorize debits from your bank account directly into your IRA.
Learn more about contribution limits.
When you are ready to start receiving benefit payments from your account, you have the following options:
Learn more about Automatic Contributions.
You can withdraw some or all of your Traditional IRA account balance subject to any applicable taxes. Mutual of America imposes
no withdrawal charge. Our contracts assess a contract fee (unless you elect to receive documents electronically), and investments
in the Separate Account investment funds are subject to Separate Account charges and Underlying Funds expenses. Withdrawals are
subject to income tax at your ordinary income tax rate at the time of withdrawal, and if made prior to age 59½, a 10%
federal tax penalty.
When you leave your employer to retire or change jobs you may be able to roll your retirement plan savings to a Mutual
of America IRA. If you receive a distribution from an IRA, a qualified pension or profit-sharing plan or a tax-deferred
annuity plan, you may be able to roll over the distribution to a Mutual of America IRA. Provided the rollover is made
within 60 days of the distribution, it will not be currently taxable. Distributions not handled by means of a direct
rollover to a Traditional IRA are subject to mandatory 20% federal tax withholding. For more information about rolling
over to a new Traditional IRA, refer to the Rollover IRA.
Mutual of America offers a variety of options for withdrawing your money based on your specific needs for retirement income.
Learn more about Turning Your Retirement Savings into Retirement Income.
Specified Payments Option (SPO) - This option allows you to receive regular monthly payments from your account.
The SPO payment amount ($100 minimum) can be changed or stopped at any time.
Annuity - All forms of annuities available under the plan provide a monthly benefit
to you for life. The amount of your monthly annuity income will depend on the annuity
you select. You may start receiving annuity payments as early as age 55.
Single Sum - You may withdraw your account balance in a single sum.
Our Participant Account Representatives and Rollover Specialists can help you review your savings and investment options and help
you to choose how and when to receive your retirement income.
Learn more about the Interest Account & Separate Account Investment Funds.
Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the
contract prospectus or brochure and underlying funds prospectuses and summary prospectuses.
Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling 1-800-468-3785.
Mutual of America's IRAs are individual variable annuity contracts and are suitable for long-term investing, particularly for
retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account
investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity
contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or
IRA by applicable tax law. You should carefully consider a variable annuity contract’s other features before making a decision.
Form IRA-2004 or applicable