Asset Allocation Made Simple:
Mutual of America Investment Corporation's Retirement Funds

Looking for a simplified approach to help you reach your long-term financial goals—one that makes it easy for you to maintain a professionally managed, well-diversified portfolio of investments over time?

Mutual of America Investment Corporation's Retirement Funds provide a straightforward approach to retirement investing.

Mutual of America Investment Corporation Retirement Funds are designed specifically for participants who want to eliminate the guesswork when developing a long-term retirement investment strategy. Each Retirement Fund is a "Fund of Funds," investing in certain other Mutual of America Investment Corporation Funds, including those that hold equities, fixed income and short-term instruments. The professionals at Mutual of America Capital Management Corporation manage each Retirement Fund's asset allocations, consistent with each Retirement Fund's objectives.

There are eight year-specific Retirement Funds beginning with the 2010 Retirement Fund. All you need to do is pick the Retirement Fund with the target retirement date closest to your potential or actual retirement date. Our analysts and fund managers will do the rest. They perform ongoing research and will periodically adjust the mix of the Fund's investments from a more aggressive allocation, when you're younger, to a more conservative allocation as the Fund approaches its target retirement date.

This single portfolio solution for your retirement savings helps ensure you maintain a broadly mixed portfolio of investments that is tailored for the target retirement date of the Retirement Fund that you choose. We also offer a Retirement Income Fund, designed to help preserve capital and, to a lesser extent, provide additional growth potential after you've retired.

Is a Retirement Fund for you? If you answer yes to the following questions, you may want to consider one of our Retirement Funds. It is important to note that upon reaching the target retirement date of a year-specific Retirement Fund, such Fund will have a significant portion of its assets invested in equities, although that portion will be less than in earlier periods of the Fund.

• If you want a year-specific Retirement Fund, do you plan to keep your investment in this Fund until the projected retirement date?
• Will you be able to tolerate the inevitable market swings?
• If you want a year-specific Retirement Fund, do you want a fund that grows more conservative as you approach your retirement date?
• Do you want an investment that is periodically rebalanced for you?
• Do you understand and find acceptable the risks of investing in equities and fixed income?

Generally speaking, for each Retirement Fund (except for the Retirement Income Fund) the more time that remains until a Fund's target retirement date, the more emphasis that Fund will place on achieving capital appreciation and gains by investing more heavily in equity funds, rather than seeking to preserve capital and produce income by investing in fixed income funds.

The less time that remains until a Retirement Fund's target retirement date, the more emphasis that Fund will place on seeking to preserve capital while also seeking to produce income. The asset allocation of these Retirement Funds (stocks vs. bonds vs. short-term investments) places more emphasis on fixed income investments as the target retirement date approaches and, accordingly, becomes more conservative over time.

Once a Retirement Fund has reached its target retirement date, and at anytime within 10 years after that date, any assets in the Retirement Fund will be transferred into the Retirement Income Fund if approved by the Board of Directors of Mutual of America Investment Corporation.

Learn more
Please refer to the Funds prospectuses for detailed information on the Retirement Funds. You can also speak with one of our Participant Financial Consultants by contacting your local Mutual of America Regional Office.

Please refer to the contract brochure or prospectus, as well as the Underlying Funds prospectuses, and read them carefully before you invest. They can be obtained on our Web site, mutualofamerica.com, or by calling, toll free, 1-800-468-3785. They contain information on the investment objectives, risks, charges and expenses (a contract fee, Separate Account expenses and Underlying Fund expenses) and other information that should be considered carefully before you invest.

As with any investment, the Retirement Funds have risks, and you may lose money by investing in these funds. Variable annuities are intended for long-term investing, particularly retirement. Mutual of America's Separate Account Investment Alternatives serve as investment vehicles for account balances under, and are available only through, variable accumulation annuity contracts and variable universal life insurance policies issued by Mutual of America Life Insurance Company, a Registered Broker-Dealer. (Please note that the Retirement Funds are not available through our variable universal life insurance policies or group annuity contracts that fund defined benefit plans and pension investment contracts.)