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
  THRIFT PLAN CONTRACTS-
VARIABLE ACCUMULATION ANNUITY CONTRACTS
FOR THRIFT PLANS
 
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 offer group variable accumulation annuity contracts for use by thrift plans or arrangements of employers in the not-for-profit field (or their associations or trusts) and for-profit employers to assist with retirement and long-term financial planning. The Contracts are sold directly to employers who sponsor a Plan and not to individuals. However, you, as an employee or former employee who participates in a Plan, can make contributions under the Contract as allowed by the terms of the Plan and subject to the requirements set forth in the prospectus for the Contract ("Prospectus"). Contributions are in the amounts and at the frequency you choose, subject to restrictions in the Plan and applicable federal tax law provisions.
A Plan must:
●
be qualified under Section 401(a) (including Section 401(k)) of the Code, or
●
meet the requirements of Section 403(b) of the Code.
A Contract can help you accumulate funds for retirement and other long-term financial needs. You may apply your Account Value to provide fixed monthly Annuity Payments that begin at a future date you select.
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 Plan 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 similarly named funds or portfolios of mutual funds, which are set forth and described in Appendix A to this Prospectus.
This Prospectus for new investors summarizes key features of the Contract.
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/Thrift/AP. You can also get 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 Contract
4
Appendix A: Underlying Funds Available As Investment Options Under the 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. As used in this 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. Values of Accumulation Units for a Valuation Period are determined as of the end of the Valuation Day which occurs during the Valuation Period.
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 the 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. You, 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. Sometimes referred to as "Benefit Commencement Date" in a Contract.
Annuity Payments-A series of equal monthly payments from us to an Annuitant . The amount of the Annuity Payment 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 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.
Contract-The group variable accumulation annuity contracts described in this Prospectus.
Contractholder-For purposes of this Prospectus, the Contractholder will be the employer, an association representing employers, or the trustee(s) of a Plan maintained by one or more employers.
Contributions-Amounts contributed from time to time under a Contract .
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 sent to the eDocuments subscriber informing him or her of such availability on the secure "My Account" website maintained by Mutual of America. 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,
2
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-The person to whom a Participant or Annuitant is legally married in a marriage recognized under federal law.
Employer-An employer named on the face page of the Contract that has purchased a Contract to fund a Plan, or an employer that makes Contributions for its employees under a Contract purchased by a trust or other entity for the benefit of its employees.
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 that we change from time to time.
Investment Alternatives-The General Account and the Subaccounts. You may allocate your Contributions and transfer your Account Value among the Investment Alternatives, subject to any limitations under your Plan.
Participant-An employee or former employee who participates in a Plan and for whom we have received Contributions .
Plan-An employer-sponsored retirement savings plan (or Thrift plan) for which we issue a Contract, which usually permits employees to make voluntary Contributions . A Plan must satisfy the requirements of:
(1)
Code Section 403(b), in which case it is called a 403(b) Thrift plan; or
(2)
Code Section 401(a), including a plan that meets the requirements of Section 401(k), in which case it is called a 401(a) Thrift or a 401(k) plan.
(3)
Code Section 401(a) or 403(b) for certain defined contribution pension or profit-sharing plans that do not permit employee contributions.
Separate Account- Mutual of America Separate Account No. 2, a separate account established by us to receive and invest deposits made under variable accumulation annuity contracts and other variable 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 Subaccount s.
Valuation Day-Each day that the New York Stock Exchange is open for trading, ending at the close of the New York Stock Exchange that day.
Valuation Period-A period beginning immediately after the end of a Valuation Day and ending on the close of the next Valuation Day.
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 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 other transactions under the
Contract, 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. Loan interest is not reflected in
the table. 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 (varies by
Contract class)
0.27%1
1.98%1
2. Underlying Fund fees and
expenses
0.14%2
8.91%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
different classes of the Contract and related charges.
2 As a percentage of the net asset value of the Underlying Fund
assets. Net of fee waivers, the max is 1.24%.
4
FEES AND EXPENSES
LOCATION IN
PROSPECTUS
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:
$421
HIGHEST ANNUAL COST
ESTIMATE:
$11,155*
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
* Net of fee waivers, the highest annual cost estimate is $3,296.
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?
No, 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
5
RISKS
LOCATION IN
PROSPECTUS
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
Are There any
Restrictions on
Contract
Benefits?
Yes, to the extent your Employer's Plan allows participant loans,
you have the right to borrow using your Account Value as
collateral security for the loan or, if your Employer's Plan
provides for loans to be made using a trust, you will withdraw the
loan amount from your Account Value. Your Employer's Plan may
or may not permit loans to be taken from or secured by amounts
held in a Designated Roth Account. The maximum amount that
can be taken as a loan is limited under the Code, based on your
account balance. Generally, a Participant can borrow no more
than the lesser of (a) the greater of $10,000 or 50% of the
Participant's vested account balance; or (b) $50,000. The
maximum amount that a Participant can borrow is also limited if
the Participant has another outstanding loan. Certain exceptions
may permit a Participant to take a larger loan under
circumstances specified by law from time to time.
We will not permit you to make withdrawals or transfers of the
collateral amount while the loan is outstanding. Amounts
borrowed in a loan do not participate in the Subaccount
investment experience. Loans, therefore, can affect the Account
Value and death benefit whether or not the loan is repaid. Death
benefit proceeds payable will be reduced by the amount of any
outstanding Contract loan plus accrued interest.
Loans
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
6
CONFLICTS OF INTEREST
LOCATION IN
PROSPECTUS
How Are
Investment
Professionals
Compensated?
Mutual of America offers the Contracts for sale through certain
of our employees who are registered representatives of Mutual
of America Securities LLC, the principal underwriter of the
Contracts. The only compensation we pay to registered
representatives for sales of the Contracts is in the form of salary,
plus annual incentive compensation based on achievement of
certain individual and/or Company sales objectives. There are no
commissions or fees payable for sales of the Contracts.
With regard to non-cash compensation, representatives and
certain staff from the top performing regional offices, as well as
other high performing representatives, are eligible to attend a trip
to a Company-hosted sales conference or other
Company-hosted event.
The existence of such forms of compensation could influence a
Contract over
another investment.
Purchases and
Contract Value
Should I
Exchange My
Contract?
Registered representatives may have a financial incentive to offer
a participant a new contract in place of the one the participant
already owns. A participant should only exchange their Contract
if the participant determines, after comparing the features, fees,
and risks of both contracts, that it is preferable for the participant
to purchase the new contract rather than continue to own the
existing contract.
Purchases and
Contract Value
7
Appendix A: Underlying Funds Available As Investment Options Under the 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/ThriftFunds 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 fees 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
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Equity Fund
Seeks investment
results that correspond
to the investment
performance of
Standard & Poor's
500® Composite Stock
Price Index (the "S&P
500 Index"*)
MoA Equity Index Fund
Adviser: Mutual of
America Capital
Management LLC
0.14%
17.68%
14.52%
14.65%
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%
Equity Fund
Seeks capital
appreciation
MoA Small Cap Value
Fund
Adviser: Mutual of
America Capital
Management LLC
0.85%
2.00%
8.22%
6.53%
Equity Fund
Seeks capital
appreciation
MoA Small Cap Growth
Fund
Adviser: Mutual of
America Capital
Management LLC
0.85%
8.52%
1.75%
8.77%
Equity Fund
Seeks investment
results that correspond
to investment
performance of S&P
SmallCap 600® Index*
MoA Small Cap Equity
Index Fund
Adviser: Mutual of
America Capital
Management LLC
0.25%
5.80%
7.11%
6.41%2
A-1
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Equity Fund
Seeks capital
appreciation and, to a
lesser extent, current
income
MoA Mid Cap Value Fund
Adviser: Mutual of
America Capital
Management LLC
0.70%
2.48%
7.82%
8.10%
Equity Fund
Seeks investment
results that correspond
to investment
performance of S&P
MidCap 400® Index*
MoA Mid Cap Equity
Index Fund
Adviser: Mutual of
America Capital
Management LLC
0.17%
7.28%
8.93%
10.52%
Equity Fund
Seeks capital
appreciation
MoA International Fund
Adviser: Mutual of
America Capital
Management LLC
0.48%
37.20%
11.10%
9.25%
Equity Fund
Seeks capital growth
LVIP American Century
Capital Appreciation
Fund
Adviser: Lincoln Financial
Investments Corporation
SubAdviser: American
Century Investment
Management, Inc.
0.57%
6.95%
5.49%
12.13%3
Equity Fund
Seeks long-term capital
appreciation
American
Funds Insurance Series
New World Fund
Adviser: Capital
Research and
Management Company
0.57%
28.60%
5.59%
9.53%
Equity Fund
Seeks long-term capital
growth
American Century Small
Cap Growth R6
0.78%
9.40%
3.31%
12.60%
Equity Fund
Seeks capital
appreciation
Nomura VIP® Small Cap
Value Series
Adviser: Delaware
Management Company
0.74%
8.16%
9.26%
9.15%
Equity Fund
Seeks to provide
long-term growth of
capital
DWS Capital Growth VIP
Adviser: DWS Investment
Management Americas,
Inc.
0.49%
12.53%
10.92%
15.29%
A-2
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Equity Fund
Seeks reasonable
income and will also
consider potential for
capital appreciation.
Fund's goal is to
achieve a yield which
exceeds the composite
yield on the securities
comprising the S&P
500® Index
Fidelity VIP
Equity-Income Portfolio
Adviser: Fidelity
Management & Research
Company LLC (FMR)
Subadvisers: FMR
Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited, and
Fidelity Management &
Research Japan Limited
serve as sub-advisers.
0.46%
19.02%
12.51%
11.60%
Equity Fund
Seeks long-term capital
appreciation
Fidelity VIP Contrafund®
Portfolio
Adviser: Fidelity
Management & Research
Company LLC (FMR)
Subadvisers: FMR
Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited, and
Fidelity Management &
Research Japan Limited
serve as sub-advisers.
0.54%
21.52%
15.37%
15.78%
Equity Fund
Seeks long-term
growth of capital
Fidelity VIP Mid Cap
Portfolio
Adviser: Fidelity
Management & Research
Company LLC (FMR)
Subadvisers: FMR
Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited, and
Fidelity Management &
Research Japan Limited
serve as sub-advisers.
0.55%
11.75%
10.10%
10.59%
Equity Fund
Seeks long-term
growth of capital
Goldman Sachs VIT
Small Cap Equity Insights
Fund
Adviser: Goldman Sachs
Asset Management, L.P.
0.82%
16.14%
10.47%
10.84%
Equity Fund
Seeks long-term
growth of capital and
dividend income
Goldman Sachs VIT US
Equity Insights Fund
Adviser: Goldman Sachs
Asset Management, L.P.
0.56%
15.75%
13.81%
13.73%
A-3
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Equity Fund
Seeks capital
appreciation
Invesco V.I. Main Street
Fund®
Adviser: Invesco
Advisers, Inc.
0.80%
15.93%
12.47%
12.53%
Equity Fund
Seeks capital
appreciation
MFS® VIT III Mid Cap
Value Portfolio
Adviser: MFS
0.79%
5.98%
10.18%
9.95%
Equity Fund
Seeks long-term
growth of capital by
investing primarily in
securities of
companies that meet
Fund's environmental,
social and governance
(ESG) criteria
Neuberger Berman
Advisers Management
Trust Sustainable Equity
Portfolio
Adviser: Neuberger
Berman Investment
Advisers LLC
0.87%
13.71%
12.83%
12.94%
Equity Fund
Seeks to provide
long-term capital
growth with income as
secondary objective
T. Rowe Price Blue Chip
Growth Portfolio
Adviser: T. Rowe Price
Associates, Inc.
0.75%
18.74%
11.68%
15.54%
Equity Fund
Seeks to provide
long-term capital
appreciation and
income
Vanguard Variable
Insurance Fund
Diversified Value
Portfolio®
Advisers: Lazard Asset
Management LLC and
Hotchkis and Wiley
Capital Management,
LLC
0.28%
16.83%
13.24%
11.76%
Equity Fund
Seeks to provide
long-term capital
appreciation
Vanguard Variable
Insurance
Fund International
Portfolio®
Advisers: Baillie Gifford
Overseas Ltd. And
Schroder Investment
Management North
America Inc.
0.32%
19.97%
0.62%
10.48%
A-4
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Real Estate Fund
Seeks to provide a high
level of income and
moderate long-term
capital appreciation by
tracking performance
of a benchmark index
that measures
performance of publicly
traded equity REITs
and other real
estate-related
investments
Vanguard Variable
Insurance Fund Real
Estate Index Portfolio®
Adviser: The Vanguard
Group, Inc.
0.26%
3.11%
4.51%
5.08%
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
Primary investment
objective is to produce
a high level of current
income with secondary
investment objective to
preserve shareholders'
capital
MoA Intermediate Bond
Fund
Adviser: Mutual of
America Capital
Management LLC
0.47%
6.65%
0.74%
2.14%
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%
A-5
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Fixed Income
Seeks to achieve its
investment objective by
investing under normal
circumstances at least
80% of its net assets in
inflation-indexed bonds
of varying maturities
issued by the U.S. and
non-U.S. governments,
their agencies or
instrumentalities and
corporations, which
may be represented by
forwards or derivatives
such as options,
futures contracts or
swap agreements
PIMCO Variable
Insurance Trust Real
Return Portfolio
(Institutional Class)
Adviser: Pacific
Investment Management
Company LLC
1.24%
8.01%
1.36%
3.37%
Fixed Income Fund
Seeks to track the
performance of a
broad, market-weighted
bond index
Vanguard Variable
Insurance Fund Total
Bond Market Index
Portfolio®
Adviser: The Vanguard
Group, Inc.
0.14%
6.94%
-0.51%
1.90%
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%
Balanced Fund
Seeks to obtain high
total return with
reduced risk over the
long term by allocating
Fund assets among
stocks, bonds, and
short-term instruments
Fidelity VIP Asset
Manager Portfolio
Adviser: Fidelity
Management & Research
Company LLC (FMR)
Subadvisers: FMR
Investment Management
(UK) Limited, Fidelity
Management & Research
(Hong Kong) Limited, and
Fidelity Management &
Research Japan Limited
serve as sub-advisers.
0.51%
14.98%
5.67%
7.13%
A-6
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Balanced Fund
Seeks to achieve
competitive total return
through actively
managed portfolio of
stocks, bonds, and
money market
instruments which offer
income and capital
growth opportunity
Calvert VP SRI Balanced
Portfolio
Adviser: Calvert
Research and
Management
0.64%
11.48%
8.68%
9.81%
Balanced Fund
Seeks current income
and, to a lesser extent,
capital appreciation
MoA Conservative
Allocation Fund
Adviser: Mutual of
America Capital
Management LLC
0.50%
11.06%
4.74%
5.95%
Balanced Fund
Seeks capital
appreciation and
current income
MoA Moderate Allocation
Fund
Adviser: Mutual of
America Capital
Management LLC
0.38%
15.40%
7.80%
8.67%
Balanced Fund
Seeks capital
appreciation and, to a
lesser extent, current
income
MoA Aggressive
Allocation Fund
Adviser: Mutual of
America Capital
Management LLC
0.39%
16.16%
9.14%
10.03%
Balanced Funds
Seeks current income
consistent with
preservation of capital
and, to a lesser extent,
capital appreciation
MoA Retirement Income
Fund
Adviser: Mutual of
America Capital
Management LLC
0.53%
10.53%
4.13%
5.18%
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2020
Fund
Adviser: Mutual of
America Capital
Management LLC
0.49%
11.18%
5.11%
6.75%
A-7
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2025
Fund
Adviser: Mutual of
America Capital
Management LLC
0.44%
12.81%
6.35%
7.88%
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2030
Fund
Adviser: Mutual of
America Capital
Management LLC
0.43%
13.85%
7.62%
8.95%
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2035
Fund
Adviser: Mutual of
America Capital
Management LLC
0.40%
15.32%
8.84%
9.90%
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2040
Fund
Adviser: Mutual of
America Capital
Management LLC
0.37%
16.95%
10.03%
10.61%
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2045
Fund
Adviser: Mutual of
America Capital
Management LLC
0.36%
17.70%
10.49%
10.82%
A-8
Type/Investment
Objective
Underlying Fund and
Adviser/Subadviser
Current
Expenses1
Average Annual Total Returns as of
12/31/25
1 year
5 year
10 year
Life of
Fund
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2050
Fund
Adviser: Mutual of
America Capital
Management LLC
0.37%
17.82%
10.69%
10.95%
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2055
Fund
Adviser: Mutual of
America Capital
Management LLC
0.38%
18.27%
10.86%
11.13%4
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2060
Fund
Adviser: Mutual of
America Capital
Management LLC
0.40%
18.45%
11.05%
10.72%5
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2065
Fund
Adviser: Mutual of
America Capital
Management LLC
0.49%
18.17%
11.18%
13.74%6
Balanced Funds
Seeks current income
and capital
appreciation
appropriate for asset
allocation associated
with Fund's
approximate year of
retirement which is
included in its name
MoA Clear Passage 2070
Fund
Adviser: Mutual of
America Capital
Management LLC
0.41%
19.49%7
A-9
*
"Standard & Poor's," "S&P," "S&P 500", "S&P MidCap 400" and "S&P SmallCap 600" are trademarks of Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and have been licensed for use by Mutual of America Investment Corporation's Adviser. Standard & Poor's does not sponsor, endorse, sell or promote the Equity Index Fund, All America Fund, Small Cap Equity Index Fund or Mid-Cap Equity Index Fund. It has no obligation or liability for the sale or operation of the Funds and makes no representations as to the advisability of investing in the Funds.
1
The reported expense ratio for the following funds is net of fee waivers that may not continue: MoA Small Cap Equity Index Fund, MoA Clear Passage 2070 Fund, American Funds Insurance Series New World Fund, Calvert VP SRI Balanced Portfolio, Fidelity VIP Asset Manager Portfolio, all Goldman Sachs VIT Funds, Invesco V.I. Main Street Fund, and MFS VIT III Mid Cap Value Portfolio. Refer to the prospectuses of the Underlying Funds for more information.
2
Since inception date July 2, 2018.
3
Since inception date September 22, 2017.
4
Since inception date October 1, 2016.
5
Since inception date July 2, 2018.
6
Since inception date August 3, 2020.
7
Since inception date May 1, 2025.
A-10
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 33-11023
EDGAR Contract identifier C000025766.
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]