Changes Over Time

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Retirement Portfolios

How the Retirement Portfolios' Mix of Equities, Fixed Income and Money Market Funds Changes Over Time

Over time, the Retirement Portfolios' mix of investment allocations (equities, fixed income and money market funds) will change based on a predetermined strategy. Generally, except for the Retirement Income Fund, the more time that remains until a target-date Retirement Fund approaches its target retirement date, the more emphasis that Fund will place on achieving capital appreciation by investing more heavily in equity funds.

Alternatively, the less time that remains until a target-date Retirement Fund approaches its target retirement date, the more emphasis that Fund will place on preserving capital while also seeking to produce income, by investing more in fixed income and short-term investments.

As each target-date Retirement Fund approaches its target retirement year, Mutual of America Capital Management LLC, the Adviser, will periodically reallocate and change the mix of Mutual of America Capital Management LLC Portfolios to gradually move toward an objective of capital preservation and income production.

Unlike the target-date Retirement Portfolios, the mix of investments in the Retirement Income Fund is not expected to change over time. The Retirement Income Fund is intended for investors who have passed their retirement date and seek a mix of investments more geared toward the objective of preserving capital and producing income than that offered by other Retirement Portfolios. Other matters aside, from the period of time remaining until a Retirement Portfolio's target retirement date, such as current market conditions, the economy, unanticipated events and other factors will also affect the periodic reallocation of each Retirement Fund's assets.

The Retirement Portfolios are expected to be rebalanced periodically, approximately on a quarterly basis. The mix of Portfolios within each Retirement Portfolio is expected to be reviewed at least annually.

When the Retirement Year Is Reached

Many investors can expect to live for a significant time period after retirement. Although capital preservation becomes a primary consideration in retirement, growth is also an important consideration to help offset the negative impact of inflation.

As a result, a Retirement Fund that has reached its target retirement date may have as much as 45% of its assets invested in equities.

Such a maturing Retirement Fund will move toward the allocation mix of the Retirement Income Fund over the 10-year period after the retirement year has been attained.

At any time within 10 years after a Retirement Fund has reached its target retirement year, the assets may be transferred into the Retirement Income Fund, if approved by the Board of Directors of Mutual of America Investment Corporation. The maturing Retirement Fund will then cease to exist, and its participants will automatically become participants in the Retirement Income Fund.

The value of a Retirement Fund is not guaranteed at any time, including at and after the target date. There is no guarantee that a Retirement Fund will correctly predict market or economic conditions, and as with other mutual fund investments, you could lose money. In addition to a retirement date, individuals should consider their risk tolerance, time horizon, personal circumstances and complete financial situation before investing.

You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 800.468.3785 or visiting Read them carefully before investing.

Mutual of America's group and individual retirement products that are variable annuity contracts 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 options 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 consider a variable annuity contract's other features before making a decision.