Mutual of America Separate Account No 2

05/20/2025 | Press release | Distributed by Public on 05/20/2025 10:55

Summary Prospectus for New Investors by Investment Company (Form 497VPI)

Supplement, dated May 20, 2025

to Initial Summary Prospectus, Updating Summary Prospectus and Prospectus,

dated May 1, 2025

Mutual of America Separate Account No. 2

Thrift Plan Contracts

The following supplemental information should be read in conjunction with the Initial Summary Prospectus, Updating Summary Prospectus and Prospectus dated May 1, 2025, as amended, for the Thrift Plan Contracts (the "Contracts") issued by Mutual of America Life Insurance Company (the "Company") through Mutual of America Separate Account No. 2 (the "Separate Account"). Special terms not defined herein have the meanings ascribed to them in your Prospectus.

Replace Appendix A: UNDERLYING FUNDS AVAILABLE AS INVESTMENT OPTIONS UNDER THE CONTRACTS with the following:

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/DCFunds or you can request this information at no cost by calling 800.574.9267 or by sending an email to mutualofamerica@dfinsolutions.com.

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 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

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

AmericaCapital

Management LLC

0.14 % 24.83 % 14.35 % 12.92 %

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

0.51 % 19.12 % 11.88 % 10.60 %

A-1

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

1 year 5 year 10 year

Life of
Fund

Equity Fund

Seeks capital appreciation

MoA Small Cap Value

Fund

Adviser: Mutual of

America Capital

Management LLC

0.82 % 11.29 % 6.93 % 5.94 %

Equity Fund

Seeks capital appreciation

MoA Small Cap Growth

Fund

Adviser: Mutual of

America Capital

Management LLC

0.82 % 9.92 % 7.61 % 7.61 %

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

0.16 % 8.55 % 8.12 % 6.50 %2

Equity Fund

Seeks capital appreciation and, to a lesser extent, current income

MoA Mid Cap Value Fund

Adviser: Mutual of

America Capital

Management LLC

0.69 %  10.78 %  7.85 %  7.47 % 

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

0.16 %  13.77 %  10.12 %  9.50 % 

Equity Fund

Seeks capital appreciation

MoA International Fund

Adviser: Mutual of

America Capital

Management LLC

0.33 %  5.19 %  5.84 %  5.86 % 

Equity Fund

Seeks long-term capital growth

American Century Small

Cap Growth Fund

(R6 Share Class)

Adviser: American

Century Investment

Management, Inc.

0.79 %  15.34 %  10.25 %  11.18 % 

A-2

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

1 year 5 year 10 year

Life of
Fund

Equity Fund

Seeks capital growth

LVIP American Century

Capital Appreciation

Fund

Adviser: Lincoln

Financial Investments

Corporation

SubAdviser: American

Century Investment

Management, Inc.

0.57 %  25.37 %  11.80 %  12.87 %3

Equity Fund

Seeks long-term capital appreciation

American Funds

Insurance Series New

World Fund

Adviser: Capital

Research and

Management Company

0.57 %  6.86 %  4.80 %  6.49 % 

Equity Fund

Seeks capital appreciation

Macquarie VIP® Small

Cap Value Series

Adviser: Delaware

Management Company

0.74 %  11.32 %  7.15 %  7.60 % 

Equity Fund

Seeks to provide long-term growth of capital

DWS Capital Growth VIP

Adviser: DWS

Investment Management

Americas, Inc.

0.49 %  26.62 %  15.71 %  14.88 % 

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.

0.47 %  15.35 %  10.08 %  9.21 % 

A-3

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

1 year 5 year 10 year

Life of
Fund

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.

0.56 %  33.79 %  17.04 %  13.62 % 

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.

0.57 %  17.49 %  11.34 %  9.21 % 

Equity Fund

Seeks long-term growth of capital

Goldman Sachs VIT

Small Cap Equity

Insights Fund

Adviser: Goldman Sachs Asset Management, L.P.

0.81 %  18.99 %  8.99 %  8.97 % 

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 %  28.24 %  14.15 %  12.05 % 

A-4

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

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 %  23.65 %  12.08 %  11.24 % 

Equity Fund

Seeks capital appreciation

MFS® VIT III Mid Cap

Value Portfolio

Adviser: MFS

0.79 %  13.52 %  9.47 %  8.78 % 

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

0.89 %  25.84 %  13.97 %  11.44 % 

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.

0.74 %  35.51 %  14.46 %  14.77 % 

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 %  14.89 %  12.24 %  9.76 % 

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.

0.31 %  9.01 %  6.27 %  8.40 % 

Equity Fund

Seeks to provide long-term capital growth

Victory RS Small Cap

Growth Equity VIP

Series Adviser: Victory

Capital Management

Inc.

0.88 %  11.82 %  1.16 %  6.64 % 

A-5

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

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 %  4.74 %  2.84 %  4.99 % 

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 %  5.09 %  1.67 %  1.06 % 

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 %  2.79 %  0.50 %  1.47 % 

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 %  1.17 %  -0.82 %  1.24 % 

A-6

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

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

0.50 %  2.29 %  2.08 %  2.31 % 

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 %  1.24 %  -0.39 %  1.25 % 

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

0.56 %  17.56 %  9.13 %  8.26 % 

A-7

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

1 year 5 year 10 year

Life of
Fund

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.

0.52 %  8.50 %  5.65 %  5.66 % 

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 %  19.61 %  9.41 %  8.41 % 

Balanced Fund

Seeks current income and, to a lesser extent, capital appreciation

MoA Conservative

Allocation Fund

Adviser: Mutual of

America Capital

Management LLC

0.48 %  8.09 %  4.42 %  4.96 % 

Balanced Fund

Seeks capital appreciation and current income

MoA Moderate Allocation

Fund

Adviser: Mutual of

America Capital

Management LLC

0.35 %  11.27 %  7.11 %  7.11 % 

Balanced Fund

Seeks capital appreciation and, to a lesser extent, current income

MoA Aggressive

Allocation Fund

Adviser: Mutual of

America Capital

Management LLC

0.36 %  13.22 %  8.63 %  8.30 % 

A-8

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

1 year 5 year 10 year

Life of
Fund

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

0.54 %  7.21 %  3.55 %  4.21 % 

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

0.58 %  8.10 %  4.76 %  5.72 % 

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

0.55 %  9.70 %  5.94 %  6.61 % 

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 2030

Fund

Adviser: Mutual of

America Capital

Management LLC

0.53 %  11.16 %  7.24 %  7.51 % 

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

0.50 %  13.05 %  8.31 %  8.28 % 

A-9

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

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 2040

Fund

Adviser: Mutual of

America Capital

Management LLC

0.47 %  14.35 %  9.34 %  8.85 % 

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

0.46 %  14.90 %  9.68 %  8.99 % 

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

0.46 %  15.39 %  9.81 %  9.08 % 

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

0.47 %  15.66 %  10.05 %  10.29 %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

0.49 %  15.73 %  10.25 %  9.58 %5

A-10

Type/Investment

Objective

Underlying Fund and
Adviser 		Current
Expenses1

Average Annual Total Returns as of
12/31/24

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 2065

Fund

Adviser: Mutual of

America Capital

Management LLC

0.60 %  16.01 %  12.76 %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

Fund7

Adviser: Mutual of

America Capital

Management LLC

0.46 % 
*

"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, 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: all MoA Funds, American Funds Insurance Series New World Fund, all Goldman Sachs VIT Funds, Invesco V.I. Main Street Fund, T. Rowe Price Blue Chip Growth Portfolio and Victory RS Small Cap Growth Equity VIP Series. 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

Inception date May 1, 2025.

This Supplement Should Be Retained With Your Prospectus For Future Reference.

A-11

Mutual of America Separate Account No 2 published this content on May 20, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on May 20, 2025 at 16:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io