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
  FLEXIBLE PREMIUM ANNUITY CONTRACTS
VARIABLE ACCUMULATION ANNUITY CONTRACTS
(FPA 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 offer Individual Flexible Premium Deferred Annuity Contracts ("FPA Contracts").
You, as a Contractholder, or as a person or entity to which we have issued an FPA Contract, may make Contributions in the amounts and at the frequency you choose (subject to certain minimums), and some of the Contracts permit your employer to make Contributions on your behalfA 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 may allocate your Account Value to 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 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/FPA/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
UPDATED INFORMATION ABOUT YOUR CONTRACT
4
Important Information You Should Consider About the
FPA Contract
5
Appendix A: Underlying Funds Available As Investment Options Under the FPA Contracts
A-1
Definitions We Use in this Summary Prospectus
Account Value-The value of a Contractholder's Accumulation Units in the Subaccounts plus the value of amounts held in the General Account for the Contractholder, 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 Contractholder, the period under a Contract when Contributions are made or held for the Contractholder. The Accumulation Period ends at the Annuity Commencement Date, or the date the Contractholder withdraws the Account Value in full before the Annuity Commencement Date.
Accumulation Unit-A measure we use to calculate the value of a Contractholder's interest in each of the Subaccounts. Each Subaccount has its own Accumulation Unit value.
Annuitant-The individual named in the application for a Contract. Under a death benefit in the form of an annuity, the Beneficiary will be the annuitant/payee. We use the life expectancy of the Annuitant(s) , or of the annuitant/payee, 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 Contractholder, 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 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 individual (FPA) variable accumulation annuity contracts described in this Summary Prospectus.
Contractholder-The individual to whom we have issued an FPA Contract, or the entity to which we have issued an FPA Contract to fund a deferred compensation plan.
Contributions- Amounts contributed from time to time under a Contract during the Accumulation Period.
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. Amounts allocated under the Contracts to the General Account earn interest at a fixed rate that we change from time to time. 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.
2
Investment Alternatives-Our General Account and the Subaccounts. You may allocate your Contributions and transfer your Account Value among the Investment Alternatives.
Joint Annuitant-An additional person (usually the 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 owner at any time before the Annuity Commencement Date.
Reduced Fee-The reduced Separate Account Annual Expenses, comprised of the administrative charge, distribution expense charge and expense risk charge, that apply to Contractholders in Contracts that are eligible for such reduced Separate Account Annual Expenses as set forth in the Fee Table section of this Prospectus.
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.
Spouse-Unless otherwise specified, the person to whom a Contractholder or Annuitant is legally married in a marriage recognized under federal law.
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 Contractholder.
3
UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this section of the Updating Summary Prospectus is a summary of certain Contract features that have changed since the Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract.
Separate Account Charge. Effective on or after July 1, 2026, FPA Contractholders may become eligible for the Reduced Fee of 0.95% if they have a minimum of $15 million in assets in the Separate Account and the General Account combined and satisfy the other criteria specified in the Charges section of the Prospectus.
4
Important Information You Should Consider About the
FPA 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.
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 (varies by
Contract class)
1.21%1
1.21%1
2. Underlying Fund fees and
expenses
0.09%2
1.24%2
3. Optional benefits available
for an additional charge
NA
NA
1 As a percentage of the Separate Account value. Effective on or
after July 1, 2026, there will be two classes of the Contract, each
of which has a different Separate Account charge, based upon
the total contract assets in the Separate Account. For the
Reduced Fee, the min will be 0.96%. 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:
$1,328*
HIGHEST ANNUAL COST
ESTIMATE:
$2,506
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination
of Contract classes and
Underlying Fund fees and
expenses
●No optional benefits
●No sales charges
●No additional Contributions,
transfers, or withdrawals
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive
combination of Contract
Classes and Underlying
Fund fees and expenses
●No optional benefits
●No sales charges
●No additional Contributions,
transfers, or withdrawals
5
FEES AND EXPENSES
LOCATION IN
PROSPECTUS
* Effective on or after July 1, 2026, the lowest annual cost
estimate will be $1,071.
RISKS
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 on earning
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 of earnings
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
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
6
RESTRICTIONS
Are There any
Restrictions on
Contract
Benefits?
NA
TAXES
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.
Withdrawals of earnings will be subject to ordinary income tax,
and may be subject to tax penalties.
Taxes
CONFLICTS OF INTEREST
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 (i) achievement of
individual sales objectives and (ii) the Company's achievement of
overall corporate objectives. There are no commissions or fees
payable for sales of the Contracts.
The annual cash incentive compensation payment payable to
these registered representatives can increase or decrease based
on individual performance in relation to individual sales
objectives and Company performance in relation to corporate
objectives.
With regard to non-cash compensation, representatives and
certain staff from the top performing regional offices, as well as
other high performing representatives, will receive a trip to a
sales conference.
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 contractholder a new contract in place of the one the
contractholder already owns. A contractholder should only
exchange their Contract if the contractholder determines, after
comparing the features, fees, and risks of both contracts, that it
is preferable for the contractholder 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 FPA 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/FPAFunds 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 total return of
common stocks
publicly traded in the
United States, as
represented by the
S&P 500® Index
Fidelity VIP Index 500
(Initial Class)
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.
0.09%
17.78%
14.31%
14.70%
Equity Fund
Seeks to achieve
long-term capital
appreciation
Dimensional VA U.S.
Targeted Value Portfolio
Adviser: Dimensional
Fund Advisors LP
0.29%
8.95%
13.60%
11.00%
Equity Fund
Seeks to provide
long-term capital
appreciation
Vanguard Variable
Insurance Funds - Small
Company Growth
Portfolio
Adviser: The Vanguard
Group, Inc. and
ArrowMark Colorado
Holdings LLC
0.29%
6.11%
3.81%
9.61%
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 to provide
investment results that
correspond to the total
return of stocks of mid-
to small-capitalization
U.S. companies
Fidelity VIP Extended
Market Index Portfolio
(Initial Class)
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.
0.12%
12.32%
8.02%
8.82%2
Equity Fund
Seeks capital
appreciation
Fidelity VIP Value
Strategies Portfolio (Initial
Class)
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.
0.59%
7.99%
12.14%
10.82%
Equity Fund
Seeks to track the
performance of a
benchmark index that
measures the
investment return of
mid-capitalization
stocks
Vanguard Variable
Insurance Funds -
Mid-Cap Index Portfolio
Adviser: The Vanguard
Group, Inc.
0.17%
11.54%
8.46%
10.77%
Equity Fund
Seeks to track the
performance of a
benchmark index that
measures the
investment return of
stocks issued by
companies located in
developed and
emerging markets,
excluding the
United States
Vanguard Variable
Insurance Funds - Total
International Stock
Market Index Portfolio
Adviser: The Vanguard
Group, Inc.
0.09%
32.04%
7.88%
7.20%3
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 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%4
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 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%
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%
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 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%
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%
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
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%
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 to maximize
current income to the
extent consistent with
the preservation of
capital and the
maintenance of
liquidity by investing
exclusively in high
quality money market
instruments
Goldman Sachs VIT
Government Money
Market Fund
(Institutional)
Adviser: Goldman Sachs
Asset Management, L.P.
0.43%
4.20%
3.18%
2.11%
Fixed Income Fund
Seeks to provide
current income while
maintaining limited
price volatility
Vanguard Variable
Insurance Funds -
Short-Term
Investment-Grade
Portfolio
Adviser: The Vanguard
Group, Inc.
0.14%
6.85%
2.23%
2.81%
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 Fund
Seeks to provide as
high a level of current
income as is consistent
with the preservation of
capital
American Funds
Insurance Series - The
Bond Fund of America
(Class 1)
Adviser: Capital
Research and
Management Company
0.22%
7.40%
0.10%
2.61%
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 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 to provide
current income and low
to moderate capital
appreciation
Vanguard Variable
Insurance Funds -
Conservative Allocation
Portfolio
Adviser: The Vanguard
Group, Inc.
0.12%
12.73%
4.22%
6.14%
Balanced Fund
Seeks to provide
long-term capital
appreciation and
reasonable current
income
Vanguard Variable
Insurance Funds -
Balanced Portfolio
Adviser: Wellington
Management Company
LLC
0.20%
16.46%
9.29%
10.03%
Balanced Fund
Investment objectives
are to achieve
long-term growth of
capital and income
while seeking to
manage volatility and
provide downside
protection
American
Funds Insurance Series -
Managed Risk
Growth-Income Fund
(Class P1)
Adviser: Capital
Research and
Management Company
0.63%
11.45%
7.97%
9.26%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation
Fidelity VIP Freedom
Retirement Portfolio
(Initial Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.36%
9.63%
2.35%
4.44%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2020 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.44%
13.33%
4.48%
7.38%
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 high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2025 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.46%
14.59%
5.52%
8.02%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2030 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.49%
15.52%
6.25%
8.88%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2035 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.53%
16.69%
7.55%
10.00%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2040 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.57%
18.79%
9.01%
10.87%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2045
Portfolio (Initial Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.60%
19.83%
9.44%
11.09%
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2050 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.60%
19.79%
9.43%
11.08%
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 high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2055 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.60%
19.85%
9.43%
11.60%5
Balanced Funds
Seeks high total return
with a secondary
objective of principal
preservation as the
fund approaches its
target date and beyond
Fidelity VIP Freedom
2060 Portfolio (Initial
Class)
Adviser: Fidelity
Management & Research
Company LLC (FMR)
0.60%
19.83%
9.44%
11.62%5
*
"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: all American Funds Insurance Series Funds, 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 January 24, 2020.
3
Since inception date September 7, 2017.
4
Since inception date September 22, 2017.
5
Since inception date April 11, 2019.
A-9
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 C000242642.
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]