How to Request a Withdrawal Online?
Eligibility Check (Before You Begin)
- Workplace Retirement Plans: 401(k), 403(b), TDA, 401(a), 457: Check your plan’s Summary Plan Description (SPD) to confirm if in-service withdrawals or hardship withdrawals are allowed.
- Personal Investment Accounts: IRAs and Flexible Premium Annuities: Withdrawals are generally permitted but may be subject to taxes and penalties if taken before age 59½.
- If unsure, contact Mutual of America or your employer’s plan administrator or human resource department.
Online Withdrawal Request
1. Log In to Your Online Account
- Go to the Login Page
- Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.
2. Navigate to Withdrawals
- Go to Loans, Withdrawals and Rollovers.
- Select Withdrawals and Rollovers and follow the on-screen instructions.
3. Enter Withdrawal Details
- Specify the request amount, reason (if required), and payment method (e.g., direct deposit or check). Note: If you want to withdraw 100% of a savings or investment option, choose "Percentage" instead of "Dollar Amount." If you choose "Dollar Amount" and the amount you enter is more than what is available at the time we actually process the withdrawal (due to market shifts), we will not be able to complete your withdrawal, and you will need to make a new request
4. Review and Submit
- Confirm your information.
- Submit the request and save the confirmation for your records. Make sure to check your account for a confirmation of the withdrawal. If you don't receive a confirmation, the withdrawal was not completed, and you will need to submit a new request.
If you have any questions or experience any issues while submitting your withdrawal request online, please contact Mutual of America Participant Services at 844.231.5270 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).
Important Notes
- Early Withdrawal Penalties:
- Withdrawals before age 59½ may be subject to a 10% IRS penalty (25% for SIMPLE IRAs within the first 2 years).
- Tax Implications:
- Most withdrawals are subject to ordinary federal income tax unless rolled over.
- Plan Restrictions:
- Not all employer-sponsored plans allow in-service withdrawals.
