Mutual of America Separate Account No 2

04/27/2026 | Press release | Distributed by Public on 04/27/2026 11:17

Updating Summary Prospectus (Form 497VPU)

UPDATING SUMMARY PROSPECTUS
  VOLUNTARY EMPLOYEE CONTRIBUTION CONTRACTS
VARIABLE ACCUMULATION ANNUITY CONTRACTS
(VEC CONTRACTS)
 
Issued By
MUTUAL OF AMERICA LIFE INSURANCE COMPANY
320 Park Avenue, New York, New York 10022-6839
Through its
MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2
We no longer offer our group Voluntary Employee Contribution ("VEC") Contract.
You may allocate your Account Value to any of the subaccounts of Mutual of America Separate Account No. 2 or to our General Account, unless your employer's Plan (if any) restricts allocations. You may transfer all or any part of your Account Value among the available Investment Alternatives at any time, without charge. The Subaccounts of the Separate Account invest in funds or portfolios of mutual funds, which currently are set forth and described in Appendix A to this Summary Prospectus.
The Contract is a complex investment and involves risks, including potential loss of principal.
The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in taxes and tax penalties, as applicable.
Mutual of America Life Insurance Company's obligations under the Contract are subject to its financial strength and claims-paying ability.
The Prospectus for the Contract contains more information about the Contract, including its features, benefits, and risks. You can find the Prospectus and other information about the Contract online at https://dfinview.com/mutualofamerica/tadf/VEC/AP. You can also obtain this information at no cost by calling 800.574.9267 or by sending an e-mail request to [email protected].
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
The SEC has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
Dated: May 1, 2026
TABLE OF CONTENTS
 
Page
Definitions We Use in this Summary Prospectus
2
Important Information You Should Consider About the
VEC Contract
4
Appendix A: Underlying Funds Available as Investment Options Under The VEC Contracts
A-1
Definitions We Use in this Summary Prospectus
Account Value-The value of a Participant's Accumulation Units in the Subaccounts plus the value of amounts held in the General Account for the Participant, during the Accumulation Period. Depending on its use in this Summary Prospectus, the term "Account Value" may mean all or any part of your total Account Value.
Accumulation Period-For a Participant, the period under a Contract when Contributions are made or held for the Participant. The Accumulation Period ends at the Annuity Commencement Date, or the date the Participant withdraws the Account Value in full before the Annuity Commencement Date.
Accumulation Unit-A measure we use to calculate the value of a Participant's interest in each of the Subaccounts. Each Subaccount has its own Accumulation Unit value.
Annuitant-A person who is receiving Annuity Payments or who will receive Annuity Payments after the Annuity Commencement Date. You must be the Annuitant, and the Annuitant cannot be changed; and a Beneficiary who has elected to receive a death benefit in the form of an annuity shall be the Annuitant. You or a Beneficiary also may name a joint Annuitant, except that some Plans require the consent of your Eligible Spouse if your Eligible Spouse is not the joint Annuitant. We use the life expectancy of the Annuitant and joint annuitant, if any, as a factor in determining the amount of monthly Annuity Payments for annuities with a life contingency.
Annuity Commencement Date-The date Annuity Payments become payable under a Contract or become payable as the death benefit for a Beneficiary. A Participant, or a Beneficiary entitled to a death benefit, selects the Annuity Commencement Date, or the Annuity Commencement Date may be imposed under federal tax law provisions in certain circumstances. On the Annuity Commencement Date, all of your Account Value is used to provide Annuity Payments. Annuity Commencement Date is sometimes referred to as "Benefit Commencement Date" in a Contract.
Annuity Payments-A series of equal monthly payments from us. The amount of the Annuity Payments will depend on your Account Value on the Annuity Commencement Date and the form of annuity selected. The Annuity Payments may be for the Annuitant's life, for a minimum period of time, for the joint lifetime of the Annuitant and the Annuitant's joint Annuitant, or for such other specified period as we may permit.
Beneficiary(ies)- The person(s) named by a Participant to receive (1) during the Accumulation Period, the death benefit under the Contract if the Participant dies, or (2) after the Annuity Commencement Date, any remaining Annuity Payments (or their Commuted Value) upon the death of the Annuitant and joint Annuitant, if any.
Code-The Internal Revenue Code of 1986, as amended. Depending on the context, the term Code includes the regulations adopted by the Internal Revenue Service for the Code section being discussed.
Commuted Value-The present value of annuity payments due under an income option or method of payment not based on life contingencies.
Complete Order-An order is considered to be complete when all of the requirements for the completion of a transaction have been met. This includes receipt by the Company of all information, remittances and notices necessary to process the given transaction. The Company will inform you of the documents required for your transaction.
Contract(s)-One (or more) of the group variable accumulation annuity contracts described in this Summary Prospectus.
Contractholder-An entity to which we have issued a Contract. The Contractholder may be an employer, or an association representing employers or employees.
Contributions-Amounts contributed from time to time under a Contract during the Accumulation Period.
eDocuments-A feature that offers Participants a way to electronically receive communications and reports, such as quarterly statements, prospectuses (including summary prospectuses), and underlying fund and separate account annual and semi-annual reports. When such documents are available, an email notice is
2
sent to the eDocuments subscriber informing him or her of such availability on the secure "My Account" website maintained by the Company. Participants enroll by consenting to receive through eDocuments all of the documents that we deliver electronically, and are provided instructions on revocation of the consent, including the ability to revoke it immediately by calling a specified toll-free number. Revocation of consent applies to all documents provided through the eDocuments program. You can sign up for eDocuments by completing the Consent Agreement located on our website and indicating your consent to receive documents through the Mutual of America website.
Eligible Spouse-Unless otherwise specified, the person to whom a Participant or Annuitant is legally married in a marriage recognized under federal law.
Employer-An organization that established a Plan and that may be named in the Contract.
General Account (or Interest Accumulation Account)-Assets we own that are not in a separate account, but rather are held as part of our general assets. We sometimes refer to the General Account as the Interest Accumulation Account because amounts you allocate to the General Account earn interest at a fixed rate which we change from time to time.
Investment Alternatives-Our General Account and the Subaccounts. You may allocate your Contributions and transfer your Account Value among the Investment Alternatives, subject to any limitations under a Plan.
Joint Annuitant-An additional person (usually the Eligible Spouse) whose life expectancy is taken into account for a life annuity and who will receive Annuity Payments upon the death of the Annuitant in accordance with the form of annuity selected. A joint annuitant may be designated by the Participant at any time before the Annuity Commencement Date.
Participant-Under a TDA Contract, an employee or former employee for whom we have received Contributions under a Plan.
Plan-For some TDA Contracts, a retirement plan adopted by an employer for which a Contract has been purchased to provide benefits.
Separate Account-Mutual of America Separate Account No. 2, a separate account we established to receive and invest deposits made under variable accumulation annuity contracts. The assets of the Separate Account are set aside and kept separate from our other assets.
Subaccount-A division of the Separate Account which invests its assets exclusively in a corresponding Underlying Fund of the same name.
Underlying Funds-The funds or portfolios that are invested in by the Subaccounts.
We, us, our, Company or Mutual of America-Refers to Mutual of America Life Insurance Company.
You, or your-Refers to a Participant.
3
Important Information You Should Consider About the
VEC Contract
 
FEES AND EXPENSES
LOCATION IN
PROSPECTUS
Are There
Charges for Early
Withdrawals?
No.
Charges
Are There
Transaction
Charges?
No, there are no charges for transactions under the Contract,
other than certain fees associated with Contract loans.
Charges
Are There
Ongoing Fees
and Expenses?
(annual charges)
Yes, the table below describes the fees and expenses that you
may pay each year, depending on the Investment Alternatives
and optional benefits you choose. Please refer to your Contract
specifications page for information about the specific fees you
will pay each year based on the options you have elected.
Charges
ANNUAL FEE
MIN.
MAX.
1. Base Contract
1.97%1
2.00%1
2. Underlying Fund fees and
expenses
0.23%2
0.57%2
3. Optional benefits available
for an additional charge
NA
NA
1 As a percentage of the Separate Account value. There are
several classes of the Contract, each of which has a different
Separate Account charge, based upon the total contract assets
in the Separate Account and the General Account. See the
"Charges" section of the Prospectus for a description of the
Contract and related charges.
2 As a percentage of the net asset value of the Underlying Fund
assets.
Because you may choose from among the Investment
alternatives offered, the choices you make affect how much you
will pay. To help you understand the cost of owning your
Contract, the following table shows the lowest and highest cost
you could pay each year, based on current charges.
LOWEST ANNUAL COST
ESTIMATE:
$2,258
HIGHEST ANNUAL COST
ESTIMATE:
$2,630
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination
of Contract classes (i.e., Tier
1 Reduced Pricing) and
Underlying Fund fees and
expenses
●No optional benefits
●No outstanding loans
●No sales charges
●No additional Contributions,
transfers, or withdrawals
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive
combination of Contract
classes (i.e., Standard
Pricing), and Underlying
Fund fees and expenses
●No optional benefits
●No outstanding loans
●No sales charges
●No additional Contributions ,
transfers, or withdrawals
4
FEES AND EXPENSES
LOCATION IN
PROSPECTUS
RISKS
LOCATION IN
PROSPECTUS
Is There a Risk of
Loss from Poor
Performance?
Yes, you can lose money by investing in this Contract, including
loss of principal.
Principal Risks of
Investing in the
Contract
Is this a
Short-Term
Investment?
Yes, this Contract is not a short-term investment and is not
appropriate for an investor who needs ready access to cash.
In particular:
●Tax deferral is more beneficial to Participants with a long-term
investment time horizon.
●Withdrawals are subject to ordinary income tax and may be
subject to tax penalties.
●The Contract is not intended for those who may need to make
early or frequent withdrawals or intend to engage in frequent
trading in the Underlying Funds.
General
Description of
Contracts
What Are the
Risks Associated
with the
Investment
Options?
An investment in the Contract is subject to the risk of poor
investment performance, and can vary, depending on the
performance of the Underlying Funds. Each investment option
available under the Contract, including the General Account, will
have its own unique risks. You should review these Investment
Alternatives before making an investment decision.
Appendix A:
Underlying Funds
Available Under
the Contracts
General
Description of
Separate Account
No. 2, Mutual of
America, and
Underlying Funds
Our General
Account
What Are the
Risks Related to
the Insurance
Company?
An investment in the Contract is subject to the risks related to
Mutual of America , including that any obligations (including
under the General Account ), guarantees, and benefits of the
Contract are subject to the claims paying ability of Mutual of
America. More information about Mutual of America, including its
financial strength ratings, is available upon request from Mutual
of America by calling our toll-free number, 800.468.3785 or by
visiting our website at mutualofamerica.com.
General
Description of
Separate Account
No. 2, Mutual of
America, and
Underlying Funds
Our General
Account
RESTRICTIONS
LOCATION IN
PROSPECTUS
Are There Limits
on the
Investment
Options?
Yes, your ability to allocate Contributions among the Investment
Alternatives is subject to any restrictions contained in your
Employer's Plan. If your Employer's Plan permits transfers to
other contracts, you may transfer your Account Value but only to
a provider specifically identified in the Plan. Transfers while you
are actively employed to any provider not specified in the Plan
are prohibited.
We may remove an Underlying Fund or limit its availability to new
Contributions and/or transfers of Account Value if we determine
that an Underlying Fund no longer satisfies one or more of our
selection criteria.
General
Description of
Separate Account
No. 2, Mutual of
America, and
Underlying Funds
5
RESTRICTIONS
LOCATION IN
PROSPECTUS
Are There any
Restrictions on
Contract
Benefits?
NA
TAXES
LOCATION IN
PROSPECTUS
What are the
Contract's Tax
Implications?
You should consult with a tax professional to determine the tax
implications of an investment in and Contributions made under
the Contract.
Because the Contract is purchased through a tax-qualified plan,
there are no additional tax benefits to the Contract.
Withdrawals will be subject to ordinary income tax, and may be
subject to tax penalties.
Taxes
CONFLICTS OF INTEREST
LOCATION IN
PROSPECTUS
How Are
Investment
Professionals
Compensated?
Mutual of America no longer offers the Contract for sale to new
investors.
Purchases and
Contract Value
Should I
Exchange My
Contract?
The Contract is not offered for sale by investment professionals
to new investors.
Because the Contracts are no longer sold, you would not be
affected by a scenario in which you are asked to replace an
existing annuity contract you own with a new purchase of these
Contracts. In general, you should be aware that some investment
professionals may have a financial incentive to offer you a new
contract in place of the Contract you already own. Thus, in
general, you should only exchange your Contract if you
determine, after comparing the features, fees, and risks of both
contracts, that it is preferable for you to purchase the new
contract rather than continue to own the existing Contract.
Purchases and
Contract Value
6
Appendix A: Underlying Funds Available as Investment Options Under The VEC Contracts
The following is a list of Underlying Funds available under the Contracts. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended from time to time and are available on our website mutualofamerica.com/VECFunds or you can request this information at no cost by calling 800.574.9267 or by sending an email to [email protected].
The current expenses and performance information below reflects fee and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund's past performance is not necessarily an indication of future performance. 
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses
Average Annual Total
Returns as of 12/31/25
1 year
5 year
10 year
Equity Fund
Seeks to outperform
Russell 3000® Index**
by investing in a
diversified portfolio of
primarily common
stocks
MoA All America Fund
Adviser: Mutual of America Capital
Management LLC
0.55%
11.96%
10.91%
11.87%
Fixed Income Fund
Seeks current income
to extent consistent
with maintenance of
liquidity, investment
quality and stability of
capital
MoA US Government Money Market
Fund
Adviser: Mutual of America Capital
Management LLC
0.23%
4.15%
3.06%
1.96%
Fixed Income Fund
Seeks current income,
with preservation of
shareholders' capital a
secondary objective
MoA Core Bond Fund
Adviser: Mutual of America Capital
Management LLC
0.45%
7.58%
-0.56%
1.92%
Balanced Fund
Seeks capital
appreciation and
current income by
investing in a
diversified portfolio of
common stocks, debt
securities and money
market instruments
MoA Balanced Fund
Adviser: Mutual of America Capital
Management LLC
0.57%
18.82%
10.50%
10.04%
A-1
Mutual of America Separate Account No. 2
320 Park Avenue, New York, New York 10022-6839
You May Obtain More Information
The Statement of Additional Information (the "SAI") dated May 1, 2026 contains additional information about this Contract, the Separate Account, and our operations. The SAI has been filed with the SEC and is incorporated by reference into this Prospectus. The SAI is available, without charge, upon request. You may obtain a free copy of the SAI, request other information about the Contracts, or make investor inquiries, by writing to Mutual of America at 320 Park Avenue, New York, NY 10022-6839, or calling us at 800.574.9267.
You may also obtain the Prospectus, SAI and other information free of charge through the Mutual of America Life Insurance Company website at http://www.mutualofamerica.com.
The SEC has a website at http://www.sec.gov. Reports and other information about Separate Account No. 2 are available through that SEC website. You also may obtain copies of reports and other information about the Separate Account, upon your payment of a duplicating fee, by electronic request at this e-mail address: [email protected].
Investment Company Act of 1940 File Number 811-03996
Securities Act of 1933 Registration Number 333-221999
EDGAR Contract identifier C000198744.
Prospectus dated May 1, 2026
Mutual of America Separate Account No 2 published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 27, 2026 at 17:19 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]