Mutual of America Separate Account No 2
Mutual of America Separate Account No 2
02/07/2024 | Press release | Distributed by Public on 02/07/2024 14:18
Updating Summary Prospectus - Form 497VPU
Mutual of America Separate Account No. 2
Supplement, dated July 2, 2024
to Updating Summary Prospectus
dated May 1, 2024
Mutual of America Separate Account No. 2
Flexible Premium Annuity Contracts
The following supplemental information should be read in conjunction with the Initial Summary Prospectus and Updating Summary Prospectus dated May 1, 2024 for the Flexible Premium Annuity Contracts ("FPA Contracts") and the Prospectus dated May 1, 2024 for the Individual Retirement Annuity ("IRA Contracts") and FPA 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.
The following information replaces the "Fees and Expenses" subsection of the "IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE FPA CONTRACT" section of your Prospectus:
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FEES AND EXPENSES |
LOCATION IN |
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| Charges for Early Withdrawals | None | Charges | ||||
| Transaction Charges | There are no charges for other transactions under the Contract. | Charges | ||||
| Ongoing Fees and Expenses (annual charges) | The table below describes the fees and expenses that you may pay each year, depending on the options 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 | ||||
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ANNUAL FEE |
MIN. |
MAX. |
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1. Base Contract (varies by Contract class) |
1.20%1 |
1.20%1 |
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2. Investment options (Underlying Fund fees and expenses) |
0.09%2 |
0.98%2 |
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3. Optional benefits available for an additional charge |
NA |
NA |
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1 As a percentage of the Separate Account value. See the "Charges" section of the Prospectus for a description of the Base Contract Fee and related charges. 2 As a percentage of the net asset value of the Underlying Fund assets. |
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| 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. |
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LOWEST ANNUAL COST ESTIMATE: $1,028 |
HIGHEST ANNUAL COST ESTIMATE: $1,950 |
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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 |
The following replaces the first underlying fund in Appendix A: UNDERLYING FUNDS AVAILABLE AS INVESTMENT OPTIONS UNDER THE FPA CONTRACTS at the back of your Prospectus:
|
Type/Investment Objective |
Underlying Fund and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns as of 12/31/23 |
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| 1 year | 5 year |
10 year |
Life of Fund |
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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 | % | 26.19 | % | 15.56 | % | 11.92 | % |
This Supplement Should Be Retained With Your Prospectus For Future Reference.