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How much can you contribute?
Your initial contribution payment can be as low as $10 or as high as you wish.
Unlike an IRA or a qualified retirement plan such as a 401(k), there is no limit
on the amount you can contribute to an FPA.
How often can you make payments?
No regular payment schedule is required. The frequency and size of your
contributions are up to you. You have the flexibility to stop, resume, increase
or decrease your contributions whenever you want.
How do you make payments?
Upon receipt of your completed FPA application and your initial contribution
payment, Mutual of America will send you a supply of payment forms. To make
additional contributions, send a personal check and your completed payment
form directly to us. Alternatively, you may also be able to arrange to have
your employer automatically deduct the amount you wish to contribute directly
from your paycheck.
Withdrawals
You can withdraw some or all of your FPA account balance subject to any
applicable taxes. Mutual of America imposes no withdrawal charge. A 10% federal
income tax penalty will apply to withdrawals of interest and investment earnings
made prior to age 59 ½, unless the withdrawal is a result of disability or death
or in certain other circumstances.
What are your payment options?
When you are ready to start receiving benefit payments from your FPA account,
you have the following options:
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Specified Payments Option (SPO) - This option allows you to receive regular monthly payments
from your account. You choose when payments will begin, when they will stop, and the Interest
and/or Investment Alternatives from which they will be made. You may begin receiving SPO
payments at age 59 ½ and older. |
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Annuity - All forms of annuities available under the plan provide a monthly benefit to you
for life. The amount of your monthly income will depend on the annuity you select. You may
start receiving annuity payments as early as age 55 or older. |
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Single Sum - You may withdraw your FPA account balance in a single sum. |
Learn more about Investment Alternatives.
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