# EDGAR Filing Document

**Accession Number:** 0000743415
**File Stem:** 0001193125-26-180943
**Filing Date:** 2026-4
**Character Count:** 886228
**Document Hash:** 35d5e2caa775e254d89884dd919330d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-180943.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001193125-26-180943

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2
- **CENTRAL INDEX KEY:** 0000743415

**ORGANIZATION NAME:**
- **EIN:** 131614399
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03996
- **FILM NUMBER:** 26898738

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVE
- **STREET 2:** C/O MUTUAL OF AMERICA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2123991600

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVE
- **STREET 2:** C/O MUTUAL OF AMERICA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2
- **CENTRAL INDEX KEY:** 0000743415

**ORGANIZATION NAME:**
- **EIN:** 131614399
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221999
- **FILM NUMBER:** 26898737

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVE
- **STREET 2:** C/O MUTUAL OF AMERICA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2123991600

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVE
- **STREET 2:** C/O MUTUAL OF AMERICA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2 (Series ID: S000009413)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000198744 | Tax-Deferred Annuity Plan, Voluntary Employee Contribution Contracts |  |

?xml version='1.0' encoding='ASCII'? MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2

**As filed with the Securities and Exchange Commission on April 27, 2026**

**1933 Act Registration No. 333-221999** 

**1940 Act Registration No. 811-03996**

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-4**

**REGISTRATION STATEMENT**

***UNDER*** 

*THE SECURITIES ACT OF 1933* ☒ <br> POST-EFFECTIVE AMENDMENT NO. 13 ☒

**AND/OR**

**REGISTRATION STATEMENT**

***UNDER*** 

THE INVESTMENT COMPANY ACT OF 1940 ☒ <br> AMENDMENT NO. 214 ☒

------

**MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2**

**(Exact Name of Registrant)**

------

**MUTUAL OF AMERICA LIFE INSURANCE COMPANY**

**(Name of Depositor)**

------

**320 Park Avenue New York, New York 10022-6839**

**(Address of Depositor's Principal Executive Office) (Zip Code)**

**Depositor's Telephone Number, including Area Code: (212) 224-1840**

**Amy Latkin Vice President and Senior Counsel** 

**Mutual of America Life Insurance Company** 

**320 Park Avenue** 

**New York, New York 10022-6839**

**(Name and Address of Agent for Service)**

------

**Approximate Date of Proposed Public Offering:**

**As soon as practicable after the effective date of the Registration Statement.**

------

---

| | |
|:---|:---|
| It is proposed that this filing will become effective (check appropriate box) | It is proposed that this filing will become effective (check appropriate box) |
| ☐ | immediately upon filing pursuant to paragraph (b) of Rule 485. |
| ☒ | on May 1, 2026 pursuant to paragraph (b) of Rule 485. |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485. |
| ☐ | on May 1, 2026 pursuant to paragraph (a)(1) of Rule 485. |

---

**Title of Securities Being Registered:**

**Units of Interest in Separate Accounts under Variable Annuity Contracts**

------

**PROSPECTUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-DEFERRED ANNUITY PLAN**

**VARIABLE ACCUMULATION ANNUITY CONTRACTS**

**(TDA CONTRACTS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 offer group Tax-Deferred Annuity Contracts ("TDA Contracts"), which are group variable accumulation annuity contracts to employers to allow their employees to save for retirement.

We no longer offer our group Voluntary Employee Contribution ("VEC") Contract.

You, as an employee under a TDA Contract may make Contributions in the amounts and at the frequency you choose, subject to restrictions in the Plan and limitations imposed by federal tax laws. 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 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 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.

You should review this Prospectus, which contains more information about the Contract, including its features, benefits, and risks. You can find this Prospectus and other information about the Contract online at https://dfinview.com/mutualofamerica/tadf/TDA/AP and 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 mutualofamerica@dfinsolutions.com.

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 Prospectus. Any representation to the contrary is a criminal offense.**

**Dated: May 1, 2026**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[Definitions We Use in this Prospectus](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_1)** | 2 |
| **[Overview of the TDA Contracts](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_3)** | 4 |
| [Purpose](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_3) | 4 |
| [Phases of Contract](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_3) | 4 |
| [Contract Features](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_4) | 5 |
| **[Overview of the VEC Contracts](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_5)** | 6 |
| [Purpose](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_5) | 6 |
| [Phases of Contract](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_5) | 6 |
| [Contract Features](#xx_b21d9beb-c272-4704-bb42-13ba42c72534_6) | 7 |
| **[Important Information You Should Consider About the TDA Contract](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_1)** | 8 |
| **[Important Information You Should Consider About the VEC Contract](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_4)** | 11 |
| **[Fee Table – TDA Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_7)** | 14 |
| [Transaction Expenses](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_7) | 14 |
| [Annual Contract Expenses](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_8) | 15 |
| [Annual Underlying Fund Expenses](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_9) | 16 |
| [Example](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_9) | 16 |
| **[Fee Table – VEC Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_9)** | 16 |
| [Transaction Expenses](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_10) | 17 |
| [Annual Contract Expenses](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_10) | 17 |
| [Annual Underlying Fund Expenses](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_10) | 17 |
| [Example](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_10) | 17 |
| **[Principal Risks of Investing in the Contract](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_11)** | 18 |
| **[Description of Mutual of America, the Separate Account and the Underlying Funds](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_12)** | 19 |
| [Mutual of America](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_12) | 19 |
| [Our Separate Account](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_13) | 20 |
| [Underlying Funds in Which Our Separate Account Invests](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_13) | 20 |
| [Your Voting Rights for Meetings of the Underlying Funds](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_14) | 21 |
| **[Charges](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_14)** | 21 |
| [Charges Under the Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_14) | 21 |
| *[Standard Fees and Maximum Fees](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_15)* | 22 |
| *[Reduced Fees for TDA Plans](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_15)* | 22 |
| *[Inactive Plans](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_16)* | 23 |
| [Components of Separate Account Charge](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_16) | 23 |
| *[Administrative Charges](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_16)* | 23 |
| *[Distribution Expense Charge](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_17)* | 24 |
| *[Expense Risk Charge](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_17)* | 24 |
| *[Separate Account Charge Reduction—Certain National Accounts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_18)* | 25 |
| [Monthly Participant Charge](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_18) | 25 |
| [Annual Contract Fees](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_18) | 25 |
| *[Deduction of Monthly Participant Charge](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_19)* | 26 |
| [Expenses of the Underlying Funds](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_20) | 27 |
| [Premium Taxes](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_20) | 27 |
| [Loan Interest Under TDA Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_20) | 27 |
| **[General Description of Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_21)** | 28 |
| [Contract Rights](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_21) | 28 |
| [Contract Provisions and Limitations](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_21) | 28 |
| [Tax Deferred Annuity Contracts (TDA Contracts)](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_21) | 28 |
| [Minimum Contract Value](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_21) | 28 |
| [Allocation of Contributions](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_22) | 29 |
| *[Voluntary Employee Contribution Contracts (VEC Contracts)](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_22)* | 29 |
| [No New Contracts or Contributions](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_22) | 29 |
| [Your Right to Transfer Among Investment Alternatives](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_22) | 29 |
| [Your Right to Transfer Among Investment Alternatives](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_22) | 29 |
| [Designation of Beneficiary](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_23) | 30  |

---

------

---

| | |
|:---|:---|
|  | **Page** |
| [Our General Account](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_24) | 31 |
| [Participation in Divisible Surplus](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_25) | 32 |
| [Contract or Separate Account Changes](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_25) | 32 |
| [Frequent Transfers Among Subaccounts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_26) | 33 |
| **[Annuity Period](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_28)** | 35 |
| [Available Forms of Annuity – TDA Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_28) | 35 |
| [Available Forms of Annuity – VEC Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_29) | 36 |
| [Amount of Annuity Payments](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_29) | 36 |
| [Annuity Commencement Date](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_30) | 37 |
| **[Benefits Available Under the Contract](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_30)** | 37 |
| [Benefits Table](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_30) | 37 |
| **[Loans](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_30)** | 37 |
| [Death Benefit During the Accumulation Period](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_31) | 38 |
| [Death Benefit after the Annuity Commencement Date](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_32) | 39 |
| **[Purchases and Contract Value](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_33)** | 40 |
| [Purchase of a TDA Contract; Participation](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_33) | 40 |
| [Purchase of a VEC Contract; Participation](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_34) | 41 |
| [Customer Identification](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_34) | 41 |
| [Confirmation Statements to Participants](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_34) | 41 |
| [Payment of Contributions – TDA Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_34) | 41 |
| [Your Account Value in the Subaccounts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_35) | 42 |
| [Principal Underwriter](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_36) | 43 |
| **[Our Payment of Account Value to You or a Beneficiary – TDA Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_36)** | 43 |
| **[Our Payment of Account Value to You or a Beneficiary – VEC Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_38)** | 45 |
| [When We May Postpone Payments](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_38) | 45 |
| **[Administrative Provisions](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_39)** | 46 |
| [How to Make Allocation Changes, Transfers and Withdrawals](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_39) | 46 |
| [Assignment, Modification or Discontinuance of Contracts](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_40) | 47 |
| **[Taxes](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_41)** | 48 |
| **[Legal Proceedings](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_46)** | 53 |
| **[Financial Statements](#xx_d454c451-2f0a-4dbf-9d7e-ddfc2fa91880_46)** | 53 |
| **[Appendix A1: Underlying Funds Available As Investment Options Under the TDA Contracts](#xx_fa5c80b6-08a3-4088-a890-a3b5cd664a85_1)** | A-1 |
| **[Appendix A2: Underlying Funds Available as Investment Options Under The VEC Contracts](#xx_fa5c80b6-08a3-4088-a890-a3b5cd664a85_11)** | A-11 |
| **[Appendix B: General Account Operations](#xx_c49c7936-1f4e-4baa-a987-b4d43d0601ba_1)** | B-1 |

---

------

**Definitions We Use in this 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 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 (TDA) variable accumulation annuity contracts described in this Prospectus.

***Contractholder***—An entity to which we have issued a TDA 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.

***Designated Roth Account***—An account maintained for Designated Roth Contributions and earnings (or losses) attributable to Designated Roth Contributions. This term, depending on the context in which it is used, includes Designated Roth Rollover Accounts.

------

***Designated Roth Contributions***—Contributions irrevocably designated as Designated Roth Contributions described in Section 402A of the Code.

***Designated Roth Rollover Account***—An account maintained for rollover Designated Roth Contributions and earnings (or losses) attributable to rollover Designated Roth Contributions.

***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 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.

***Employee Contribution Account***—An account maintained for employee Contributions, other than Designated Roth Contributions, and earnings (or losses) attributable to such Contributions.

***Employer***—An organization that established a Plan and that may be named in the Contract.

***ERISA***—The Employee Retirement Income Security Act of 1974, as amended.

***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.

***Inactive Plan***—a Plan will be considered to be an Inactive Plan as of the last Valuation Day of a calendar quarter if, prior to or during that calendar quarter, contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contractholder has notified us in writing that the Plan is no longer active. A Plan that has not remitted Contributions for the third consecutive calendar month will be treated as an Inactive Plan and will not be aggregated with other Plans that are eligible for a Reduced Fee.

***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.

***Reduced Fee***—The reduced Separate Account Annual Expenses, comprised of the administrative charge, distribution expense charge and expense risk charge that apply to Participants in Plans that are eligible for such reduced Separate Account Annual Expenses as set forth in the Fee Table section of this Prospectus.

***Rollover Contributions Account***—An account maintained for rollover Contributions other than Designated Roth Contributions (or rollover Designated Roth Contributions) and earnings (or losses) attributable to such Contributions.

------

***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.

***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. Values of Accumulation Units for a Valuation Period are determined as of the end of the Valuation Day which occurs during the Valuation Period.

***We, us, our, Company or Mutual of America***—Refers to Mutual of America Life Insurance Company.

***You, or your***—Refers to a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Overview of the TDA Contracts**

**Purpose**

------

We offer the group variable accumulation annuity Contracts to assist with retirement and long-term financial planning. The Contract(s) are designed to provide long-term accumulation of assets through investments in a variety of Investment Alternatives during the Accumulation Period. The Contract can supplement your retirement income by providing a stream of income payments during the payout period. It also offers death benefits to protect your designated Beneficiaries. The Contracts may be appropriate if you have a long investment time horizon. It 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.

**Phases of Contract**

------

The Contracts have two phases: an accumulation (savings) period and an annuity (income) period.

**Accumulation (Savings) Period** 

During the Accumulation Period you may allocate Contributions among the Investment Alternatives, subject to any restrictions contained in your Employer's Plan. At any time, you may change your allocation instructions for future Contributions and transfer all or part of your Account Value among the available Investment Alternatives. You may allocate your Account Value to our General Account, unless your Plan restricts allocations. We pay interest on the portion of your Account Value allocated to our General Account at a rate of interest determined from time to time by us. We have the full investment risk for amounts you allocate to the General Account. You may also allocate your Account Value to any of the Subaccounts of Mutual of America Separate Account No. 2. The name of each Subaccount corresponds to the name of its Underlying Fund. When you allocate Contributions or transfer Account Value to a Subaccount, the Subaccount purchases shares in its Underlying Fund. A Subaccount is called a "variable option," because you bear the investment risk that your Account Value in the Subaccount will increase or decrease based on the investment performance of the Underlying Fund. The Subaccounts currently invest in forty-eight Underlying Funds, which have different investment objectives, investment policies and risks. Please refer to Appendix A to this Prospectus, entitled "Underlying Funds Available As Investment Options Under the Contracts" and to the prospectuses of the Underlying Funds for more information about the Underlying Funds' investment objectives.

***Contributions during the Accumulation Period.*** Your Contributions may be in the amounts and made at times a Plan permits. Your Contributions also must be in the amounts and at a frequency the Employer agrees to, based on your payroll period. We may refuse to accept initial or subsequent Contributions when we deem it

------

appropriate to do so, including because of anti-money laundering laws or regulations or other legal requirements. We must receive each Contribution at our home office, along with a Complete Order containing all information to identify the person for whom and the Contract under which the Contribution is made, before we can credit the Contribution to your Account Value (See "Definitions We Use in this Prospectus" for a description of Complete Order). If an employer sends us Contributions, we will apply the Contributions when we receive the amounts at our home office or receive them by electronic funds transfer, or wire transfer of federal funds into our designated bank account along with a Complete Order containing all required identifying information.

***Minimum Required.*** You are not required to make any minimum amount of Contributions.

***Who May Make Contributions.*** Under a TDA Contract, you may make Contributions only by salary reduction agreement with your employer, on either a pre-tax or Designated Roth post-tax basis (subject to the provisions of the Plan).

***Limits on Amounts of Contributions***. The maximum annual Contributions under TDA Contracts are those amounts the Code permits for Plans.

**Annuity (Income) Period** 

You can elect to annuitize and turn your Account Value into a stream of income payments from Mutual of America, at which time the Accumulation Period of the Contract ends. These payments may continue for a fixed period of years, for your entire life, or for the longer of a fixed period or your life. If you annuitize, you will receive a stream of annuity payments. You will be unable to make withdrawals, unless provided for by the form of annuity you select, and death benefits will terminate.

**Contract Features**

------

We issue TDA Contracts to Contractholder that have adopted Plans under Section 403(b) of the Code. A Contractholder must be a tax-exempt organization under Section 501(c)(3) of the Code or an eligible public school or college, or an association that represents a Section 501(c)(3) tax-exempt organization or eligible public school or college or its employees.

***Death Benefits during the Accumulation Period.*** If you die before the Annuity Commencement Date, we will pay a death benefit to your Beneficiary.

The death benefit amount will be your Account Value, less any outstanding loans and interest, as of the date we receive proof of your death, the election of the Beneficiary(ies) telling us how we should pay the death benefit and other information necessary to process the claim. The death benefit will be paid in accordance with the election of the Beneficiary(ies). The Beneficiary will select the form of death benefit, which may be a single sum, a form of annuity or fixed payments.

***Transfers and Withdrawals of Account Value.*** During the Accumulation Period, you may transfer all or a portion of your Account Value among the Investment Alternatives. We do not assess a charge for transfers under the Contracts.

During the Accumulation Period, you may withdraw all or a portion of your Account Value under all Contracts except TDA Contracts. A TDA Participant generally may not withdraw the Account Value until the Participant has reached the age of 59½, under restrictions in the Code and the TDA Contract. If you are married and are a Participant under a TDA Plan, you may need the written consent of your Eligible Spouse for any withdrawal. In some cases, certain withdrawals may require the approval of the Employer or third party administrator, if applicable. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to you or electronically transfer funds to your bank account where available.

***Specified Payments Option.*** You may instruct us to withdraw a certain amount (at least $100) each month from your Investment Alternatives on a pro rata basis. Under a TDA Contract, to elect this Option you must either have reached age 59½ or terminated employment with the Plan sponsor if the TDA Contract is sponsored, during or after the year in which reaching age 55.

------

We do not charge a fee for withdrawals or partial withdrawals. You may have taxable income upon any withdrawal of your Account Value, except in the case of certain withdrawals from Designated Roth Accounts. You will be taxed at ordinary income tax rates on the amount withdrawn, except for the portion of the withdrawal that is considered to be a return of your after-tax Contributions (if any). The taxable portion of withdrawals, and in certain cases the nontaxable portion of withdrawals from Designated Roth Accounts, may be subject to a 10% tax penalty. The tax penalty is not due if you have reached the age of 59½, are disabled or in certain other circumstances.

The Code imposes minimum distribution requirements for TDA Contracts when you reach a certain age or in some other circumstances. You may be required to make partial withdrawals of Account Value, or may choose to begin receiving Annuity Payments, to meet the minimum distribution requirements.

***Loans.*** We make available a loan option under TDA Contracts. If you have a loan under a TDA Contract, your Account Value in the General Account after a transfer or withdrawal must be at least equal to the loan collateral security amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Overview of the VEC Contracts**

**Purpose**

------

The VEC group variable accumulation annuity Contracts were offered to assist with retirement and long-term financial planning. The Contracts are designed to provide long-term accumulation of assets through investments in a variety of Investment Alternatives during the Accumulation Period. The Contract can supplement your retirement income by providing a stream of income payments during the payout period. It also offers death benefits to protect your designated Beneficiaries. The Contracts may be appropriate if you have a long investment time horizon. It 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.

**Phases of Contract**

------

The Contracts have two phases: an accumulation (savings) period and an annuity (income) period.

**Accumulation (Savings) Period** 

You may make transfers among the available Investment Alternatives, subject to any restrictions contained in your Employer's Plan. The Investment Alternatives available under a VEC Contract are limited to those available under our VEC Contracts as of January 1, 1987. These Alternatives are the General Account and the following Subaccounts: Mutual of America Investment Corporation Money Market, All America, Bond and Composite Funds. At any time, you may transfer all or part of your Account Value among the available Investment Alternatives. You may allocate your Account Value to our General Account, unless your Plan restricts allocations. We pay interest on the portion of your Account Value allocated to our General Account at a rate of interest determined from time to time by us. We have the full investment risk for amounts you allocate to the General Account. You may also allocate your Account Value to the Subaccounts of Mutual of America Separate Account No. 2 set forth above. The name of each Subaccount corresponds to the name of its Underlying Fund. When you allocate Contributions or transfer Account Value to a Subaccount, the Subaccount purchases shares in its Underlying Fund. A Subaccount is called a "variable option," because you bear the investment risk that your Account Value in the Subaccount will increase or decrease based on the investment performance of the Underlying Fund. The four Subaccounts offered under the VEC Contracts have different investment objectives, investment policies and risks. Please refer to Appendix A2 to this Prospectus, entitled "Underlying Funds Available As Investment Options Under the Contracts" and to the prospectuses of the Underlying Funds for more information about the Underlying Funds' investment objectives.

***Contributions.*** As a result of the Tax Reform Act of 1986, we: (1) ceased issuing new VEC Contracts as of January 1, 1987; and (2) amended previously issued VEC Contracts to prohibit new Contributions on or after January 1, 1987.

------

**Annuity (Income) Period** 

You can elect to annuitize and turn your Account Value into a stream of income payments from Mutual of America, at which time the Accumulation Period of the Contract ends. These payments may continue for a fixed period of years, for your entire life, or for the longer of a fixed period or your life. If you annuitize, you will receive a stream of annuity payments. You will be unable to make withdrawals, unless provided for by the form of annuity you select, and death benefits will terminate.

**Contract Features**

------

A Voluntary Employee Contribution Contract (VEC Contract) is a group contract. It is designed to provide annuity benefits to employees participating in a retirement plan that qualified for special federal income tax treatment under Sections 401(a) and 403(a) of the Code prior to the Tax Reform Act of 1986 (a VEC Plan). Contractholders typically are employers, or the trustees of employers' retirement plans.

***Death Benefits during the Accumulation Period.*** If a Participant dies prior to the Annuity Commencement Date, we will pay a death benefit to the Beneficiary the Participant designated to us. The Eligible Spouse will be the Beneficiary, unless the Participant designated a different Beneficiary with the written consent of the Eligible Spouse.

The death benefit amount will be your Account Value as of the date we receive proof of your death, the election of the Beneficiary(ies) telling us how we should pay the death benefit and other information necessary to process the claim. The death benefit will be paid in accordance with the election of the Beneficiary(ies). The Beneficiary will select the form of death benefit, which may be a single sum, a form of annuity or fixed payments.

***Transfers and Withdrawals of Account Value.*** VEC Participants may make transfers between the Available Investment Alternatives and may make withdrawals of all or part of their Account Values at any time prior to the Annuity Commencement Date, unless the employer's plan provides otherwise. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to the Participant. We do not currently charge for transfers or withdrawals made under VEC Contracts.

***Specified Payments Option.*** If the employer's plan permits, a Participant in a VEC Contract may elect after attaining age 59½, or upon early retirement during or after the year in which attaining age 55, to specify an amount (which may not be less than $100) to be withdrawn from the Participant's Account Value and paid each month to the Participant. We will make the withdrawals on a pro rata basis from your Investment Alternatives.

------

**Important Information You Should Consider About the** 

**TDA Contract**

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| | |
|:---|:---|
| **FEES AND EXPENSES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|

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| | | |
|:---|:---|:---|
| **Are There** <br> **Charges for Early** <br> **Withdrawals?**<br>| **No.** | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

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| | | |
|:---|:---|:---|
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **No,** there are no charges for transactions under the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> other than certain fees associated with [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) loans. | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Are There** <br> **Ongoing Fees** <br> **andExpenses?**<br> **(annual charges)** | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Loan interest is not reflected in <br> the table. Please refer to your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) specifications page for <br> information about the specific fees you will pay each year based <br> on the options you have elected. | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Loan interest is not reflected in <br> the table. Please refer to your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) specifications page for <br> information about the specific fees you will pay each year based <br> on the options you have elected. | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Loan interest is not reflected in <br> the table. Please refer to your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) specifications page for <br> information about the specific fees you will pay each year based <br> on the options you have elected. | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **andExpenses?**<br> **(annual charges)** | **ANNUAL FEE** | **MIN.** | **MAX.** | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **andExpenses?**<br> **(annual charges)** | &nbsp;&nbsp; 1. Base [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) (varies by <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) class)<br>| 0.27%<sup>1</sup> <br>| 1.98%<sup>1</sup> <br>| [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **andExpenses?**<br> **(annual charges)** | &nbsp;&nbsp; 2. Underlying Fund fees and <br> expenses<br>| 0.14%<sup>2</sup> <br>| 8.91%<sup>2</sup> <br>| [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **andExpenses?**<br> **(annual charges)** | &nbsp;&nbsp; 3. Optional benefits available <br> for an additional charge<br>| NA | NA | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **andExpenses?**<br> **(annual charges)** | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), each of which has a different <br> [Separate Account](#bookmark_sa_32129c2a-3389-4a3c-ae90-3f33e7289e18) charge, based upon the total contract assets <br> in the [Separate Account](#bookmark_sa_32129c2a-3389-4a3c-ae90-3f33e7289e18) and the [General Account](#bookmark_ga_32129c2a-3389-4a3c-ae90-3f33e7289e18). See the <br> "Charges" section of the Prospectus for a description of the <br> different classes of the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the Underlying Fund <br> assets. Net of fee waivers, the max is 1.24%.  | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), each of which has a different <br> [Separate Account](#bookmark_sa_32129c2a-3389-4a3c-ae90-3f33e7289e18) charge, based upon the total contract assets <br> in the [Separate Account](#bookmark_sa_32129c2a-3389-4a3c-ae90-3f33e7289e18) and the [General Account](#bookmark_ga_32129c2a-3389-4a3c-ae90-3f33e7289e18). See the <br> "Charges" section of the Prospectus for a description of the <br> different classes of the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the Underlying Fund <br> assets. Net of fee waivers, the max is 1.24%.  | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), each of which has a different <br> [Separate Account](#bookmark_sa_32129c2a-3389-4a3c-ae90-3f33e7289e18) charge, based upon the total contract assets <br> in the [Separate Account](#bookmark_sa_32129c2a-3389-4a3c-ae90-3f33e7289e18) and the [General Account](#bookmark_ga_32129c2a-3389-4a3c-ae90-3f33e7289e18). See the <br> "Charges" section of the Prospectus for a description of the <br> different classes of the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the Underlying Fund <br> assets. Net of fee waivers, the max is 1.24%.  | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

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| | |
|:---|:---|
| **FEES AND EXPENSES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp; Because you may choose from among the [Investment](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Alternatives](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18) offered, the choices you make affect how much you <br> will pay. To help you understand the cost of owning your <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), the following table shows the lowest and highest cost <br> you could pay each year, based on current charges. | &nbsp;&nbsp; Because you may choose from among the [Investment](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Alternatives](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18) offered, the choices you make affect how much you <br> will pay. To help you understand the cost of owning your <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), the following table shows the lowest and highest cost <br> you could pay each year, based on current charges. |
| &nbsp;&nbsp; **LOWEST ANNUAL COST** <br> **ESTIMATE:**<br> $421<br>| &nbsp;&nbsp; **HIGHEST ANNUAL COST** <br> **ESTIMATE:**<br> $11,155\* |
| &nbsp;&nbsp; Assumes:<br> ●Investment of $100,000<br> ●5% annual appreciation<br> ●Least expensive combination <br> of [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) classes (i.e., Tier <br> 1 Reduced Pricing) and <br> Underlying Fund fees and <br> expenses<br> ●No optional benefits<br> ●No outstanding loans<br> ●No sales charges<br> ●No additional [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> transfers, or withdrawals<br>| &nbsp;&nbsp; Assumes:<br> ●Investment of $100,000<br> ●5% annual appreciation<br> ●Most expensive <br> combination of [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> classes (i.e., Standard <br> Pricing), and Underlying <br> Fund fees and expenses<br> ●No optional benefits<br> ●No outstanding loans<br> ●No sales charges<br> ●No additional [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> transfers, or withdrawals |

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&nbsp;&nbsp; Net of fee waivers, the highest annual cost estimate will be <br> $3,296.<br>

**RISKS** **LOCATION IN** **PROSPECTUS** 

------

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|:---|:---|
| **RISKS** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|

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|:---|:---|:---|
| **What Are the** <br> **Risks Related to** <br> **the Insurance** <br> **Company?**<br>| &nbsp;&nbsp; An investment in the Contract is subject to the risks related to <br> Mutual of America, including that any obligations (including <br> under the [General Account](#bookmark_ga_32129c2a-3389-4a3c-ae90-3f33e7289e18)), guarantees, and benefits of the <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) are subject to the claims paying ability of Mutual of <br> America. More information about Mutual of America, including its <br> financial strength ratings, is available upon request from Mutual <br> of America by calling our toll-free number, 800.468.3785 or by <br> visiting our website at mutualofamerica.com. | &nbsp;&nbsp; [General](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Description of](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Separate Account](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [No. 2, Mutual of](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America, and](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Underlying Funds](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Our General](#bookmark_ourgeneral_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Account](#bookmark_ourgeneral_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>|

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| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **Are There Limits** <br> **on the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; **Yes,** your ability to allocate [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) among the [Investment](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Alternatives](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18) is subject to any restrictions contained in your <br> [Employer's](#bookmark_emp_32129c2a-3389-4a3c-ae90-3f33e7289e18)[Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18). If your [Employer's](#bookmark_emp_32129c2a-3389-4a3c-ae90-3f33e7289e18)[Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18) permits transfers to <br> other contracts, you may transfer your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) but only to <br> a provider specifically identified in the [Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18). Transfers while you <br> are actively employed to any provider not specified in the [Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> are prohibited.<br> We may remove an Underlying Fund or limit its availability to new <br> [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) and/or transfers of [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) if we determine <br> that an Underlying Fund no longer satisfies one or more of our <br> selection criteria. | &nbsp;&nbsp; [General](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Description of](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Separate Account](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [No. 2, Mutual of](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America, and](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Underlying Funds](#bookmark_generaldescriptionmoa_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>|
| **Are There any** <br> **Restrictions on** <br> **Contract** <br> **Benefits?**<br>| &nbsp;&nbsp; **Yes,** unless your Plan does not provide for loans, we make <br> available a loan option under a TDA Contract. You have the right <br> to borrow funds using your Account Value as collateral security. <br> Your Employer's Plan may or may not permit loans to be taken <br> from or secured by amounts held in a Designated Roth Account. <br> The maximum amount that can be taken as a loan is limited <br> under the Code, based on your account balance. Generally, a <br> Participant can borrow no more than the lesser of (a) the greater <br> of $10,000 or 50% of the Participant's vested account balance; <br> or (b) $50,000. The maximum amount that a Participant can <br> borrow is also limited if the Participant has another outstanding <br> loan. Certain exceptions may permit a Participant to take a larger <br> loan under circumstances specified by law from time to time.<br> We will not permit you to make withdrawals or transfers of the <br> collateral security amount while the loan is outstanding. | Loans |
|  | **TAXES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; You should consult with a tax professional to determine the tax <br> implications of an investment in and [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) made under <br> the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18).<br> Because the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) is purchased through a tax-qualified [Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> there are no additional tax benefits to the Contract.<br> Withdrawals will be subject to ordinary income tax, and may be <br> subject to tax penalties. | [Taxes](#bookmark_taxes_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

---

------

---

| | | |
|:---|:---|:---|
|  | **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; Mutual of America offers the Contracts for sale through certain <br> of our employees who are registered representatives of Mutual <br> of America Securities LLC, the principal underwriter of the <br> Contracts. The only compensation we pay to registered <br> representatives for sales of the Contracts is in the form of salary, <br> plus annual incentive compensation based on achievement of <br> certain individual and/or Company sales objectives. There are no <br> commissions or fees payable for sales of the Contracts.<br> With regard to non-cash compensation, representatives and <br> certain staff from the top performing regional offices, as well as <br> other high performing representatives, are eligible to attend a trip <br> to a Company-hosted sales conference or other Company-<br> hosted event.<br> The existence of such forms of compensation could influence a <br> registered representative to recommend this [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) over <br> another investment. | &nbsp;&nbsp; [Purchases and](#bookmark_purchases_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Contract Value](#bookmark_purchases_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>|
| **Should I** <br> **Exchange My** <br> **Contract?**<br>| &nbsp;&nbsp; Registered representatives may have a financial incentive to offer <br> a participant a new contract in place of the one the participant <br> already owns. A participant should only exchange their Contract <br> if the participant determines, after comparing the features, fees, <br> and risks of both contracts, that it is preferable for the participant <br> to purchase the new contract rather than continue to own the <br> existing contract. | &nbsp;&nbsp; Purchases and <br> Contract Value<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Important Information You Should Consider About the**

**VEC** [**Contract**](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)

---

| | |
|:---|:---|
| **FEES AND EXPENSES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|

---

---

| | | |
|:---|:---|:---|
| **Are There** <br> **Charges for Early** <br> **Withdrawals?**<br>| **No.** | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

---

---

| | | |
|:---|:---|:---|
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **No,** there are no charges for transactions under the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> other than certain fees associated with [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) loans. | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

---

------

---

| | |
|:---|:---|
| **FEES AND EXPENSES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Please refer to your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> specifications page for information about the specific fees you <br> will pay each year based on the options you have elected. | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Please refer to your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> specifications page for information about the specific fees you <br> will pay each year based on the options you have elected. | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Please refer to your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> specifications page for information about the specific fees you <br> will pay each year based on the options you have elected. | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | **ANNUAL FEE** | **MIN.** | **MAX.** | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | 1. Base [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) | 1.97%<sup>1</sup> <br>| 2.00%<sup>1</sup> <br>| [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp; 2. Underlying Fund fees and <br> expenses<br>| 0.23%<sup>2</sup> <br>| 0.57%<sup>2</sup> <br>| [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp; 3. Optional benefits available <br> for an additional charge<br>| NA | NA | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the Contract, each of which has a different <br> Separate Account charge, based upon the total contract assets <br> in the Separate Account and the General Account. See the <br> "Charges" section of the Prospectus for a description of the <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the [Underlying Fund](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> assets. | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the Contract, each of which has a different <br> Separate Account charge, based upon the total contract assets <br> in the Separate Account and the General Account. See the <br> "Charges" section of the Prospectus for a description of the <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the [Underlying Fund](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> assets. | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the Contract, each of which has a different <br> Separate Account charge, based upon the total contract assets <br> in the Separate Account and the General Account. See the <br> "Charges" section of the Prospectus for a description of the <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the [Underlying Fund](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> assets. | [Charges](#bookmark_charges_32129c2a-3389-4a3c-ae90-3f33e7289e18) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Because you may choose from among the Investment <br> alternatives offered, the choices you make affect how much you <br> will pay. To help you understand the cost of owning your <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), the following table shows the lowest and highest cost <br> you could pay each year, based on current charges. | &nbsp;&nbsp; Because you may choose from among the Investment <br> alternatives offered, the choices you make affect how much you <br> will pay. To help you understand the cost of owning your <br> [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), the following table shows the lowest and highest cost <br> you could pay each year, based on current charges. |
| &nbsp;&nbsp; **LOWEST ANNUAL COST** <br> **ESTIMATE:**<br> $2,258<br>| &nbsp;&nbsp; **HIGHEST ANNUAL COST** <br> **ESTIMATE:**<br> $2,630 |
| &nbsp;&nbsp; Assumes:<br> ●Investment of $100,000<br> ●5% annual appreciation<br> ●Least expensive combination <br> of [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) classes (i.e., Tier <br> 1 Reduced Pricing) and <br> [Underlying Fund](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) fees and <br> expenses<br> ●No optional benefits<br> ●No outstanding loans<br> ●No sales charges<br> ●No additional [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> transfers, or withdrawals<br>| &nbsp;&nbsp; Assumes:<br> ●Investment of $100,000<br> ●5% annual appreciation<br> ●Most expensive <br> combination of [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> classes (i.e., Standard <br> Pricing), and [Underlying](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Fund](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) fees and expenses<br> ●No optional benefits<br> ●No outstanding loans<br> ●No sales charges<br> ●No additional [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18), <br> transfers, or withdrawals |

---

---

| | | |
|:---|:---|:---|
|  | **RISKS** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **Is There a Risk of** <br> **Loss from Poor** <br> **Performance?**<br>| &nbsp;&nbsp; **Yes,** you can lose money by investing in this [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), including <br> loss of principal. | &nbsp;&nbsp; [Principal Risks of](#bookmark_principalrisks_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Investing in the](#bookmark_principalrisks_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Contract](#bookmark_principalrisks_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>|

---

------

**FEES AND EXPENSES** **LOCATION IN** **PROSPECTUS** 

**RESTRICTIONS** **LOCATION IN** **PROSPECTUS** 

------

---

| | | |
|:---|:---|:---|
|  | **TAXES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **What are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; [You](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18) should consult with a tax professional to determine the tax <br> implications of an investment in and [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) made under <br> the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18).<br> Because the [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) is purchased through a tax-qualified plan, <br> there are no additional tax benefits to the Contract.<br> Withdrawals will be subject to ordinary income tax, and may be <br> subject to tax penalties. | [Taxes](#bookmark_taxes_32129c2a-3389-4a3c-ae90-3f33e7289e18) |
|  | **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; Mutual of America no longer offers the Contract for sale to new <br> investors. | &nbsp;&nbsp; [Purchases and](#bookmark_purchases_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [Contract Value](#bookmark_purchases_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>|
| **Should I** <br> **Exchange My** <br> **Contract?**<br>| &nbsp;&nbsp; The Contract is not offered for sale by investment professionals <br> to new investors.<br> Because the Contracts are no longer sold, you would not be <br> affected by a scenario in which you are asked to replace an <br> existing annuity contract you own with a new purchase of these <br> Contracts. In general, you should be aware that some investment <br> professionals may have a financial incentive to offer you a new <br> contract in place of the Contract you already own. Thus, in <br> general, you should only exchange your Contract if you <br> determine, after comparing the features, fees, and risks of both <br> contracts, that it is preferable for you to purchase the new <br> contract rather than continue to own the existing Contract. | &nbsp;&nbsp; Purchases and <br> Contract Value<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fee Table – TDA Contracts**

**The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Alternative or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.The first table describes the fees and expenses that you will pay when you become a Participant, when you surrender or make withdrawals from an Investment Alternative or from your Contract or participation interest or when you transfer your Account Value among Investment Alternatives. State premium taxes may also be deducted but we do not currently deduct them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Participant Transaction**<br> **Expenses**<br>| **Maximum** | **Current** |
| Sales Load Imposed on Contributions (as a percentage of <br> Contributions)<br>| None | None |
| Deferred Sales Load (or Surrender Charge) (as a <br> percentage of Contributions or amount surrendered, as <br> applicable)<br>| None | None |
| Transfer Fee | None | None  |

---

------

---

| | | |
|:---|:---|:---|
| **Participant Transaction**<br> **Expenses**<br>| **Maximum** | **Current** |

---

---

| | | |
|:---|:---|:---|
| Loan Fees | Maximum<br> Loan Interest<br>| Higher of the <br> Moody's<sup>®</sup> <br>Corporate <br> Yield Average <br> or 1% above <br> the current <br> rate of interest <br> credited to <br> Account <br> Values held in <br> the General <br> Account<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.The next table describes the fees and expenses that you will pay each year during the time that you are a Participant (not including Underlying Fund fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** |
|  | **Maximum** | **Standard** | **Tier 1** <br> **Reduced** <br> **Fees (2)**<br>| **Tier 2** <br> **Reduced** <br> **Fees (2)**<br>| **Tier 3** <br> **Reduced** <br> **Fees (2)**<br>| **Tier 4** <br> **Reduced** <br> **Fees (2)**<br>| **Tier 5** <br> **Reduced** <br> **Fees (2)**<br>| **Inactive** <br> **Plans (3)**<br>|
| **Administrative** <br> **Expenses** <br> **(Annual** <br> **Contract Fee)**<br>| **$24** | **$24*(1)*** | **$24*(1)*** | **$24*(1)*** | **$24*(1)*** | **$24*(1)*** | **$24*(1)*** | **$24*(1)*** |
| **Base Contract** <br> **Expenses (as** <br> **a percentage** <br> **of average** <br> **Account** <br> **Value)(5)**<br>| **2.00%** | **1.45%*(4)*** | **.25%*(4)*** | **.35%*(4)*** | **.45%(4)** | **.60%(4)** | **.95%(4)** | **1.95%(4)** |
| **Loan Interest** <br> **Rate**<br>| Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% | Uncollateralized Loans: Prime Rate +1% |

---

------

(1) Annual Contract Fee. The Annual Contract Fee of $24.00 is charged at a rate of $2 per month, subject to waiver as discussed in "Monthly Participant Charges" under the "Charges" section of the Prospectus.

(2) Reduced Fees. TDA Plans may become eligible for the Tier 1 Reduced Fee, Tier 2 Reduced Fee, Tier 3 Reduced Fee, Tier 4 Reduced Fee or Tier 5 Reduced Fee if they have minimum amounts of assets in the Separate Account and the General Account combined ($50 million for the Tier 1 Reduced Fee, $25 million for the Tier 2 Reduced Fee, $5 million for the Tier 3 Reduced Fee, $2 million for the Tier 4 Reduced Fee and $1 million for the Tier 5 Reduced Fee) and satisfy the other criteria specified in the Charges section of this Prospectus. Plans that do not qualify for Reduced Fees because they have assets in the Separate Account and the General Account combined of less than $1 million, will be charged the Standard Separate Account annual charge.

(3) Inactive Plans. An Inactive Plan will no longer be eligible for the standard Separate Account annual charge or Reduced Fees as of the last Valuation Day of the quarter in which it became an Inactive Plan. For more information see the "Charges" section of the Prospectus.

(4) Reductions in Separate Account Annual Expenses. Separate Account Annual Expenses are reduced for Plans that are part of certain national accounts. For more information see the "Charges" section of the Prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5) Expense Risk Fee, Administrative Charges and Distribution Expense Charge may not exceed 2.00% of average Account Value in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.The next item shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you are a Participant. Expenses shown may change over time and may be higher or lower in the future. A complete list of Underlying Funds available under the Contract, including their annual expenses, may be found in the Appendix to this Prospectus entitled "Underlying Funds As Investment Options Available Under the Contract".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| **Annual Underlying Fund Expenses**<br> (expenses deducted from Underlying Fund assets, including management fees, <br> distribution and/or service (12b-1) fees, and other expenses, as a percentage of <br> Underlying Fund average net assets)<br>| 0.14% | 8.91% |
| **Net Annual Underlying Fund Expenses**<br> (expenses deducted from the Underlying Fund assets, including management <br> fees, distribution and/or service (12b-1) fees, and other expenses as a percentage <br> of Underlying Fund average net assets) (after expense reimbursement)\*<br>| 0.14% | 1.24% |

---

------

\*

Certain of the Underlying Funds, including the fund with the maximum total annual fund operating expenses (before expense reimbursement), are subject to an expense reimbursement arrangement between such underlying funds and the investment adviser, which is expected to continue until at least April 30, 2027.

**Example**

------

**This Example below is intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other variable annuity contracts. These costs include transaction expenses, Annual Contract Fees, Base Contract Expenses, and Underlying Fund fees and expenses and exclude Loan fees.** 

**The Example assumes that you invest $100,000 under a Contract for the time periods indicated and that all Account Value is allocated to the Subaccounts.** 

**We do not impose a surrender charge when you make a withdrawal of Account Value. As a result, the expenses would be the same whether or not you surrender the Account Value, or apply the Account Value for the purchase of an annuity (annuitize), at the end of the applicable time period.** 

**The Example also assumes that your investment has a 5% annual rate of return each year and assumes the maximum Annual Contract Fee, the maximum Base Contract Expenses and optional benefits available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:** 

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $11155 | $35165 | $61634 | $140277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fee Table – VEC Contracts**

**The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Alternative or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year.** 

------

**I.The first table describes the fees and expenses that you will pay when you become a Participant, when you surrender or make withdrawals from an Investment Alternative or from your Contract or participation interest or when you transfer your Account Value among Investment Alternatives. State premium taxes may also be deducted but we do not currently deduct them.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Participant Transaction**<br> **Expenses**<br>| **Maximum** | **Current** |
| Sales Load Imposed on Contributions (as a percentage of Contributions) | None | None |
| Deferred Sales Load (or Surrender Charge) (as a percentage of Contributions <br> or amount surrendered, as applicable)<br>| None | None |
| Transfer Fee | None | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.The next table describes the fees and expenses that you will pay *each year* during the time that you are a Participant (not including Underlying Fund fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** | **ANNUAL CONTRACT EXPENSES** |
|  | **VEC** <br> **Maximum**<br>| **VEC** <br> **Plans**<br>|
| **Administrative Expenses (Annual Contract Fee)** | **$24** | **$24 *(1)*** |
| **Base Contract Expenses (as a percentage of average Account** <br> **Value)(2)**<br>| **2.00%** | **1.95%** |

---

(1) Annual Contract Fee. The Annual Contract Fee of $24.00 is charged at a rate of $2 per month, subject to waiver or reduction as discussed in "Monthly Participant Charges" under the "Charges" section of the Prospectus.

(2) Expense Risk Fee, Administrative Charges and Distribution Expense Charge may not exceed 2.00% of average Account Value the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.The next item shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you are a Participant. Expenses shown may change over time and may be higher or lower in the future. A complete list of Underlying Funds available under the Contract, including their annual expenses, may be found in the Appendix to this Prospectus entitled "Underlying Funds As Investment Options Available Under the Contract".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| **Annual Underlying Fund Expenses**<br> (expenses deducted from Underlying Fund assets, including management fees, <br> distribution and/or service (12b-1) fees, and other expenses, as a percentage of <br> Underlying Fund average net assets)<br>| 0.23% | 0.57% |

---

**Example**

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**The Example below is intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other variable annuity contracts. These costs include transaction expenses, Annual Contract Fee, Base Contract Expenses, and Underlying Fund fees and expenses.** 

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**The Example assumes that you invest $100,000 under a Contract in the Subaccounts for the time periods indicated.** 

**We do not impose a surrender charge when you make a withdrawal of Account Value. As a result, the expenses would be the same whether or not you surrender the Account Value, or apply the Account Value for the purchase of an annuity (annuitize), at the end of the applicable time period.** 

**This Example also assumes that your investment has a 5% annual rate of return each year, and assumes the maximum Underlying Fund fees and expenses, the maximum Annual Contract Fee and the maximum Base Contract Expenses shown in the Fee Table, and optional benefits available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions your costs would be:** 

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $2630 | $8292 | $14535 | $33084 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Principal Risks of Investing in the Contract**

**Contract Risks** 

You can lose money in a variable annuity, including potential loss of your original investment. The value of your investment and any returns will depend on the performance of the Underlying Funds you have selected.

We reserve the right to make certain changes to the structure and operation of the Subaccounts at our discretion and without your prior consent. We may add, delete, or substitute Subaccounts for contractholders and new or substitute Subaccounts may have different fees and expenses or be offered to only certain classes of contractholders. For more information, see the "Contract or Separate Account Changes" section in the Prospectus.

The Contracts are designed for Participants with a long investment time horizon. They are not intended for those who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Underlying Funds. Your ability to make withdrawals while you are an active participant in a Plan will be limited. The Contract is not suitable as a short-term investment.

**Investment Risk** 

You bear the risk of any decline in the Account Value caused by the performance of the Underlying Funds held by the Subaccounts. The Underlying Funds may not achieve their investment objectives, and your Account Value allocated to any of the Subaccounts may decline in value, perhaps significantly. Each Underlying Fund may have its own unique risks and the risk of loss varies with each Underlying Fund. The investment risks are described in the prospectuses for the Funds.

**Insurance Company Risk** 

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. Accordingly, if Mutual of America experiences financial distress in the future or becomes insolvent, we may not be able to meet our obligations with respect to the Contract, including Account Value allocated to the General Account. Moreover, General Account assets are exposed to the risks normally associated with a portfolio of fixed-income securities, including interest rate, liquidity and credit risk, and are also subject to the claims of our general creditors. More information about Mutual of America, including its financial strength ratings, is available upon request from Mutual of America.

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**Loans** 

Amounts borrowed in a Collateralized 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. A deemed distribution due to your default on a loan may be subject to taxes and tax penalties.

**Tax Consequences** 

Except for Designated Roth Accounts, withdrawals are generally taxable, and prior to age 59½ a tax penalty may apply. In addition, even if the Contract is held for years before any withdrawal is made, withdrawals are taxable as ordinary income rather than capital gains. Different rules apply for Designated Roth Accounts.

**Business Disruption and Cybersecurity Risks** 

We rely heavily on interconnected computer systems and digital data to conduct our business activities. Because our business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential Participant information. Such systems failures and cyberattacks affecting us, the Underlying Funds, intermediaries and other affiliated or third party service providers may adversely affect us and your Account Value. For instance, systems failures and cyberattacks may interfere with our processing of Contract transactions, including the processing of orders from our website or with the Underlying Funds, impact our ability to calculate accumulation unit values and Participant Account Value, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value. In addition, the risk of cyberattacks may be higher during periods of geopolitical turmoil. There can be no assurance that we or the Underlying Funds or our service providers will avoid losses affecting your Account Value due to cyberattacks or information security breaches in the future.

We are also exposed to risks related to natural and man-made disasters and catastrophes, such as, but not limited to, storms, fires, floods, earthquakes, epidemics, pandemics, malicious acts, acts of war, and terrorist acts, which could adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a pandemic, could affect the ability, or willingness, of our workforce and employees of service providers and third party administrators to perform their job responsibilities. Catastrophic events may negatively affect the computer and other systems on which we rely and may interfere with our processing of Contract-related transactions, including processing of orders from Participants and orders with the Underlying Funds, impact our ability to calculate Account Value, or have other possible negative impacts. These events may also impact the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value. There can be no assurance that we, the Underlying Funds or our service providers will avoid losses affecting your Account Value due to a natural disaster or catastrophe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Description of Mutual of America, the Separate Account and the Underlying Funds**

**Mutual of America**

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**We are obligated to pay all amounts required on the part of the insurer under the Contracts, subject to our financial strength and claims-paying ability.** We are a mutual life insurance company organized under the laws of the state of New York and we are authorized to transact business in 50 states and the District of Columbia. Our Home Office address is 320 Park Avenue, New York, New York 10022-6839.

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We were incorporated in 1945 as a non-profit retirement association to provide retirement and other benefits for non-profit organizations and their employees in the health and welfare field. In 1978 we reorganized as a mutual life insurance company, and now serve for-profit organizations, not-for-profit organizations, their employees and individuals.

We provide group and individual life insurance, annuities and related services for the pension, retirement, and long-range savings needs of organizations, their employees and individuals including variable accumulation annuity contracts and variable life insurance policies. We invest the assets we derive from our business as permitted under applicable state law. As of December 31, 2025, we had total assets, on a consolidated basis, of approximately $23.8 billion. We are registered as an investment adviser under the Investment Advisers Act of 1940 as amended for the limited purpose of providing investment allocation services to certain defined benefit pension plans. Mutual of America and its subsidiaries sometimes use the trade name Mutual of America Financial Group.

Our operations as a life insurance company are reviewed periodically by various independent rating agencies. These agencies, such as A.M. Best Company, S&P Global Ratings, and Fitch Ratings, publish their ratings. From time to time we reprint and distribute the rating reports in whole or in part, or summaries of them, to the public. The ratings concern our operation as a life insurance company and do not imply any guarantees of performance of the Separate Account.

**Our Separate Account**

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We established the Separate Account under a resolution adopted by our Board of Directors on September 22, 1983. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 as amended (the "1940 Act"). The SEC does not supervise the management or investment practices or policies of the Separate Account or Mutual of America. The 1940 Act, however, does regulate certain actions by the Separate Account.

The assets of the Separate Account are our property. **The Separate Account assets attributable to Participants' Account Values and any other annuity contracts funded through the Separate Account cannot be charged with liabilities from other businesses that we conduct. The income, capital gains and capital losses of each Subaccount are credited to, or charged against, the net assets held in that Subaccount. We separately determine each Subaccount's net assets, without regard to the income, capital gains and capital losses from any of the other Subaccounts or from any other business that we conduct.** 

The Separate Account and Mutual of America are subject to supervision and regulation by the Superintendent of the Department of Financial Services of the State of New York, and by the insurance regulatory authorities of each state.

**Underlying Funds in Which Our Separate Account Invests**

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We divide the Separate Account into distinct Subaccounts. Each Subaccount invests its assets in an Underlying Fund, and the name of each Subaccount reflects the name of the corresponding Underlying Fund.

See Appendix A to this Prospectus, which sets forth certain information about each Underlying Fund.

Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Underlying Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested.

Information regarding each of the Underlying Funds including its name, investment objectives, its investment adviser and subadviser, current expenses, and performance is available in **<u>Appendix A1</u>** (for TDA Contracts) or **<u>Appendix A2</u>** (for FPA Contracts) to the Prospectus. Each Underlying Fund has issued a prospectus that contains more detailed information about the Underlying Fund. The prospectuses and summary prospectuses for the Underlying Funds are available on our website mutualofamerica.com/prospectus or you can request them by writing to us at 320 Park Avenue, New York, NY 10022-6839 or by calling 800.574.9267.

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The Underlying Funds may not achieve their objectives, and your Account Value allocated to any of the Subaccounts will vary based on the investment experience of the corresponding Underlying Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. The Underlying Funds sell their shares to the separate accounts of other insurance companies and may also offer them for sale to the general public.

***Shared and Mixed Fund Arrangements.*** Shares of the Underlying Funds currently are available to the separate accounts of a number of insurance companies for both variable annuity and variable life insurance products. The Board of Directors (or Trustees) of each Underlying Fund is responsible for monitoring that Subaccount for the existence of any material irreconcilable conflict between the interests of participants in all separate accounts that invest in the Subaccount. The Board must determine what action, if any, the Underlying Fund should take in response to an irreconcilable conflict. If we believe that a response does not sufficiently protect our Contractholders or Participants, we will take appropriate action, and we may modify or reduce the Investment Alternatives available to you.

**Your Voting Rights for Meetings of the Underlying Funds**

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We will vote the shares of the Underlying Funds owned by the Separate Account at regular and special meetings of the shareholders of the Underlying Funds. We will cast our votes according to instructions we receive from Participants. The number of Underlying Fund shares that we may vote at a meeting of shareholders will be determined as of a record date set by the Board of Directors or Trustees of the Underlying Fund.

We will vote 100% of the shares that a Subaccount owns. If you do not send us voting instructions, we will vote the shares attributable to your Account Value in the same proportion as we vote shares for which we have received voting instructions from Participants. We will determine the number of Accumulation Units attributable to each Participant for purposes of giving voting instructions as of the same record date used by the Underlying Fund. Because there is no required minimum number of shares for which we must receive voting instructions, a small number of participants may control the outcome of the vote.

Each Participant who has the right to give us voting instructions for a shareholders' meeting of an Underlying Fund will receive information about the matters to be voted on, including the Underlying Fund's proxy statement and a voting instructions form to return to us.

We may elect to vote the shares of the Underlying Funds held by our Separate Account in our own discretion if the Investment Company Act of 1940 is amended, or if the present interpretation of the Act changes with respect to our voting of these shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Charges**

**Charges Under the Contracts**

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We deduct several charges from the net assets of each Subaccount. TDA Contracts are eligible for the Tier 1 Reduced Fee ($50 million in total assets), Tier 2 Reduced Fee ($25 million in total assets), the Tier 3 Reduced Fee ($5 million in total assets), Tier 4 Reduced Fee ($2 million in total assets) or the Tier 5 Reduced Fee ($1 million in total assets) as discussed in more detail below. TDA Plans that are Inactive Plans and VEC Plans are subject to a higher level of Separate Account Annual Expenses. Separate Account Annual Expenses are also reduced for Plans that are part of certain national accounts. These reductions are discussed in more detail below.

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Together, these charges are referred to as the Total Separate Account Annual Expenses. The Total Separate Account Annual Expenses are as follows:

***Standard Fees and Maximum Fees***

For TDA Contracts, the standard Separate Account charges (Base Contract Expenses), totaling 1.45%, include:

&nbsp;&nbsp;&nbsp;&nbsp;● An administrative expense charge at an annual rate of 0.70%;

&nbsp;&nbsp;&nbsp;&nbsp;● A charge at an annual rate of 0.55% for expenses related to the distribution of the Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;● A charge at an annual rate of 0.20% for assuming certain expense risks under the Contracts.

For VEC contracts, the standard Separate Account charges (Base Contract Expenses), totaling 1.95%, include:

&nbsp;&nbsp;&nbsp;&nbsp;● An administrative expense charge at an annual rate of 1.40%;

&nbsp;&nbsp;&nbsp;&nbsp;● A charge at an annual rate of 0.35% for expenses related to the distribution of the Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;● A charge at an annual rate of 0.20% for assuming certain expense risks under the Contracts.

The maximum Separate Account charges (Base Contract Expenses) that may be charged under the Contracts are 2.00% (1.50% for Contracts issued in Maryland). Each of the administrative expense charge, the distribution expense charge and the expense risk charge may be increased, but only to an aggregate of 2.00% for all such charges.

***Reduced Fees for TDA Plans***

TDA Plans remitting Contributions and using the online retirement plan administration system provided by us or a subsidiary are eligible for Reduced Fees based on the total assets in the Separate Account and the General Account as indicated in the table below.

***Aggregation Rule.*** We aggregate the total assets of the Employer's 403(b) (including TDA), 401(k), 401(a) and governmental 457(b) defined contribution plans in any of our Separate Accounts and the General Account or under the administration of our subsidiaries to determine the Employer's eligibility for Reduced Fees. Any entity affiliated with an Employer that is participating in the Employer's Plan ("Affiliated Entity"), will be eligible for Reduced Fees provided that the aggregated total assets of the Employer's Plan (including assets attributable to such Affiliated Entit(ies)) meet the eligibility criteria for the applicable Reduced Fees and the Employer's Plan is remitting premiums for at least three consecutive calendar months using the online retirement plan administration system provided by us or a subsidiary. If an Affiliated Entity maintains a separate Contract to fund a separate Plan, such Affiliated Entity will also be eligible for Reduced Fees with respect to its separate Contract if the Employer's Plan with which it is affiliated is eligible for Reduced Fees, provided the Affiliated Entity's separate plan is not an Inactive Plan, as defined below.

We will aggregate the total assets of Employer Plans that are maintained by a 'controlled group' of companies or entities, which includes a group of corporations under section 414(b), a group of trades or businesses under common control under section 414(c), or an affiliated service group under section 414(m) of the Internal Revenue Code of 1986 and that, in accordance with the instructions for Form 5500, file Form 5500 with the Employee Benefits Security Administration as a 'controlled group.' For plans that do not file Form 5500s, we will aggregate the total assets of plans maintained by a controlled group, as defined under Treas. Reg. 1.414(c)-5, upon written representation from the employer as to its status as a controlled group.

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As indicated, the standard Annual Separate Account Expense for TDA Plans including the Administrative Charges, Distribution Expense Charge and Expense Risk Charge discussed in more detail below, is 1.45% for TDA Contracts and 1.95% for VEC Contracts. Only TDA contracts can be eligible for Reduced Fees. Plans that remit contributions and use the online retirement plan administration system provided by us or a subsidiary are eligible for Reduced Fees if they meet the following initial and ongoing criteria:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Separate Account Annual** <br> **Expenses (Base Contract** <br> **Expenses)**<br>| **Initial Minimum Total** <br> **Assets**<br>| **Minimum Total Assets** <br> **to Remain Eligible** | **Minimum Total Assets** <br> **to Remain Eligible** |
| Tier 1 Reduced Fee | &nbsp;&nbsp; 25% | $50 million | $50 million | $45 million |
| Tier 2 Reduced Fee | &nbsp;&nbsp; 35% | $25 million | $25 million | $22.5 million |
| Tier 3 Reduced Fee | &nbsp;&nbsp; 45% | $5 million | $5 million | $4.5 million |
| Tier 4 Reduced Fee | &nbsp;&nbsp; 60% | $2 million | $2 million | $1.8 million |
| Tier 5 Reduced Fee | &nbsp;&nbsp; 95% | $1 million | $1 million | $0.9 million |

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If the Plan has total assets in the Contract, including the Separate Account and the General Account, of at least the amount indicated as "Initial Minimum Total Assets" in the above chart as of the last Valuation Day of a calendar quarter, initially or when being reconsidered after losing eligibility, the Plan may become eligible for the Reduced Fee indicated. After a Plan becomes eligible for the Reduced Fee, it must maintain total assets in the Contract of at least the amount indicated as "Minimum Total Assets to Remain Eligible" in the above chart as of the last Valuation Day of a calendar quarter to remain eligible for the Reduced Fee for the following calendar quarter. Loss of eligibility for the Reduced Fee will occur if the Plan fails to maintain at least the amount indicated as Minimum Total Assets to Remain Eligible in the Contract for any reason (for example, withdrawals from the Plan or the investment performance of the Underlying Funds).

Eligibility for Reduced Fees will be lost irrespective of the amount of a Plan's assets, if the Plan at any time stops remitting Contributions or does not use the online retirement plan administration system provided by us or a subsidiary. Eligibility for Reduced Fees is determined for new Plans on the date the Plan's assets are received by the Company and we begin providing administrative services.

***Inactive Plans***

For TDA Plans that are Inactive Plans, the Annual Separate Account Expense, including the Administrative Charges, Distribution Expense Charge and Expense Risk Charge is 1.95%, except in Maryland where they are 1.45%. A Plan will be considered to be an Inactive Plan as of the last Valuation Day of a calendar quarter if, prior to or during that calendar quarter, Contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contractholder has notified us that the Plan is no longer active. A Plan that has not remitted Contributions for the third consecutive calendar month will be treated as an Inactive Plan and will not be aggregated with other Plans that are eligible for a Reduced Fee.

**Components of Separate Account Charge**

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We may increase or decrease the daily and monthly administrative charges described below, subject to any limitations in the Contract. The aggregate fees and charges we impose under the Contracts must be reasonable in relation to the services we provide, the expenses we expect to incur, and the risks we have assumed. You should check your quarterly statements for important messages about the qualification for, or loss of, eligibility for Tier 1, Tier 2, Tier 3, Tier 4 or Tier 5 Reduced Fees, or Standard Fees.

***Administrative Charges***

We perform administrative functions in connection with the Contracts, including receiving and allocating Contributions, making Annuity Payments as they become due, and preparing and filing all reports that the Separate Account is required to file. The expenses we incur for administrative functions include, but are not limited to, items such as state or other taxes, salaries, rent, postage, telephone, travel, office equipment, costs of outside legal, actuarial, accounting and other professional services, and costs associated with determining the unit values of the Subaccounts. We deduct, on each Valuation Day, from the value of the net assets in each Subaccount a charge for administrative expenses.

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For each Subaccount, the Administrative Charges are at an annual rate of indicated for each contract type:

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| | |
|:---|:---|
| **Type of Contract** | **Administrative Charges** |
| TDA (Standard) | &nbsp;&nbsp; .70% |
| TDA Tier 1 Reduced Fees | &nbsp;&nbsp; .05% |
| TDA Tier 2 Reduced Fees | &nbsp;&nbsp; .10% |
| TDA Tier 3 Reduced Fees | &nbsp;&nbsp; .15% |
| TDA Tier 4 Reduced Fees | &nbsp;&nbsp; .20% |
| TDA Tier 5 Reduced Fees | &nbsp;&nbsp; .40% |
| TDA Inactive Plans or VEC | &nbsp;&nbsp; 1.40% |

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The Administrative Charge may be increased, but together with the Distribution Expense Charge and Expense Risk Charge, may not exceed 2.00% in the aggregate.

***Distribution Expense Charge***

Mutual of America Securities LLC as principal underwriter, performs all distribution and sales functions and bears all distribution and sales expenses relative to the Contracts. These expenses include the payment of that portion of the salaries of our registered representatives attributable to the sale and distribution of Contracts, as well as expenses for preparation of sales literature and other promotional activities. We deduct, on each Valuation Day, from the value of the net assets in each Subaccount a charge for distribution expenses.

For each Subaccount, the Distribution Expense Charge is at an annual rate indicated for each contract type:

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| | |
|:---|:---|
| **Type of Contract** | **Distribution Expense Charge** |
| TDA (Standard) | &nbsp;&nbsp; .55% |
| TDA Tier 1 Reduced Fees | &nbsp;&nbsp; .05% |
| TDA Tier 2 Reduced Fees | &nbsp;&nbsp; .10% |
| TDA Tier 3 Reduced Fees | &nbsp;&nbsp; .15% |
| TDA Tier 4 Reduced Fees | &nbsp;&nbsp; .20% |
| TDA Tier 5 Reduced Fees | &nbsp;&nbsp; .35% |
| TDA Inactive Plans or VEC | &nbsp;&nbsp; .35% |

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The Distribution Expense Charge may be increased, but together with the Administrative Charge and Expense Risk Charge, may not exceed 2.00% in the aggregate.

***Expense Risk Charge***

We assume certain expense risks under the Contracts. The expense risks we assume arise from our guarantees in the Contracts, including the limitations on administrative charges and our obligation to make Annuity Payments in accordance with annuity tables in the Contracts. We have estimated expenses we expect to incur over the term of the Contracts prior to annuitization and the lengthy period that we may make Annuity Payments. We assume the risk that expenses will be higher than we estimated. We deduct, on each Valuation Day, from the value of the net assets in each Subaccount a charge for expense risks.

For each Subaccount, the Expense Risk Charge is at an annual rate indicated for each contract type:

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| | |
|:---|:---|
| **Type of Contract** | **Expense Risk Charge** |
| TDA (Standard) | &nbsp;&nbsp; .20% |
| TDA Tier 1 Reduced Fees | &nbsp;&nbsp; .15% |
| TDA Tier 2 Reduced Fees | &nbsp;&nbsp; .15% |
| TDA Tier 3 Reduced Fees | &nbsp;&nbsp; .15% |
| TDA Tier 4 Reduced Fees | &nbsp;&nbsp; .20% |
| TDA Tier 5 Reduced Fees | &nbsp;&nbsp; .20% |
| TDA Inactive Plans or VEC | &nbsp;&nbsp; .20% |

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The Expense Risk Charge may be increased, but together with the Distribution Expense Charge and Administrative Charge, may not exceed 2.00% in the aggregate.

***Separate Account Charge Reduction—Certain National Accounts***

We reduce the Separate Account charges (Base Contract Expenses) for certain Contracts of Employers that are member agencies of approved national accounts that meet the following criteria. If the national account has member agencies with total assets in their Contracts, including the Separate Account and the General Account, of at least $325 million as of the last Valuation Day of the calendar year, initially or when being reconsidered after losing eligibility, and meets the other criteria discussed in this paragraph, the Contracts will become eligible for the National Account Reduced Separate Account Annual Expenses as of the following calendar year as set forth below. After member agencies affiliated with the national account become eligible for National Account Reduced Separate Account Annual Expenses, the total assets in the member agencies' Contracts must remain above $292.5 million (the "National Account Minimum") as of the last Valuation Day of the calendar year for the Contracts to remain eligible for the National Account Reduced Separate Account Annual Expenses for the following calendar year. Loss of eligibility for the National Account Reduced Separate Account Annual Expenses will occur if the total assets in the member agencies' Contracts fail to maintain at least the National Account Minimum for any reason; for example, withdrawals from Contracts or the investment performance of the Underlying Funds. Additionally, to be eligible for National Account Reduced Separate Account Annual Expenses, the national association or headquarters of the national account must fund its own Plan with a Contract issued by Mutual of America, promote Mutual of America as an "exclusive retirement plan service provider" to its member agencies in its directories and on its website, provide us with information regarding member agencies, allow our participation as a vendor or presenter at its conferences, and allow outbound telephone contact with its member agencies. To be considered a member agency of such a national account, the member agency must have a published corporate mission consistent with that of the national account organization with which it is affiliated.

National Account Reduced Separate Account Annual Expenses will be determined for each Employer that is a member agency of a qualifying National Account, if the Employer is otherwise eligible for Reduced Fees, based on the pricing tier for which that individual Employer qualifies based on the assets in that Employer's Plan. The regular and National Account Reduced Separate Annual Expenses are as follows:

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| | | |
|:---|:---|:---|
|  | **Regular** <br> **Separate Account Annual** <br> **Expenses**<br>| **National Account Reduced** <br> **Separate Account Annual** <br> **Expenses**<br>|
| Standard Fee | &nbsp;&nbsp; 1.45% | 1.45% |
| Tier 1 Reduced Fee | &nbsp;&nbsp; 25% | .25% |
| Tier 2 Reduced Fee | &nbsp;&nbsp; 35% | .30% |
| Tier 3 Reduced Fee | &nbsp;&nbsp; 45% | .35% |
| Tier 4 Reduced Fee | &nbsp;&nbsp; 60% | .40% |
| Tier 5 Reduced Fee | &nbsp;&nbsp; 95% | .85% |

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A member agency of a national account that is eligible for the Standard Fee will continue to be eligible to receive a waiver of the employer-paid monthly charges.

**Monthly Participant Charge**

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***Annual Contract Fees.*** We also deduct from your Account Value on a monthly basis the pro-rated portion of an Annual Contract Fee, from each Group Participant's Account Value, unless the Employer has elected to pay this charge on behalf of its Participants. Because we deduct or receive this charge monthly, we refer to the monthly installment as "the Monthly Participant Charge." We will determine and charge fees as of the 15th day of each month (or the first Valuation Day after the 15th day if the 15th day is not a Valuation Day). The monthly charge is $2.00 if you have an Account Value of $2,400 or more at the 15th day of the month, or <sup>1</sup>∕12 of 1% of the Account Value at the 15th day of the month if your Account Value is less than $2,400 at the 15th day of the month (which will be less than $2.00).

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&nbsp;&nbsp;&nbsp;&nbsp;● *Waiver of Contract Fee for eDocuments Participants.* We offer eDocuments, a feature that offers Participants a way to electronically receive communications and reports (see "Definitions We Use in this Prospectus" for a definition of eDocuments). We do not impose the Annual Contract Fee on a monthly basis, as of the last day of the month, if you elect to use eDocuments. If you subsequently discontinue using eDocuments, we will reimpose the Annual Contract Fee on a monthly basis.

***Additional Information About eDocuments****.* As indicated, the eDocuments feature 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. You will be notified by email each time documents become available that you can log on to our website to view the document. 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. The Consent Agreement provides that you will need to log in to Mutual of America's website to view documents online and to make any necessary updates to your email address. You also must have an email address and have Adobe<sup>®</sup> Reader<sup>®</sup> software installed on your computer, which you can obtain at no charge.

When you sign up for eDocuments we will waive the monthly participant charge for each month, beginning with the month in which you submit the consent form. Waiver of the monthly participant charge also applies to current eDocuments users. If you do not elect to use eDocuments, you will be charged the monthly participant charge, unless you qualify for a waiver. If you do not elect to use eDocuments, you will receive paper copies of all documents free of charge by regular USPS mail delivery. You may revoke your consent to eDocuments at any time, either online or by calling Mutual of America at 800.468.3785 and instructing a customer service representative to revoke your consent, and the monthly participant charge will resume in the month you revoke your consent. Your consent to eDocuments will be revoked when we are notified of your death. If you elect to use eDocuments, and if at any time you would like to receive a paper copy of any of these documents, please call Mutual of America at 800.468.3785 and we will provide a copy of the requested documents free of charge.

***Deduction of Monthly Participant Charge***

We deduct the monthly charge from your Account Value allocated to the General Account, if any. If you do not have enough or any Account Value in the General Account, we will deduct the charge from your General Account and then from your Account Value allocated to one or more of the Subaccounts, in a prescribed order determined by us. We will deduct the full monthly charge from the first Subaccount in the prescribed order with Account Value, and if you do not have enough Account Value in that Subaccount, we will deduct the remainder of the monthly charge from the next Subaccount in the prescribed order with Account Value.

**Employer Charges**

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***Monthly Charge.*** We provide varying levels of Plan-related administrative services to Employers that have adopted TDA Plans and charge such Employers sponsoring TDA Plans a monthly fee subject to a waiver, if applicable. The fees charged to Employers for such administrative services will vary based on the service model selected by the Employer. The specific services and all applicable charges will be set forth in notices to Employers. We charge Employers sponsoring TDA Plans a monthly fee subject to a waiver.

***Per Participant Monthly Charge.*** We charge an Employer a monthly charge for each active Participant. This charge is paid to us by the Employer and not the Participants. The charge is $4.00 for each of the first 50 Participants; $2.00 for each of the next 50 Participants; $1.00 for each of the next 100 Participants; and no charge for active Participants in excess of 200. We waive the charge for member agencies of approved national accounts and state or regional associations that have designated us as a Preferred Provider, provide us with membership details and allow us to market to their member agencies.

We also waive the charge for any Employer for each month in which the consolidated assets of the Employer's TDA, 403(b), 401(k), 401(a), SEP, SIMPLE and governmental 457 plans are $1 million or more and the Employer is remitting Contributions and is using the online retirement plan administration system provided by us or a subsidiary as of the last day of the month. Certain affiliated plans are aggregated for purposes of the $1 million total. After a Plan becomes eligible for the waiver of the charge, it must maintain total assets in the Contract of at least $900,000 as of the last Valuation Day of a calendar month to remain eligible for the waiver of the charge for the following calendar month. Loss of eligibility for the waiver of the charge will occur if the

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Plan fails to maintain total assets in the Contract of at least $900,000 for any reason (for example, withdrawals from the Plan or the investment performance of the Underlying Funds).

**Expenses of the Underlying Funds**

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A Subaccount's value is based on the shares it owns of the Underlying Fund. As a result, the investment management fees and other expenses the Underlying Funds pay will impact the value of the Subaccounts. Charges are deducted from and expenses paid out of the assets of the Underlying Funds. You should refer to the prospectuses of the Underlying Funds for a complete description of their expenses and deductions from net assets. In addition, please see Appendix A to this Prospectus, entitled "Underlying Funds Available As Investment Options Under the Contracts".

**Premium Taxes**

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We currently do not deduct state and municipal premium taxes from Contributions. We reserve the right to deduct all or a portion of the amount of any applicable taxes, including state and municipal premium taxes, in accordance with the Contracts. State premium taxes vary and currently are up to 3.5%.

**Loan Interest Under TDA Contracts**

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If you take out a loan under the terms of your TDA Contract, the interest rate is an adjustable rate we declare from time to time. We will designate an interest rate at the time a Loan is granted. The TDA Loan rate will not exceed the higher of 1% above the current rate of interest credited to Account Values held in the General Account for TDA Contracts, or the Moody's<sup>®</sup> Corporate Yield Average. The Moody's<sup>®</sup> Corporate Yield Average is an average of the composite yield on seasoned corporate bonds published by Moody's<sup>®</sup> Investors Service, Inc., and may increase or decrease over time. Accordingly, the interest rate you pay on your loan may increase or decrease over time.

With respect to loans, interest at the credited rate on the loan amount is at an adjustable rate, is declared from time to time and accrues daily while the loan is outstanding. **For collateralized loans, the amount held in the General Account as collateral must equal 120% of the loan amount.** The amount held in the General Account as collateral for a loan may earn interest at a rate different and lower than the rates earned by other amounts in the General Account and the interest it earns may be lower than the returns of some or all of the Subaccounts.

Interest earned on the amount in the General Account is not applied as an offset to interest accrued on the Loan; they are separate and independent from each other.

The table below describes the fees and expenses that you will pay if your TDA Plan offers loans and you take out a loan.

***Loan Charges and Interest—TDA Plans*** 

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| | |
|:---|:---|
| **Maximum Loan Interest**<br> **(TDA Contracts Only)*(1)***<br>| &nbsp;&nbsp; Higher of the Moody's<sup>®</sup> <br> Corporate Yield Average or <br> 1% above the current rate <br> of interest credited to <br> Account Values held in the <br> General Account<br>|

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(1) Interest is assessed on the loan amount at an adjustable rate which is declared from time to time, and it accrues daily while the loan is outstanding. The interest rate on your loan may vary based on changes to the rate of interest credited to Account Values held in the General Account and the Moody's® Corporate Yield Average.

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**General Description of Contracts**

**Contract Rights**

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For TDA Contracts, the Contractholder is an employer or other entities that seek a funding vehicle for group tax-sheltered annuity arrangements established under Section 403(b) of the Code. Contractholders must be organizations that qualify for tax-exempt status under Section 501(c)(3) of the Code, eligible public schools or colleges, or associations that represent such entities or their employees.

As an eligible employee of an employer that has adopted a tax-sheltered annuity arrangement funded by a TDA Contract, you may become a Participant in the TDA Plan. As a Participant in the Plan, you may elect to make contributions to the Plan, and you may transfer all or a portion of your Account Value among the Investment Alternatives, subject to any restrictions contained in your Employer's Plan.

For VEC Contracts, the Contractholder is an employer or trustees or employers' retirement plans that seek a funding vehicle to provide annuity benefits to employees participating in a retirement plan that qualifies for special federal income tax treatment under Sections 401(a) and 403(a) of the Code. As a result of the Tax Reform Act of 1986, we: (1) ceased issuing new VEC Contracts as of January 1, 1987; and (2) amended previously issued VEC Contracts to prohibit new Contributions on or after January 1, 1987. VEC Participants may make transfers between the available Investment Alternatives.

Participants in TDA and VEC Plans may also designate a Beneficiary to receive any payments due upon your death, subject to any limits under your Employer's Plan or the Code. You may change the Beneficiary while you are living, either before or after the Annuity Commencement Date, by providing us (or your Employer when the Employer has agreed to hold such information) with written notice of the change. You may elect to withdraw your Account Value as discussed in this Prospectus, subject to the terms of the Plan, and you may elect to commence annuity payments as discussed in this Prospectus.

**Contract Provisions and Limitations**

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We offer the following group variable accumulation annuity contracts described in this Prospectus to assist with retirement and long-term financial planning:

**Tax Deferred Annuity Contracts (TDA Contracts)** 

We issue TDA Contracts to Contractholders that have adopted plans under Section 403(b) of the Code. A Contractholder must be a tax-exempt organization under Section 501(c)(3) of the Code or an eligible public school or college, or an association that represents a Section 501(c)(3) tax-exempt organization or eligible public school or college or its employees.

You make Contributions under a TDA Contract through a voluntary salary reduction agreement with your employer on either a pre-tax or a Designated Roth post-tax basis (subject to the provisions of the Plan).

In addition to making Contributions by salary reduction or by a single sum transfer from a tax deferred annuity arrangement maintained under Section 403(b)(1) or 403(b)(7) of the Code, you may make Contributions by rollover of eligible distributions from eligible retirement plans if your employer's Plan and our Contract issued for the Plan accept rollovers.

For federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;● Under Section 403(b) of the Code, you may defer recognition of the Contributions you make by salary reduction, within certain limits, for federal income tax purposes. Alternatively, if permitted by the Plan, you may designate Contributions you make as Designated Roth Contributions, which are made after tax, as described in Section 402A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;● Amounts that you roll over will not be subject to the limitations on the amount of Contributions from salary reduction permitted during a tax year.

***Minimum Contract Value.*** You are not required to make any minimum amount of Contributions.

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***Allocation of Contributions.*** You may allocate Contributions among the Investment Alternatives, subject to any restrictions contained in your Employer's Plan.

We will allocate a Contribution when we receive it from you or your Employer, along with a Complete Order containing all information and completed documents necessary to process the Contribution, (see "Definitions We Use in this Prospectus" for a description of Complete Order) according to instructions sent with the Contribution, or if no instructions are sent, on the basis of your allocation election currently on our records.

You may change the allocation instructions for future Contributions from time to time. You should periodically review your allocations in light of market conditions and your retirement plans and needs.

***Voluntary Employee Contribution Contracts (VEC Contracts)***

A Voluntary Employee Contribution Contract is a group contract designed to provide annuity benefits to employees participating in a retirement plan that qualifies for special federal income tax treatment under Sections 401(a) and 403(a) of the Code. Contractholders typically are employers, or the trustees of employers' retirement plans.

***No New Contracts or Contributions.*** As a result of the Tax Reform Act of 1986, we: (1) ceased issuing new VEC Contracts as of January 1, 1987; and (2) amended previously issued VEC Contracts to prohibit new Contributions on or after January 1, 1987.

A Contractholder can remit to us on your behalf, in a single sum, an amount transferred from another voluntary employee contribution plan, or from a contract between a Contractholder and us, or between the Contractholder and another insurance company.

The Investment Alternatives available under a VEC Contract are limited to those available under our VEC Contracts as of January 1, 1987. These Investment Alternatives are the General Account and the following Subaccounts: Mutual of America Investment Corporation Money Market, All America, Bond and Composite Funds.

**Your Right to Transfer Among Investment Alternatives**

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Subject to certain restrictions, you may transfer all or a portion of your Account Value among Subaccounts, and between the Separate Account and the General Account, unless your Plan (if any) limits transfers. There are no tax consequences to you for transfers among Investment Alternatives.

Your request for a transfer will not be binding on us and cannot be effectuated until we receive a Complete Order (see "Definitions We Use in this Prospectus" for a definition of Complete Order) from you. Please note our policy on frequent purchases and redemptions under "Frequent Purchases and Redemptions of Subaccount Accumulation Units."

***Transfers, Allocation Changes and Withdrawals by Telephone or Website.*** You may generally make requests by telephone or website for transfers or withdrawals of Account Value or to change the Investment Alternatives to which we will allocate your future Contributions. We do not accept website requests or telephone requests for withdrawals from a VEC Contract.

On any Valuation Day, we will consider requests by telephone or website that we receive prior to 4 p.m. Eastern Time (or the close of the New York Stock Exchange, if earlier) as received that day. We will consider requests that we receive at or after 4 p.m. (or the Exchange close) as received the next Valuation Day.

You must use a password to make website requests. Your use of the password constitutes agreement to use our website in accordance with our rules and requirements. To change your password, you may follow the instructions at our website. To make telephone requests, you will be asked to provide identifying personal information to our Customer Service Representative.

We reserve the right to suspend or terminate at any time the right of Participants to request transfers or reallocations by telephone or website. We also reserve the right not to accept powers of attorney or other trading authorizations granted by any Participant to a third party. Either telephone or website transactions may

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not be possible during periods of heavy usage or from time to time for technical reasons, and you should place your order by an alternate method during any such period. The Company's failure to follow reasonable procedures may result in liability for any losses due to any unauthorized or fraudulent telephone or website transfers.

We will not be liable for following instructions communicated by telephone or website that we reasonably believe to be genuine. To confirm that instructions communicated by telephone or website are genuine, we will ask for personally identifying information to confirm your identity, record all telephone transactions and provide written confirmation of transactions, except for allocation changes made on the website.

***How to Tell Us an Amount to Transfer or Withdraw.*** To tell us the amount of your Account Value to transfer or withdraw, you must specify to us:

&nbsp;&nbsp;&nbsp;&nbsp;● the dollar amount to be taken from each Investment Alternative; or

&nbsp;&nbsp;&nbsp;&nbsp;● the percentage of your Account Value in a particular Investment Alternative to be transferred or withdrawn.

For transfers, you also must specify the Investment Alternative(s) to which you are moving the transferred amount. Your request for a transfer or withdrawal withdrawal is not binding on us and cannot be effectuated until we receive all information necessary to process your request on the required forms and for withdrawals, it must be received either through our website, or by email from an email address with a security profile in our records, or by mail to our Financial Transaction Processing Center.

**Designation of Beneficiary**

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You may designate a Beneficiary or Beneficiaries, subject to any limits under your Employer's Plan or the Code, to receive any death benefit due during the Accumulation Period or to receive any remaining payments (or their Commuted Value) due during the Annuity Period. You may change the Beneficiary while you are living, either before or after the Annuity Commencement Date, by providing us (or your employer when the employer has agreed to hold such information) with written notice of the change. The designation or change in designation will, upon receipt by us, take effect as of the date you signed the written notice, whether or not you are living at the time we receive the notice. Designations or changes in designations made via your employer will be deemed to be received by us at the time your employer enters the information on our system. We will not be liable for any payment or settlement we make before we receive the notice of Beneficiary or change of Beneficiary.

Some TDA Plans require that if a TDA Participant is legally married, the Beneficiary will be the Eligible Spouse unless we have received the Eligible Spouse's consent to permit another Beneficiary. The consent must:

&nbsp;&nbsp;&nbsp;&nbsp;● be in writing,

&nbsp;&nbsp;&nbsp;&nbsp;● be signed by the Eligible Spouse and witnessed either by a notary public or a Plan representative,

&nbsp;&nbsp;&nbsp;&nbsp;● agree to your election to waive any qualified preretirement survivor annuity and qualified joint and survivor annuity forms of benefit that otherwise would be applicable, and

&nbsp;&nbsp;&nbsp;&nbsp;● agree to the designation of a Beneficiary other than your Eligible Spouse.

If you want to make subsequent Beneficiary designations or selections of forms of annuity benefit, your Eligible Spouse must provide written consent in the same manner.

You should specify a Beneficiary and periodically review your Beneficiary designation. We are required to pay the Beneficiary as shown in our records. You may not change a Beneficiary by naming a different person in your will.

If no Beneficiary designated by you is living at the time of your death during the Accumulation Period, or when the Annuitant dies (and the joint Annuitant, if any dies) during the Annuity Period, the Beneficiary or Beneficiaries will be determined in accordance with the Contract. The Contract lists classes of Beneficiaries in an order of preference. We will pay the surviving family member(s) in the first class of Beneficiaries we find, in this order: your spouse; your children; your parents; and your brothers and sisters. If we do not find family members in these classes, we will pay the executors or administrators of your estate.

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Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of three to five years from the date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but, after utilizing Department of Labor guidance regarding locating missing participants and conducting a thorough search, we are unable to locate the Beneficiary of the death benefit, or the Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or the contract owner last resided, as shown on our books and records, or to our state of domicile. This "escheatment" is revocable, however, and the state is obligated to pay the death benefit if your Beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you periodically review and update, if necessary, your Beneficiary designations, including full names and complete addresses, if and as they change.

**Our General Account**

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***Scope of Prospectus.*** We have not registered the Contracts under the Securities Act of 1933 for allocations to the General Account, nor is the General Account registered as an investment company under the 1940 Act. Disclosures regarding the fixed portion of the Contracts and the General Account, however, generally are subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. For more details regarding the General Account, you should refer to the Contracts.

***General Description.*** Amounts you allocate to the General Account become part of our general assets. Our General Account supports our insurance and annuity obligations, including the payment of claims under our Contracts and our Policies, and is subject to the claims of our creditors. The General Account consists of all of our general assets, other than those in the Separate Account and other segregated asset accounts.

We bear the full investment risk for all amounts that Participants allocate to the General Account. We have sole discretion to invest the assets of the General Account, subject to applicable law. Your allocation of your Account Value to the General Account does not entitle you to share in the investment experience of the General Account. You should consider our claims paying ability and financial strength when allocating amounts to the General Account.

We guarantee that we will credit interest for the life of the Contract to Account Values in the General Account at a rate at least equal to the minimum rate required by your Contract. TDA Contracts being newly issued by the Company provide for a minimum rate determined in accordance with the National Association of Insurance Commissioners (NAIC) standard non-forfeiture law for annuities. The NAIC minimum rate is determined in accordance with a formula set forth in your Contract that is based upon the five-year constant maturity treasury rate reported by the Federal Reserve as of the close of business on the last business day each October. In no event under that formula will the minimum guaranteed credited interest rate be less than 1% nor more than 3%. We determine whether the application of the formula will change the minimum guaranteed rate each November, and any change is effective the following January 1. In our sole discretion, we may credit a higher rate of interest to Account Values in the General Account, although we are not obligated to credit interest in excess of the minimum rate. We compound interest daily on Account Values in the General Account, to produce an effective annual yield that is equal to the stated interest rate. The interest rates may be different for the portion of your Account Value in the General Account being held as collateral for a loan. You can find the current rate for your Account Value in the General Account in your quarterly statement or by logging in to the secure "My Account" section of our website, mutualofamerica.com.

We reserve the right to credit a higher interest rate than the rate otherwise set for amounts allocated to the General Account when the Employer uses the online retirement plan administration system provided by us or a subsidiary for the transmission and receipt of certain information regarding Participants, Contributions and other Contract information, and in certain other circumstances.

Refer to the additional information about our General Account's operations in Appendix B to this Prospectus.

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***Transfers and Withdrawals.*** TDA Participants may transfer any portion of your Account Value to or from the General Account, subject to any restrictions contained in your Employer's Plan. To the extent permitted by the Code and your Plan, you may withdraw any portion of your Account Value from the General Account prior to the Annuity Commencement Date. We have the right to delay certain transfers and withdrawals from the General Account for up to six months following the date that we receive the transaction request.

VEC Participants may make transfers between the available Investment Alternatives and may make withdrawals of all or part of their Account Values at any time prior to the Annuity Commencement Date, unless the employer's plan provides otherwise. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to the Participant. We do not currently charge for transfers or withdrawals made under VEC Contracts.

**Participation in Divisible Surplus**

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We are a mutual life insurance company and consequently have no stockholders. Contractholders or Participants share in our earnings through any dividends approved by the Company's Board of Directors. We can give no assurance as to the amount of divisible surplus, if any, that will be available for distribution under the Contracts in the future. The determination of such divisible surplus is within the sole discretion of our Board of Directors. No dividends are anticipated.

**Contract or Separate Account Changes**

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**Funding and Other Changes We May Make** 

We reserve the right to make certain changes to the structure and operation of the Subaccounts at our discretion and without your prior consent. We may add, delete, or substitute Subaccounts for all contractholders or only for certain classes of contractholders. New or substitute Subaccounts may have different fees and expenses and may only be offered to certain classes of contractholders. In making changes, we will comply with applicable state and federal law and will obtain the approval of Participants and/or the Contractholders, if required.

Substitutions may be made with respect to existing investments or the investment of future purchase payments, or both. We may close Subaccounts to allocations of purchase payments or contract value, or both, at any time in our sole discretion. The Underlying Funds, which sell their shares to the Subaccounts pursuant to participation agreements, also may terminate these agreements and discontinue offering their shares to the Subaccounts. Substitutions might also occur if shares of an underlying fund should no longer be available, or if investment in any underlying fund's shares should become inappropriate, in the judgment of our management, for the purposes of the contract, or for any other reason in our sole discretion and, if required, after obtaining any approval that may be required by law or regulation.

We also may:

&nbsp;&nbsp;&nbsp;&nbsp;● create new Subaccounts of the Separate Account at any time;

&nbsp;&nbsp;&nbsp;&nbsp;● to the extent permitted by state and federal law, modify, combine or remove Subaccounts in the Separate Account;

&nbsp;&nbsp;&nbsp;&nbsp;● transfer assets we have determined to be associated with the class of contracts to which the Contracts belong from one Subaccount of the Separate Account to another Subaccount;

&nbsp;&nbsp;&nbsp;&nbsp;● create additional separate accounts or combine any two or more accounts including the Separate Account;

&nbsp;&nbsp;&nbsp;&nbsp;● transfer assets we have determined to be attributable to the class of contracts to which the Contracts belong from the Separate Account to another separate account of ours by withdrawing the same percentage of each investment in the Separate Account, with appropriate adjustments to avoid odd lots and fractions;

&nbsp;&nbsp;&nbsp;&nbsp;● operate the Separate Account as a management investment company under the 1940 Act, or in any other form permitted by law, and designate an investment advisor for its management, which may be us, an affiliate of ours or another person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● deregister the Separate Account under the 1940 Act and/or cease to maintain the registration under the Securities Act of 1933 for sales of units of interest under the Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;● operate the Separate Account under the general supervision of a committee, any or all the members of which may be interested persons (as defined in the 1940 Act) of ours or our affiliates, or discharge the committee for the Separate Account.

We may modify the provisions of the Contracts to reflect changes to the Subaccounts and the Separate Account and to comply with applicable law. We will not make any changes without any regulatory approval that may be required and, if we make any such changes, we will provide the Contractholder and Participants with written notice as may be required under applicable law or regulation.

**Frequent Transfers Among Subaccounts**

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***Frequent Purchases and Redemptions of Subaccount Accumulation Units***

The purpose of our Contracts is to assist with the accumulation of long-term retirement savings. Our Contracts are not intended to provide Contractholders and Participants with a means to engage in market timing through frequent transfers of their Account Values in an attempt to take advantage of daily fluctuations in the securities markets.

Excessive frequent transfer practices designed to take advantage of short-term market changes may cause disruption to the efficient administration of portfolio management strategies and increase transaction costs. Under certain market conditions, such transfer practices can harm the investment performance of an Underlying Fund if it involves amounts which are substantial when compared to the net total Underlying Fund assets under management.

Each Underlying Fund has reserved the right to reject any aggregate purchase of Underlying Fund shares that it determines to be inconsistent with their Underlying Fund's policies and procedures relating to market timing. As such, there is also a risk that excessive frequent transfer practices by individual Contractholders and Participants could cause an Underlying Fund to reject a net purchase order from a Subaccount on behalf of many Contractholders and Participants, thereby compromising our ability to carry out purchase and redemption orders of many of our Contractholders and Participants.

In consideration of the above, we have adopted and implemented the following policies and procedures with regard to frequent transfers.

We reserve the right to adopt additional rules that would apply to Contractholders and Participants who in our view are repeatedly engaging in short-term trading through transfers of all or a portion of their Account Values in any of the Subaccounts offered under our Contracts.

We work with the Underlying Funds to discourage Contractholders and Participants from engaging in excessive frequent transfers that could harm any Fund's investment performance. We periodically meet with the management of the Underlying Funds to discuss any factors that may materially impact investment performance of the Underlying Funds, including excessive frequent transfer activity, if any. We periodically request a description of the Underlying Funds' procedures and controls used to identify any excessive frequent transfer activity and a report on whether any such activity might have an adverse effect on the investment performance of any of the Underlying Funds. It should be noted that each of the Underlying Funds has established its own internal restrictions or minimums, and may decide to apply its own frequent trading policies and procedures to your transactions in the event it determines that, in its opinion, our procedures do not satisfy its particular policies and procedures. The Underlying Fund policies and procedures, if applied to your transactions, could result in a limit on the number of trades you can request in specified time periods, temporary blockage of trades or other actions. In addition, we may be required to disclose information on participant transfers to the Underlying Funds. We also request assurance that the Underlying Funds are correctly daily valuing their Subaccounts and appropriately using Fair Value Pricing, where required.

We aggregate all daily purchase or redemption orders received from all Contractholders and Participants under the Contracts into a net purchase or redemption of shares of the Underlying Funds. We monitor such aggregate net daily purchase and redemption into or out of each Underlying Fund to make a determination, in

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our opinion, as to whether such aggregate net trading activity is material in relation to the total assets managed by each of the Underlying Funds, and if so, whether it could have an adverse impact on an Underlying Fund's investment performance based upon the total net assets under management. We reserve the right to look back from any daily purchase or redemption activity in order to identify frequent transfer activity involving substantial amounts.

Depending on the nature of the net transfer activity, we will determine if there is frequent transfer activity conducted by the same Contractholders and Participants which could adversely impact the investment performance of an Underlying Fund, in view of the total net assets of the Underlying Fund, or could cause an Underlying Fund to reject a net purchase order on behalf of all Contractholders and Participants. In this regard, we can review individual purchase and redemption requests by Contractholders and Participants. If, in our opinion, excessive frequent transfer activity could cause an adverse effect on the investment performance of an Underlying Fund or could cause an Underlying Fund to reject a net purchase order on behalf of all Contractholders and Participants, we will take such actions as are appropriate to discourage such activity from continuing, as noted below. We do not accommodate Participants engaging in market timing. We will take the following actions in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;● contact the Contractholder or Participant and remind them that the Contracts are not designed to be used for such frequent transfers, request that such activity cease, and inform them that their use of the website or the 800-line privileges for transfer activity will be suspended if the activity does not cease;

&nbsp;&nbsp;&nbsp;&nbsp;● if the activity does not cease, suspend the Contractholder's or Participant's website and 800-line privileges for transfers and require that all future purchase and redemption requests be carried out solely via a signed, written request to initiate any transaction, to be sent to our Financial Transaction Processing Center in Boca Raton via U.S.P.S. regular mail (the "Regular U.S. Mail Rule");

&nbsp;&nbsp;&nbsp;&nbsp;● then, in appropriate circumstances reject a transfer request, consistent with applicable law, rule, and regulation.

These procedures are applied uniformly to all Contractholders and Participants, individually and in the aggregate, engaging in such frequent transfer activity. The Contracts seek to provide a high degree of flexibility to Contractholders and Participants in managing their long-term retirement savings and other benefits and to this end do not have "front end" charges on contributions or transfers, or "back end" surrender or redemption charges on transfers or withdrawals. The Contracts permit unlimited, no-fee transfers between and among our General Account and the Subaccounts. We have no arrangements with any person or entities to permit frequent transfer activity and no such arrangements are permitted. We have not set a restriction on the amounts or number of transactions allowed in a given period and have not established a minimum holding period other than as may be applicable regarding the policies as noted above, nor have we set an exchange or redemption fee.

There may be legal and technological limitations on our ability to impose restrictions or limitations on the transfer practices of our Contractholders and Participants which arise out of the state law affecting a Contract and the necessary judgments involved in creating monitoring parameters. Consequently, our ability to discourage excessive frequent transfers that do not involve material or substantial amounts in the Subaccounts may be limited. The detection or deterrence of frequent transfer activity involves judgments that are inherently subjective. Accordingly, there is no assurance that we can restrict all transfer activity that may adversely affect Contractholders or Participants. There can be no assurance that frequent transfers in the Subaccounts will not occur. As a result of the limitations, restrictions and judgments described in this paragraph, it is possible that some participants may succeed in frequent trading activities, and in that eventuality, the effects, if any, of such activities may to some degree impact the other participants in the Separate Account.

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**Annuity Period**

**Available Forms of Annuity – TDA Contracts**

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If you are a Participant under a TDA Contract, you are the Annuitant, and the Annuitant cannot be changed. You should refer to the terms of the Contract or your Certificate for rights that you or a Beneficiary may have. When electing annuity payments, you or a Beneficiary beginning to receive death benefits also may name a joint Annuitant.

If your Employer has selected Mutual of America as the annuity provider for annuity benefit distributions, at your Annuity Commencement Date, we will apply your Account Value to purchase a stream of monthly Annuity Payments (an annuity) from us to you (the Annuitant). All of our annuities provide monthly payments. Once Annuity Payments have begun, you may no longer make Contributions, transfers or withdrawals under the Contract, and your Employer may no longer make Contributions on your behalf. If your Plan permits, and subject to its provisions, you may elect to receive your Account Value by making partial or full withdrawals, including under the Specified Payments Option, instead of receiving Annuity Payments. Once your annuity payments have commenced, you cannot change the form of annuity you have elected, and you are not able to withdraw contract value after the annuity commencement date.

We offer several forms of annuity, some of which have guaranteed minimum time periods for payments. If an Annuitant (and contingent annuitant if a joint and survivor annuity) dies before the minimum time period has ended, the Beneficiary will receive the remaining Annuity Payments due. A life annuity protects an Annuitant from outliving the source of income, since the payments continue for the life of the Annuitant.

You may select the annuity form when you designate the Annuity Commencement Date (subject to availability of such options under the Employer's TDA Plan). There is no minimum account value to elect an annuity option. A TDA Plan may require that if you are married, you will receive a joint and survivor annuity with your Eligible Spouse, unless the Eligible Spouse consents in writing to another form of annuity.

You may select a form of annuity from the following list (subject to the availability of such annuity under your Employer's Plan), and in each case, you will be the Annuitant. Your employer's Plan may contain these special rules for determining the annuity form:

&nbsp;&nbsp;&nbsp;&nbsp;● If you have an Eligible Spouse on the Annuity Commencement Date, you will receive Annuity Payments in the Joint and Survivor Life Annuity, as described below, with your Eligible Spouse as joint annuitant, unless you, no more than ninety days, or one hundred and eighty days, depending on the provisions of the Plan, before the Annuity Commencement Date, select in writing one of the other annuity forms listed below and your Eligible Spouse consents to the form selected.

&nbsp;&nbsp;&nbsp;&nbsp;● If you do not have an Eligible Spouse on the Annuity Commencement Date, you will receive Annuity Payments in the form of a Non-Refund Life Annuity, as described below, unless you, before the Annuity Commencement Date, select in writing a different annuity form.

***Life Annuity with Ten Years Period Certain.*** This annuity form provides for monthly Annuity Payments to the Annuitant during the Annuitant's lifetime, but if the Annuitant dies before the end of the ten year period, Annuity Payments will be paid to the Beneficiary until the end of the ten year period. After the Beneficiary has begun receiving payments, if the Beneficiary dies before the end of the ten year period, we will pay the Commuted Value of the remaining Annuity Payments to the payee named by the Beneficiary.

***Joint and 66*** <sup>2</sup>***∕3% Survivor Life Annuity with Ten Year Period Certain.*** This annuity form provides for monthly Annuity Payments to the Annuitant during the Annuitant's lifetime and 66 <sup>2</sup>∕3% of that monthly Annuity Payment to the joint Annuitant after the Annuitant's death if the joint annuitant survives the Annuitant. If both the Annuitant and the joint annuitant die before the end of the ten year period, payments continue in the amount last paid until the end of ten years to the Beneficiary. If the Beneficiary dies before the end of the ten year period, we will pay the Commuted Value of the remaining Annuity Payments to the payee named by the Beneficiary. If a person named as an Annuitant's joint annuitant dies prior to the Annuity Commencement Date, your election of this annuity form is canceled automatically.

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***Full Cash Refund Annuity.*** This annuity form provides for monthly Annuity Payments to the Annuitant during the Annuitant's lifetime. If the aggregate amount of the monthly Annuity Payments that we made to the Annuitant is less than your Account Value at the Annuity Commencement Date, we will pay the difference to the Beneficiary in a single sum.

***Joint and Survivor Life Annuity.*** Same as the Joint and Survivor Life With Period Certain annuity above, except that payments will end upon the death of the survivor as between the Annuitant and the joint annuitant. There is no guaranteed minimum payment period.

***Non-Refund Life Annuity.*** We make a monthly Annuity Payment until the death of the Annuitant. No amount is payable to any joint annuitant or Beneficiary.

***Other Forms.*** In addition to the forms of annuity listed above, your plan may offer additional forms of annuity as of your Annuity Commencement Date. We may, if offered by your plan, permit you to elect a different period certain for life annuities and joint and survivor life annuities. Currently, in addition to the ten year period, we permit the election of periods certain of three, five and fifteen years. Additionally, we may, if offered by your plan, permit you to elect a different percentage survivorship benefit for joint and survivor life annuities (with or without period certain). Currently, in addition to the 66 <sup>2</sup>∕3% survivorship benefit, we offer survivorship benefits of 50%, 75% and 100%. We have the right to discontinue offering these periods certain and survivorship benefits at any time unless your Contract provides otherwise.

**Available Forms of Annuity – VEC Contracts**

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You may select the annuity form when you designate the Annuity Commencement Date. There is no minimum account value to elect an annuity option. Unless an election to the contrary is made prior to the Annuity Commencement Date, a Participant who does not have an Eligible Spouse at the Annuity Commencement Date will have annuity benefits paid in the normal form of annuity specified by the employer's plan, and a Participant who has an Eligible Spouse will have annuity benefits paid on the Joint and Survivor Form, with the Eligible Spouse as the Joint Annuitant. Consent of the Eligible Spouse is required if payment is to be made in any other form.

Election of Annuity Commencement Date. Unless the employer's plan provides otherwise, Participants may elect an Annuity Commencement Date that is either the Participant's Normal Retirement Date (the first day of the calendar month coincident with or next following such Participant's 65th birthday); Early Retirement Date (the first day of any calendar month within the ten-year period immediately preceding the Participant's Normal Retirement Date, but no earlier than age 55); or Late Retirement Date (the first day of any calendar month following such Participant's Normal Retirement Date) but generally no later than the April 1st following the participant's attaining age 72 for Participants who are no longer actively at work.

**Amount of Annuity Payments**

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We will fix the amount of each Annuity Payment and we guarantee that we will make the payments, according to the form of annuity you select. Our guarantee of payment is subject to our financial strength and ability to meet our claims-paying obligations under the Contract, so you should consider our financial strength when electing a benefit option. The amount of the Annuity Payments will be fixed at the same amount every month and depends on the annuity form you choose, your age, your joint annuitant's age, if applicable, the applicable annuity purchase rates and your Account Value at the Annuity Commencement Date. The duration of an annuity can affect your level of benefit, with longer durations generally producing a lower monthly payment, all things being equal.

Each Contract contains tables of annuity purchase rates. We guarantee that the purchase rates we use to determine the monthly amount of the Annuity Payment, for the form of annuity you select, will be the better of the guaranteed rate in the Contract or our then-current annuity purchase rate at the time of your Annuity Commencement Date. You may choose to make withdrawals of your Account Value, instead of electing to receive Annuity Payments.

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We will issue to each Participant under a TDA Contract an individual certificate setting forth the amount and terms of payment of their annuity benefits. We will send Annuity Payments directly to Annuitants at their last known address, as filed with us.

**Annuity Commencement Date**

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Your Annuity Commencement Date must be on the first of a month and must be in accordance with the Plan, if any. You must notify us in writing of the Annuity Commencement Date in advance, according to our procedures.

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**Benefits Available Under the Contract**

The following table summarizes information about the benefits available under the Contract.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit** <br> **Standard or** <br> **Optional**<br>| **Maximum Fee** | **Brief Description** <br> **of Restrictions/** <br> **Limitations**<br>|
| Death benefit <br> during <br> Accumulation <br> Period equal to <br> Account Value<br>| To provide a death <br> benefit to one or <br> more Beneficiaries, <br> upon the death of <br> the Participant <br> during the <br> accumulation period<br>| Standard | No specific fee for <br> the death benefit – <br> included as part of <br> overall Contract <br> charges<br>| Death benefit <br> amount is reduced <br> by the amount of <br> any outstanding <br> loans and interest<br>|
| Loans under a <br> TDA Contract<br>| To borrow using <br> your Account Value <br> as collateral <br> security for the loan<br>| Optional | The maximum loan <br> interest is the Prime <br> Rate +1%. The <br> origination fee for <br> loans repaid by <br> payroll deduction is <br> $75, with an annual <br> fee of $15 per year. <br> There is a $350 <br> origination fee for <br> loans repaid <br> through home <br> billing.<br>| If you have a loan <br> under a TDA <br> Contract, your <br> Account Value in <br> the General <br> Account after a <br> transfer or <br> withdrawal must be <br> at least equal to the <br> loan collateral <br> security amount.<br>|

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**Loans**

Unless your Plan does not provide for loans, we make available a loan option under a TDA Contract. You have the right to borrow funds using your Account Value as collateral security. 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 designate an interest rate at the time a Loan is granted. The Loan interest rate we declare from time to time will not exceed the higher of the Moody's<sup>®</sup> Corporate Yield Average and 1% above the guaranteed rate of interest credited to Account Values held in the General Account. The Moody's<sup>®</sup> Corporate Yield Average is an

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average of the composite yield on seasoned corporate bonds published by Moody's<sup>®</sup> Investors Service, Inc., and may increase or decrease over time. Accordingly, the interest rate you pay on your loan may increase or decrease over time. Interest earned on the amount in the General Account is not applied as an offset to interest accrued on the Loan; they are separate and independent from each other.

Any loan shall be repaid within five years, except a loan used to purchase a primary residence of the Participant may be repaid over a period not to exceed ten years. Your repayment schedule will provide for substantially level amortization of the loan over the applicable period, which means that your payments will be substantially equal (subject to changes in the interest rate on your loan, if any).

You will be billed for your loan repayments.

You will be required to transfer an amount equal to 120% of the loan to serve as collateral security for your loan from the Separate Account to the General Account, unless you already have allocated the required Account Value to the General Account. **Collateralized loans are loans for which security in the amount of 120% of the loan amount is required to be transferred into the General Account and held against repayment of the loan.** The amount withdrawn from each Investment Alternative that comprises your Account Value for the transfer of collateral security or the withdrawal for a trusteed loan will be withdrawn proportionally from all Investment Alternatives in your account at the time of the request, unless you instruct us otherwise. We will not permit you to make withdrawals or transfers of the collateral security amount while the loan is outstanding. The interest rate for the loan will not exceed the higher of 1% above the current rate of interest credited to Account Values held in the General Account for TDA Contracts, or the Moody's® Corporate Yield Average for the calendar month ending two months before the date on which the rate is determined, and payments of principal and interest on the loan are due no less frequently than quarterly. You will pay interest on the loan, but the amount we hold in the General Account as collateral for your loan will accrue interest. A portion of the collateral equal to the loan amount may earn interest at a rate that is different than, and possibly lower than, the rate earned by other amounts in the General Account. There are no income tax consequences to you from obtaining a loan under the TDA Contract, unless you do not make repayments when they are due.

**You can only borrow to the extent that you have allocated a sum equal to 120% of the loan amount to the General Account.** If you do not have 120% of the loan amount (in addition to sums already serving as collateral for other loans) in the General Account and do not allocate additional amounts to the General Account from your Account Value allocated to other investment alternatives to achieve such 120%, you cannot borrow that loan amount. We do not transfer amounts to the General Account for purposes of satisfying the collateral requirement on your behalf unless we are instructed by you to transfer from other investment alternatives to the General Account.

All Plans require authorization by the Employer or third party administrator, as applicable, for Participant loans.

**Death Benefit During the Accumulation Period**

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We will pay a death benefit to your designated Beneficiary during the Accumulation Period upon your death.

We will pay the death benefit after we have received at our Home Office:

&nbsp;&nbsp;&nbsp;&nbsp;● due proof of your death, generally a certified copy of your death certificate;

&nbsp;&nbsp;&nbsp;&nbsp;● notification of election by the Beneficiary(ies) of the form of payment of death benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;● claim forms and other information and documents that we inform the beneficiary are necessary for us to process the death benefit request.

The amount of the death benefit will be the value of your Account Value as of the date on which we receive the items listed above less any outstanding loans and interest. Until then, your Account Value will remain allocated as it was on the date of death. (If you were the Annuitant and your Eligible Spouse is the Beneficiary, special rules apply as described below.) If you have more than one beneficiary, each beneficiary's share of the Account Value will remain allocated as it was on the date of death until we receive the items listed above from such beneficiary. Each beneficiary will continue to bear the risk of loss of their share of the death benefit until their claim is processed.

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***Form of Payment of Death Benefit.*** The Beneficiary will elect the form of payment of death benefit as described below. The Code imposes special requirements on the payment of a death benefit and specifies the time period in which we must pay it. We will pay the death benefit in a single sum if a Beneficiary does not select an option by the date the Code requires a payout to be made.

In addition, Participants under TDA Contracts are required to begin taking minimum distributions after they reach a certain age (called the **Required Beginning Date or Required Distribution Date**), and certain requirements depend on whether the Participant had reached that age at the time of death. Beneficiaries should consult their tax advisers for any additional rules that may apply in their particular circumstances. See Minimum Required Distributions under "Taxes".

In general, any method of distribution that a Beneficiary selects must comply with one of the following.

***(a) Ten Year Rule.*** In the case of a death occurring in 2020 or later, the general rule is that we must pay the entire death benefit to the Beneficiary by December 31 of the year that is ten calendar years after the year of the Participant's death, unless we pay the death benefit in accordance with (b), (c) or (d) below.

***(b) Exception for Eligible Designated Beneficiaries.*** An Eligible Designated Beneficiary, as defined below, may choose to have the entire death benefit distributed in the form of Annuity Payments that begin within one year of the Participant's death and are payable over a period of time that is not more than the Beneficiary's life or life expectancy, whichever is longer. For these purposes, an Eligible Designated Beneficiary is a Beneficiary who, at the time of the Participant's death, is also (a) the Participant's surviving spouse; (b) the Participant's minor child; (c) an individual who is no more than 10 years younger than the Participant; (d) a qualifying disabled individual; or (e) a qualifying chronically ill individual. Notwithstanding the foregoing, if the Eligible Designated Beneficiary is a minor child, distributions must be paid in full no later than the end of the tenth year following the child's attainment of the age of majority.

***(c) Beneficiary is the Eligible Spouse.*** Special rules apply if the only Beneficiary is your surviving Eligible Spouse. A Beneficiary who is also your Eligible Spouse may use your Required Beginning Date for determining when minimum distributions must begin. As a consequence, the Beneficiary does not have to begin receiving benefits until the April 1 following the calendar year in which you would have reached age 72 if still alive. Alternatively, a Beneficiary who is also an Eligible Spouse, may roll your account balance over to his or her own qualified plan or 403(b) plan or to his or her own eligible IRA.

***(d) Special Rule for Beneficiaries that are Not Individuals.*** If your Beneficiary is not an individual, such as your estate or certain types of trusts, we must pay the entire death benefit to the Beneficiary by December 31 of the calendar year that is five calendar years after your death. However, if you die after reaching your Required Beginning Date, the Beneficiary is limited to distributions made over your remaining life expectancy.

A Beneficiary under more than one 403(b) plan may take withdrawals from one or more such plans, in accordance with applicable IRS regulations, if permitted by the Plan.

**Death Benefit after the Annuity Commencement Date**

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If an Annuitant (and the joint annuitant if the form is a joint annuity) were to die on or after the Annuity Commencement Date and annuity payments have begun, your Beneficiary will receive the death benefit (if any) provided by the form of annuity under which Annuity Payments were due. If you elect a form of annuity that does not provide for a certain period or full cash refund, then no payments or death benefit will be due following the death of the Annuitant (and the Joint Annuitant, as applicable) after the Annuity Commencement Date..

***Single Sum for Small Annuity Payments.*** If your Account Value is $1,000 or less (or less than such greater amount that may be permitted by law and the Plan), then on the Annuity Commencement Date you have requested, or at your Required Beginning Date, as applicable, we will pay your Account Value to you in a single sum payment, and you may not elect to receive Annuity Payments. Alternatively, we may make such single sum payment to an IRA (or Roth IRA for Designated Roth Accounts) established by you (or your employer for you, if the Plan so provides).

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***Evidence of Survival.*** When payment of a benefit is contingent upon the survival of any person, we may require that evidence of that person's survival be furnished to us, either by personal endorsement of the check drawn for payment, or by other means satisfactory to us. If satisfactory evidence of survival is not received by us within 30 days following our request for it, we may suspend benefit payments until such evidence is received.

***Misstatement of Information.*** If we pay a benefit under a Contract based on information that you or a Beneficiary misstated to us, we will recalculate the benefit when we learn of the misstatement. We will adjust the amount of the benefit payments, or the amount applied to provide the benefit, or both, to the proper amount we determine based on the corrected information.

If we underpaid benefits due to any misstatement, we will pay the amount of the underpayment in full with the next payment due under the Contract. If we overpaid any benefits due to a misstatement, we will deduct the overpayment to the extent possible from payments as they become due under the Contract. We will include interest on the amount of any underpayments or charge interest on overpayments, at the effective rate then set forth under State insurance law provisions and in accordance with the Contract.

***Information and Determination.*** Contractholders and Participants, as appropriate, must furnish us with the facts and information that we may require for the operation of the Contract including, upon request, the original or photocopy of any pertinent records held by the Contractholder or Participant. A TDA Contractholder should report to us any determination that the Contractholder makes pursuant to the terms of the Plan, if any. We may rely on reports and other information furnished by Contractholders or Participants, and we are not obligated to inquire as to the accuracy or completeness of such reports and information.

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**Purchases and Contract Value**

**Purchase of a TDA Contract; Participation**

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We issue TDA Contracts to employers or other entities that are seeking a funding vehicle for group tax-sheltered annuity arrangements established under Section 403(b) of the Code. Contractholders must be:

&nbsp;&nbsp;&nbsp;&nbsp;● organizations that qualify for tax-exempt status under Section 501(c)(3) of the Code, or

&nbsp;&nbsp;&nbsp;&nbsp;● eligible public schools or colleges, or

&nbsp;&nbsp;&nbsp;&nbsp;● associations that represent such entities or their employees.

If you are an eligible employee of an employer that has adopted a tax-sheltered annuity arrangement funded by a TDA Contract, you may become a Participant by completing our enrollment form.

***Participation.*** Each Plan specifies the eligibility requirements for an employee's participation, which may include requirements for minimum age or years of service or allow entry into the Plan only on specified dates. We or the Plan may require you to execute agreements and applications on prescribed forms, including a salary reduction agreement or payroll deduction agreement with the Employer.

***Acceptance of Plan Asset Transfers for TDA Plans.*** A Plan Asset Transfer is a transfer to the Company on behalf of the Plan of assets held for the Plan by another financial institution. In connection with a Plan Asset Transfer, we require that the data transferred on behalf of the Plan by the Plan recordkeeper be in a format acceptable to us. We will effectuate transactions under the Contract when we have received a Complete Order (see "Definitions We Use in this Prospectus" for a definition of Complete Order). For a Plan Asset Transfer that we determine is not a Complete Order, we will seek to obtain the necessary information for the transaction to be a Complete Order so the Plan Asset Transfer can be applied as an allocated Contribution under the Contract.

In order to allocate the proper portion of the Plan Asset Transfer to each individual Participant's account and invest it under the Contract, we must receive a Complete Order. At the direction of the Employer, a Plan Asset Transfer that is not a Complete Order will be held in a non-interest bearing bank account for a short period of time. When we obtain the necessary information required for the Plan Asset Transfer to constitute a Complete

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Order, we will transfer the Plan Asset Transfer from the non-interest bearing bank account to the Contract as an allocated Contribution and allocate the appropriate amounts to each individual Participant's account under the Contract and to the investment alternatives available under the Contract as directed. If we do not obtain the necessary information within a reasonable period of time, not to exceed 45 calendar days, we will return the Plan Asset Transfer assets to the Plan trustee, if any, or otherwise to the financial institution designated by the Employer.

**Purchase of a VEC Contract; Participation**

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We no longer issue VEC Contracts. A VEC Contract was issued to employers or trustees of employers' retirement plans that were seeking to provide annuity benefits to employees participating in a retirement plan that qualifies for special federal income tax treatment under Sections 401(a) and 403(a) of the Code. As a result of the Tax Reform Act of 1986, we: (1) ceased issuing new VEC Contracts as of January 1, 1987; and (2) amended previously issued VEC Contracts to prohibit new Contributions on or after January 1, 1987.

***Transfers from other Plans or Carriers.*** A Contractholder can remit to us on your behalf, in a single sum, an amount transferred from another voluntary employee contribution plan, or from a contract between a Contractholder and us, or between the Contractholder and another insurance company.

**Customer Identification**

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We will require information from you, or your employer, as applicable, necessary to properly identify owners of Contracts as required by the USA PATRIOT Act of 2001, and other applicable laws and regulations.

In order to comply with federal laws and regulations to prevent the funding of terrorism and money laundering activities, we may refuse to accept an initial Contribution, issue a Contract or effect subsequent transactions, including, for example, accepting additional Contributions. These actions will be taken at our sole discretion or when we are required or compelled to do so by a government authority or applicable law.

**Confirmation Statements to Participants**

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We will send you a confirmation statement: each time you change your allocation instructions (except that we will not send one for allocation instruction changes via our website); when we receive a new Contribution from or for you; you transfer any portion of your Account Value among the Investment Alternatives; when a change occurs in the number of Accumulation Units and a change occurs in Accumulation Unit Values attributable to your plan becoming, or ceasing to be, eligible for the Reduced Fee; or when you make a withdrawal. A confirmation statement for a new Contribution or a change in the number of Accumulation Units and a change in Accumulation Unit Values attributable to your plan becoming, or ceasing to be, eligible for the Reduced Fee may be part of your next quarterly (or monthly, if applicable) account statement for TDA Contracts. You should promptly report to us any error in a confirmation statement or quarterly statement. Please report any such error within 30 days after the date of the confirmation or the end of the period covered by the quarterly statement for correction.

**Payment of Contributions – TDA Contracts**

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You make Contributions to a TDA Contract under a salary reduction arrangement you enter into with your employer, on a pre-tax or a Designated Roth post-tax basis (subject to the provisions of the Plan).

In addition, we also will accept on your behalf a single sum transfer from another tax-deferred annuity arrangement maintained under Section 403(b) of the Code or certain custodial accounts maintained under Section 403(b)(7) of the Code if the Contract was issued by a provider specifically identified in the Plan. Transfers while you are actively employed from any provider not specified in the Plan are prohibited.

The amount of your Contributions may not be greater than the amount permitted under applicable federal law. A Plan may require a minimum Contribution per year for each Participant. We will not accept Contributions for you for time periods after you have terminated participation under the Contract, you cease employment with the Contractholder, or if the TDA Contract has been discontinued or terminated. Under the TDA Contract, no

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additional contributions, including rollover contributions, may be made by you or on your behalf if your account value under the contract is zero and you have terminated employment with the employer which is the holder of the Contract or you are no longer a Participant in that employer's Plan. However, under IRS regulations certain contracts are exempt from some or all of the requirements of those regulations because no contributions have been made generally after 2004 (or certain other dates). Under such "exempt" contracts, also called "grandfathered contracts," no contributions, including rollover contributions, may be made by you or on your behalf whether or not you still have an account value under a grandfathered contract and whether or not you have terminated employment or participation with the employer holding such grandfathered contract.

We maintain the following separate account balances to record Contributions and earnings (or losses):

&nbsp;&nbsp;&nbsp;&nbsp;● Employee Contribution Account (pre-tax)

&nbsp;&nbsp;&nbsp;&nbsp;● Employee Contribution Account (after-tax)

&nbsp;&nbsp;&nbsp;&nbsp;● Rollover Contribution Account

&nbsp;&nbsp;&nbsp;&nbsp;● Designated Roth Account

&nbsp;&nbsp;&nbsp;&nbsp;● Designated Roth Rollover Account

When we issue a Contract to an Employer, the Employer sends Contributions directly to us. If a Plan provides for a trust, we issue a Contract to the Plan trustees and the Employer sends Contributions to the trustees, who then send us trust assets (the amount of the Contributions). An Employer (or trustees) sends to us Contributions on behalf of Participants, as follows.

&nbsp;&nbsp;&nbsp;&nbsp;● The Employer must remit to us (or to trustees of the Plan, if any) your Contributions as soon as administratively feasible but no later than 15 days after the end of the month in which the Employer collected the Contributions by salary reduction or payroll deduction.

&nbsp;&nbsp;&nbsp;&nbsp;● An Employer (or trustees) may remit to us on your behalf an amount, in a single sum, that arises from a transfer from any Plan the Employer maintains, as long as the transfer is permitted by applicable law and the Contract.

The Employer or trustees may make contributions by check, wire transfer or electronic funds transfer.

Contributions made by check should be sent to: Mutual of America, P.O. Box 20208, New York, NY 10011. To obtain complete details and instructions regarding wire transfers please contact your Regional Office. You can obtain the address for your Regional Office by calling our toll-free number 800.468.3785 or by visiting our website at mutualofamerica.com.

We will only accept Contributions for you for time prior to your termination of participation under a Contract or prior to the discontinuance of the Contract. There is no minimum amount of Contributions.

**Your Account Value in the Subaccounts**

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***Accumulation Unit Values for the Subaccounts***

The Accumulation Unit values reflect the investment performance and expenses of the Underlying Funds and the charges we assess on the assets of the Subaccounts. You may obtain a copy of the Separate Account's most recent annual financial statements by calling us at 800.468.3785.

***Accumulation Units in Subaccounts***

We use Accumulation Units to represent Account Values in each Subaccount. We separately value the Accumulation Unit for each Subaccount.

We determine your Account Value in the Separate Account as of any Valuation Day by multiplying the number of Accumulation Units credited to you in each Subaccount by the Accumulation Unit value of that Subaccount at the end of the Valuation Day.

Investment experience by the Subaccounts does not impact the number of Accumulation Units credited to your Account Value. The value of an Accumulation Unit for a Subaccount, however, will change as a result of the Subaccount's investment experience, in the manner described below.

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***Calculation of Accumulation Unit Values***

We determine Accumulation Unit values for the Subaccounts as of the close of business on each Valuation Day (generally at the close of the New York Stock Exchange on that day). A Valuation Period is from the close of a Valuation Day until the close of the next Valuation Day.

The dollar value of an Accumulation Unit for each Subaccount will vary from Valuation Period to Valuation Period. The changes in Accumulation Unit values for the Subaccounts will reflect:

&nbsp;&nbsp;&nbsp;&nbsp;● changes in the net asset values of the Underlying Funds, depending on the investment experience and expenses of the Underlying Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;● Separate Account charges under the Contracts, with the annual rates calculated as a daily charge.

***Accumulation Unit Values for Transactions***

When you allocate Contributions to a Subaccount or transfer any Account Value to a Subaccount, we credit Accumulation Units to your Account Value. When you withdraw or transfer any Account Value from a Subaccount, we cancel Accumulation Units from your Account Value.

If the Plan in which you are a Participant becomes eligible for a Reduced Fee, on the date the plan becomes eligible, your Account Value in each Subaccount will be transferred to Accumulation Units with the same total value that will be charged the Reduced Fee. Similarly, if your plan ceases to be eligible for a Reduced Fee, on the date the plan becomes ineligible, we will transfer your Account Value to Accumulation Units with the same total value that will be charged the standard fees.

The Accumulation Unit value for a transaction is the value for the Valuation Period during which we receive the Contribution or request in Complete Order. As a result, we will process the transaction at the Accumulation Unit value we determine at the next close of a Valuation Day in the Valuation Period during which we receive a Complete Order (generally the close of the New York Stock Exchange on that day). If the request is a Complete Order, the amount available for withdrawal is the Account Value at the end of the Valuation Day that we receive (and approve, where required) the Complete Order. Deposits or Requests are deemed to be received by us if received prior to close of the New York Stock Exchange on a day that the New York Stock Exchange is open for trading, or on the next day the New York Stock Exchange is open for trading if they arrive on a day that the New York Stock Exchange is officially closed or following the close of the New York Stock Exchange on a day when it is open.

We calculate the number of Accumulation Units for a transaction by dividing the dollar amount you have allocated to, or withdrawn from, the Subaccount during the Valuation Period by the applicable Accumulation Unit value for the Subaccount for that Valuation Period.

**Principal Underwriter**

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Mutual of America Securities LLC ("Securities LLC"), an indirect wholly-owned subsidiary of Mutual of America, located at 320 Park Avenue, New York, New York 10022, serves as principal underwriter for the Contracts. Securities LLC is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). All persons engaged in selling the Contracts are duly licensed agents of Mutual of America or its affiliate and are duly qualified registered representatives of Securities LLC.

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**Our Payment of Account Value to You or a Beneficiary – TDA Contracts**

Under a TDA [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), your right to withdraw all or any portion of your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) is restricted by federal tax law. If you are under age 59½, you will not be able to withdraw your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18), except in circumstances such as death or disability, hardship, or termination of employment. (There are special rules permitting withdrawal of [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) made on or before January 1, 1989 and withdrawal of earnings and interest credited to your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) by that date.) When you make a withdrawal for hardship, you may not

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withdraw post-1988 earnings or interest on your [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) under a salary reduction agreement. In addition, if you are married, consent of your [Eligible Spouse](#bookmark_es_32129c2a-3389-4a3c-ae90-3f33e7289e18) may be required for withdrawals under TDA [Contracts](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18). In some cases, certain withdrawals under 403(b) [Plans](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18) may require the approval of the [Employer](#bookmark_emp_32129c2a-3389-4a3c-ae90-3f33e7289e18), provider, carrier or third party administrator, if applicable. The amount withdrawn from each Investment Alternative that comprises your Account Value will be withdrawn proportionally from all Investment Alternatives in your account at the time of the withdrawal request, unless you instruct us otherwise.

A full withdrawal from your TDA [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) terminates your participation in the TDA [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) if you have terminated your employment with the [Employer](#bookmark_emp_32129c2a-3389-4a3c-ae90-3f33e7289e18) or you are no longer covered by the [Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18). We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to you or electronically transfer funds to your bank account where available.

***Single Sum Payment upon Termination of Employment.*** [Your](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18)[Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18) may provide that, if your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18)is $1,000 or less (or a higher amount as may be permitted under provisions of the [Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18) and applicable laws) when you terminate employment with the [Employer](#bookmark_emp_32129c2a-3389-4a3c-ae90-3f33e7289e18), we will pay your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) to you in a single sum payment.

***Specified Payments Option.*** If you have reached age 59½ or, for TDA [Contracts](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), terminated employment with the [Plan](#bookmark_plan_32129c2a-3389-4a3c-ae90-3f33e7289e18) sponsor (if the TDA [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) is sponsored), during or after the year in which reaching age 55 under a TDA [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) you may elect automatic withdrawals of your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18).

[You](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18) must specify an amount, which may not be less than $100. Unless you direct us otherwise, such amount will be taken proportionally across your Investment Alternatives.

When you are receiving Specified Payments under a TDA [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18), you and your employer may continue to make [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) on your behalf. [You](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18) also may transfer your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) among [Investment Alternatives](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18)and make other withdrawals when receiving Specified Payments.

Specified Payments will continue until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;● your death;

&nbsp;&nbsp;&nbsp;&nbsp;● our receipt of your written request to change or end the Specified Payments;

&nbsp;&nbsp;&nbsp;&nbsp;● your [Account Value](#bookmark_av_32129c2a-3389-4a3c-ae90-3f33e7289e18) (or your balance in any [Investment Alternative](#bookmark_ia_32129c2a-3389-4a3c-ae90-3f33e7289e18) that you have designated for withdrawals) declines so that the remaining balance is not large enough to cover the next Specified Payment due; or

&nbsp;&nbsp;&nbsp;&nbsp;● your [Annuity Commencement Date](#bookmark_acd_32129c2a-3389-4a3c-ae90-3f33e7289e18).

If you are subject to the minimum distribution rules under the [Code](#bookmark_code_32129c2a-3389-4a3c-ae90-3f33e7289e18), the Specified Payments for the year should at least total the minimum required annual distribution (see "Minimum Required Distributions" under "Taxes").

***Income Tax Consequences of Withdrawals.*** [You](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18) should consider the possible federal income tax consequences of any withdrawal, including withdrawals under the Specified Payments Option. [You](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18) will be taxed at ordinary income tax rates on the portion of your withdrawal that is taxable. [You](#bookmark_you_32129c2a-3389-4a3c-ae90-3f33e7289e18) will not be taxed on the amount of any [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) you made with "after-tax" dollars, but there are special rules under the [Code](#bookmark_code_32129c2a-3389-4a3c-ae90-3f33e7289e18)for determining whether a withdrawal, or portion of a withdrawal, will be considered a return to you of after-tax [Contributions](#bookmark_contrib_32129c2a-3389-4a3c-ae90-3f33e7289e18) (see "Taxes").

***Penalty Tax on Taxable Portion of Withdrawals.*** There is a 10% federal penalty tax on the taxable amount of withdrawals you make during the [Accumulation Period](#bookmark_ap_32129c2a-3389-4a3c-ae90-3f33e7289e18), unless

&nbsp;&nbsp;&nbsp;&nbsp;● you have reached age 59½

&nbsp;&nbsp;&nbsp;&nbsp;● you are disabled or have died

&nbsp;&nbsp;&nbsp;&nbsp;● the distributions are [Annuity Payments](#bookmark_annp_32129c2a-3389-4a3c-ae90-3f33e7289e18) over your life (or life expectancy) or over the joint lives (or joint life expectancies) of you and the [Beneficiary](#bookmark_ben_32129c2a-3389-4a3c-ae90-3f33e7289e18), or

&nbsp;&nbsp;&nbsp;&nbsp;● in certain other circumstances.

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**Our Payment of Account Value to You or a Beneficiary – VEC Contracts**

VEC Participants may make withdrawals of all or part of their Account Values at any time prior to the Annuity Commencement Date, unless the employer's plan provides otherwise. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to the Participant. We do not currently charge for transfers or withdrawals made under VEC Contracts. The amount withdrawn from each Investment Alternative that comprises your Account Value will be withdrawn proportionally from all Investment Alternatives in your account at the time of the withdrawal request, unless you instruct us otherwise.

***Specified Payments Option.*** If the employer's plan permits, a Participant in a VEC Contract may elect after attaining age 59½, or upon early retirement after age 55, to specify an amount, which may not be less than $100. Unless you direct us otherwise, such amount will be taken proportionally across your Investment Alternatives.

***Federal Income Taxation of Withdrawals.*** Participants who receive payments under a VEC Contract on and after July 2, 1986 that are not "amounts received as an annuity" or that are received before the Participant's Annuity Commencement Date generally may exclude only a portion of such payments from gross income. The portion that a Participant may exclude from gross income is generally determined by dividing the Participant's "investment in the contract" by the value of his vested account value (or, in the case of a retirement plan which is a defined benefit pension plan, the value of the vested accrued benefit) as of the date of the distribution. The Internal Revenue Service may indicate another date for valuing account values for such purposes.

The value of a Participant's account value on an applicable valuation date under a VEC Contract issued in conjunction with a defined benefit pension plan may be used in lieu of the present value of a Participant's total vested accrued benefit under such plan if the "separate contract" requirements of Section 72 are met. A special rule may apply with respect to Participant's Contributions made before January 1, 1987 that constitute part of the "investment in the contract." Generally, such Contributions may be withdrawn prior to the Annuity Commencement Date and will not be subject to income taxation (earnings are subject to taxation) if a Participant could have made such a withdrawal under the terms of the retirement plan on or before May 5, 1986 without terminating employment.

***Federal Income Taxation of Single Sum Payments.*** Participants who receive a single sum payment of their entire account value under a VEC Contract must include the entire amount of such payment in their gross income in the tax year in which such payment was received. However, a Participant may exclude from gross income any "investment in the contract" that the Participant had not recovered prior to the payment of the lump sum.

***Penalty Taxes.*** A penalty tax may be due on premature withdrawals under VEC Contracts. VEC Contracts are generally subject to the same rules as TDA Contracts.

***Withholding.*** We are required to withhold federal income taxes from withdrawals under the Contracts. VEC Contracts are generally subject to the same rules as TDA Contracts.

**When We May Postpone Payments**

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We will pay any amounts due from the Separate Account for a withdrawal (including a Specified Payments Option withdrawal), death benefit or termination, and will transfer any amount from the Separate Account to the General Account, within seven days, unless:

&nbsp;&nbsp;&nbsp;&nbsp;● The New York Stock Exchange is closed for other than usual weekends or holidays, or trading on that Exchange is restricted as determined by the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;● The SEC by order permits postponement for the protection of Participants; or

&nbsp;&nbsp;&nbsp;&nbsp;● An emergency exists, as determined by the SEC, as a result of which disposal of securities is not reasonably practicable or it is not reasonably practicable to determine the value of the Separate Account's net assets.

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In order to comply with federal laws and regulations intended to deter money-laundering, terrorism or other suspicious activities, we may refuse to accept, or decline to implement, your withdrawal or transfer orders until it is legally permissible for us to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Administrative Provisions**

**How to Make Allocation Changes, Transfers and Withdrawals** 

***In Writing.*** You must give instructions on our forms, and in accordance with our procedures, to change the allocations among Investment Alternatives for future Contributions, to transfer your Account Value among Investment Alternatives or to make withdrawals from your Account Value.

***By Telephone or Website.*** You may call us at 800.468.3785 or visit our website at mutualofamerica.com to obtain information about your Account Value, to change allocation instructions among Investment Alternatives for future Contributions and to transfer your Account Value among Investment Alternatives. You will be required to use a password to access our website, and to provide identifying personal information to provide instructions by telephone. Note that withdrawal requests under TDA and VEC Contracts, as described above must be made in writing and cannot be made by telephone; however for TDA Contracts certain full or partial withdrawal requests or rollover requests can be made through the secure section of our website.

***Our Home Office, Processing Center and Regional Offices.*** Our Home Office address is 320 Park Avenue, New York, New York 10022-6839. The address for our Withdrawal Processing Center, where certain withdrawals are processed is P.O. Box 20208, New York, NY 10011. The address for our Financial Transaction Processing Center, where you may send requests for allocation changes or transfers among Investment Alternatives by U.S.P.S. regular mail, is 1001 Yamato Road, Suite 200, Boca Raton, FL 33431. You may obtain the address of the Regional Office that provides services for your Contract by calling 800.468.3785 or by visiting our website at mutualofamerica.com.

***Confirmation Statements.*** We will send you confirmation statements (which may be part of your quarterly statements) for your allocation changes, except when made via our website, and for your Contributions, transfers of Account Value and withdrawals of Account Value. You must promptly notify us of any error in a confirmation statement.

***Contacting Mutual of America.*** Our Home Office address is:

Mutual of America Life Insurance Company

320 Park Avenue

New York, New York 10022-6839

You can obtain the address of your Regional Office by calling our toll-free number, 800.468.3785 or by visiting our website at mutualofamerica.com.

Participants and TDA Contractholders must send in writing all notices, requests and elections required or permitted under the Contracts, except that you may give certain instructions by telephone or website, as described above.

***Where You Should Direct Requests.*** You may request an allocation change or a transfer of any portion of your Account Value among Investment Alternatives by calling 800.468.3785, visiting our website at mutualofamerica.com, or sending your written request to our Financial Transaction Processing Center. The address is:

Mutual of America Life Insurance Company

Financial Transaction Processing Center

1001 Yamato Road, Suite 200

Boca Raton, FL 33431

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For withdrawals, you must make your request according to our procedures, which we may change from time to time. Under our current procedures, for TDA Contracts certain full or partial withdrawal requests or rollover requests can be made through the secure section of our website, or you may make a withdrawal request by writing to our Withdrawal Processing Center, which you can call at 877.567.9662. Written requests to the Withdrawal Processing Center should be sent to:

Mutual of America Life Insurance Company

Withdrawal Processing Center

P.O. Box 20208

New York, NY 10011

If you wish to obtain an annuity with your account value, or wish to receive payment under our Specified Payment Option, you should contact your Regional Office. You should use our forms to submit written requests to us; incomplete, unclear or unsigned forms will be returned without action. In some cases, TDA withdrawal requests may require the approval of the Employer or third party administrator, if applicable.

**Assignment, Modification or Discontinuance of Contracts**

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***Assignment of Contracts.*** Contractholders and Participants may not assign or transfer the Contract or any rights under a Contract, except as otherwise required or permitted by law.

***Modification or Amendment of Contracts.*** Our rights and obligations under a Contract cannot be changed or waived, unless one of our duly authorized officers signs a written agreement to the change or waiver. No amendment or endorsement will affect the amount or terms of any Annuity Payments we provide under a Contract that commenced before the amendment or endorsement.

We may change a TDA Contract at any time by amendment or replacement, provided we give the Contractholder at least 60 days' notice, without the consent of the Contractholder, any Participant or the consent of any other person who is or may become entitled to benefits under the Contract. Any change we make may not affect the amount or the terms of Annuity Payments that began before such change.

***Termination of Participation Under TDA Contracts.*** Your participation under a TDA Contract terminates if you are no longer eligible to participate under the Contract due to termination of employment with the Contractholder, including by death or retirement.

Contributions may no longer be made by you or on your behalf upon your death, retirement or termination of employment with the Contractholder. Termination of participation will not deprive you of your Account Value or change your rights to make transfers or withdrawals. Termination also will not prevent you from electing to receive Annuity Payments, or having a death benefit paid to your Beneficiary.

***Termination of Participation Under VEC Contracts.*** If, upon our request, the Contractholder does not provide evidence satisfactory to us that the Plan pursuant to which the Contract is issued qualifies for the tax treatment specified under Sections 401(a) and 403(a) of the Code, then we will withdraw and pay to the Contractholder the amounts accumulated under the Contract as of the date of withdrawal; and the Contract will terminate.

***Discontinuance of TDA Contracts.*** A Contractholder may discontinue a TDA Contract on the first of a month with at least 30 days notice to us. We may discontinue a Contract upon at least 31 days' notice to the Contractholder, during which time the Contractholder may cure any remediable defaults, if (1) the Contractholder fails to remit payment of the Contractholder's administrative charges within 31 days after payment is due; (2) the Contractholder fails to meet the requirements of the Contract or abide by the terms of the Contract; (3) the class of group annuity contracts to which the Contract belongs is discontinued by the Company; or (4) the Contractholder elects not to use the online retirement plan administration system provided by us or a subsidiary. Additionally, the Company may discontinue the Contract without notification to the Contractholder if mail addressed to the Contractholder at the last address on record with the Company has been returned as undeliverable and the Contractholder has not provided the Company with a new address within 60 days of the date such mail is returned. When a TDA Contract is discontinued:

&nbsp;&nbsp;&nbsp;&nbsp;● The Contractholder's obligations under the Contract continue, except that the Contractholder may not send us any more Contributions, except for repayment of Participant loans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● Amounts accumulated for Participants remain under the Contract, until withdrawn or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;● For Participants who became Participants after 2009, if requested by a Contractholder we may transfer to another insurance company or other financial institution all amounts accumulated under the Contract in accordance with the discontinuance rules as described above.

&nbsp;&nbsp;&nbsp;&nbsp;● The transfer to another insurance company or financial institution will be made no later than 30 days (or later date requested by the Contractholder) after we have received a written request from the Contractholder for the transfer and all information necessary to effect the transfer, including individual consents required from certain Participants. A Plan may be terminated upon the distribution of all assets under the Plan.

Following a discontinuance for any of the reasons specified above, with regard to amounts that have not been withdrawn, each Participant whose assets have not been withdrawn can change allocations, make transfers and make full or partial withdrawals, but is not permitted to add assets.

***Notice of Amendment and Option to Discontinue TDA Contracts.*** In certain instances, we will provide Contractholders with a written notice concerning an amendment of the Contracts, at least 60 days before the effective date of the amendment, along with an explanation of the amendment. A Contractholder may elect to discontinue the Contract if it does not want to accept the amendments by making a written request to Mutual of America and informing us of the insurance company or other financial institution to which amounts under the Contract should be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Taxes**

For federal income tax purposes, the Separate Account is not separate from us, and its operations are considered part of our operations. Under existing federal income tax law, we do not pay taxes on the net investment income and realized capital gains earned by the Separate Account. We reserve the right, however, to make a deduction for taxes if in the future we must pay tax on the Separate Account's operations.

**Obtaining Tax Advice**

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**The discussion below of the current federal tax status and consequences for Participants under the Contracts does not cover every possible situation and is for information purposes only. Tax provisions and regulations may change at any time.** Tax results may vary depending upon your individual situation, and special rules may apply to you in certain cases. You also may be subject to State and local taxes, which may not correspond to the federal tax provisions. For these reasons, you or the Beneficiary should consult a qualified tax adviser for complete tax information, including advice concerning any state or local tax law limitations or other considerations.

**Payments Under Annuity Contracts Generally**

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Section 72 of the Code describes the income taxation of payments under annuity contracts, either during the accumulation period or after the annuity commencement date. We intend that the provisions of Section 72 will apply to payments we make under TDA Contracts. The general rule is that you must receive a payment under a Contract or Plan in order to be subject to income taxation. You do not include in gross income the interest and investment earnings we credit to your Account Value until you withdraw or otherwise receive such amounts. However, certain assignments or pledges of a Contract or loans under a Contract may be treated as a distribution and accelerate the taxability of investment earnings.

Under general tax rules, when you receive a distribution or Annuity Payments, all or part of the payments will be taxable to you as ordinary income. An important factor in determining the taxable portion is whether you have an investment in the contract, which generally is the amount of after-tax Contributions (not deducted or

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excluded from gross income) that you have made and not previously withdrawn. The taxation of distributions from Designated Roth Accounts is determined separately from the taxation of your Employee Contribution Account and Rollover Contribution Account. In addition, qualified distributions from Designated Roth Accounts are not taxable.

A TDA Participant who makes Contributions by salary reduction does not have any investment in the Contract (unless the Participant has a Designated Roth Account or if the Participant has previously defaulted on a loan and received a deemed distribution). The following are general concepts, and you should refer to the discussions below for your type of Contract.

&nbsp;&nbsp;&nbsp;&nbsp;● If you do not have an investment in the contract, you must include in gross income the entire amount received during the tax year.

&nbsp;&nbsp;&nbsp;&nbsp;● If you do have an investment in the contract, you may be able to exclude from gross income a portion of the Annuity Payments or other distribution received.

&nbsp;&nbsp;&nbsp;&nbsp;● The amount you may exclude from gross income each year represents a partial return of your Contributions that were not tax deductible or excludable when made.

&nbsp;&nbsp;&nbsp;&nbsp;● Generally, the simplified method is used in determining the percentage of a distribution that you may exclude from gross income for a tax year. The nontaxable portion is determined by multiplying the annuity payment you receive by a fraction, the numerator of which is your investment in the contract (less amounts previously received tax free) and the denominator of which is the total anticipated payments from the Contract.

***Annuity Payments.*** If you begin to receive Annuity Payments, or another form of periodic payments such as an installment method for a fixed period or a fixed amount, you may apply the simplified method to determine the amount to exclude from gross income for the tax year of the distribution.

The simplified method continues to apply until you recover the investment in the contract. After that time, you will have to include the full amount of each Annuity Payment in gross income for each taxable year. If your death occurs before you have recovered the investment in the contract, the unrecovered amount may either be deducted on the final income tax return for your last taxable year or by the Beneficiary.

***Withdrawals.*** If you receive amounts (that are not Annuity Payments) under a TDA Contract and you have an investment in the contract, you generally may exclude a portion of the payments from gross income. You may exclude from gross income an amount determined by dividing your investment in the contract by your vested Account Value as of the date of the distribution and multiplying by the amount of the distribution. The Internal Revenue Service may indicate another date for valuing your Account Value for this purpose.

***Single Sum Payments.*** If you receive a single sum payment of the Account Value under a TDA Contract, you must include in gross income, for the tax year in which you receive the payment, the difference between the amount of the payment and your investment in the contract, if any.

***Special Treatment for Designated Roth Contributions.*** If permitted by your Plan, you may irrevocably designate a Contribution as a Designated Roth Contribution, to be deposited into a Designated Roth Account. While a Designated Roth Contribution is not excludable from your gross income when made, a qualified distribution from a Designated Roth Account is not includible in your gross income when distributed.

A qualified distribution is generally a distribution made:

&nbsp;&nbsp;&nbsp;&nbsp;1. After the end of the five-year period beginning with the year in which you first made a contribution to any Designated Roth Account under the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;2. In one of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;a. You are age 59½ or older, or

&nbsp;&nbsp;&nbsp;&nbsp;b. You have died or become disabled.

A deemed distribution due to your default on a loan from your Designated Roth Account is not a qualified distribution, even if it otherwise meets these requirements.

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The taxable portion of any distribution from a Designated Roth Account that is not a qualified distribution will be determined by applying the general tax concepts described above as if your Designated Roth Account were a separate contract, i.e., by dividing your investment in the contract (i.e. your Designated Roth Contributions) by your Designated Roth Account balance as of the date of the distribution.

**TDA Contracts—Exclusion of Contributions from Gross Income**

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We offer the TDA Contract for use with tax-sheltered annuity arrangements designed to meet the provisions of Section 403(b) of the Code. Under Section 403(b), Participants who are employees of public schools and organizations that are exempt from tax under Section 501(c)(3) of the Code may exclude from their gross income the Contributions applied to purchase annuity contracts on their behalf. This exclusion is subject to the following limits:

&nbsp;&nbsp;&nbsp;&nbsp;● The aggregate Contributions per year for each employee cannot exceed the contribution limitation in Section 415(c) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;● For Contributions under a salary reduction agreement, an additional limitation contained in Section 402(g) of the Code is applicable.

Contributions that you may exclude usually are limited to the smaller amount under these provisions. In general, the limitations are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Contributions cannot exceed the lesser of $72,000 for 2026 (indexed for inflation in subsequent years) or 100% of your includible compensation;

&nbsp;&nbsp;&nbsp;&nbsp;● Your contributions through a salary reduction agreement may not exceed $24,500 for 2026 (indexed for inflation in future years). If a Plan permits, Participants who are age 50 or older by the end of the calendar year may make an additional contribution of up to $8,000 in 2025 (indexed for inflation in later years). In addition, if the Employer's Plan permits, participants who attain age 60, 61, 62, or 63 in 2026 may contribute an additional $3,250, for a total of $11,250 in catch-up contributions. (A special "catch-up" contribution, available to employees with 15 or more years of service with certain qualifying employers who have not made maximum contributions in prior years, may increase that amount by up to $3,000 per year, to a maximum "catch-up" contribution of $15,000.)

You may designate Contributions you make as Designated Roth Contributions described in Section 402A of the Code, if permitted by your Plan. Designated Roth Contributions are not excludable from your gross income.

**Penalty Taxes for Premature Withdrawals**

------

In addition to ordinary income taxation, Section 72 of the Code imposes a penalty tax on premature withdrawals, which are withdrawals before you have reached age 59½. This penalty tax is equal to 10% of the amount of the premature withdrawal that you include in gross income.

In general, the taxable amount of a withdrawal you make before you reach age 59½ is not subject to a penalty tax if:

&nbsp;&nbsp;&nbsp;&nbsp;1. You have died or become disabled;

&nbsp;&nbsp;&nbsp;&nbsp;2. The withdrawals are Annuity Payments made over your life (or life expectancy) or the joint lives (or joint life expectancies) of you and the Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;3. The withdrawals are to pay your medical expenses, or those of your Eligible Spouse or dependents, if the medical expenses would be deductible by you for federal income tax purposes. (generally, a taxpayer may deduct medical expenses if they are not covered by health insurance or otherwise reimbursed and they exceed 10% of the taxpayer's adjusted gross income);

&nbsp;&nbsp;&nbsp;&nbsp;4. You ended your employment with the Employer during or after the year you attained age 55; or

&nbsp;&nbsp;&nbsp;&nbsp;5. You take a qualified birth or adoption distribution.

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There may be additional exceptions available in certain circumstances, and special rules may be applicable in connection with the exceptions enumerated above. You should consult a tax advisor with regard to exceptions from the penalty tax.

**Minimum Distributions under TDA Contracts**

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The Code contains a series of rules that require you (or your Beneficiary) to take minimum distributions under TDA Contracts beginning at a certain time (called the "Required Beginning Date"). For Plans subject to Code Section 403(b), you may take the required amount from a Contract we have issued, or from other contracts of the same type that you own.

You generally must begin taking distributions of Account Value under TDA Contracts by not later than your required beginning date, which beginning in 2023 is the later of April 1 of the year following the year you reached age 73 or when you retire, (subject to certain restrictions if you own 5% or more of the Plan Sponsor). A Plan, however, may require you, if you are still employed, to begin receiving minimum distributions at age 73. Designated Roth accounts in a 401(k) or 403(b) plan are subject to the Required Minimum Distribution rules for 2022 and 2023. However, for 2024 and later years, Required Minimum Distributions are no longer required from designated Roth accounts. You must still take Required Minimum Distributions from designated Roth accounts for 2023, including those with a required beginning date of April 1, 2024. However, distributions of your pre-1987 Account Value (if any) generally must begin in the year in which you reach age 75.

We will provide explanatory information to Participants before their Required Beginning Dates. If you do not satisfy the minimum distribution requirements, you may owe a penalty tax equal to 25% of the difference between the required minimum and the actual amount you withdrew. In addition, the Plan may make the minimum payment to you without your consent.

Federal tax law provisions concerning distributions upon the death of a Participant may reduce the period over which a Beneficiary may take or defer receipt of the death benefit.

**Federal Estate Taxes**

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The death benefit payable to your Beneficiary is included in your estate for federal estate tax purposes in most circumstances. See "Obtaining Tax Advice" under "Taxes".

A Beneficiary will not receive a "stepped-up basis" for the increase in value under your Contract over the amount of your Contributions. The gain under a Contract is called "income in respect of a decedent" ("IRD"), and the Beneficiary may owe income tax at ordinary income rates on the IRD when the Beneficiary receives the death benefit. See "Obtaining Tax Advice" under "Taxes". If your estate pays any estate tax on the death benefit, the Beneficiary may be able to credit the estate tax paid against the income tax the Beneficiary owes. A Beneficiary should consult a tax adviser for a complete explanation of the rules that will apply to the Beneficiary's particular situation.

**Withholding on Annuity Payments and Other Distributions**

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We are required to withhold federal income tax on Annuity Payments and other distributions, such as lump sum distributions or withdrawals. In addition, certain states require us to withhold if federal income tax withholding is applicable. In some instances, you may elect to have us not withhold federal income tax. When you (or a Beneficiary) request withdrawals or Annuity Payments, we will give detailed information and advise you (or your Beneficiary) of possible elections to be made. Participants and Beneficiaries should carefully review information they receive from us.

Most withdrawals are subject to mandatory automatic 20% federal income tax withholding unless you elect to have us pay the withdrawal directly, as a tax-free rollover, to another eligible plan or an IRA. The same rules generally apply to payments of death benefits to a Beneficiary, or to payments to an Eligible Spouse or former Eligible Spouse in connection with a divorce or separation decree or court order. A direct rollover to an IRA by a surviving spouse Beneficiary, or a direct transfer to an inherited IRA by a non-spouse Beneficiary, is not subject to federal income tax withholding.

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The mandatory 20% tax withholding does not apply to any distribution that is:

&nbsp;&nbsp;&nbsp;&nbsp;● one of a series of substantially equal periodic payments (not less frequently than annually) made for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;● a specified period of 10 years or more;

&nbsp;&nbsp;&nbsp;&nbsp;● a minimum distribution required under Section 401(a)(9) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;● a hardship withdrawal if permitted by the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;● a qualified birth or adoption distribution.

For all amounts not subject to the mandatory 20% withholding, federal income tax is generally required to be withheld unless the Participant elects not to have federal income tax withheld.

**Federal Income Taxation for VEC Contracts**

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***Federal Income Taxation of Annuity Payments.*** The simplified method is applicable to Annuity Payments made on or after the Annuity Commencement date. The percentage the Participant may exclude is determined by dividing the Participant's "investment in the contract" by the anticipated payments. Your "investment in the contract" is equal to the total of your non-deductible Contributions which are made in accordance with the provisions of a retirement plan that meets the requirements of either Section 401(a) or Section 403(a) of the Code. The simplified method continues to apply until the "investment in the contract" has been recovered by the Participant. After that time, the Participant will have to include the full amount of each Annuity Payment in his income for each taxable year. In addition, if Annuity Payments from a VEC Contract began before July 2, 1986, the "three year cost recovery" rule may be applicable.

***Federal Income Taxation of Withdrawals.*** Participants who receive payments under a VEC Contract on and after July 2, 1986 that are not "amounts received as an annuity" or that are received before the Participant's Annuity Commencement Date generally may exclude only a portion of such payments from gross income. The portion that a Participant may exclude from gross income is generally determined by dividing the Participant's "investment in the contract" by the value of his vested account value (or, in the case of a retirement plan which is a defined benefit pension plan, the value of the vested accrued benefit) as of the date of the distribution. The Internal Revenue Service may indicate another date for valuing account values for such purposes.

The value of a Participant's account value on an applicable valuation date under a VEC Contract issued in conjunction with a defined benefit pension plan may be used in lieu of the present value of a Participant's total vested accrued benefit under such plan if the "separate contract" requirements of Section 72 are met (see "Federal Tax Information—Obtaining Tax Advice" in the Prospectus). A special rule may apply with respect to Participant's Contributions made before January 1, 1987 that constitute part of the "investment in the contract." Generally, such Contributions may be withdrawn prior to the Annuity Commencement Date and will not be subject to income taxation (earnings are subject to taxation) if a Participant could have made such a withdrawal under the terms of the retirement plan on or before May 5, 1986 without terminating employment.

***Federal Income Taxation of Single Sum Payments.*** Participants who receive a single sum payment of their entire account value under a VEC Contract must include the entire amount of such payment in their gross income in the tax year in which such payment was received. However, a Participant may exclude from gross income any "investment in the contract" that the Participant had not recovered prior to the payment of the lump sum.

***Penalty Taxes.*** A penalty tax may be due on premature withdrawals under VEC Contracts. VEC Contracts are generally subject to the same rules as TDA Contracts.

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**Legal Proceedings**

We are engaged in litigation of various kinds, which in our judgment are not likely to have a material adverse effect on the Separate Account, the ability of Mutual of America Securities LLC to perform under its principal underwriting contract with the Separate Account, or the Company's ability to meet its obligations under the Contracts. There are no legal proceedings pending to which the Separate Account is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Financial Statements**

The required financial statements for each of Mutual of America and the Separate Account appear in the Statement of Additional Information, which you can obtain from us free of charge.

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**Appendix A1:** [**Underlying Funds**](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) **Available As Investment Options Under the TDA** [**Contracts**](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18)

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/TDAFunds 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | [**Underlying Fund**](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) **and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | [**Underlying Fund**](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) **and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** |
| Equity Fund<br> Seeks investment <br> results that correspond <br> to the investment <br> performance of <br> Standard & Poor's <br> 500<sup>®</sup> Composite Stock <br> Price Index (the "S&P <br> 500 Index"\*)<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Equity Index Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)Capital <br> Management LLC<br>| 0.14% | 17.68% | 14.52% | 14.65% |
| Equity Fund<br> Seeks to outperform <br> Russell 3000<sup>®</sup> Index\*\* <br> by investing in a <br> diversified portfolio of <br> primarily common <br> stocks<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) All America Fund<br> Adviser: Mutual of <br> America Capital <br> Management LLC<br>| 0.55% | 11.96% | 10.91% | 11.87% |
| Equity Fund<br> Seeks capital <br> appreciation<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Small Cap Value <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.85% | 2.00% | 8.22% | 6.53% |
| Equity Fund<br> Seeks capital <br> appreciation<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Small Cap Growth <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.85% | 8.52% | 1.75% | 8.77% |
| Equity Fund<br> Seeks investment <br> results that correspond <br> to investment <br> performance of S&P <br> SmallCap 600<sup>®</sup> Index\*<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Small Cap Equity <br> Index Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.25% | 5.80% | 7.11%<br>6.41%<sup>2</sup> |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** |
| Equity Fund<br> Seeks capital <br> appreciation and, to a <br> lesser extent, current <br> income<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Mid Cap Value Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.70% | 2.48% | 7.82% | 8.10% |
| Equity Fund<br> Seeks investment <br> results that correspond <br> to investment <br> performance of S&P <br> MidCap 400<sup>®</sup> Index\*<br>| MoA Mid Cap Equity <br> Index Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.17% | 7.28% | 8.93% | 10.52% |
| Equity Fund<br> Seeks capital <br> appreciation<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) International Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.48% | 37.20% | 11.10% | 9.25% |
| Equity Fund<br> Seeks capital growth<br>| LVIP American Century <br> Capital Appreciation <br> Fund<br> Adviser: Lincoln Financial <br> Investments Corporation<br> SubAdviser: American <br> Century Investment <br> Management, Inc.<br>| 0.57% | 6.95% | 5.49%<br>12.13%<sup>3</sup> <br>|  |
| Equity Fund<br> Seeks long-term capital <br> appreciation<br>| American <br> Funds Insurance Series <br> New World Fund<br> Adviser: Capital <br> Research and <br> Management [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>| 0.57% | 28.60% | 5.59% | 9.53% |
| Equity Fund<br> Seeks long-term capital <br> growth<br>| American Century Small <br> Cap Growth R6<br>| 0.78% | 9.40% | 3.31% | 12.60% |
| Equity Fund<br> Seeks capital <br> appreciation<br>| Nomura VIP<sup>®</sup> Small Cap <br> Value Series<br> Adviser: Delaware <br> Management [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br>| 0.74% | 8.16% | 9.26% | 9.15% |
| Equity Fund<br> Seeks to provide <br> long-term growth of <br> capital<br>| DWS Capital Growth VIP<br> Adviser: DWS Investment <br> Management Americas, <br> Inc.<br>| 0.49% | 12.53% | 10.92% | 15.29% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Equity Fund<br> Seeks reasonable <br> income and will also <br> consider potential for <br> capital appreciation. <br> Fund's goal is to <br> achieve a yield which <br> exceeds the composite <br> yield on the securities <br> comprising the S&P <br> 500<sup>®</sup> Index<br>| Fidelity VIP <br> Equity-Income Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.46% | 19.02% | 12.51% | 11.60% |  |
| Equity Fund<br> Seeks long-term capital <br> appreciation<br>| Fidelity VIP Contrafund<sup>®</sup> <br>Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.54% | 21.52% | 15.37% | 15.78% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital<br>| Fidelity VIP Mid Cap <br> Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.55% | 11.75% | 10.10% | 10.59% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital<br>| Goldman Sachs VIT <br> Small Cap Equity Insights <br> Fund<br> Adviser: Goldman Sachs <br> Asset Management, L.P.<br>| 0.82% | 16.14% | 10.47% | 10.84% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital and <br> dividend income<br>| Goldman Sachs VIT US <br> Equity Insights Fund<br> Adviser: Goldman Sachs <br> Asset Management, L.P.<br>| 0.56% | 15.75% | 13.81% | 13.73% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Equity Fund<br> Seeks capital <br> appreciation<br>| Invesco V.I. Main Street <br> Fund<sup>®</sup> <br>Adviser: Invesco <br> Advisers, Inc.<br>| 0.80% | 15.93% | 12.47% | 12.53% |  |
| Equity Fund<br> Seeks capital <br> appreciation<br>| MFS<sup>®</sup> VIT III Mid Cap <br> Value Portfolio<br> Adviser: MFS<br>| 0.79% | 5.98% | 10.18% | 9.95% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital by <br> investing primarily in <br> securities of <br> companies that meet <br> Fund's environmental, <br> social and governance <br> (ESG) criteria<br>| Neuberger Berman <br> Advisers Management <br> Trust Sustainable Equity <br> Portfolio<br> Adviser: Neuberger <br> Berman Investment <br> Advisers LLC<br>| 0.87% | 13.71% | 12.83% | 12.94% |  |
| Equity Fund<br> Seeks to provide <br> long-term capital <br> growth with income as <br> secondary objective<br>| T. Rowe Price Blue Chip <br> Growth Portfolio<br> Adviser: T. Rowe Price <br> Associates, Inc.<br>| 0.75% | 18.74% | 11.68% | 15.54% |  |
| Equity Fund<br> Seeks to provide <br> long-term capital <br> appreciation and <br> income<br>| Vanguard Variable <br> Insurance Fund <br> Diversified Value <br> Portfolio<sup>®</sup> <br>Advisers: Lazard Asset <br> Management LLC and <br> Hotchkis and Wiley <br> Capital Management, <br> LLC<br>| 0.28% | 16.83% | 13.24% | 11.76% |  |
| Equity Fund<br> Seeks to provide <br> long-term capital <br> appreciation<br>| Vanguard Variable <br> Insurance <br> Fund International <br> Portfolio<sup>®</sup> <br>Advisers: Baillie Gifford <br> Overseas Ltd. And <br> Schroder Investment <br> Management North <br> America Inc.<br>| 0.32% | 19.97% | 0.62% | 10.48% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Real Estate Fund<br> Seeks to provide a high <br> level of income and <br> moderate long-term <br> capital appreciation by <br> tracking performance <br> of a benchmark index <br> that measures <br> performance of publicly <br> traded equity REITs <br> and other real <br> estate-related <br> investments<br>| Vanguard Variable <br> Insurance Fund Real <br> Estate Index Portfolio<sup>®</sup> <br>Adviser: The Vanguard <br> Group, Inc.<br>| 0.26% | 3.11% | 4.51% | 5.08% |  |
| Fixed Income Fund<br> Seeks current income <br> to extent consistent <br> with maintenance of <br> liquidity, investment <br> quality and stability of <br> capital<br>| MoA US Government <br> Money Market Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.23% | 4.15% | 3.06% | 1.96% |  |
| Fixed Income Fund<br> Primary investment <br> objective is to produce <br> a high level of current <br> income with secondary <br> investment objective to <br> preserve shareholders' <br> capital<br>| MoA Intermediate Bond <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.47% | 6.65% | 0.74% | 2.14% |  |
| Fixed Income Fund<br> Seeks current income, <br> with preservation of <br> shareholders' capital a <br> secondary objective<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Core Bond Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.45% | 7.58% | -0.56% | 1.92% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Fixed Income<br> Seeks to achieve its <br> investment objective by <br> investing under normal <br> circumstances at least <br> 80% of its net assets in <br> inflation-indexed bonds <br> of varying maturities <br> issued by the U.S. and <br> non-U.S. governments, <br> their agencies or <br> instrumentalities and <br> corporations, which <br> may be represented by <br> forwards or derivatives <br> such as options, <br> futures contracts or <br> swap agreements<br>| PIMCO Variable <br> Insurance Trust Real <br> Return Portfolio <br> (Institutional Class)<br> Adviser: Pacific <br> Investment Management <br> [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) LLC<br>| 1.24% | 8.01% | 1.36% | 3.37% |  |
| Fixed Income Fund<br> Seeks to track the <br> performance of a <br> broad, market-weighted <br> bond index<br>| Vanguard Variable <br> Insurance Fund Total <br> Bond Market Index <br> Portfolio<sup>®</sup> <br>Adviser: The Vanguard <br> Group, Inc.<br>| 0.14% | 6.94% | -0.51% | 1.90% |  |
| Balanced Fund<br> Seeks capital <br> appreciation and <br> current income by <br> investing in a <br> diversified portfolio of <br> common stocks, debt <br> securities and money <br> market instruments<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Balanced Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.57% | 18.82% | 10.50% | 10.04% |  |
| Balanced Fund<br> Seeks to obtain high <br> total return with <br> reduced risk over the <br> long term by allocating <br> Fund assets among <br> stocks, bonds, and <br> short-term instruments<br>| Fidelity VIP Asset <br> Manager Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.51% | 14.98% | 5.67% | 7.13% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Balanced Fund<br> Seeks to achieve <br> competitive total return <br> through actively <br> managed portfolio of <br> stocks, bonds, and <br> money market <br> instruments which offer <br> income and capital <br> growth opportunity<br>| Calvert VP SRI Balanced <br> Portfolio<br> Adviser: Calvert <br> Research and <br> Management<br>| 0.64% | 11.48% | 8.68% | 9.81% |  |
| Balanced Fund<br> Seeks current income <br> and, to a lesser extent, <br> capital appreciation<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Conservative <br> Allocation Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.50% | 11.06% | 4.74% | 5.95% |  |
| Balanced Fund<br> Seeks capital <br> appreciation and <br> current income<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Moderate Allocation <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.38% | 15.40% | 7.80% | 8.67% |  |
| Balanced Fund<br> Seeks capital <br> appreciation and, to a <br> lesser extent, current <br> income<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Aggressive <br> Allocation Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.39% | 16.16% | 9.14% | 10.03% |  |
| Balanced Funds<br> Seeks current income <br> consistent with <br> preservation of capital <br> and, to a lesser extent, <br> capital appreciation<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Retirement Income <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.53% | 10.53% | 4.13% | 5.18% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2020 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.49% | 11.18% | 5.11% | 6.75% |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2025 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.44% | 12.81% | 6.35% | 7.88% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2030 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.43% | 13.85% | 7.62% | 8.95% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2035 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.40% | 15.32% | 8.84% | 9.90% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2040 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.37% | 16.95% | 10.03% | 10.61% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2045 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.36% | 17.70% | 10.49% | 10.82% |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2050 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.37% | 17.82% | 10.69% | 10.95% |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2055 <br> Fund<br> Adviser: Mutual of <br> America Capital <br> Management LLC<br>| 0.38% | 18.27% | 10.86%<br>11.13%<sup>4</sup> <br>|  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2060 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.40% | 18.45% | 11.05%<br>10.72%<sup>5</sup> <br>|  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Clear Passage 2065 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)<br> [America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.49% | 18.17% | 11.18%<br>13.74%<sup>6</sup> <br>|  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| MoA Clear Passage 2070 <br> Fund<br> Adviser: Mutual of <br> America Capital <br> Management LLC<br>| 0.41%<br>19.49%<sup>7</sup> <br>|  |  |  |

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\*

"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.

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.

Since inception date July 2, 2018.

Since inception date September 22, 2017.

Since inception date October 1, 2016.

Since inception date July 2, 2018.

Since inception date August 3, 2020.

Since inception date May 1, 2025.

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**Appendix A2: Underlying Funds Available as Investment Options Under The VEC Contracts**

The following is a list of [Underlying Funds](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) available under the [Contracts](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18). More information about the [Underlying Funds](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) is available in the prospectuses for the [Underlying Funds](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18), 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 mutualofamerica@dfinsolutions.com.

The current expenses and performance information below reflects fee and expenses of the [Underlying Funds](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18), but do not reflect the other fees and expenses that your [Contract](#bookmark_con_32129c2a-3389-4a3c-ae90-3f33e7289e18) may charge. Expenses would be higher and performance would be lower if these other charges were included. Each [Underlying Fund's](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective**<br>| [**Underlying Fund**](#bookmark_uf_32129c2a-3389-4a3c-ae90-3f33e7289e18) **and**<br> **Adviser/Subadviser**<br>| **Current** <br> **Expenses**<br>| **Average Annual Total** <br> **Returns as of 12/31/25** | **Average Annual Total** <br> **Returns as of 12/31/25** | **Average Annual Total** <br> **Returns as of 12/31/25** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| Equity Fund<br> Seeks to outperform <br> Russell 3000<sup>®</sup> Index\*\* <br> by investing in a <br> diversified portfolio of <br> primarily common <br> stocks<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) All America Fund<br> Adviser: [Mutual of America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.55% | 11.96% | 10.91% | 11.87% |
| Fixed Income Fund<br> Seeks current income <br> to extent consistent <br> with maintenance of <br> liquidity, investment <br> quality and stability of <br> capital<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) US Government Money Market <br> Fund<br> Adviser: [Mutual of America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.23% | 4.15% | 3.06% | 1.96% |
| Fixed Income Fund<br> Seeks current income, <br> with preservation of <br> shareholders' capital a <br> secondary objective<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18)Core Bond Fund<br> Adviser: [Mutual of America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.45% | 7.58% | -0.56% | 1.92% |
| Balanced Fund<br> Seeks capital <br> appreciation and <br> current income by <br> investing in a <br> diversified portfolio of <br> common stocks, debt <br> securities and money <br> market instruments<br>| [MoA](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Balanced Fund<br> Adviser: [Mutual of America](#bookmark_comp_32129c2a-3389-4a3c-ae90-3f33e7289e18) Capital <br> Management LLC<br>| 0.57% | 18.82% | 10.50% | 10.04% |

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**Appendix B: General Account Operations**

This Appendix B provides more information about our General Account's operations and the risks of allocating Contributions to the General Account compared to allocating Contributions to the Separate Account. Contributions held in our General Account may pose different risks to Participants and Plans than Contributions supported by assets of our Separate Account.

When a Participant or Plan allocates contributions to our General Account, the contributions are commingled with our corporate funds and assets (excluding Separate Account assets and special deposit funds). We combine in our General Account contributions and premiums from all lines of business. Assets in our General Account are not segregated for the exclusive benefit of any particular policy or obligation, although experience rated General Account policies may share in the experience of the General Account through interest credits, dividends or rate adjustments.

We invest the pooled amounts in our General Account. Most General Account investments are maintained at book value (relating to our purchase price for the investments), while Separate Account investments are maintained at market value, which fluctuates according to market conditions.

Our General Account assets in the aggregate support our General Account obligations under all of our insurance contracts, including (but not limited to) our individual and group life, health, disability, fixed annuity contracts and variable accumulation annuity contracts (other than separate account obligations). General Account assets also are available to us for the conduct of our routine business activities, such as the payment of salaries, rent, other ordinary business expenses and dividends. In the event of our insolvency, funds in our General Account would be available to meet the claims of our general creditors, after payment of amounts due under certain priority claims, including certain amounts owed to Participants. Participants should consider our claims paying ability and financial strength when allocating amounts to the General Account.

We determine and periodically declare the fixed interest rate return (referred to as the credited interest rate) to be credited to amounts under the Contracts held in our General Account, including the extent and frequency credited interest rates may be changed. We also determine the manner in which interest is credited during the term of the Contracts and upon their termination. Members of Mutual of America's senior management in their discretion from time to time determine credited interest rates upon consideration of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;● Reasonable classifications of different types of policies.

&nbsp;&nbsp;&nbsp;&nbsp;● Expected benefit payments, expenses (including the on-going costs of business operations), risk charges, mortality, persistency and actual investment earnings properly allocable to each class of policies, under generally accepted actuarial and accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;● The ability of each class of policies to be self-supporting over the long run and, in addition, to allow for a permanent contribution to our surplus of such magnitude that in combinations with similarly derived contributions from all classes of policies, our long-term financial strength and stability will be assured so that we can meet our long-term obligations to policyholders. In doing so, there is no requirement that each class of policies make a contribution to surplus every year, since uneven incidence of expenses and experience fluctuations may make that impractical.

&nbsp;&nbsp;&nbsp;&nbsp;● The potential impact of any credited interest rate decision on both short-term and long-term operating gains or losses, including the immediate and long-term impact on our surplus position, as well as the impact of current and anticipated economic and financial market.

&nbsp;&nbsp;&nbsp;&nbsp;● Compliance with applicable statutory and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;● Competitiveness of rates in light of industry practices and trends current at the time.

We use an overall portfolio approach for determining credited interest rates. This means that one rate is applied to all amounts placed in our General Account for each class of contracts without regard to when such amounts were placed in our General Account. The credited interest rate, when declared, is applied on a daily

------

basis to all funds accumulated in the General Account. We reserve the right to change this credited rate at any time. The credited interest rate may not be less than the minimum annual yield, if any, set forth in a Contract. If we declare a credited interest rate higher than such minimum, the higher credited interest rate will remain in effect until changed.

All amounts accumulated in our General Account (including credited interest) for Participants are guaranteed by us. Amounts held for a Participant are payable in full upon the Participant's request for transfer, payment, withdrawal or discontinuance, subject to Plan provisions, and the deduction of any otherwise payable administrative charges and subject to any amounts that serve as collateral for loans under a Plan. Generally, Contractholders are provided with a written notice of any changes to the interest rates applicable to amounts in our General Account, prior to the implementation. The credited interest rate applicable to amounts in our General Account is indicated in Participants' quarterly statements.

We determine the administrative charges, fees, expenses or other amounts (referred to as administrative charges) that are, or may be, assessed against the General Account or Separate Account or deducted by us from Account Values maintained by Participants in the General Account and Subaccounts, including the extent and frequency with which such administrative charges may be modified. Periodically, we review the administrative charges under the Contracts, taking into consideration the types of factors listed above for determining credited interest rates. Subject to the restrictions referred to in the Prospectus, we reserve the right to change the administrative charges. We also reserve the right to change the services we make available to Contractholders and Participants. We will provide written notices to Contractholders, and to Participants when required, when administrative charges are amended, modified, added or deleted, prior to the imposition of any change. Administrative charges are usually payable on a monthly basis, but may be payable on the occurrence of certain events. Each Participant's quarterly statements reflect direct deductions from the Participant's Account Value in the Separate Account or General Account. The Annual Pension Fund Report to Contractholders also reflects deductions and charges paid by the Contractholders.

A plan's legal rights vary for contract amounts under our General Account and Separate Account. In general, we are subject to ERISA's fiduciary responsibility provisions with respect to the assets of a separate account (other than a separate account registered under the Investment Company Act of 1940 such as the Separate Account) to the extent the investment performance of such assets is passed directly through to plan participants or contractholders. ERISA requires insurers, in administering separate account assets that are subject to ERISA's fiduciary rules, to act solely in the interest of a plan's participants and beneficiaries; prohibits self-dealing and conflicts of interest; and requires insurers to adhere to a prudent standard of care. In contrast, ERISA's fiduciary rules generally do not apply to assets held in the general account of an insurance company if the general account meets the definition of "guaranteed benefit policy" under Section 401(b)(2)(B) of ERISA. We believe that our General Account meets the definition of "guaranteed benefit policy," and therefore assets held in our General Account are not "plan assets" under ERISA.

State regulation is typically more restrictive with respect to our General Account than our Separate Account. However, state insurance regulation may not provide the same level of protection to plan participants as ERISA regulation. In addition, our General Account contracts often include various guarantees under which we assume risks relating to the funding and distribution of benefits. We do not provide any guarantees with respect to the investment returns on allocations to the Separate Account.

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**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: publicinfo@sec.gov.

*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**

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**STATEMENT OF ADDITIONAL INFORMATION**

**FOR**

**GROUP AND INDIVIDUAL VARIABLE ACCUMULATION ANNUITY CONTRACTS**

including

**Thrift Plan Contracts**

**Tax-Deferred Annuity Contracts**

**Voluntary Employee Contribution Contracts**

**Section 457 Contracts**

**Individual Retirement Annuity Contracts**

**Flexible Premium Annuity Contracts**

Issued By

**MUTUAL OF AMERICA LIFE INSURANCE COMPANY**

320 Park Avenue

New York, New York 10022-6839

Through its

**SEPARATE ACCOUNT NO. 2** 

------

This Statement of Additional Information (SAI) expands upon subjects we discuss in the current Prospectuses and Summary Prospectuses for the Contracts that we offer ("Contracts").

You may obtain a copy of the Prospectus or Summary Prospectus, dated May 1, 2026, by calling 800.574.9267 or by writing to Mutual of America Life Insurance Company, 320 Park Avenue, New York, New York 10022-6839. The Prospectus contains definitions of various terms, and we incorporate those terms by reference into this Statement of Additional Information.

**This Statement Of Additional Information Is Not A Prospectus, And You Should Read It In Conjunction With The Prospectus For The Contracts.**

------

**Dated: May 1, 2026**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[GENERAL INFORMATION](#xx_305cbcd2-ae12-4995-b038-0cdc6599d6ad_1)** | 2  |
| **[NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACTS](#xx_305cbcd2-ae12-4995-b038-0cdc6599d6ad_1)** | 2  |
| **[SERVICES](#xx_305cbcd2-ae12-4995-b038-0cdc6599d6ad_2)** | 3  |
| **[PURCHASE OF SECURITIES BEING OFFERED](#xx_305cbcd2-ae12-4995-b038-0cdc6599d6ad_3)** | 4  |
| **[UNDERWRITER](#xx_305cbcd2-ae12-4995-b038-0cdc6599d6ad_3)** | 4  |
| **[FINANCIAL STATEMENTS](#xx_305cbcd2-ae12-4995-b038-0cdc6599d6ad_4)** | 5 |

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**GENERAL INFORMATION**

**Mutual of America**

------

Mutual of America Life Insurance Company ("Mutual of America," or the "Company," "we," "us" or "our") is a mutual life insurance company organized under the laws of the state of New York and we are authorized to transact business in 50 states and the District of Columbia. Our Home Office address is 320 Park Avenue, New York, New York 10022.

We were incorporated in 1945 as a non-profit retirement association to provide retirement and other benefits for non-profit organizations and their employees in the health and welfare field. In 1978 we reorganized as a mutual life insurance company, and now serve for-profit organizations, not-for-profit organizations, their employees and individuals.

We provide group and individual life insurance, annuities and related services for the pension, retirement, and long-range savings needs of organizations, their employees and individuals. We invest the assets we derive from our business as permitted under applicable state law. As of December 31, 2025, we had total assets of approximately $23.8 billion. We are registered as an investment adviser under the Investment Advisers Act of 1940 for the limited purpose of providing investment allocation services to certain defined benefit pension plans. Mutual of America and its subsidiaries sometimes use the trade name Mutual of America Financial Group.

**Our Separate Account**

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We established the Separate Account under a resolution adopted by our Board of Directors on September 22, 1983. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 (the "1940 Act"). The SEC does not supervise the management or investment practices or policies of the Separate Account or Mutual of America. The 1940 Act, however, does regulate certain actions by the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACTS**

The Prospectus discusses the principal risks associated with the Contracts, which include the financial risks associated with an investment in the Subaccounts and the Interest Accumulation Account, and that as designed to serve the pension, retirement or long-term savings needs, the Contracts are not designed to be source of ready liquidity. Some non-principal risks include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;● Contribution limits. As discussed in the "Taxes" section of the Prospectus, an employee participating in certain tax-qualified defined contribution plans is subject to an annual contribution limit. Thus, the Contract is not an investment vehicle to which an employee can make unlimited Contributions (if such a feature were desired).

&nbsp;&nbsp;&nbsp;&nbsp;● Low interest rates. A low interest rate environment can impact annuities in several ways, including (a) low crediting rates for fixed general account products (like the Interest Accumulation Account) and (b) possible reductions to annuity purchase rates – thereby lowering annuity payments.

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**SERVICES**

**Payments Received by Us from the Underlying Funds**

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We or our affiliates have entered into agreements with the investment adviser, transfer agent and/or distributor of certain of the Underlying Funds. Under the terms of these agreements, we or our affiliates will receive payments based on the average daily net assets invested by the Separate Account in the Underlying Funds in connection with our provision of administrative support, distribution and/or recordkeeping services to the Underlying Funds. These services provided to the Underlying Funds are in addition to the services provided and expenses incurred by us and our affiliates in marketing and administering the variable annuity contracts.

***Mutual of America's Relationship with the Underlying Funds***

The Underlying Funds incur expenses each time they sell, administer, or redeem their shares. The Separate Account aggregates Contractholder purchase, redemption, and transfer requests and submits net or aggregated purchase/ redemption requests to each Underlying Fund on each Valuation Day. The Separate Account (not the Contractholders) is the Underlying Fund shareholder. When the Separate Account aggregates transactions, the Underlying Fund does not incur the expense of processing individual transactions it would normally incur if it sold its shares directly to the public. Mutual of America incurs these expenses instead.

Mutual of America also incurs the distribution costs of selling the Contracts (as discussed above), which benefit the Underlying Funds by providing Contractholders with Subaccount options that correspond to the Underlying Funds.

An investment adviser or subadviser of an Underlying Fund or its affiliates may provide Mutual of America with wholesaling services that assist in the distribution of the Contracts and may pay Mutual of America to participate in marketing activities. These activities may provide the adviser or subadviser (or their affiliates) with increased exposure to persons involved in the distribution of the Contracts.

***Types of Payments Mutual of America Receives***

In light of the above, the Underlying Funds and their affiliates make certain payments to Mutual of America (the "payments"). The amount of these payments is based on a percentage of assets invested in the Underlying Funds attributable to the Contracts and other variable contracts Mutual of America issue. These payments are made for various purposes, including payments for the services provided and expenses incurred by Mutual of America in promoting, marketing and administering the Contracts and Underlying Funds. Mutual of America may realize a profit on the payments received.

Mutual of America receives the following types of payments:

&nbsp;&nbsp;&nbsp;&nbsp;● Sub-transfer agent fees or fees pursuant to administrative service plans adopted by the Underlying Fund, which may be deducted from Underlying Fund assets; and

&nbsp;&nbsp;&nbsp;&nbsp;● Payments by an Underlying Fund's adviser or subadviser (or its affiliates), from their own revenues. Such payments are not from Underlying Fund assets. However, the revenues from which such payments are made may be derived from advisory fees, which are deducted from Underlying Fund assets and are reflected in mutual fund charges.

Furthermore, Mutual of America benefits from assets invested in Mutual of America's affiliated Underlying Funds (i.e., MoA Funds Corporation) because it and its affiliates also receive compensation from the Underlying Funds for investment advisory, administrative, transfer agency, distribution, and/or other services provided. Thus, Mutual of America may receive more revenue with respect to affiliated Underlying Funds than unaffiliated Underlying Funds.

***Amount of Payments Mutual of America Receives***

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For the year end December 31, 2025, the Underlying Fund service fee payments Mutual of America received from the Underlying Funds did not exceed 0.25% (as a percentage of the average Daily Net Assets invested in the Underlying Funds) offered through the Contracts or other variable contracts that Mutual of America issues. Payments from investment advisers or subadvisers to participate in marketing activities have not been taken into account in this percentage.

Some of the Underlying Funds or their affiliates have agreed to make payments to Mutual of America, although the applicable percentages may vary from by Underlying Fund and some may not make any payments at all. Because the amount of the actual payments Mutual of America receives depends on the assets of the Underlying Funds attributable to the Contracts, Mutual of America may receive higher payments from Underlying Funds with lower percentages (but greater assets) than from Underlying Funds that have higher percentages (but fewer assets).

**Service Providers**

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We hold title to the Separate Account's assets, including shares of the Underlying Funds. We maintain records of all purchases and redemptions of Underlying Fund shares by each of the Subaccounts. Mid-Atlantic Trust Company, located at 1251 Waterfront Place, Suite 510, Pittsburgh, PA 15222, provides trading and custodial services for the shares of the Underlying Funds owned by us.

KPMG LLP, located at Two Manhattan West, 375 9<sup>th</sup> Avenue, New York, NY 10001, is the independent registered public accounting firm of the Separate Account. They have served as the auditor of one or more of Mutual of America Life Insurance Company's separate accounts since 2002. They have audited the accompanying financial statements of Mutual of America Separate Account No. 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**PURCHASE OF SECURITIES BEING OFFERED**

Information on purchase of the Contracts and exchange privileges between the subaccounts is set forth in the Prospectus. We do not charge a sales load in connection with sales of the Contract.

We have no arrangements with any persons or entities to permit frequent transfers of contract value and no such arrangements are permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**UNDERWRITER**

Mutual of America Securities LLC ("Securities LLC"), an indirect wholly-owned subsidiary of Mutual of America, located at 320 Park Avenue, New York, New York 10022, serves as principal underwriter for the Contracts. Securities LLC is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). All persons engaged in selling the Contracts are our licensed agents and are duly qualified registered representatives of Securities LLC.

We offer the Contracts for sale on a continuous basis through certain of our employees. Securities LLC has no employees, and all registered representatives of Securities LLC are employees of Mutual of America. Pursuant to a Distribution Agreement between Securities LLC and us, we cover the expenses incurred by Securities LLC to distribute the Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Financial Statements of Mutual of America Separate Account No. 2 have been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein.

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The statutory statements of financial condition of Mutual of America Life Insurance Company (the "Company") as of December 31, 2025 and 2024, and the related statutory statements of operations and surplus, and cash flows for each of the years in the three-year period ended December 31, 2025, have been included herein in reliance upon the reports of KPMG LLP, independent auditors. The audit report, dated April 23, 2026, covering the December 31, 2025, 2024 and 2023 statutory statements referred to above contains an explanatory paragraph that states that the Company prepared the statutory financial statements using accounting practices prescribed or permitted by the New York State Department of Financial Services, which practices differs from U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report referred to above states that the statutory financial statements are not intended to be and, therefore, are not presented fairly in conformity with U.S. generally accepted accounting principles and further states that the statutory financial statements are presented fairly, in all material respects, in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement under the Securities Act of 1933, as amended, concerning the Contracts. Not all of the information set forth in the registration statement, amendments and exhibits thereto has been included in this Statement of Additional Information or in the current Prospectus for the Contracts. Statements contained herein concerning the content of the Contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of those documents, reference should be made to the materials filed with the SEC. The SEC has an Internet website at http://www.sec.gov, or you may write to the SEC's Public Reference Section, 100 F Street, NE, Washington, DC 20549-6009 and obtain copies upon payment of a duplicating fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FINANCIAL STATEMENTS**

The Financial Statements of Mutual of America Separate Account No. 2 have been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein.

The statutory statements of financial condition of Mutual of America Life Insurance Company (the "Company") as of December 31, 2025 and 2024, and the related statutory statements of operations and surplus, and cash flows for each of the years in the three-year period ended December 31, 2025, have been included herein in reliance upon the reports of KPMG LLP, independent auditors. The audit report, dated April 23, 2026, covering the December 31, 2025, 2024 and 2023 statutory statements referred to above contains an explanatory paragraph that states that the Company prepared the statutory financial statements using accounting practices prescribed or permitted by the New York State Department of Financial Services, which practices differs from U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report referred to above states that the statutory financial statements are not intended to be and, therefore, are not presented fairly in conformity with U.S. generally accepted accounting principles and further states that the statutory financial statements are presented fairly, in all material respects, in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services.

When you allocate Account Value to the Subaccounts, the value of the Account Value in those Subaccounts is impacted primarily by the investment results of the Underlying Fund(s).

Financial statements of the Separate Account for 2025 are included as follows:

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| | |
|:---|:---|
|  | **Page** |
| Report of Independent Registered Public Accounting Firm | 7 |
| Statements of Assets and Liabilities | 10 |
| Statements of Operations | 46 |

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| | |
|:---|:---|
|  | **Page** |
| Statements of Changes in Net Assets | 52 |
| Notes to Financial Statements | 76 |

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Financial Statements of Mutual of America for 2025, 2024 and 2023 are included as follows:

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| | |
|:---|:---|
|  | **Page** |
| Independent Auditors' Report | 103 |
| Statutory Statement of Financial Condition  | 106 |
| Statutory Statements of Operations and Surplus  | 107 |
| Statutory Statements of Cash Flow  | 108 |
| Notes to Statutory Financial Statements  | 109 |

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You should consider our financial statements included in this Statement of Additional Information as bearing on our ability to meet our obligations under the Contracts and to support our General Account.

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|:---|:---|
|  ![LOGO](g98619g38g70.jpg)  | <br> KPMG LLP<br> Two Manhattan West <br>375 9th Avenue, 17th Floor <br>New York, NY 10001 |

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#### Report of Independent Registered Public Accounting Firm
To the Board of Directors of Mutual of America Life Insurance Company and Contract Owners of Mutual of America Separate Account No. 2:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix, each a subaccount comprising Mutual of America Separate Account No. 2 (the Separate Account), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods indicated in Note 5. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 5, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and transfer agents of the underlying investments, when replies were not received from transfer agents, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g98619g25j05.jpg)

We have served as the auditor of one or more Mutual of America Life Insurance Company separate accounts since 2002.

New York, New York

April 24, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

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#### Appendix
Statements of Assets and Liabilities as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

#### MOA FUNDS CORPORATION
MoA All America Fund

MoA Equity Index Fund

MoA International Fund

MoA Mid Cap Equity Index Fund

MoA Mid Cap Value Fund

MoA Small Cap Equity Index Fund

MoA Small Cap Growth Fund

MoA Small Cap Value Fund

MoA Balanced Fund

MoA Core Bond Fund

MoA Intermediate Bond Fund

MoA US Government Money Market Fund

MoA Aggressive Allocation Fund

MoA Conservative Allocation Fund

MoA Moderate Allocation Fund

MoA Retirement Income Fund

MoA Clear Passage 2020 Fund

MoA Clear Passage 2025 Fund

MoA Clear Passage 2030 Fund

MoA Clear Passage 2035 Fund

MoA Clear Passage 2040 Fund

MoA Clear Passage 2045 Fund

MoA Clear Passage 2050 Fund

MoA Clear Passage 2055 Fund

MoA Clear Passage 2060 Fund

MoA Clear Passage 2065 Fund

Statements of Assets and Liabilities as of December 31, 2025 and the related statements of operations and changes in net assets for the period May 27, 2025 (commencement of operations) through December 31, 2025

MoA Clear Passage 2070 Fund

Statements of Assets and Liabilities as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

#### AMERICAN FUNDS INSURANCE SERIES
The Bond Fund of America

Managed Risk Growth-Income Fund

New World Fund

#### CALVERT VARIABLE SERIES, INC.
Calvert VP SRI Balanced Portfolio

#### DFA INVESTMENT DIMENSIONS GROUP INC.
Dimensional VA U.S. Targeted Value Portfolio

#### DEUTSCHE DWS VARIABLE SERIES I
DWS Capital Growth VIP

#### FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND
VIP Equity-Income Portfolio

#### FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND II
VIP Contrafund Portfolio

VIP Index 500 Portfolio

VIP Extended Market Index Portfolio

------

#### FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND III
VIP Mid Cap Portfolio

VIP Value Strategies Portfolio

#### FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUND V
VIP Asset Manager 50% Portfolio

VIP Freedom Income Portfolio

VIP Freedom 2020 Portfolio

VIP Freedom 2025 Portfolio

VIP Freedom 2030 Portfolio

VIP Freedom 2035 Portfolio

VIP Freedom 2040 Portfolio

VIP Freedom 2045 Portfolio

VIP Freedom 2050 Portfolio

VIP Freedom 2055 Portfolio

VIP Freedom 2060 Portfolio

#### GOLDMAN SACHS VARIABLE INSURANCE TRUST
Goldman Sachs Small Cap Equity Insights Fund

Goldman Sachs U.S. Equity Insights Fund

Goldman Sachs Government Money Market Fund

#### AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
Invesco V.I. Main Street Fund

#### LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
LVIP American Century Capital Appreciation Fund

#### DELAWARE VIP TRUST
Nomura VIP Small Cap Value Series

#### MFS VARIABLE INVESTMENT TRUST III
MFS Mid Cap Value Portfolio

#### NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
Quality Equity Portfolio

#### PIMCO VARIABLE INSURANCE TRUST
PIMCO Real Return Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE EQUITY SERIES, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio

#### VANGUARD VARIABLE INSURANCE FUNDS
Balanced Portfolio

Conservative Allocation Portfolio

Diversified Value Portfolio International Portfolio

Mid-Cap Index Portfolio

Real Estate Index Portfolio

Small Company Growth Portfolio Short-Term Investment-Grade Portfolio

Total Bond Market Index Portfolio

Total International Stock Market Index Portfolio

Statements of Assets and Liabilities as of December 31, 2025 and the related statements of operations and changes in net assets for the period June 6, 2025 (commencement of operations) through December 31, 2025

#### AMERICAN CENTURY INVESTMENTS
American Century Small Cap Growth R6

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#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES

#### December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA All America<br>Fund** | **MoA Equity Index<br>Fund** | **MoA International<br>Fund** | **MoA Mid Cap<br>Equity Index Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA All America Fund — $239,233,509 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Equity Index Fund — $785,040,890 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA International Fund — $52,441,976 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Equity Index Fund — $377,352,558) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$232784529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1150184642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65632838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357941690 |
|  Due From (To) Mutual of America General Account | (10) | (98172) | 7 | (5054) |
|  Net Assets | $232784519 | $1150086470 | $65632845 | $357936636 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 51094032 | 204652602 | 6550908 | 72575256 |
|  Tier 1 Reduced Fee Units (a) | 24201022 | 130479232 | 8796982 | 38706090 |
|  Tier 2 Reduced Fee Units | 10296191 | 82678346 | 5317756 | 22705323 |
|  Tier 3 Reduced Fee Units | 42683920 | 293615695 | 21631391 | 87290182 |
|  Tier 4 Reduced Fee Units | 13225482 | 101545346 | 6989826 | 28099912 |
|  Tier 5 Reduced Fee Units | 4675400 | 41354184 | 3084341 | 12603339 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 883775 | 11763388 | 958759 | 4121874 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 6071515 | 44196376 | 2593590 | 11449074 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 1123651 | 12351828 | 925357 | 3758117 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 658337 | 4406339 | 118376 | 1388701 |
|  Standard Units (b) | 16542954 | 68166772 | 3628013 | 24213733 |
|  Inactive and Voluntary Employee Contribution Units | 61328240 | 154876362 | 5037546 | 51025035 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 1214148 | 10789414 | 3525868 | 8389992 |
|  Tier 1 Reduced Fee Units (a) | 505207 | 6043285 | 4198588 | 3931042 |
|  Tier 2 Reduced Fee Units | 216782 | 3862191 | 2559909 | 2325766 |
|  Tier 3 Reduced Fee Units | 907822 | 13855017 | 10518869 | 9032310 |
|  Tier 4 Reduced Fee Units | 287098 | 4890675 | 3469494 | 2967985 |
|  Tier 5 Reduced Fee Units | 111258 | 2183268 | 1662447 | 1459070 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 18547 | 547723 | 460033 | 420841 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 127833 | 2064565 | 1248526 | 1172759 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 23821 | 580960 | 448522 | 387608 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 15564 | 231121 | 63389 | 159725 |
|  Standard Units (b) | 408207 | 3731778 | 2027665 | 2906743 |
|  Inactive and Voluntary Employee Contribution Units | 1559357 | 8736613 | 2901118 | 6311644 |

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#### The accompanying notes are an integral part of these financial statements.

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#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA All America<br>Fund** | **MoA Equity Index<br>Fund** | **MoA International<br>Fund** | **MoA Mid Cap<br>Equity Index Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $42.082 | $18.968 | $1.858 | $8.650 |
|  Tier 1 Reduced Fee Units (a) | $47.903 | $21.591 | $2.095 | $9.846 |
|  Tier 2 Reduced Fee Units | $47.496 | $21.407 | $2.077 | $9.763 |
|  Tier 3 Reduced Fee Units | $47.018 | $21.192 | $2.056 | $9.664 |
|  Tier 4 Reduced Fee Units | $46.066 | $20.763 | $2.015 | $9.468 |
|  Tier 5 Reduced Fee Units | $42.023 | $18.941 | $1.855 | $8.638 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $47.651 | $21.477 | $2.084 | $9.794 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $47.496 | $21.407 | $2.077 | $9.763 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $47.171 | $21.261 | $2.063 | $9.696 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $42.297 | $19.065 | $1.867 | $8.694 |
|  Standard Units (b) | $40.526 | $18.267 | $1.789 | $8.330 |
|  Inactive and Voluntary Employee Contribution Units | $39.329 | $17.727 | $1.736 | $8.084 |

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(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

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#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Mid Cap Value<br>Fund** | **MoA Small Cap<br>Equity Index Fund** | **MoA Small Cap<br>Growth Fund** | **MoA Small Cap<br>Value Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Value Fund — $53,050,970 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Equity Index Fund — $31,241,598 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Growth Fund — $177,065,366 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Value Fund — $119,077,442) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48920603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31671711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173015733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114701346 |
|  Due From (To) Mutual of America General Account | 2 | (1) | (74) | 18 |
|  Net Assets | $48920605 | $31671710 | $173015659 | $114701364 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 8468307 | 4648856 | 29654225 | 20967668 |
|  Tier 1 Reduced Fee Units (a) | 6969267 | 3654978 | 20613494 | 12232138 |
|  Tier 2 Reduced Fee Units | 3183876 | 2578285 | 9244021 | 6178296 |
|  Tier 3 Reduced Fee Units | 12373280 | 10030646 | 40663511 | 26321962 |
|  Tier 4 Reduced Fee Units | 4390679 | 3516554 | 12747340 | 8113632 |
|  Tier 5 Reduced Fee Units | 1918731 | 1549466 | 6274206 | 4246802 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 406091 | 126914 | 1084010 | 1027663 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 1405814 | 1764438 | 7280122 | 3796554 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 641488 | 561647 | 1659315 | 940263 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 139572 | 222439 | 535230 | 424605 |
|  Standard Units (b) | 3552009 | 1854721 | 11950958 | 8641064 |
|  Inactive and Voluntary Employee Contribution Units | 5471491 | 1162766 | 31309227 | 21810717 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 2494361 | 313971 | 7393949 | 6385233 |
|  Tier 1 Reduced Fee Units (a) | 1803335 | 233919 | 4514828 | 3272096 |
|  Tier 2 Reduced Fee Units | 830906 | 166255 | 2042006 | 1666867 |
|  Tier 3 Reduced Fee Units | 3261913 | 651658 | 9074402 | 7173929 |
|  Tier 4 Reduced Fee Units | 1181524 | 231048 | 2904151 | 2257554 |
|  Tier 5 Reduced Fee Units | 565966 | 104515 | 1566639 | 1295123 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 105636 | 8157 | 238678 | 276355 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 366880 | 113776 | 1608180 | 1024287 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 168562 | 36370 | 369083 | 255432 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 40903 | 14907 | 132778 | 128652 |
|  Standard Units (b) | 1086444 | 129209 | 3094309 | 2732575 |
|  Inactive and Voluntary Employee Contribution Units | 1724448 | 83225 | 8353300 | 7107142 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Mid Cap Value<br>Fund** | **MoA Small Cap<br>Equity Index Fund** | **MoA Small Cap<br>Growth Fund** | **MoA Small Cap<br>Value Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $3.395 | $14.807 | $4.011 | $3.284 |
|  Tier 1 Reduced Fee Units (a) | $3.865 | $15.625 | $4.566 | $3.738 |
|  Tier 2 Reduced Fee Units | $3.832 | $15.508 | $4.527 | $3.707 |
|  Tier 3 Reduced Fee Units | $3.793 | $15.392 | $4.481 | $3.669 |
|  Tier 4 Reduced Fee Units | $3.716 | $15.220 | $4.389 | $3.594 |
|  Tier 5 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.279 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $3.844 | $15.559 | $4.542 | $3.719 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $3.832 | $15.508 | $4.527 | $3.707 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $3.806 | $15.443 | $4.496 | $3.681 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $3.412 | $14.922 | $4.031 | $3.300 |
|  Standard Units (b) | $3.269 | $14.354 | $3.862 | $3.162 |
|  Inactive and Voluntary Employee Contribution Units | $3.173 | $13.972 | $3.748 | $3.069 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Balanced<br>Fund** | **MoA Core Bond<br>Fund** | **MoA Intermediate<br>Bond Fund** | **MoA US<br>Government Money<br>Market Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Balanced Fund — $156,688,910 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Core Bond Fund — $146,531,625 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Intermediate Bond Fund — $67,720,022 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA US Government Money Market Fund — $56,320,335) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$176606789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$131467786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65657115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140046849 |
|  Due From (To) Mutual of America General Account | (22130) | (11784) | (21361) | 2166 |
|  Net Assets | $176584659 | $131456002 | $65635754 | $140049015 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 42596023 | 19641603 | 9007864 | 35471259 |
|  Tier 1 Reduced Fee Units (a) | 18027890 | 14341693 | 8837119 | 14774962 |
|  Tier 2 Reduced Fee Units | 12823520 | 9942395 | 4954311 | 11006794 |
|  Tier 3 Reduced Fee Units | 35233119 | 38497774 | 16884111 | 36260255 |
|  Tier 4 Reduced Fee Units | 11737790 | 11780448 | 5574460 | 12377423 |
|  Tier 5 Reduced Fee Units | 5014481 | 4994334 | 2760884 | 4870769 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 740643 | 1777592 | 1079964 | 561077 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 7066609 | 6254173 | 2665340 | 4631904 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 1631764 | 1219512 | 829299 | 775892 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 394437 | 261095 | 451442 | 372643 |
|  Standard Units (b) | 11325440 | 7021905 | 4189883 | 6897379 |
|  Inactive and Voluntary Employee Contribution Units | 29992943 | 15723478 | 8401077 | 12048658 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 2054861 | 2957175 | 3463218 | 13558541 |
|  Tier 1 Reduced Fee Units (a) | 764019 | 1896711 | 2984620 | 4960474 |
|  Tier 2 Reduced Fee Units | 548124 | 1326193 | 1687651 | 3727118 |
|  Tier 3 Reduced Fee Units | 1521186 | 5186820 | 5809365 | 12401739 |
|  Tier 4 Reduced Fee Units | 517125 | 1619185 | 1956419 | 4319883 |
|  Tier 5 Reduced Fee Units | 242241 | 752959 | 1062905 | 1864339 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 31555 | 236339 | 366687 | 189361 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 302052 | 834230 | 907929 | 1568454 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 70222 | 163771 | 284409 | 264496 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 18931 | 39108 | 172674 | 141708 |
|  Standard Units (b) | 567326 | 1097764 | 1672696 | 2737621 |
|  Inactive and Voluntary Employee Contribution Units | 1548114 | 2532782 | 3455736 | 4927556 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Balanced<br>Fund** | **MoA Core Bond<br>Fund** | **MoA Intermediate<br>Bond Fund** | **MoA US<br>Government Money<br>Market Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $20.729 | $6.642 | $2.601 | $2.616 |
|  Tier 1 Reduced Fee Units (a) | $23.596 | $7.561 | $2.961 | $2.979 |
|  Tier 2 Reduced Fee Units | $23.395 | $7.497 | $2.936 | $2.953 |
|  Tier 3 Reduced Fee Units | $23.162 | $7.422 | $2.906 | $2.924 |
|  Tier 4 Reduced Fee Units | $22.698 | $7.276 | $2.849 | $2.865 |
|  Tier 5 Reduced Fee Units | $20.700 | $6.633 | $2.597 | $2.613 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.963 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $23.395 | $7.497 | $2.936 | $2.953 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $23.237 | $7.446 | $2.916 | $2.933 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $20.836 | $6.676 | $2.614 | $2.630 |
|  Standard Units (b) | $19.963 | $6.397 | $2.505 | $2.519 |
|  Inactive and Voluntary Employee Contribution Units | $19.374 | $6.208 | $2.431 | $2.445 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Aggressive<br>Allocation Fund** | **MoA Conservative<br>Allocation Fund** | **MoA Moderate<br>Allocation Fund** | **MoA Retirement<br>Income Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Aggressive Allocation Fund — $250,889,913 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Conservative Allocation Fund — $105,757,712 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Moderate Allocation Fund — $294,228,351 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Retirement Income Fund — $142,233,234) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253169877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$103737802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290198119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$149436742 |
|  Due From (To) Mutual of America General Account | (34) | 35 | (40) | 7805 |
|  Net Assets | $253169843 | $103737837 | $290198079 | $149444547 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 26057068 | 21603015 | 39893161 | 28136245 |
|  Tier 1 Reduced Fee Units (a) | 33837607 | 10972684 | 33888003 | 17243427 |
|  Tier 2 Reduced Fee Units | 26859219 | 7262543 | 23970516 | 17132494 |
|  Tier 3 Reduced Fee Units | 63431729 | 31266938 | 81856096 | 38536806 |
|  Tier 4 Reduced Fee Units | 23648414 | 7197586 | 24968686 | 11559550 |
|  Tier 5 Reduced Fee Units | 11045986 | 3987730 | 11154792 | 5059695 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 2083722 | 446627 | 3439006 | 583093 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 12158683 | 5752804 | 15084085 | 11226706 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 2694437 | 1904714 | 6253971 | 4080322 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 856166 | 895590 | 1805697 | 963379 |
|  Standard Units (b) | 18704545 | 6175331 | 20542802 | 7671684 |
|  Inactive and Voluntary Employee Contribution Units | 31792267 | 6272275 | 27341264 | 7251146 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 4720405 | 7942717 | 9382641 | 13823284 |
|  Tier 1 Reduced Fee Units (a) | 5385580 | 3543772 | 7002225 | 7511960 |
|  Tier 2 Reduced Fee Units | 4311594 | 2365682 | 4995526 | 7527878 |
|  Tier 3 Reduced Fee Units | 10285317 | 10287353 | 17231215 | 17102910 |
|  Tier 4 Reduced Fee Units | 3913120 | 2415737 | 5362876 | 5236525 |
|  Tier 5 Reduced Fee Units | 2003846 | 1468209 | 2627188 | 2489298 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 333404 | 145010 | 714373 | 255370 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 1951781 | 1873904 | 3143567 | 4932923 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 435477 | 624650 | 1312213 | 1804986 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 154308 | 327598 | 422521 | 470894 |
|  Standard Units (b) | 3518537 | 2357618 | 5017036 | 3913789 |
|  Inactive and Voluntary Employee Contribution Units | 6162396 | 2467418 | 6880333 | 3811692 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Aggressive<br>Allocation Fund** | **MoA Conservative<br>Allocation Fund** | **MoA Moderate<br>Allocation Fund** | **MoA Retirement<br>Income Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $5.520 | $2.720 | $4.252 | $2.035 |
|  Tier 1 Reduced Fee Units (a) | $6.283 | $3.096 | $4.840 | $2.295 |
|  Tier 2 Reduced Fee Units | $6.230 | $3.070 | $4.798 | $2.276 |
|  Tier 3 Reduced Fee Units | $6.167 | $3.039 | $4.750 | $2.253 |
|  Tier 4 Reduced Fee Units | $6.043 | $2.979 | $4.656 | $2.207 |
|  Tier 5 Reduced Fee Units | $5.512 | $2.716 | $4.246 | $2.033 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.283 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $6.230 | $3.070 | $4.798 | $2.276 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $6.187 | $3.049 | $4.766 | $2.261 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $5.548 | $2.734 | $4.274 | $2.046 |
|  Standard Units (b) | $5.316 | $2.619 | $4.095 | $1.960 |
|  Inactive and Voluntary Employee Contribution Units | $5.159 | $2.542 | $3.974 | $1.902 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Clear Passage<br>2020 Fund** | **MoA Clear Passage<br>2025 Fund** | **MoA Clear Passage<br>2030 Fund** | **MoA Clear Passage<br>2035 Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2020 Fund — $240,136,362 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2025 Fund — $582,316,545 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2030 Fund — $750,935,457 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2035 Fund — $724,904,951) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227899760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$574575186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$778421155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$774785258 |
|  Due From (To) Mutual of America General Account | 8252 | 137 | (10260) | 3113 |
|  Net Assets | $227908012 | $574575323 | $778410895 | $774788371 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 42375888 | 74155535 | 62512857 | 48265929 |
|  Tier 1 Reduced Fee Units (a) | 31299960 | 87850041 | 111828486 | 105619027 |
|  Tier 2 Reduced Fee Units | 20315973 | 63751791 | 78741722 | 85281056 |
|  Tier 3 Reduced Fee Units | 64276568 | 172951307 | 258174263 | 258107745 |
|  Tier 4 Reduced Fee Units | 17773704 | 51107978 | 77399698 | 83680040 |
|  Tier 5 Reduced Fee Units | 8154000 | 20777726 | 35942869 | 35043068 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 1236208 | 1667511 | 4006353 | 5754854 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 13302957 | 34783273 | 43335404 | 47735959 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 5850478 | 13266160 | 21964532 | 17346499 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 2382513 | 5456835 | 8182327 | 6868560 |
|  Standard Units (b) | 7766534 | 27368693 | 40388755 | 45233051 |
|  Inactive and Voluntary Employee Contribution Units | 13173229 | 21438473 | 35933629 | 35852583 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 18228133 | 28029400 | 20909660 | 14910528 |
|  Tier 1 Reduced Fee Units (a) | 11938434 | 29442701 | 33165862 | 28932107 |
|  Tier 2 Reduced Fee Units | 7815528 | 21549423 | 23553737 | 23561648 |
|  Tier 3 Reduced Fee Units | 24976877 | 59051774 | 78007741 | 72032548 |
|  Tier 4 Reduced Fee Units | 7050620 | 17814871 | 23875340 | 23842002 |
|  Tier 5 Reduced Fee Units | 3512360 | 7864419 | 12039186 | 10840913 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 474023 | 561828 | 1194513 | 1584817 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 5117630 | 11757465 | 12962768 | 13188602 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 2266016 | 4514879 | 6615124 | 4825339 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 1019622 | 2052033 | 2722915 | 2111081 |
|  Standard Units (b) | 3469064 | 10741802 | 14027999 | 14510381 |
|  Inactive and Voluntary Employee Contribution Units | 6062930 | 8670080 | 12860104 | 11850859 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Clear Passage<br>2020 Fund** | **MoA Clear Passage<br>2025 Fund** | **MoA Clear Passage<br>2030 Fund** | **MoA Clear Passage<br>2035 Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $2.325 | $2.646 | $2.990 | $3.237 |
|  Tier 1 Reduced Fee Units (a) | $2.622 | $2.984 | $3.372 | $3.651 |
|  Tier 2 Reduced Fee Units | $2.599 | $2.958 | $3.343 | $3.619 |
|  Tier 3 Reduced Fee Units | $2.573 | $2.929 | $3.310 | $3.583 |
|  Tier 4 Reduced Fee Units | $2.521 | $2.869 | $3.242 | $3.510 |
|  Tier 5 Reduced Fee Units | $2.322 | $2.642 | $2.985 | $3.232 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.968 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.631 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $2.599 | $2.958 | $3.343 | $3.619 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $2.582 | $2.938 | $3.320 | $3.595 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $2.337 | $2.659 | $3.005 | $3.254 |
|  Standard Units (b) | $2.239 | $2.548 | $2.879 | $3.117 |
|  Inactive and Voluntary Employee Contribution Units | $2.173 | $2.473 | $2.794 | $3.025 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Clear Passage<br>2040 Fund** | **MoA Clear Passage<br>2045 Fund** | **MoA Clear Passage<br>2050 Fund** | **MoA Clear Passage<br>2055 Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2040 Fund — $626,104,977 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2045 Fund — $659,119,805 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2050 Fund — $507,813,012 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2055 Fund — $293,845,271) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$693270344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$742398801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$576897010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$339073133 |
|  Due From (To) Mutual of America General Account | 2821 | 3600 | 3003 | 3029 |
|  Net Assets | $693273165 | $742402401 | $576900013 | $339076162 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 37587621 | 36093542 | 18485604 | 6641821 |
|  Tier 1 Reduced Fee Units (a) | 91582611 | 94307163 | 70392589 | 38109203 |
|  Tier 2 Reduced Fee Units | 73726012 | 84758850 | 59092923 | 32153590 |
|  Tier 3 Reduced Fee Units | 248262202 | 250556684 | 211219279 | 132874643 |
|  Tier 4 Reduced Fee Units | 68037462 | 74710664 | 65803831 | 41358980 |
|  Tier 5 Reduced Fee Units | 32233723 | 34911569 | 27731611 | 15751655 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 4198359 | 6747876 | 2744504 | 3005637 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 41406232 | 46833352 | 42200130 | 21060793 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 15323249 | 17339128 | 12320157 | 7867881 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 4562762 | 5821392 | 5230750 | 3193233 |
|  Standard Units (b) | 44036467 | 50581646 | 37967516 | 25162887 |
|  Inactive and Voluntary Employee Contribution Units | 32316465 | 39740535 | 23711119 | 11895839 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 10931461 | 10385955 | 5403787 | 2734435 |
|  Tier 1 Reduced Fee Units (a) | 23617486 | 24062013 | 18711346 | 14712285 |
|  Tier 2 Reduced Fee Units | 19176022 | 21811650 | 15842373 | 12519464 |
|  Tier 3 Reduced Fee Units | 65225977 | 65131527 | 57200182 | 52202671 |
|  Tier 4 Reduced Fee Units | 18249134 | 19827292 | 18169427 | 16476185 |
|  Tier 5 Reduced Fee Units | 9387638 | 10059988 | 8117958 | 6493934 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 1088440 | 1730841 | 733393 | 1166493 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 10769697 | 12051988 | 11313541 | 8200324 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 4012792 | 4492638 | 3325571 | 3081050 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 1320224 | 1666589 | 1521259 | 1307923 |
|  Standard Units (b) | 13298801 | 15113815 | 11524911 | 10757163 |
|  Inactive and Voluntary Employee Contribution Units | 10056257 | 12235669 | 7416227 | 5240102 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Clear Passage<br>2040 Fund** | **MoA Clear Passage<br>2045 Fund** | **MoA Clear Passage<br>2050 Fund** | **MoA Clear Passage<br>2055 Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $3.438 | $3.475 | $3.421 | $2.429 |
|  Tier 1 Reduced Fee Units (a) | $3.878 | $3.919 | $3.762 | $2.590 |
|  Tier 2 Reduced Fee Units | $3.845 | $3.886 | $3.730 | $2.568 |
|  Tier 3 Reduced Fee Units | $3.806 | $3.847 | $3.693 | $2.545 |
|  Tier 4 Reduced Fee Units | $3.728 | $3.768 | $3.622 | $2.510 |
|  Tier 5 Reduced Fee Units | $3.434 | $3.470 | $3.416 | $2.426 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $3.857 | $3.899 | $3.742 | $2.577 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.568 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $3.819 | $3.859 | $3.705 | $2.554 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $3.456 | $3.493 | $3.438 | $2.441 |
|  Standard Units (b) | $3.311 | $3.347 | $3.294 | $2.339 |
|  Inactive and Voluntary Employee Contribution Units | $3.214 | $3.248 | $3.197 | $2.270 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **American Century<br>Investments** |
|  | **MoA Clear Passage<br>2060 Fund** | **MoA Clear Passage<br>2065 Fund** | **MoA Clear Passage<br>2070 Fund<sup>1</sup>** | **American Century<br>Small Cap Growth<br>R6<sup>2</sup>** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2060 Fund — $170,949,945 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2065 Fund — $75,220,234 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2070 Fund — $1,013,416 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Century Small Cap Growth R6 — $5,096,992) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197325715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87555798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1045271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5104868 |
|  Due From (To) Mutual of America General Account | 2382 | 3683 | (7) | 4 |
|  Net Assets | $197328097 | $87559481 | $1045264 | $5104872 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 3881421 | 1335583 | 75186 | 692922 |
|  Tier 1 Reduced Fee Units (a) | 21963837 | 9843572 | 136649 | 617469 |
|  Tier 2 Reduced Fee Units | 19444944 | 8383361 | 8849 | 348315 |
|  Tier 3 Reduced Fee Units | 75953063 | 33539115 | 372837 | 1296340 |
|  Tier 4 Reduced Fee Units | 24845718 | 12331166 | 58604 | 776689 |
|  Tier 5 Reduced Fee Units | 10485513 | 4789867 | 253194 | 279020 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 1184188 | 708322 |  | 64326 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 15527919 | 6496944 | 71347 | 224297 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 4107499 | 2110664 | 40881 | 81452 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 1953220 | 694562 | 1164 | 11308 |
|  Standard Units (b) | 13832672 | 5968178 | 23777 | 341175 |
|  Inactive and Voluntary Employee Contribution Units | 4148103 | 1358147 | 2776 | 371559 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 194481 | 70227 | 6694 | 62956 |
|  Tier 1 Reduced Fee Units (a) | 1042874 | 497187 | 12096 | 55769 |
|  Tier 2 Reduced Fee Units | 930240 | 425734 | 784 | 31479 |
|  Tier 3 Reduced Fee Units | 3660837 | 1712478 | 33044 | 117231 |
|  Tier 4 Reduced Fee Units | 1211098 | 634755 | 5199 | 70304 |
|  Tier 5 Reduced Fee Units | 524723 | 251282 | 22511 | 25312 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 56467 | 35874 |  | 5812 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 742851 | 329935 | 6319 | 20271 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 197333 | 107477 | 3622 | 7364 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 97110 | 36241 | 103 | 1025 |
|  Standard Units (b) | 714935 | 320679 | 2121 | 31047 |
|  Inactive and Voluntary Employee Contribution Units | 220264 | 74505 | 249 | 33919 |

---

<sup>1</sup> Fund commenced operations on May 27, 2025

<sup>2</sup> Fund commenced operations on June 6, 2025

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **American Century<br>Investments** |
|  | **MoA Clear Passage<br>2060 Fund** | **MoA Clear Passage<br>2065 Fund** | **MoA Clear Passage<br>2070 Fund** | **American Century<br>Small Cap Growth<br>R6** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $19.958 | $19.018 | $11.231 | $11.007 |
|  Tier 1 Reduced Fee Units (a) | $21.061 | $19.799 | $11.297 | $11.072 |
|  Tier 2 Reduced Fee Units | $20.903 | $19.692 | $11.290 | $11.065 |
|  Tier 3 Reduced Fee Units | $20.747 | $19.585 | $11.283 | $11.058 |
|  Tier 4 Reduced Fee Units | $20.515 | $19.427 | $11.272 | $11.048 |
|  Tier 5 Reduced Fee Units | $19.983 | $19.062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.248 | $11.023 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.068 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $20.903 | $19.692 | $11.290 | $11.065 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $20.815 | $19.638 | $11.287 | $11.061 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $20.113 | $19.165 | $11.255 | $11.030 |
|  Standard Units (b) | $19.348 | $18.611 | $11.212 | $10.989 |
|  Inactive and Voluntary Employee Contribution Units | $18.832 | $18.229 | $11.177 | $10.954 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **American Funds** | **Calvert** |
|  | **The Bond Fund of<br>America** | **Managed Risk<br>Growth-Income<br>Fund** | **New World Fund** | **Calvert VP SRI<br>Balanced Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America — $6,448,721 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund — $4,908,536 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New World Fund — $19,452,354 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calvert VP SRI Balanced Portfolio — $118,378,002) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6506282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5859918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23369437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$149344915 |
|  Due From (To) Mutual of America General Account | (8) | (10) | 4 | (4) |
|  Net Assets | $6506274 | $5859908 | $23369441 | $149344911 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 6506274 | 5859908 | 4345267 | 27292374 |
|  Tier 1 Reduced Fee Units (a) |  |  | 2552616 | 10820371 |
|  Tier 2 Reduced Fee Units |  |  | 1940015 | 10612479 |
|  Tier 3 Reduced Fee Units |  |  | 7102808 | 31386214 |
|  Tier 4 Reduced Fee Units |  |  | 2090789 | 13585186 |
|  Tier 5 Reduced Fee Units |  |  | 1436125 | 7493444 |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  |  | 206759 | 3542244 |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  |  | 774473 | 8926982 |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  |  | 153322 | 1609275 |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  |  | 19257 | 487085 |
|  Standard Units (b) |  |  | 1809325 | 14480156 |
|  Inactive and Voluntary Employee Contribution Units |  |  | 938685 | 19109101 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 573486 | 412865 | 87192 | 2409988 |
|  Tier 1 Reduced Fee Units (a) |  |  | 46909 | 839409 |
|  Tier 2 Reduced Fee Units |  |  | 35957 | 830353 |
|  Tier 3 Reduced Fee Units |  |  | 132983 | 2480551 |
|  Tier 4 Reduced Fee Units |  |  | 39838 | 1095618 |
|  Tier 5 Reduced Fee Units |  |  | 28858 | 662606 |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  |  | 3820 | 276256 |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  |  | 14354 | 698474 |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  |  | 2861 | 126773 |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  |  | 384 | 42791 |
|  Standard Units (b) |  |  | 37701 | 1327701 |
|  Inactive and Voluntary Employee Contribution Units |  |  | 20154 | 1805419 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **American Funds** | **Calvert** |
|  | **The Bond Fund of<br>America** | **Managed Risk<br>Growth-Income<br>Fund** | **New World Fund** | **Calvert VP SRI<br>Balanced Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.325 |
|  Tier 1 Reduced Fee Units (a) | $— | $— | $54.417 | $12.890 |
|  Tier 2 Reduced Fee Units | $— | $— | $53.954 | $12.781 |
|  Tier 3 Reduced Fee Units | $— | $— | $53.411 | $12.653 |
|  Tier 4 Reduced Fee Units | $— | $— | $52.483 | $12.400 |
|  Tier 5 Reduced Fee Units | $— | $— | $49.765 | $11.309 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $— | $— | $54.130 | $12.822 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $— | $— | $53.954 | $12.781 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $— | $— | $53.585 | $12.694 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $— | $— | $50.090 | $11.383 |
|  Standard Units (b) | $— | $— | $47.992 | $10.906 |
|  Inactive and Voluntary Employee Contribution Units | $— | $— | $46.575 | $10.584 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DFA** | **DWS** | **Fidelity** | **Fidelity** |
|  | **Dimensional VA<br>U.S. Targeted Value<br>Portfolio** | **DWS Capital Growth<br>VIP** | **VIP Asset Manager<br>50% Portfolio** | **VIP Contrafund<br>Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dimensional VA U.S. Targeted Value Portfolio — $5,678,139 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Capital Growth VIP — $404,631,422 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager 50% Portfolio — $105,266,062 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund Portfolio — $705,639,894) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5781748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$520231147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$119702827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$982804872 |
|  Due From (To) Mutual of America General Account | (6) | 3 | 11 | (45) |
|  Net Assets | $5781742 | $520231150 | $119702838 | $982804827 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 5781742 | 113387379 | 21310582 | 239826157 |
|  Tier 1 Reduced Fee Units (a) |  | 49433406 | 14387770 | 108775685 |
|  Tier 2 Reduced Fee Units |  | 25005616 | 9760348 | 46435931 |
|  Tier 3 Reduced Fee Units |  | 108965724 | 28494687 | 210526296 |
|  Tier 4 Reduced Fee Units |  | 35084962 | 8956697 | 66664603 |
|  Tier 5 Reduced Fee Units |  | 14654501 | 3637123 | 28051773 |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  | 3313958 | 715307 | 6254541 |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  | 15806945 | 6052983 | 33221369 |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  | 3715963 | 1993836 | 6945054 |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  | 1105713 | 261477 | 2309597 |
|  Standard Units (b) |  | 30946615 | 7313189 | 56278935 |
|  Inactive and Voluntary Employee Contribution Units |  | 118810368 | 16818839 | 177514886 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 436479 | 430925 | 268513 | 839199 |
|  Tier 1 Reduced Fee Units (a) |  | 165053 | 159256 | 334366 |
|  Tier 2 Reduced Fee Units |  | 84207 | 108964 | 143964 |
|  Tier 3 Reduced Fee Units |  | 370679 | 321321 | 659322 |
|  Tier 4 Reduced Fee Units |  | 121812 | 103108 | 213153 |
|  Tier 5 Reduced Fee Units |  | 55773 | 45891 | 98297 |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  | 11124 | 7960 | 19328 |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  | 53231 | 67575 | 102995 |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  | 12600 | 22410 | 21680 |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  | 4181 | 3278 | 8041 |
|  Standard Units (b) |  | 122130 | 95683 | 204495 |
|  Inactive and Voluntary Employee Contribution Units |  | 483144 | 226740 | 664640 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DFA** | **DWS** | **Fidelity** | **Fidelity** |
|  | **Dimensional VA<br>U.S. Targeted Value<br>Portfolio** | **DWS Capital Growth<br>VIP** | **VIP Asset Manager<br>50% Portfolio** | **VIP Contrafund<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263.126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285.780 |
|  Tier 1 Reduced Fee Units (a) | $— | $299.500 | $90.344 | $325.319 |
|  Tier 2 Reduced Fee Units | $— | $296.953 | $89.574 | $322.552 |
|  Tier 3 Reduced Fee Units | $— | $293.963 | $88.680 | $319.307 |
|  Tier 4 Reduced Fee Units | $— | $288.025 | $86.867 | $312.755 |
|  Tier 5 Reduced Fee Units | $— | $262.753 | $79.255 | $285.378 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $— | $297.921 | $89.866 | $323.604 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $— | $296.953 | $89.574 | $322.552 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $— | $294.921 | $88.969 | $320.348 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $— | $264.469 | $79.773 | $287.242 |
|  Standard Units (b) | $— | $253.391 | $76.431 | $275.210 |
|  Inactive and Voluntary Employee Contribution Units | $— | $245.910 | $74.177 | $267.084 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Equity-Income<br>Portfolio** | **VIP Extended<br>Market Index<br>Portfolio** | **VIP Freedom<br>Income Portfolio** | **VIP Freedom 2020<br>Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity-Income Portfolio — $236,495,352 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Extended Market Index Portfolio — $1,375,979 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom Income Portfolio — $7,545,292 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2020 Portfolio — $12,248,056) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$289643046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1744559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8191799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13517893 |
|  Due From (To) Mutual of America General Account | 12 | (9) | (9) | (14) |
|  Net Assets | $289643058 | $1744550 | $8191790 | $13517879 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 54626673 | 1744550 | 8191790 | 13517879 |
|  Tier 1 Reduced Fee Units (a) | 32164052 |  |  |  |
|  Tier 2 Reduced Fee Units | 17800207 |  |  |  |
|  Tier 3 Reduced Fee Units | 71999539 |  |  |  |
|  Tier 4 Reduced Fee Units | 21408459 |  |  |  |
|  Tier 5 Reduced Fee Units | 10136289 |  |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 1982862 |  |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 11532615 |  |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 3209651 |  |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 668448 |  |  |  |
|  Standard Units (b) | 16654471 |  |  |  |
|  Inactive and Voluntary Employee Contribution Units | 47459792 |  |  |  |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 326723 | 124981 | 689859 | 1045115 |
|  Tier 1 Reduced Fee Units (a) | 168997 |  |  |  |
|  Tier 2 Reduced Fee Units | 94329 |  |  |  |
|  Tier 3 Reduced Fee Units | 385419 |  |  |  |
|  Tier 4 Reduced Fee Units | 117001 |  |  |  |
|  Tier 5 Reduced Fee Units | 60710 |  |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 10474 |  |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 61115 |  |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 17126 |  |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 3978 |  |  |  |
|  Standard Units (b) | 103435 |  |  |  |
|  Inactive and Voluntary Employee Contribution Units | 303718 |  |  |  |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Equity-Income<br>Portfolio** | **VIP Extended<br>Market Index<br>Portfolio** | **VIP Freedom<br>Income Portfolio** | **VIP Freedom 2020<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.934 |
|  Tier 1 Reduced Fee Units (a) | $190.323 | $— | $— | $— |
|  Tier 2 Reduced Fee Units | $188.703 | $— | $— | $— |
|  Tier 3 Reduced Fee Units | $186.809 | $— | $— | $— |
|  Tier 4 Reduced Fee Units | $182.977 | $— | $— | $— |
|  Tier 5 Reduced Fee Units | $166.962 | $— | $— | $— |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $189.318 | $— | $— | $— |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $188.703 | $— | $— | $— |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $187.418 | $— | $— | $— |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $168.052 | $— | $— | $— |
|  Standard Units (b) | $161.014 | $— | $— | $— |
|  Inactive and Voluntary Employee Contribution Units | $156.262 | $— | $— | $— |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Freedom 2025<br>Portfolio** | **VIP Freedom 2030<br>Portfolio** | **VIP Freedom 2035<br>Portfolio** | **VIP Freedom 2040<br>Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2025 Portfolio — $17,859,344 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2030 Portfolio — $17,220,115 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2035 Portfolio — $12,318,233 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2040 Portfolio — $9,328,442) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20820706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19834818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14159215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11204353 |
|  Due From (To) Mutual of America General Account | (10) | (9) | (54) | (70) |
|  Net Assets | $20820696 | $19834809 | $14159161 | $11204283 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 20820696 | 19834809 | 14159161 | 11204283 |
|  Tier 1 Reduced Fee Units (a) |  |  |  |  |
|  Tier 2 Reduced Fee Units |  |  |  |  |
|  Tier 3 Reduced Fee Units |  |  |  |  |
|  Tier 4 Reduced Fee Units |  |  |  |  |
|  Tier 5 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  |  |  |  |
|  Standard Units (b) |  |  |  |  |
|  Inactive and Voluntary Employee Contribution Units |  |  |  |  |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 1572197 | 1467266 | 1013390 | 767491 |
|  Tier 1 Reduced Fee Units (a) |  |  |  |  |
|  Tier 2 Reduced Fee Units |  |  |  |  |
|  Tier 3 Reduced Fee Units |  |  |  |  |
|  Tier 4 Reduced Fee Units |  |  |  |  |
|  Tier 5 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  |  |  |  |
|  Standard Units (b) |  |  |  |  |
|  Inactive and Voluntary Employee Contribution Units |  |  |  |  |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Freedom 2025<br>Portfolio** | **VIP Freedom 2030<br>Portfolio** | **VIP Freedom 2035<br>Portfolio** | **VIP Freedom 2040<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.599 |
|  Tier 1 Reduced Fee Units (a) | $— | $— | $— | $— |
|  Tier 2 Reduced Fee Units | $— | $— | $— | $— |
|  Tier 3 Reduced Fee Units | $— | $— | $— | $— |
|  Tier 4 Reduced Fee Units | $— | $— | $— | $— |
|  Tier 5 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $— | $— | $— | $— |
|  Standard Units (b) | $— | $— | $— | $— |
|  Inactive and Voluntary Employee Contribution Units | $— | $— | $— | $— |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Freedom 2045<br>Portfolio** | **VIP Freedom 2050<br>Portfolio** | **VIP Freedom 2055<br>Portfolio** | **VIP Freedom 2060<br>Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2045 Portfolio — $5,462,187 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2050 Portfolio — $4,604,688 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2055 Portfolio — $1,536,212 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2060 Portfolio — $1,043,466) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6594738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5614164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1830027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1276931 |
|  Due From (To) Mutual of America General Account | (27) | (48) | (9) | (7) |
|  Net Assets | $6594711 | $5614116 | $1830018 | $1276924 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 6594711 | 5614116 | 1830018 | 1276924 |
|  Tier 1 Reduced Fee Units (a) |  |  |  |  |
|  Tier 2 Reduced Fee Units |  |  |  |  |
|  Tier 3 Reduced Fee Units |  |  |  |  |
|  Tier 4 Reduced Fee Units |  |  |  |  |
|  Tier 5 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  |  |  |  |
|  Standard Units (b) |  |  |  |  |
|  Inactive and Voluntary Employee Contribution Units |  |  |  |  |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 444091 | 377943 | 123196 | 85957 |
|  Tier 1 Reduced Fee Units (a) |  |  |  |  |
|  Tier 2 Reduced Fee Units |  |  |  |  |
|  Tier 3 Reduced Fee Units |  |  |  |  |
|  Tier 4 Reduced Fee Units |  |  |  |  |
|  Tier 5 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  |  |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  |  |  |  |
|  Standard Units (b) |  |  |  |  |
|  Inactive and Voluntary Employee Contribution Units |  |  |  |  |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Freedom 2045<br>Portfolio** | **VIP Freedom 2050<br>Portfolio** | **VIP Freedom 2055<br>Portfolio** | **VIP Freedom 2060<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.855 |
|  Tier 1 Reduced Fee Units (a) | $— | $— | $— | $— |
|  Tier 2 Reduced Fee Units | $— | $— | $— | $— |
|  Tier 3 Reduced Fee Units | $— | $— | $— | $— |
|  Tier 4 Reduced Fee Units | $— | $— | $— | $— |
|  Tier 5 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $— | $— | $— | $— |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $— | $— | $— | $— |
|  Standard Units (b) | $— | $— | $— | $— |
|  Inactive and Voluntary Employee Contribution Units | $— | $— | $— | $— |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Goldman Sachs** |
|  | **VIP Index 500<br>Portfolio** | **VIP Mid Cap<br>Portfolio** | **VIP Value<br>Strategies Portfolio** | **Goldman Sachs<br>Government Money<br>Market Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 Portfolio — $75,358,215 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Mid Cap Portfolio — $164,351,258 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Value Strategies Portfolio — $2,953,346 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Government Money Market Fund — $29,981,272) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110097884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169989203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2956178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29981272 |
|  Due From (To) Mutual of America General Account | (18) | (10) | (10) | 2888 |
|  Net Assets | $110097866 | $169989193 | $2956168 | $29984160 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 110097866 | 31418022 | 2956168 | 29984160 |
|  Tier 1 Reduced Fee Units (a) |  | 24056643 |  |  |
|  Tier 2 Reduced Fee Units |  | 14042890 |  |  |
|  Tier 3 Reduced Fee Units |  | 43448777 |  |  |
|  Tier 4 Reduced Fee Units |  | 12886121 |  |  |
|  Tier 5 Reduced Fee Units |  | 7147891 |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  | 1052036 |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  | 5994942 |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  | 1230454 |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  | 558507 |  |  |
|  Standard Units (b) |  | 9175035 |  |  |
|  Inactive and Voluntary Employee Contribution Units |  | 18977875 |  |  |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 6874408 | 189344 | 229121 | 2767795 |
|  Tier 1 Reduced Fee Units (a) |  | 127357 |  |  |
|  Tier 2 Reduced Fee Units |  | 74982 |  |  |
|  Tier 3 Reduced Fee Units |  | 234356 |  |  |
|  Tier 4 Reduced Fee Units |  | 70964 |  |  |
|  Tier 5 Reduced Fee Units |  | 43138 |  |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  | 5599 |  |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  | 32010 |  |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  | 6615 |  |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  | 3349 |  |  |
|  Standard Units (b) |  | 57418 |  |  |
|  Inactive and Voluntary Employee Contribution Units |  | 122378 |  |  |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Goldman Sachs** |
|  | **VIP Index 500<br>Portfolio** | **VIP Mid Cap<br>Portfolio** | **VIP Value<br>Strategies Portfolio** | **Goldman Sachs<br>Government Money<br>Market Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.833 |
|  Tier 1 Reduced Fee Units (a) | $— | $188.891 | $— | $— |
|  Tier 2 Reduced Fee Units | $— | $187.284 | $— | $— |
|  Tier 3 Reduced Fee Units | $— | $185.397 | $— | $— |
|  Tier 4 Reduced Fee Units | $— | $181.587 | $— | $— |
|  Tier 5 Reduced Fee Units | $— | $165.698 | $— | $— |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $— | $187.894 | $— | $— |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $— | $187.284 | $— | $— |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $— | $186.001 | $— | $— |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $— | $166.780 | $— | $— |
|  Standard Units (b) | $— | $159.794 | $— | $— |
|  Inactive and Voluntary Employee Contribution Units | $— | $155.076 | $— | $— |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs** | **Goldman Sachs** | **Invesco** | **Lincoln** |
|  | **Goldman Sachs<br>Small Cap Equity<br>Insights Fund** | **Goldman Sachs<br>U.S. Equity<br>Insights Fund** | **Invesco V.I. Main<br>Street Fund** | **LVIP American<br>Century Capital<br>Appreciation Fund** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Small Cap Equity Insights Fund — $16,966,198 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs U.S. Equity Insights Fund — $21,765,213 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund — $55,905,991 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund — $265,425,317) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17720448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22402165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65189507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$284064127 |
|  Due From (To) Mutual of America General Account | (5) | (10) |  | (8) |
|  Net Assets | $17720443 | $22402155 | $65189507 | $284064119 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 3883056 | 4112624 | 10142389 | 62804503 |
|  Tier 1 Reduced Fee Units (a) | 2267103 | 2863175 | 9859536 | 30554418 |
|  Tier 2 Reduced Fee Units | 1500516 | 1931672 | 5089506 | 14957154 |
|  Tier 3 Reduced Fee Units | 5396966 | 6008169 | 16711221 | 67918030 |
|  Tier 4 Reduced Fee Units | 1442249 | 2163634 | 5232237 | 18884850 |
|  Tier 5 Reduced Fee Units | 820618 | 831753 | 2598286 | 10481519 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 32881 | 88799 | 306114 | 1547865 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 208601 | 772494 | 1944526 | 8879712 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 126219 | 364689 | 228803 | 2201333 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 31867 | 220380 | 268280 | 550917 |
|  Standard Units (b) | 996784 | 1365289 | 4679027 | 17504087 |
|  Inactive and Voluntary Employee Contribution Units | 1013583 | 1679477 | 8129582 | 47779731 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 215612 | 179826 | 90833 | 581210 |
|  Tier 1 Reduced Fee Units (a) | 120067 | 119409 | 77576 | 248422 |
|  Tier 2 Reduced Fee Units | 79987 | 81086 | 40389 | 122652 |
|  Tier 3 Reduced Fee Units | 289572 | 253854 | 133960 | 562617 |
|  Tier 4 Reduced Fee Units | 78143 | 92314 | 42806 | 159716 |
|  Tier 5 Reduced Fee Units | 45486 | 36305 | 23302 | 97136 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 1747 | 3715 | 2421 | 12652 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 11120 | 32427 | 15431 | 72816 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 6750 | 15359 | 1828 | 18176 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 1755 | 9557 | 2390 | 5072 |
|  Standard Units (b) | 56837 | 61304 | 43514 | 168210 |
|  Inactive and Voluntary Employee Contribution Units | 59202 | 77246 | 77904 | 473123 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs** | **Goldman Sachs** | **Invesco** | **Lincoln** |
|  | **Goldman Sachs<br>Small Cap Equity<br>Insights Fund** | **Goldman Sachs<br>U.S. Equity<br>Insights Fund** | **Invesco V.I. Main<br>Street Fund** | **LVIP American<br>Century Capital<br>Appreciation Fund** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.058 |
|  Tier 1 Reduced Fee Units (a) | $18.882 | $23.978 | $127.095 | $122.994 |
|  Tier 2 Reduced Fee Units | $18.759 | $23.822 | $126.013 | $121.948 |
|  Tier 3 Reduced Fee Units | $18.638 | $23.668 | $124.747 | $120.718 |
|  Tier 4 Reduced Fee Units | $18.457 | $23.438 | $122.232 | $118.240 |
|  Tier 5 Reduced Fee Units | $18.041 | $22.910 | $111.503 | $107.905 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $18.821 | $23.900 | $126.424 | $122.345 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $18.759 | $23.822 | $126.013 | $121.948 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $18.698 | $23.745 | $125.154 | $121.112 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $18.159 | $23.060 | $112.231 | $108.610 |
|  Standard Units (b) | $17.538 | $22.271 | $107.530 | $104.061 |
|  Inactive and Voluntary Employee Contribution Units | $17.121 | $21.742 | $104.356 | $100.988 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS** | **Neuberger Berman** | **Nomura** | **PIMCO** |
|  | **MFS Mid Cap Value<br>Portfolio** | **Quality Equity<br>Portfolio** | **Nomura VIP Small<br>Cap Value Series** | **PIMCO Real Return<br>Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS Mid Cap Value Portfolio — $8,346,794 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Equity Portfolio — $20,224,614 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Small Cap Value Series — $10,444,514 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio — $45,881,689) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8495722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24035788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11263202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44659378 |
|  Due From (To) Mutual of America General Account | (6) | (17) | 17 | (5003) |
|  Net Assets | $8495716 | $24035771 | $11263219 | $44654375 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 1951129 | 4136680 | 3383497 | 12116646 |
|  Tier 1 Reduced Fee Units (a) | 834872 | 3065660 | 957028 | 2787228 |
|  Tier 2 Reduced Fee Units | 714156 | 1441500 | 466002 | 4042263 |
|  Tier 3 Reduced Fee Units | 2859041 | 5909063 | 3206386 | 13167330 |
|  Tier 4 Reduced Fee Units | 569570 | 2878831 | 974428 | 4411359 |
|  Tier 5 Reduced Fee Units | 333583 | 1078477 | 655862 | 1837893 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 10541 | 68537 | 143531 | 323473 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 309553 | 1133360 | 223645 | 1705625 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 83280 | 952521 | 94752 | 589149 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 9468 | 209376 | 116875 | 176915 |
|  Standard Units (b) | 611635 | 1947930 | 374145 | 1743276 |
|  Inactive and Voluntary Employee Contribution Units | 208888 | 1213836 | 667068 | 1753218 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 105952 | 182220 | 215952 | 755673 |
|  Tier 1 Reduced Fee Units (a) | 42962 | 128802 | 58260 | 159201 |
|  Tier 2 Reduced Fee Units | 37027 | 60959 | 28553 | 232872 |
|  Tier 3 Reduced Fee Units | 149345 | 251519 | 197749 | 766291 |
|  Tier 4 Reduced Fee Units | 30089 | 123739 | 60686 | 261139 |
|  Tier 5 Reduced Fee Units | 18092 | 47424 | 41787 | 114780 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 545 | 2889 | 8766 | 18574 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 16049 | 47928 | 13703 | 98260 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 4336 | 40412 | 5825 | 34175 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 510 | 9147 | 7398 | 10977 |
|  Standard Units (b) | 34260 | 88114 | 24522 | 112894 |
|  Inactive and Voluntary Employee Contribution Units | 12020 | 56244 | 44786 | 116989 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS** | **Neuberger Berman** | **Nomura** | **PIMCO** |
|  | **MFS Mid Cap Value<br>Portfolio** | **Quality Equity<br>Portfolio** | **Nomura VIP Small<br>Cap Value Series** | **PIMCO Real Return<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $18.415 | $22.702 | $15.668 | $16.034 |
|  Tier 1 Reduced Fee Units (a) | $19.433 | $23.801 | $16.427 | $17.508 |
|  Tier 2 Reduced Fee Units | $19.288 | $23.647 | $16.320 | $17.358 |
|  Tier 3 Reduced Fee Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.183 |
|  Tier 4 Reduced Fee Units | $18.929 | $23.265 | $16.057 | $16.893 |
|  Tier 5 Reduced Fee Units | $18.438 | $22.741 | $15.695 | $16.012 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $19.350 | $23.724 | $16.373 | $17.415 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $19.288 | $23.647 | $16.320 | $17.358 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $19.206 | $23.570 | $16.267 | $17.239 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $18.559 | $22.890 | $15.798 | $16.117 |
|  Standard Units (b) | $17.853 | $22.107 | $15.257 | $15.442 |
|  Inactive and Voluntary Employee Contribution Units | $17.377 | $21.582 | $14.895 | $14.986 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **T. Rowe Price** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **T. Rowe Price Blue<br>Chip Growth<br>Portfolio** | **Balanced Portfolio** | **Conservative<br>Allocation Portfolio** | **Diversified Value<br>Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio — $333,192,526 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced Portfolio — $17,096,664 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Portfolio — $6,165,523 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Value Portfolio — $190,377,389) |  |  |  |  |
|  (Notes 2 and 3) | $479881713 | $19839080 | $7062775 | $247394452 |
|  Due From (To) Mutual of America General Account | 17 | (4) | (5) | (19) |
|  Net Assets | $479881730 | $19839076 | $7062770 | $247394433 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 112183068 | 19839076 | 7062770 | 52488957 |
|  Tier 1 Reduced Fee Units (a) | 54409932 |  |  | 27915091 |
|  Tier 2 Reduced Fee Units | 33365547 |  |  | 19489231 |
|  Tier 3 Reduced Fee Units | 126875893 |  |  | 66259538 |
|  Tier 4 Reduced Fee Units | 43640722 |  |  | 20999786 |
|  Tier 5 Reduced Fee Units | 19531474 |  |  | 8417019 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 2026373 |  |  | 2099744 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 19041678 |  |  | 9665319 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 6623443 |  |  | 4190752 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 1572293 |  |  | 696374 |
|  Standard Units (b) | 27523575 |  |  | 13255977 |
|  Inactive and Voluntary Employee Contribution Units | 33087732 |  |  | 21916645 |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 1277393 | 1388529 | 551072 | 805560 |
|  Tier 1 Reduced Fee Units (a) | 567380 |  |  | 376395 |
|  Tier 2 Reduced Fee Units | 350916 |  |  | 265040 |
|  Tier 3 Reduced Fee Units | 1347985 |  |  | 910241 |
|  Tier 4 Reduced Fee Units | 471915 |  |  | 294420 |
|  Tier 5 Reduced Fee Units | 222715 |  |  | 129360 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 21243 |  |  | 28462 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 200267 |  |  | 131442 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 70142 |  |  | 57383 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 17812 |  |  | 10633 |
|  Standard Units (b) | 325441 |  |  | 211256 |
|  Inactive and Voluntary Employee Contribution Units | 403137 |  |  | 359902 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **T. Rowe Price** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **T. Rowe Price Blue<br>Chip Growth<br>Portfolio** | **Balanced Portfolio** | **Conservative<br>Allocation Portfolio** | **Diversified Value<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.158 |
|  Tier 1 Reduced Fee Units (a) | $95.897 | $— | $— | $74.164 |
|  Tier 2 Reduced Fee Units | $95.081 | $— | $— | $73.533 |
|  Tier 3 Reduced Fee Units | $94.123 | $— | $— | $72.793 |
|  Tier 4 Reduced Fee Units | $92.476 | $— | $— | $71.326 |
|  Tier 5 Reduced Fee Units | $87.697 | $— | $— | $65.067 |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $95.391 | $— | $— | $73.773 |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $95.081 | $— | $— | $73.533 |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $94.429 | $— | $— | $73.031 |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $88.270 | $— | $— | $65.491 |
|  Standard Units (b) | $84.573 | $— | $— | $62.748 |
|  Inactive and Voluntary Employee Contribution Units | $82.076 | $— | $— | $60.896 |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **International<br>Portfolio** | **Mid-Cap Index<br>Portfolio** | **Real Estate Index<br>Portfolio** | **Small Company<br>Growth Portfolio** |
|  Investments at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Portfolio — $272,172,579 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Index Portfolio — $25,293,872 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Index Portfolio — $52,802,917 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Company Growth Portfolio — $6,348,909) |  |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$302807563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32318926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48155492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7787986 |
|  Due From (To) Mutual of America General Account | (26) | 12 | (6) | (12) |
|  Net Assets | $302807537 | $32318938 | $48155486 | $7787974 |
|  Net Assets: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 57485560 | 32318938 | 6820157 | 7787974 |
|  Tier 1 Reduced Fee Units (a) | 37026518 |  | 5861980 |  |
|  Tier 2 Reduced Fee Units | 24264997 |  | 4262342 |  |
|  Tier 3 Reduced Fee Units | 76932194 |  | 14777287 |  |
|  Tier 4 Reduced Fee Units | 22640575 |  | 4505074 |  |
|  Tier 5 Reduced Fee Units | 12539716 |  | 2704890 |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 2327698 |  | 258009 |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 12312118 |  | 2299212 |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 3005766 |  | 576541 |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 827876 |  | 127977 |  |
|  Standard Units (b) | 16141774 |  | 3451007 |  |
|  Inactive and Voluntary Employee Contribution Units | 37302745 |  | 2511010 |  |
|  Units Outstanding: |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 929474 | 2300760 | 298685 | 601014 |
|  Tier 1 Reduced Fee Units (a) | 525978 |  | 235109 |  |
|  Tier 2 Reduced Fee Units | 347652 |  | 172418 |  |
|  Tier 3 Reduced Fee Units | 1113448 |  | 603857 |  |
|  Tier 4 Reduced Fee Units | 334446 |  | 187361 |  |
|  Tier 5 Reduced Fee Units | 203043 |  | 118629 |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units | 33241 |  | 10403 |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units | 176399 |  | 93007 |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units | 43361 |  | 23483 |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units | 13318 |  | 5576 |  |
|  Standard Units (b) | 271021 |  | 156943 |  |
|  Inactive and Voluntary Employee Contribution Units | 645380 |  | 117670 |  |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **International<br>Portfolio** | **Mid-Cap Index<br>Portfolio** | **Real Estate Index<br>Portfolio** | **Small Company<br>Growth Portfolio** |
|  Unit Value (c)(d): |  |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.958 |
|  Tier 1 Reduced Fee Units (a) | $70.396 | $— | $24.933 | $— |
|  Tier 2 Reduced Fee Units | $69.797 | $— | $24.721 | $— |
|  Tier 3 Reduced Fee Units | $69.094 | $— | $24.471 | $— |
|  Tier 4 Reduced Fee Units | $67.696 | $— | $24.045 | $— |
|  Tier 5 Reduced Fee Units | $61.759 | $— | $22.801 | $— |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $70.024 | $— | $24.802 | $— |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $69.797 | $— | $24.721 | $— |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $69.319 | $— | $24.551 | $— |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $62.162 | $— | $22.950 | $— |
|  Standard Units (b) | $59.559 | $— | $21.989 | $— |
|  Inactive and Voluntary Employee Contribution Units | $57.800 | $— | $21.340 | $— |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **Short-Term<br>Investment - Grade<br>Portfolio** | **Total Bond Market<br>Index Portfolio** | **Total International<br>Stock Market Index<br>Portfolio** |
|  Investments at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment—Grade Portfolio — $3,811,151 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bond Market Index Portfolio — $73,240,155 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total International Stock Market Index Portfolio — $1,866,238 |  |  |  |
|  (Notes 2 and 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3959690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72469561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2011975 |
|  Due From (To) Mutual of America General Account | (7) | 2 | (10) |
|  Net Assets | $3959683 | $72469563 | $2011965 |
|  Net Assets: |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 3959683 | 14184047 | 2011965 |
|  Tier 1 Reduced Fee Units (a) |  | 5881807 |  |
|  Tier 2 Reduced Fee Units |  | 5020006 |  |
|  Tier 3 Reduced Fee Units |  | 23703872 |  |
|  Tier 4 Reduced Fee Units |  | 7061141 |  |
|  Tier 5 Reduced Fee Units |  | 2628281 |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  | 415866 |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  | 4430502 |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  | 1733783 |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  | 330432 |  |
|  Standard Units (b) |  | 3175853 |  |
|  Inactive and Voluntary Employee Contribution Units |  | 3903973 |  |
|  Units Outstanding: |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | 348276 | 1317129 | 135282 |
|  Tier 1 Reduced Fee Units (a) |  | 517577 |  |
|  Tier 2 Reduced Fee Units |  | 445074 |  |
|  Tier 3 Reduced Fee Units |  | 2117357 |  |
|  Tier 4 Reduced Fee Units |  | 637877 |  |
|  Tier 5 Reduced Fee Units |  | 243754 |  |
|  Certain National Accounts - Tier 2 Reduced Fee Units |  | 36751 |  |
|  Certain National Accounts - Tier 3 Reduced Fee Units |  | 392809 |  |
|  Certain National Accounts - Tier 4 Reduced Fee Units |  | 154368 |  |
|  Certain National Accounts - Tier 5 Reduced Fee Units |  | 30446 |  |
|  Standard Units (b) |  | 304202 |  |
|  Inactive and Voluntary Employee Contribution Units |  | 384185 |  |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

#### December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **Short-Term<br>Investment - Grade<br>Portfolio** | **Total Bond Market<br>Index Portfolio** | **Total International<br>Stock Market Index<br>Portfolio** |
|  Unit Value (c)(d): |  |  |  |
| Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.872 |
|  Tier 1 Reduced Fee Units (a) | $— | $11.364 | $— |
|  Tier 2 Reduced Fee Units | $— | $11.279 | $— |
|  Tier 3 Reduced Fee Units | $— | $11.195 | $— |
|  Tier 4 Reduced Fee Units | $— | $11.070 | $— |
|  Tier 5 Reduced Fee Units | $— | $10.783 | $— |
|  Certain National Accounts - Tier 2 Reduced Fee Units | $— | $11.316 | $— |
|  Certain National Accounts - Tier 3 Reduced Fee Units | $— | $11.279 | $— |
|  Certain National Accounts - Tier 4 Reduced Fee Units | $— | $11.231 | $— |
|  Certain National Accounts - Tier 5 Reduced Fee Units | $— | $10.853 | $— |
|  Standard Units (b) | $— | $10.440 | $— |
|  Inactive and Voluntary Employee Contribution Units | $— | $10.162 | $— |

---

(a) Includes Certain National Accounts - Tier 1 Reduced Fee Units.

(b) Includes Certain National Accounts - Standard Units.

(c) Rounded to the nearest $0.001. Inputs used to derive each subaccount's ending unit value are rounded to six decimal places. Refer to Note 6 for further information regarding the daily calculation of Accumulation Unit Values.

(d) The difference between the recalculated and stated Unit Value is due to rounding.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF OPERATIONS

#### For the Year or Period Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA All<br>America<br>Fund** | **MoA Equity<br>Index Fund** | **MoA<br>International<br>Fund** | **MoA Mid<br>Cap Equity<br>Index Fund** | **MoA Mid<br>Cap Value<br>Fund** | **MoA Small<br>Cap Equity<br>Index Fund** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $1846706 | $12859506 | $2089479 | $4989919 | $578942 | $475279 |
| Expenses (Note 4) | 2448409 | 9180035 | 360022 | 3166250 | 405900 | 222225 |
| Net Investment Income (Loss) | (601703) | 3679471 | 1729457 | 1823669 | 173042 | 253054 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 5426650 | 118429801 | 1825249 | 15552866 | 1391352 | (2267845) |
| Realized gain from distributions | 32592493 | 113320088 |  | 33942103 | 3419152 | 1164330 |
| Net realized gain (loss) on investments | 38019143 | 231749889 | 1825249 | 49494969 | 4810504 | (1103515) |
| Net change in unrealized appreciation (depreciation) on investments | (13349746) | (61142051) | 12262209 | (29832278) | (4176470) | 2300265 |
| Net Realized and Unrealized Gain (Loss) on Investments | 24669397 | 170607838 | 14087458 | 19662691 | 634034 | 1196750 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $24067694 | $174287309 | $15816915 | $21486360 | $807076 | $1449804 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Small<br>Cap Growth<br>Fund** | **MoA Small<br>Cap Value<br>Fund** | **MoA<br>Balanced<br>Fund** | **MoA Core<br>Bond Fund** | **MoA<br>Intermediate<br>Bond Fund** | **MoA US<br>Government<br>Money<br>Market Fund** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $— | $1490454 | $3579261 | $5627186 | $2617625 | $5767476 |
| Expenses (Note 4) | 1565097 | 1115615 | 1578808 | 1046688 | 529790 | 1152096 |
| Net Investment Income (Loss) | (1565097) | 374839 | 2000453 | 4580498 | 2087835 | 4615380 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 3672382 | 2791461 | 7538733 | (3233512) | (503175) | 38330370 |
| Realized gain from distributions | 1626625 | 4305505 | 15486860 |  |  | 1801 |
| Net realized gain (loss) on investments | 5299007 | 7096966 | 23025593 | (3233512) | (503175) | 38332171 |
| Net change in unrealized appreciation (depreciation) on investments | 8461108 | (6805222) | 3264957 | 7584869 | 2296025 | (38330370) |
| Net Realized and Unrealized Gain (Loss) on Investments | 13760115 | 291744 | 26290550 | 4351357 | 1792850 | 1801 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $12195018 | $666583 | $28291003 | $8931855 | $3880685 | $4617181 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF OPERATIONS (CONTINUED)

#### For the Year or Period Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA<br>Aggressive<br>Allocation<br>Fund** | **MoA<br>Conservative<br>Allocation<br>Fund** | **MoA<br>Moderate<br>Allocation<br>Fund** | **MoA<br>Retirement<br>Income<br>Fund** | **MoA Clear<br>Passage<br>2020 Fund** | **MoA Clear<br>Passage<br>2025 Fund** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $5436133 | $3164145 | $7810935 | $4410030 | $7229456 | $16409100 |
| Expenses (Note 4) | 1882209 | 772932 | 2146325 | 930792 | 1678238 | 3686665 |
| Net Investment Income (Loss) | 3553924 | 2391213 | 5664610 | 3479238 | 5551218 | 12722435 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 5072473 | (421409) | 5678534 | (4605973) | (4956446) | 6750734 |
| Realized gain from distributions | 19599138 | 4011512 | 20833082 | 2144257 | 9683613 | 30141462 |
| Net realized gain (loss) on investments | 24671611 | 3590103 | 26511616 | (2461716) | 4727167 | 36892196 |
| Net change in unrealized appreciation (depreciation) on investments | 7095545 | 4158706 | 7420486 | 13489353 | 14038119 | 17636970 |
| Net Realized and Unrealized Gain (Loss) on Investments | 31767156 | 7748809 | 33932102 | 11027637 | 18765286 | 54529166 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $35321080 | $10140022 | $39596712 | $14506875 | $24316504 | $67251601 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** |
|  | **MoA Clear<br>Passage<br>2030 Fund** | **MoA Clear<br>Passage<br>2035 Fund** | **MoA Clear<br>Passage<br>2040 Fund** | **MoA Clear<br>Passage<br>2045 Fund** | **MoA Clear<br>Passage<br>2050 Fund** | **MoA Clear<br>Passage<br>2055 Fund** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $19592675 | $17624927 | $14791072 | $14862491 | $10996136 | $6157767 |
| Expenses (Note 4) | 4732770 | 4559787 | 4109327 | 4390649 | 3254324 | 1851255 |
| Net Investment Income (Loss) | 14859905 | 13065140 | 10681745 | 10471842 | 7741812 | 4306512 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 21106215 | 19789407 | 22143998 | 19676133 | 18117419 | 7898557 |
| Realized gain from distributions | 44808405 | 49815037 | 41500778 | 46139815 | 38865770 | 19052026 |
| Net realized gain (loss) on investments | 65914620 | 69604444 | 63644776 | 65815948 | 56983189 | 26950583 |
| Net change in unrealized appreciation (depreciation) on investments | 14306219 | 18964222 | 26828337 | 34354962 | 22361126 | 19935912 |
| Net Realized and Unrealized Gain (Loss) on Investments | 80220839 | 88568666 | 90473113 | 100170910 | 79344315 | 46886495 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $95080744 | $101633806 | $101154858 | $110642752 | $87086127 | $51193007 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF OPERATIONS (CONTINUED)

#### For the Year or Period Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **American<br>Century<br>Investments** | **American Funds** | **American Funds** |
|  | **MoA Clear<br>Passage<br>2060 Fund** | **MoA Clear<br>Passage<br>2065 Fund** | **MoA Clear<br>Passage<br>2070 Fund<sup>3</sup>** | **American<br>Century<br>Small Cap<br>Growth R6<sup>4</sup>** | **The Bond<br>Fund of<br>America** | **Managed<br>Risk<br>Growth-<br>Income<br>Fund** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $3428073 | $1359089 | $10770 | $— | $276575 | $125466 |
| Expenses (Note 4) | 1017939 | 410850 | 1584 | 20176 | 73179 | 58227 |
| Net Investment Income (Loss) | 2410134 | 948239 | 9186 | (20176) | 203396 | 67239 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 4686166 | 521808 | 587 | 47792 | 31047 | 214797 |
| Realized gain from distributions | 8514299 | 3839481 | 3491 | 334698 |  | 199808 |
| Net realized gain (loss) on investments | 13200465 | 4361289 | 4078 | 382490 | 31047 | 414605 |
| Net change in unrealized appreciation (depreciation) on investments | 13852829 | 6722290 | 31854 | 7876 | 120202 | 20676 |
| Net Realized and Unrealized Gain (Loss) on Investments | 27053294 | 11083579 | 35932 | 390366 | 151249 | 435281 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $29463428 | $12031818 | $45118 | $370190 | $354645 | $502520 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American<br>Funds** | **Calvert** | **DFA** | **DWS** | **Fidelity** | **Fidelity** |
|  | **New World<br>Fund** | **Calvert VP<br>SRI<br>Balanced<br>Portfolio** | **Dimensional<br>VA U.S.<br>Targeted<br>Value<br>Portfolio** | **DWS Capital<br>Growth VIP** | **VIP Asset<br>Manager<br>50%<br>Portfolio** | **VIP<br>Contrafund<br>Portfolio** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $289566 | $2398701 | $100150 | $270594 | $2881390 | $1293669 |
| Expenses (Note 4) | 147003 | 1301386 | 69119 | 5162706 | 962744 | 8763880 |
| Net Investment Income (Loss) | 142563 | 1097315 | 31031 | (4892112) | 1918646 | (7470211) |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 843203 | 8538063 | 49226 | 43291979 | 2185192 | 84991238 |
| Realized gain from distributions | 795261 | 7868351 | 453095 | 63107493 | 5511809 | 150035786 |
| Net realized gain (loss) on investments | 1638464 | 16406414 | 502321 | 106399472 | 7697001 | 235027024 |
| Net change in unrealized appreciation (depreciation) on investments | 3147944 | (2515913) | (139644) | (44683602) | 5867270 | (52031597) |
| Net Realized and Unrealized Gain (Loss) on Investments | 4786408 | 13890501 | 362677 | 61715870 | 13564271 | 182995427 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $4928971 | $14987816 | $393708 | $56823758 | $15482917 | $175525216 |

---

<sup>3</sup> Fund commenced operations on May 27, 2025.

<sup>4</sup> Fund commenced operations on June 6, 2025.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF OPERATIONS (CONTINUED)

#### For the Year or Period Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP Equity-<br>Income<br>Portfolio** | **VIP<br>Extended<br>Market<br>Index<br>Portfolio** | **VIP<br>Freedom<br>Income<br>Portfolio** | **VIP<br>Freedom<br>2020<br>Portfolio** | **VIP<br>Freedom<br>2025<br>Portfolio** | **VIP<br>Freedom<br>2030<br>Portfolio** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $4926759 | $18913 | $269612 | $362206 | $525300 | $454353 |
| Expenses (Note 4) | 2439322 | 19026 | 99896 | 157848 | 248896 | 233205 |
| Net Investment Income (Loss) | 2487437 | (113) | 169716 | 204358 | 276404 | 221148 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 10862460 | 68670 | 81068 | 88219 | 598344 | 759617 |
| Realized gain from distributions | 15341109 |  | 2776 | 701713 | 768849 | 873431 |
| Net realized gain (loss) on investments | 26203569 | 68670 | 83844 | 789932 | 1367193 | 1633048 |
| Net change in unrealized appreciation (depreciation) on investments | 18011747 | 101561 | 413072 | 480688 | 908051 | 751256 |
| Net Realized and Unrealized Gain (Loss) on Investments | 44215316 | 170231 | 496916 | 1270620 | 2275244 | 2384304 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $46702753 | $170118 | $666632 | $1474978 | $2551648 | $2605452 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  | **VIP<br>Freedom<br>2035<br>Portfolio** | **VIP<br>Freedom<br>2040<br>Portfolio** | **VIP<br>Freedom<br>2045<br>Portfolio** | **VIP<br>Freedom<br>2050<br>Portfolio** | **VIP<br>Freedom<br>2055<br>Portfolio** | **VIP<br>Freedom<br>2060<br>Portfolio** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $286104 | $183408 | $90336 | $75086 | $23017 | $17235 |
| Expenses (Note 4) | 148651 | 109955 | 62739 | 53672 | 15839 | 12182 |
| Net Investment Income (Loss) | 137453 | 73453 | 27597 | 21414 | 7178 | 5053 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 442597 | 277031 | 298587 | 148448 | 42648 | 29607 |
| Realized gain from distributions | 715995 | 689173 | 429360 | 338187 | 96697 | 83861 |
| Net realized gain (loss) on investments | 1158592 | 966204 | 727947 | 486635 | 139345 | 113468 |
| Net change in unrealized appreciation (depreciation) on investments | 620480 | 647224 | 296238 | 366854 | 111626 | 82029 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1779072 | 1613428 | 1024185 | 853489 | 250971 | 195497 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $1916525 | $1686881 | $1051782 | $874903 | $258149 | $200550 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF OPERATIONS (CONTINUED)

#### For the Year or Period Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity** | **Fidelity** | **Fidelity** | **Goldman Sachs** | **Goldman Sachs** | **Goldman Sachs** |
|  | **VIP Index<br>500 Portfolio** | **VIP Mid Cap<br>Portfolio** | **VIP Value<br>Strategies<br>Portfolio** | **Goldman<br>Sachs<br>Government<br>Money<br>Market Fund** | **Goldman<br>Sachs Small<br>Cap Equity<br>Insights<br>Fund** | **Goldman<br>Sachs U.S.<br>Equity<br>Insights<br>Fund** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $1185025 | $702326 | $30826 | $1401435 | $117701 | $149612 |
| Expenses (Note 4) | 1239121 | 1319588 | 33462 | 407592 | 115244 | 152571 |
| Net Investment Income (Loss) | (54096) | (617262) | (2636) | 993843 | 2457 | (2959) |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 4717416 | 4287657 | (9069) |  | 668827 | 757007 |
| Realized gain from distributions | 534591 | 18916481 | 115085 |  | 1339523 | 2832012 |
| Net realized gain (loss) on investments | 5252007 | 23204138 | 106016 |  | 2008350 | 3589019 |
| Net change in unrealized appreciation (depreciation) on investments | 10644293 | (5568246) | 74523 |  | 9138 | (697355) |
| Net Realized and Unrealized Gain (Loss) on Investments | 15896300 | 17635892 | 180539 |  | 2017488 | 2891664 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $15842204 | $17018630 | $177903 | $993843 | $2019945 | $2888705 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco** | **Lincoln** | **MFS** | **Neuberger<br>Berman** | **Nomura** | **PIMCO** |
|  | **Invesco V.I.<br>Main Street<br>Fund** | **LVIP<br>American<br>Century<br>Capital<br>Appreciation<br>Fund** | **MFS Mid<br>Cap Value<br>Portfolio** | **Quality<br>Equity<br>Portfolio** | **Nomura VIP<br>Small Cap<br>Value Series** | **PIMCO Real<br>Return<br>Portfolio** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $338051 | $139856 | $96742 | $— | $157890 | $1496502 |
| Expenses (Note 4) | 503229 | 2773141 | 66741 | 172407 | 93571 | 323547 |
| Net Investment Income (Loss) | (165178) | (2633285) | 30001 | (172407) | 64319 | 1172955 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | (3389622) | 10985331 | 25257 | 1228889 | (608910) | (1837270) |
| Realized gain from distributions | 3866444 | 46613036 | 842015 | 1419144 | 768957 |  |
| Net realized gain (loss) on investments | 476822 | 57598367 | 867272 | 2648033 | 160047 | (1837270) |
| Net change in unrealized appreciation (depreciation) on investments | 8635850 | (36768630) | (450092) | 351925 | 618418 | 3586721 |
| Net Realized and Unrealized Gain (Loss) on Investments | 9112672 | 20829737 | 417180 | 2999958 | 778465 | 1749451 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $8947494 | $18196452 | $447181 | $2827551 | $842784 | $2922406 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF OPERATIONS (CONTINUED)

#### For the Year or Period Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe<br>Price** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **T. Rowe<br>Price Blue<br>Chip Growth<br>Portfolio** | **Balanced<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** | **Diversified<br>Value<br>Portfolio** | **International<br>Portfolio** | **Mid-Cap<br>Index<br>Portfolio** |
| Investment Income and Expenses: |  |  |  |  |  |  |
| Dividend Income (Note 2) | $— | $416685 | $189471 | $3915468 | $2614156 | $475309 |
| Expenses (Note 4) | 3600719 | 229334 | 83399 | 1885584 | 2482786 | 445945 |
| Net Investment Income (Loss) | (3600719) | 187351 | 106072 | 2029884 | 131370 | 29364 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | 39552163 | 228877 | 71425 | 2618590 | 15292614 | 2152444 |
| Realized gain from distributions | 40090078 | 1784784 | 221951 | 20474096 | 17618833 | 1893571 |
| Net realized gain (loss) on investments | 79642241 | 2013661 | 293376 | 23092686 | 32911447 | 4046015 |
| Net change in unrealized appreciation (depreciation) on investments | (725497) | 448017 | 335936 | 10669749 | 20029985 | (507065) |
| Net Realized and Unrealized Gain (Loss) on Investments | 78916744 | 2461678 | 629312 | 33762435 | 52941432 | 3538950 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $75316025 | $2649029 | $735384 | $35792319 | $53072802 | $3568314 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **Real Estate<br>Index<br>Portfolio** | **Small<br>Company<br>Growth<br>Portfolio** | **Short-Term<br>Investment-<br>Grade<br>Portfolio** | **Total Bond<br>Market Index<br>Portfolio** | **Total<br>International<br>Stock Market<br>Index<br>Portfolio** |
| Investment Income and Expenses: |  |  |  |  |  |
| Dividend Income (Note 2) | $1407446 | $38393 | $175434 | $2297271 | $32704 |
| Expenses (Note 4) | 353113 | 92719 | 46090 | 481382 | 25226 |
| Net Investment Income (Loss) | 1054333 | (54326) | 129344 | 1815889 | 7478 |
| Net Realized and Unrealized Gain (Loss) on Investments (Note 2): |  |  |  |  |  |
| Net realized gain (loss) on investment transactions | (875749) | 234781 | 34502 | (2107489) | 457865 |
| Realized gain from distributions | 901194 | 545801 |  |  | 19937 |
| Net realized gain (loss) on investments | 25445 | 780582 | 34502 | (2107489) | 477802 |
| Net change in unrealized appreciation (depreciation) on investments | 197277 | (428988) | 39469 | 4417271 | 73403 |
| Net Realized and Unrealized Gain (Loss) on Investments | 222722 | 351594 | 73971 | 2309782 | 551205 |
| Net Increase (Decrease) in Net Assets Resulting From Operations | $1277055 | $297268 | $203315 | $4125671 | $558683 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA All America Fund** | **MoA All America Fund** | **MoA Equity Index Fund** | **MoA Equity Index Fund** | **MoA International Fund** | **MoA International Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(601703) | $(32877) | $3679471 | $5785523 | $1729457 | $1286418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 38019143 | 28600517 | 231749889 | 172940957 | 1825249 | 673368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (13349746) | 11429494 | (61142051) | 55735214 | 12262209 | (257708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 24067694 | 39997134 | 174287309 | 234461694 | 15816915 | 1702078 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 5174479 | 6217689 | 59439571 | 64070280 | 4527462 | 3959095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (36545679) | (32475636) | (203643896) | (179312320) | (11632659) | (6680819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (4772902) | (5437228) | (19997285) | 1618174 | 16735031 | 2843623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (44863) | (53093) | (103593) | (120142) | (1349) | (1282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (36188965) | (31748268) | (164305203) | (113744008) | 9628485 | 120617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (12121271) | 8248866 | 9982106 | 120717686 | 25445400 | 1822695 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $244905790 | $236656924 | $1140104364 | $1019386678 | $40187445 | $38364750 |
|  End of Year | $232784519 | $244905790 | $1150086470 | $1140104364 | $65632845 | $40187445 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 6221826 | 7077493 | 65997834 | 73100532 | 27325595 | 27311970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 829567 | 909580 | 12979012 | 16280416 | 20864592 | 11167159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1655749) | (1765247) | (21460236) | (23383114) | (15105759) | (11153534) |
|  Net increase (decrease) | (826182) | (855667) | (8481224) | (7102698) | 5758833 | 13625 |
|  Units outstanding, end of year | 5395644 | 6221826 | 57516610 | 65997834 | 33084428 | 27325595 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Mid Cap Equity Index<br>Fund** | **MoA Mid Cap Equity Index<br>Fund** | **MoA Mid Cap Value Fund** | **MoA Mid Cap Value Fund** | **MoA Small Cap Equity Index<br>Fund** | **MoA Small Cap Equity Index<br>Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1823669 | $3008654 | $173042 | $380280 | $253054 | $339641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 49494969 | 47959726 | 4810504 | 3657298 | (1103515) | 142141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (29832278) | 613374 | (4176470) | 1442141 | 2300265 | 2112137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 21486360 | 51581754 | 807076 | 5479719 | 1449804 | 2593919 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 12256804 | 16938649 | 3081802 | 3472521 | 3265290 | 4314115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (66303406) | (72701054) | (9488720) | (10236324) | (6666506) | (6063442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (18112460) | (12746653) | (1904148) | (4148023) | (2577902) | 1531544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (29863) | (36003) | (1930) | (2364) | (178) | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (72188925) | (68545061) | (8312996) | (10914190) | (5979296) | (218016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (50702565) | (16963307) | (7505920) | (5434471) | (4529492) | 2375903 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $408639201 | $425602508 | $56426525 | $61860996 | $36201202 | $33825299 |
|  End of Year | $357936636 | $408639201 | $48920605 | $56426525 | $31671710 | $36201202 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 47414965 | 55680077 | 15838381 | 19068901 | 2504904 | 2523946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 6978996 | 9410516 | 3180745 | 3900429 | 783395 | 1149806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (14928476) | (17675628) | (5388248) | (7130949) | (1201289) | (1168848) |
|  Net increase (decrease) | (7949480) | (8265112) | (2207503) | (3230520) | (417894) | (19042) |
|  Units outstanding, end of year | 39465485 | 47414965 | 13630878 | 15838381 | 2087010 | 2504904 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Small Cap Growth<br>Fund** | **MoA Small Cap Growth<br>Fund** | **MoA Small Cap Value Fund** | **MoA Small Cap Value Fund** | **MoA Balanced Fund** | **MoA Balanced Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1565097) | $(1605185) | $374839 | $513888 | $2000453 | $2054847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 5299007 | 5428040 | 7096966 | 9364161 | 23025593 | 14760538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 8461108 | 13372561 | (6805222) | 3776354 | 3264957 | 8757333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 12195018 | 17195416 | 666583 | 13654403 | 28291003 | 25572718 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 5647812 | 8483433 | 3517778 | 5798142 | 8592811 | 8610289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (30205413) | (31261772) | (21943441) | (22276558) | (35869250) | (25970181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (6950335) | (9356688) | (5756119) | (6853862) | 5097322 | 870645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (4834) | (6212) | (10342) | (13226) | (57479) | (81056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (31512770) | (32141239) | (24192124) | (23345504) | (22236596) | (16570303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (19317752) | (14945823) | (23525541) | (9691101) | 6054407 | 9002415 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $192333411 | $207279234 | $138226905 | $147918006 | $170530252 | $161527837 |
|  End of Year | $173015659 | $192333411 | $114701364 | $138226905 | $176584659 | $170530252 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 48803960 | 57270175 | 40420474 | 47627511 | 9232749 | 10193499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 7546308 | 9407062 | 5726198 | 7481005 | 1782413 | 2107792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (15057965) | (17873277) | (12571427) | (14688042) | (2829406) | (3068542) |
|  Net increase (decrease) | (7511657) | (8466215) | (6845229) | (7207037) | (1046993) | (960750) |
|  Units outstanding, end of year | 41292303 | 48803960 | 33575245 | 40420474 | 8185756 | 9232749 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Core Bond Fund** | **MoA Core Bond Fund** | **MoA Intermediate Bond<br>Fund** | **MoA Intermediate Bond<br>Fund** | **MoA US Government<br>Money Market Fund** | **MoA US Government<br>Money Market Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4580498 | $4721082 | $2087835 | $2174515 | $4615380 | $5482642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (3233512) | (3198261) | (503175) | (721743) | 38332171 | (122638049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 7584869 | (927663) | 2296025 | 74 | (38330370) | 122579471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 8931855 | 595158 | 3880685 | 1452846 | 4617181 | 5424064 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 7003746 | 9069633 | 3898808 | 5196284 | 9349105 | 10355903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (29612581) | (29069527) | (15995643) | (14525766) | (38339053) | (38996789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 2098666 | 792031 | 4147592 | 730232 | 27491895 | 45756879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (63657) | (78052) | (39518) | (48698) | (56586) | (72407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (20573826) | (19285915) | (7988761) | (8647948) | (1554639) | 17043586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (11641971) | (18690757) | (4108076) | (7195102) | 3062542 | 22467650 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $143097973 | $161788730 | $69743830 | $76938932 | $136986473 | $114518823 |
|  End of Year | $131456002 | $143097973 | $65635754 | $69743830 | $140049015 | $136986473 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 21480177 | 24400319 | 26513724 | 29854479 | 51013199 | 44355645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 4722572 | 5485068 | 7564955 | 9203875 | 29942799 | 36384714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (7559712) | (8405210) | (10254370) | (12544630) | (30294708) | (29727160) |
|  Net increase (decrease) | (2837140) | (2920142) | (2689415) | (3340755) | (351909) | 6657554 |
|  Units outstanding, end of year | 18643037 | 21480177 | 23824309 | 26513724 | 50661290 | 51013199 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Aggressive Allocation<br>Fund** | **MoA Aggressive Allocation<br>Fund** | **MoA Conservative<br>Allocation Fund** | **MoA Conservative<br>Allocation Fund** | **MoA Moderate Allocation<br>Fund** | **MoA Moderate Allocation<br>Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3553924 | $4365241 | $2391213 | $2487763 | $5664610 | $6162904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 24671611 | 19513094 | 3590103 | 2348929 | 26511616 | 21348375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 7095545 | 6152434 | 4158706 | 2794708 | 7420486 | 2762772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 35321080 | 30030769 | 10140022 | 7631400 | 39596712 | 30274051 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 13014887 | 16658321 | 6046731 | 7363094 | 14953745 | 20040435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (40557095) | (41579305) | (19125419) | (18052888) | (52345715) | (49324662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (4931108) | (7692877) | 1331381 | 331777 | (6806080) | (5398245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (32472) | (39845) | (20266) | (25742) | (41427) | (52274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (32505788) | (32653706) | (11767573) | (10383759) | (44239477) | (34734746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 2815292 | (2622937) | (1627551) | (2752359) | (4642765) | (4460695) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $250354551 | $252977488 | $105365388 | $108117747 | $294840844 | $299301539 |
|  End of Year | $253169843 | $250354551 | $103737837 | $105365388 | $290198079 | $294840844 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 48763706 | 55396153 | 39881370 | 44023075 | 73930387 | 82998689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 8801753 | 13255853 | 7895520 | 10369770 | 13772006 | 18337160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (14389694) | (19888300) | (11957222) | (14511475) | (23610679) | (27405462) |
|  Net increase (decrease) | (5587941) | (6632447) | (4061702) | (4141705) | (9838673) | (9068302) |
|  Units outstanding, end of year | 43175765 | 48763706 | 35819668 | 39881370 | 64091714 | 73930387 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Retirement Income<br>Fund<sup>5</sup>** | **MoA Retirement Income<br>Fund<sup>5</sup>** | **MoA Clear Passage 2020 Fund** | **MoA Clear Passage 2020 Fund** | **MoA Clear Passage 2025 Fund** | **MoA Clear Passage 2025 Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3479238 | $2815045 | $5551218 | $6701512 | $12722435 | $14224437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2461716) | 321843 | 4727167 | 7982180 | 36892196 | 38443890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 13489353 | 2896191 | 14038119 | 5823891 | 17636970 | 2484216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 14506875 | 6033079 | 24316504 | 20507583 | 67251601 | 55152543 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 9155908 | 9682590 | 12380811 | 15897034 | 51198167 | 62840600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (36787245) | (22401743) | (71287797) | (56643889) | (148757047) | (134034607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 69177408 | 3547785 | (5970971) | (4918881) | (10407395) | (4165993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (47929) | (63466) | (49264) | (73166) | (120521) | (178329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 41498142 | (9234834) | (64927221) | (45738902) | (108086796) | (75538329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 56005017 | (3201755) | (40610717) | (25231319) | (40835195) | (20385786) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $93439530 | $96641285 | $268518729 | $293750048 | $615410518 | $635796304 |
|  End of Year | $149444547 | $93439530 | $227908012 | $268518729 | $574575323 | $615410518 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 46883638 | 51648368 | 118754934 | 139576005 | 241456665 | 272366991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 48980697 | 15744407 | 16881264 | 24033024 | 47374231 | 73964105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (26982826) | (20509137) | (43704961) | (44854095) | (86780221) | (104874431) |
|  Net increase (decrease) | 21997871 | (4764730) | (26823697) | (20821071) | (39405990) | (30910326) |
|  Units outstanding, end of year | 68881509 | 46883638 | 91931237 | 118754934 | 202050675 | 241456665 |

---

<sup>5</sup> On April 25, 2025, the MoA Clear Passage 2015 Fund was substituted with the MoA Retirement Income Fund. The assets ($70,243,144) substituted are included in "Net transfers" and the units (35,511,045) substituted are included in "Units issued".

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Clear Passage 2030<br>Fund** | **MoA Clear Passage 2030<br>Fund** | **MoA Clear Passage 2035<br>Fund** | **MoA Clear Passage 2035<br>Fund** | **MoA Clear Passage 2040<br>Fund** | **MoA Clear Passage 2040<br>Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14859905 | $15625003 | $13065140 | $13581587 | $10681745 | $11401041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 65914620 | 46839984 | 69604444 | 55683058 | 63644776 | 50164407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 14306219 | 11997011 | 18964222 | 12105932 | 26828337 | 16924266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 95080744 | 74461998 | 101633806 | 81370577 | 101154858 | 78489714 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 75636782 | 85731422 | 79224386 | 88162667 | 70715872 | 84723642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (149197003) | (126899707) | (124005988) | (112738148) | (122561046) | (87270588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 1292639 | (3136656) | (3546560) | 4240421 | (5064240) | (2320629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (165602) | (233724) | (183306) | (253739) | (187754) | (260346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (72433184) | (44538665) | (48511468) | (20588799) | (57097168) | (5127921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 22647560 | 29923333 | 53122338 | 60781778 | 44057690 | 73361793 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $755763335 | $725840002 | $721666033 | $660884255 | $649215475 | $575853682 |
|  End of Year | $778410895 | $755763335 | $774788371 | $721666033 | $693273165 | $649215475 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 264425554 | 280898112 | 236101921 | 243396621 | 202989225 | 205050739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 62225417 | 81696339 | 57937280 | 78759654 | 45371282 | 66039727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (84716022) | (98168897) | (71848376) | (86054354) | (61226578) | (68101241) |
|  Net increase (decrease) | (22490605) | (16472558) | (13911096) | (7294700) | (15855296) | (2061514) |
|  Units outstanding, end of year | 241934949 | 264425554 | 222190825 | 236101921 | 187133929 | 202989225 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MoA Funds Corporation** | **MoA Funds Corporation** |  |  |
|  | **MoA Clear Passage 2045<br>Fund** | **MoA Clear Passage 2045<br>Fund** | **MoA Clear Passage 2050<br>Fund** | **MoA Clear Passage 2050<br>Fund** | **MoA Clear Passage 2055<br>Fund** | **MoA Clear Passage 2055<br>Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10471842 | $11421042 | $7741812 | $8661636 | $4306512 | $4674792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 65815948 | 55010385 | 56983189 | 34303714 | 26950583 | 17491797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 34354962 | 19529163 | 22361126 | 25913391 | 19935912 | 15742665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 110642752 | 85960590 | 87086127 | 68878741 | 51193007 | 37909254 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 77419549 | 81480533 | 72908450 | 78720491 | 62037243 | 65768838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (116286282) | (97605372) | (106125622) | (82031096) | (67929497) | (52972886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (7328205) | (2335906) | (6741238) | (4208346) | (1677977) | (1766179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (235150) | (323779) | (253097) | (361407) | (233558) | (346165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (46430088) | (18784524) | (40211507) | (7880358) | (7803789) | 10683608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 64212664 | 67176066 | 46874620 | 60998383 | 43389218 | 48592862 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $678189737 | $611013671 | $530025393 | $469027010 | $295686944 | $247094082 |
|  End of Year | $742402401 | $678189737 | $576900013 | $530025393 | $339076162 | $295686944 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 211259475 | 217737210 | 170731135 | 173668540 | 137978169 | 132787516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 50370156 | 69228460 | 42844449 | 61605560 | 45505937 | 62239098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (63059666) | (75706195) | (54295609) | (64542965) | (48592077) | (57048445) |
|  Net increase (decrease) | (12689510) | (6477735) | (11451160) | (2937405) | (3086140) | 5190653 |
|  Units outstanding, end of year | 198569965 | 211259475 | 159279975 | 170731135 | 134892029 | 137978169 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | **MoA Funds Corporation** | |
|  | **MoA Clear Passage 2060<br>Fund** | **MoA Clear Passage 2060<br>Fund** | **MoA Clear Passage 2065<br>Fund** | **MoA Clear Passage 2065<br>Fund** |<br>**MoA Clear<br>Passage<br>2070 Fund<sup>6</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** |
|  INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2410134 | $2506425 | $948239 | $923300 | $9186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 13200465 | 8585880 | 4361289 | 1474141 | 4078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 13852829 | 8954136 | 6722290 | 4176539 | 31854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 29463428 | 20046441 | 12031818 | 6573980 | 45118 |
|  From Unit Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 49062191 | 48288640 | 34993758 | 28442986 | 366233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (42651304) | (30265098) | (18877048) | (11941274) | (9985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (961502) | (1235172) | (1232556) | 1452173 | 643898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (220695) | (330325) | (170148) | (245963) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 5228690 | 16458045 | 14714006 | 17707922 | 1000146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 34692118 | 36504486 | 26745824 | 24281902 | 1045264 |
|  NET ASSETS: |  |  |  |  |  |
|  Beginning of Year | $162635979 | $126131493 | $60813657 | $36531755 | $— |
|  End of Year | $197328097 | $162635979 | $87559481 | $60813657 | $1045264 |
|  Changes in Units: |  |  |  |  |  |
|  Units outstanding, beginning of year | 9300925 | 8310301 | 3667834 | 2545061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 3850565 | 4801828 | 2547918 | 2645660 | 94403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (3558277) | (3811204) | (1719378) | (1522887) | (1661) |
|  Net increase (decrease) | 292288 | 990624 | 828540 | 1122773 | 92742 |
|  Units outstanding, end of year | 9593213 | 9300925 | 4496374 | 3667834 | 92742 |

---

<sup>6</sup> Fund commenced operations on May 27, 2025.

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
|  | **American<br>Century<br>Investments**<br>**American<br>Century<br>Small Cap<br>Growth R6<sup>7</sup>** | **The Bond Fund of America** | **The Bond Fund of America** | **Managed Risk Growth-<br>Income Fund** | **Managed Risk Growth-<br>Income Fund** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |
| From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(20176) | $203396 | $211805 | $67239 | $35680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 382490 | 31047 | 18227 | 414605 | 204156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 7876 | 120202 | (218409) | 20676 | 538445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 370190 | 354645 | 11623 | 502520 | 778281 |
| From Unit Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 662293 | 378240 | 344383 | 412322 | 572237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (572522) | (1388435) | (407914) | (504901) | (588394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 4644911 | 560640 | 575768 | 154733 | (361650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) |  | (958) | (849) | (540) | (504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 4734682 | (450513) | 511388 | 61614 | (378311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 5104872 | (95868) | 523011 | 564134 | 399970 |
| NET ASSETS: |  |  |  |  |  |
| Beginning of Year | $— | $6602142 | $6079131 | $5295774 | $4895804 |
| End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6602142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295774 |
| Changes in Units: |  |  |  |  |  |
| Units outstanding, beginning of year |  | 617559 | 570800 | 411469 | 444750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 609241 | 127406 | 143838 | 90563 | 57080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (146752) | (171479) | (97079) | (89167) | (90361) |
| Net increase (decrease) | 462489 | (44073) | 46759 | 1396 | (33281) |
| Units outstanding, end of year | 462489 | 573486 | 617559 | 412865 | 411469 |

---

<sup>7</sup> Fund commenced operations on June 6, 2025. On June 6, 2025, the Victory RS Small Cap Growth Equity VIP Series Fund was substituted with the the American Century Small Cap Growth Fund for all contracts except FPA contracts. The assets ($2,171,827) substituted are included in "Net Transfers" and units (212,518) substituted are in "Units issued".

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **Calvert** | **Calvert** | **DFA** | **DFA** |
|  | **New World Fund** | **New World Fund** | **Calvert VP SRI Balanced<br>Portfolio** | **Calvert VP SRI Balanced<br>Portfolio** | **Dimensional VA U.S.<br>Targeted Value Portfolio** | **Dimensional VA U.S.<br>Targeted Value Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $142563 | $172377 | $1097315 | $1349679 | $31031 | $17503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1638464 | 578658 | 16406414 | 8694460 | 502321 | 503114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3147944 | 397664 | (2515913) | 16142856 | (139644) | (86024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 4928971 | 1148699 | 14987816 | 26186995 | 393708 | 434593 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 1834941 | 1964625 | 7017463 | 8000270 | 181607 | 190579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (4419184) | (3599153) | (24515063) | (25253621) | (750343) | (503977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 2943084 | 119240 | (4656901) | 673182 | (475497) | (127940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (392) | (498) | (32364) | (38374) | (366) | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 358449 | (1515786) | (22186865) | (16618543) | (1044599) | (441663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 5287420 | (367087) | (7199049) | 9568452 | (650891) | (7070) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $18082021 | $18449108 | $156543960 | $146975508 | $&nbsp;&nbsp;&nbsp;&nbsp;6432633 | $&nbsp;&nbsp;&nbsp;&nbsp;6439703 |
|  End of Year | $23369441 | $18082021 | $149344911 | $156543960 | $5781742 | $6432633 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 444113 | 481159 | 14493498 | 16131465 | 522745 | 559689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 184606 | 163904 | 2490921 | 3573577 | 24885 | 43964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (177708) | (200950) | (4388480) | (5211544) | (111151) | (80908) |
|  Net increase (decrease) | 6898 | (37046) | (1897559) | (1637967) | (86266) | (36944) |
|  Units outstanding, end of year | 451011 | 444113 | 12595939 | 14493498 | 436479 | 522745 |

---

Fund commenced operations on 6/6/2025

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **DWS** | **DWS** | **Fidelity** | **Fidelity** |  |  |
|  | **DWS Capital Growth VIP** | **DWS Capital Growth VIP** | **VIP Asset Manager 50%<br>Portfolio** | **VIP Asset Manager 50%<br>Portfolio** | **VIP Contrafund Portfolio** | **VIP Contrafund Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4892112) | $(3821962) | $1918646 | $2009058 | $(7470211) | $(5739709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 106399472 | 77730792 | 7697001 | 3123455 | 235027024 | 175673970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (44683602) | 45907466 | 5867270 | 4257581 | (52031597) | 82366692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 56823758 | 119816296 | 15482917 | 9390094 | 175525216 | 252300953 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 18858365 | 18586719 | 7390156 | 8495167 | 28008529 | 28006762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (81915624) | (77047996) | (21344322) | (23311067) | (153583844) | (142953025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (20810722) | (5991287) | (533582) | (2829981) | (14383523) | 5424391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (27300) | (31940) | (55453) | (72824) | (49181) | (55246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (83895281) | (64484504) | (14543201) | (17718705) | (140008019) | (109577118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (27071523) | 55331792 | 939716 | (8328611) | 35517197 | 142723835 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $547302673 | $491970881 | $118763122 | $127091733 | $947287630 | $804563795 |
|  End of Year | $520231150 | $547302673 | $119702838 | $118763122 | $982804827 | $947287630 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 2221362 | 2502428 | 1602568 | 1845503 | 3798740 | 4276821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 367480 | 467610 | 315701 | 368435 | 632580 | 808115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (673983) | (748676) | (487570) | (611370) | (1121840) | (1286196) |
|  Net increase (decrease) | (306503) | (281066) | (171869) | (242935) | (489260) | (478081) |
| Units outstanding, end of year | 1914859 | 2221362 | 1430699 | 1602568 | 3309480 | 3798740 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fidelity** | **Fidelity** |  |  |
|  | **VIP Equity-Income Portfolio** | **VIP Equity-Income Portfolio** | **VIP Extended Market Index<br>Portfolio** | **VIP Extended Market Index<br>Portfolio** | **VIP Freedom Income<br>Portfolio** | **VIP Freedom Income<br>Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2487437 | $2713983 | $(113) | $1537 | $169716 | $209990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 26203569 | 24115951 | 68670 | 188450 | 83844 | 50600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 18011747 | 10717231 | 101561 | (21123) | 413072 | 18224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 46702753 | 37547165 | 170118 | 168864 | 666632 | 278814 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 11564422 | 13564729 | 83515 | 147211 | 199407 | 124664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (47747183) | (43084153) | (132395) | (217468) | (840563) | (777462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 2684558 | (1644503) | 97786 | (1101900) | 4635 | (104453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (61553) | (71178) |  |  | (256) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (33559756) | (31235105) | 48906 | (1172157) | (636777) | (757427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 13142997 | 6312060 | 219024 | (1003293) | 29855 | (478613) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $276500061 | $270188001 | $1525526 | $2528819 | $8161935 | $8640548 |
|  End of Year | $289643058 | $276500061 | $1744550 | $1525526 | $8191790 | $8161935 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 1845940 | 2061903 | 121289 | 223322 | 744547 | 814238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 411961 | 402789 | 29884 | 21692 | 32110 | 19743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (604876) | (618752) | (26192) | (123725) | (86798) | (89434) |
|  Net increase (decrease) | (192915) | (215963) | 3692 | (102033) | (54688) | (69691) |
| Units outstanding, end of year | 1653025 | 1845940 | 124981 | 121289 | 689859 | 744547 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fidelity** | **Fidelity** |  |  |
|  | **VIP Freedom 2020 Portfolio** | **VIP Freedom 2020 Portfolio** | **VIP Freedom 2025 Portfolio** | **VIP Freedom 2025 Portfolio** | **VIP Freedom 2030 Portfolio** | **VIP Freedom 2030 Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $204358 | $227906 | $276404 | $293123 | $221148 | $226541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 789932 | 532159 | 1367193 | 468047 | 1633048 | 289023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 480688 | 96382 | 908051 | 754384 | 751256 | 839130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 1474978 | 856447 | 2551648 | 1515554 | 2605452 | 1354694 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 214729 | 231419 | 692703 | 1446251 | 2244415 | 2633487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (710794) | (1502890) | (3442787) | (2569343) | (3888814) | (1561269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (264260) | (359672) | 86520 | (1554474) | (557061) | 442049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (342) | (289) | (1031) | (772) | (1629) | (1396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (760667) | (1631432) | (2664595) | (2678338) | (2203089) | 1512871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 714311 | (774985) | (112947) | (1162784) | 402363 | 2867565 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $12803568 | $13578553 | $20933643 | $22096427 | $19432446 | $16564881 |
|  End of Year | $13517879 | $12803568 | $20820696 | $20933643 | $19834809 | $19432446 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 1108433 | 1252268 | 1789707 | 2026547 | 1640916 | 1513717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 34838 | 24480 | 155562 | 163772 | 264317 | 340310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (98156) | (168315) | (373072) | (400612) | (437967) | (213111) |
|  Net increase (decrease) | (63318) | (143835) | (217510) | (236840) | (173650) | 127199 |
|  Units outstanding, end of year | 1045115 | 1108433 | 1572197 | 1789707 | 1467266 | 1640916 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fidelity** | **Fidelity** |  |  |
|  | **VIP Freedom 2035 Portfolio** | **VIP Freedom 2035 Portfolio** | **VIP Freedom 2040 Portfolio** | **VIP Freedom 2040 Portfolio** | **VIP Freedom 2045 Portfolio** | **VIP Freedom 2045 Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $137453 | $103410 | $73453 | $46737 | $27597 | $19176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1158592 | 387713 | 966204 | 369651 | 727947 | 232084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 620480 | 509009 | 647224 | 598551 | 296238 | 434189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 1916525 | 1000132 | 1686881 | 1014939 | 1051782 | 685449 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 1948056 | 1704780 | 960002 | 1339981 | 856627 | 723131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (2037455) | (1276104) | (1387804) | (615397) | (1597093) | (627356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 141698 | 341051 | (69711) | 111358 | 173313 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (1489) | (1077) | (960) | (643) | (816) | (584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 50810 | 768650 | (498473) | 835299 | (567969) | 111135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 1967335 | 1768782 | 1188408 | 1850238 | 483813 | 796584 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $12191826 | $10423044 | $10015875 | $8165637 | $6110898 | $5314314 |
|  End of Year | $14159161 | $12191826 | $11204283 | $10015875 | $6594711 | $6110898 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 1007005 | 946328 | 806474 | 736698 | 487968 | 478595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 227166 | 239190 | 88097 | 199359 | 91037 | 75264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (220781) | (178513) | (127080) | (129583) | (134914) | (65891) |
|  Net increase (decrease) | 6385 | 60677 | (38983) | 69776 | (43877) | 9373 |
|  Units outstanding, end of year | 1013390 | 1007005 | 767491 | 806474 | 444091 | 487968 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fidelity** | **Fidelity** |  |  |
|  | **VIP Freedom 2050 Portfolio** | **VIP Freedom 2050 Portfolio** | **VIP Freedom 2055 Portfolio** | **VIP Freedom 2055 Portfolio** | **VIP Freedom 2060 Portfolio** | **VIP Freedom 2060 Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $21414 | $16575 | $7178 | $3456 | $5053 | $2927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 486635 | 182560 | 139345 | 91888 | 113468 | 37924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 366854 | 317140 | 111626 | 81255 | 82029 | 78615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 874903 | 516275 | 258149 | 176599 | 200550 | 119466 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 769749 | 663514 | 303488 | 275649 | 111691 | 128434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (730910) | (546344) | (220589) | (244574) | (103971) | (99681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (76225) | (73504) | 28657 | (87950) | (51041) | 40769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (1010) | (621) | (399) | (330) | (209) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (38396) | 43045 | 111157 | (57205) | (43530) | 69357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 836507 | 559320 | 369306 | 119394 | 157020 | 188823 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $4777609 | $4218289 | $1460712 | $1341318 | $1119904 | $931081 |
|  End of Year | $5614116 | $4777609 | $1830018 | $1460712 | $1276924 | $1119904 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 381300 | 379712 | 116635 | 120762 | 89404 | 83875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 57303 | 65220 | 26556 | 27764 | 9269 | 19662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (60660) | (63632) | (19995) | (31891) | (12716) | (14133) |
|  Net increase (decrease) | (3357) | 1588 | 6561 | (4127) | (3447) | 5529 |
|  Units outstanding, end of year | 377943 | 381300 | 123196 | 116635 | 85957 | 89404 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fidelity** | **Fidelity** |  |  |
|  | **VIP Index 500 Portfolio** | **VIP Index 500 Portfolio** | **VIP Mid Cap Portfolio** | **VIP Mid Cap Portfolio** | **VIP Value Strategies Portfolio** | **VIP Value Strategies Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(54096) | $170321 | $(617262) | $(292805) | $(2636) | $(2559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 5252007 | 2520132 | 23204138 | 29154323 | 106016 | 514228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 10644293 | 17293607 | (5568246) | (549043) | 74523 | (288103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 15842204 | 19984060 | 17018630 | 28312475 | 177903 | 223566 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 3561960 | 2907459 | 8316867 | 8807284 | 81673 | 98328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (13372841) | (8125931) | (29170896) | (31271632) | (316395) | (279817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 3056274 | (1594171) | (6610048) | (1807823) | 19248 | (420198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (5310) | (4143) | (6460) | (8124) | (51) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (6759917) | (6816786) | (27470537) | (24280295) | (215525) | (601729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 9082287 | 13167274 | (10451907) | 4032180 | (37622) | (378163) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $101015579 | $87848305 | $180441100 | $176408920 | $2993790 | $3371953 |
|  End of Year | $110097866 | $101015579 | $169989193 | $180441100 | $2956168 | $2993790 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 7339870 | 7884815 | 1129122 | 1287591 | 247577 | 301716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 842845 | 863094 | 200532 | 260270 | 16066 | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1308307) | (1408039) | (362144) | (418739) | (34522) | (73838) |
|  Net increase (decrease) | (465462) | (544945) | (161612) | (158469) | (18456) | (54139) |
| Units outstanding, end of year | 6874408 | 7339870 | 967510 | 1129122 | 229121 | 247577 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Goldman Sachs** | **Goldman Sachs** |  |  |
|  | **Goldman Sachs Government<br>Money Market Fund** | **Goldman Sachs Government<br>Money Market Fund** | **Goldman Sachs Small Cap<br>Equity Insights Fund** | **Goldman Sachs Small Cap<br>Equity Insights Fund** | **Goldman Sachs U.S. Equity<br>Insights Fund** | **Goldman Sachs U.S. Equity<br>Insights Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $993843 | $2482168 | $2457 | $52390 | $(2959) | $11707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments |  |  | 2008350 | 538410 | 3589019 | 2359849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments |  |  | 9138 | 1305917 | (697355) | 1287952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 993843 | 2482168 | 2019945 | 1896717 | 2888705 | 3659508 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 740112 | 830732 | 1821868 | 1568917 | 2752726 | 2776618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (5254047) | (15540615) | (2481456) | (2430854) | (4085560) | (2971543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (4162877) | (4912044) | 1279162 | 3680285 | 834916 | 4189587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (995) | (793) | (178) | (244) | (281) | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (8677807) | (19622720) | 619396 | 2818104 | (498199) | 3994402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (7683964) | (17140552) | 2639341 | 4714821 | 2390506 | 7653910 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $37668124 | $54808676 | $15081102 | $10366281 | $20011649 | $12357739 |
|  End of Year | $29984160 | $37668124 | $17720443 | $15081102 | $22402155 | $20011649 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 3579879 | 5418631 | 947316 | 770140 | 984924 | 775509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 571619 | 3149189 | 567362 | 753725 | 504568 | 648347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1383703) | (4987941) | (548400) | (576549) | (527090) | (438932) |
|  Net increase (decrease) | (812084) | (1838752) | 18962 | 177176 | (22522) | 209415 |
| Units outstanding, end of year | 2767795 | 3579879 | 966278 | 947316 | 962402 | 984924 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco** | **Invesco** | **Lincoln** | **Lincoln** | **MFS** | **MFS** |
|  | **Invesco V.I. Main Street Fund** | **Invesco V.I. Main Street Fund** | **LVIP American Century<br>Capital Appreciation Fund** | **LVIP American Century<br>Capital Appreciation Fund** | **MFS Mid Cap Value Portfolio** | **MFS Mid Cap Value Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(165178) | $(461585) | $(2633285) | $(2511364) | $30001 | $56378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 476822 | 2557288 | 57598367 | 26329495 | 867272 | 369511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 8635850 | 11150370 | (36768630) | 41841409 | (450092) | 758557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 8947494 | 13246073 | 18196452 | 65659540 | 447181 | 1184446 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 3199901 | 3822664 | 9951863 | 10106396 | 935319 | 1107748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (12195494) | (10288925) | (49306985) | (44153585) | (2723180) | (1608515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (1182065) | (1037274) | (8275483) | (7247223) | (597874) | 408768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (2587) | (3039) | (12464) | (15307) | (10) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (10180245) | (7506574) | (47643069) | (41309719) | (2385745) | (92027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (1232751) | 5739499 | (29446617) | 24349821 | (1938564) | 1092419 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $66422258 | $60682759 | $313510736 | $289160915 | $10434280 | $9341861 |
|  End of Year | $65189507 | $66422258 | $284064119 | $313510736 | $8495716 | $10434280 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 639849 | 716245 | 2924140 | 3348071 | 582339 | 590068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 122013 | 161241 | 505410 | 550232 | 188197 | 274283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (209508) | (237637) | (907748) | (974163) | (319349) | (282012) |
|  Net increase (decrease) | (87495) | (76396) | (402338) | (423931) | (131152) | (7729) |
|  Units outstanding, end of year | 552354 | 639849 | 2521802 | 2924140 | 451187 | 582339 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Neuberger Berman** | **Neuberger Berman** | **Nomura** | **Nomura** | **PIMCO** | **PIMCO** |
|  | **Quality Equity Portfolio** | **Quality Equity Portfolio** | **Nomura VIP Small Cap Value<br>Series** | **Nomura VIP Small Cap Value<br>Series** | **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(172407) | $(94615) | $64319 | $83815 | $1172955 | $839873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 2648033 | 1481972 | 160047 | (157905) | (1837270) | (1186582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 351925 | 2655439 | 618418 | 1342089 | 3586721 | 951498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 2827551 | 4042796 | 842784 | 1267999 | 2922406 | 604789 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 2482112 | 2577043 | 867414 | 1131888 | 2673234 | 2491585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (3862077) | (3367213) | (2863689) | (1973116) | (11349435) | (8228375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 1722442 | 2226319 | (1149536) | (1370952) | 11048639 | 1971631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (361) | (359) | (116) | (124) | (588) | (581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 342116 | 1435790 | (3145927) | (2212304) | 2371850 | (3765740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 3169667 | 5478586 | (2303143) | (944305) | 5294256 | (3160951) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $20866104 | $15387518 | $13566362 | $14510667 | $39360119 | $42521070 |
|  End of Year | $24035771 | $20866104 | $11263219 | $13566362 | $44654375 | $39360119 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 1019562 | 938637 | 912970 | 1079652 | 2526951 | 2773229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 570902 | 591046 | 218286 | 377035 | 1432770 | 897484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (551067) | (510121) | (423269) | (543717) | (1277896) | (1143762) |
|  Net increase (decrease) | 19835 | 80925 | (204983) | (166682) | 154874 | (246278) |
|  Units outstanding, end of year | 1039397 | 1019562 | 707987 | 912970 | 2681825 | 2526951 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price** | **T. Rowe Price** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **T. Rowe Price Blue Chip<br>Growth Portfolio** | **T. Rowe Price Blue Chip<br>Growth Portfolio** | **Balanced Portfolio** | **Balanced Portfolio** | **Conservative Allocation<br>Portfolio** | **Conservative Allocation<br>Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3600719) | $(2969475) | $187351 | $245912 | $106072 | $136750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 79642241 | 45404515 | 2013661 | 1371529 | 293376 | 309931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (725497) | 84837928 | 448017 | 905715 | 335936 | 7268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 75316025 | 127272968 | 2649029 | 2523156 | 735384 | 453949 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 28612577 | 31872016 | 677763 | 891389 | 244844 | 307091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (92497453) | (73088684) | (2935257) | (2984554) | (501818) | (1169903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (10256281) | 11314433 | (1476) | (517346) | (309612) | (628906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (7465) | (8580) | (1249) | (1100) | (626) | (563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (74148622) | (29910815) | (2260219) | (2611611) | (567212) | (1492281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 1167403 | 97362153 | 388810 | (88455) | 168172 | (1038332) |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $478714327 | $381352174 | $19450266 | $19538721 | $6894598 | $7932930 |
|  End of Year | $479881730 | $478714327 | $19839076 | $19450266 | $7062770 | $6894598 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 6175971 | 6623697 | 1566521 | 1786735 | 599196 | 732939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 1425841 | 1969378 | 78928 | 144336 | 36081 | 90028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (2325466) | (2417104) | (256920) | (364550) | (84205) | (223771) |
|  Net increase (decrease) | (899625) | (447726) | (177992) | (220214) | (48124) | (133743) |
|  Units outstanding, end of year | 5276346 | 6175971 | 1388529 | 1566521 | 551072 | 599196 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Vanguard** | **Vanguard** |  |  |
|  | **Diversified Value Portfolio** | **Diversified Value Portfolio** | **International Portfolio** | **International Portfolio** | **Mid-Cap Index Portfolio** | **Mid-Cap Index Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2029884 | $2332653 | $131370 | $1555428 | $29364 | $111410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 23092686 | 17787934 | 32911447 | 23433182 | 4046015 | 1093931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 10669749 | 13696911 | 20029985 | (67520) | (507065) | 3550311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 35792319 | 33817498 | 53072802 | 24921090 | 3568314 | 4755652 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 13290377 | 16384777 | 13165653 | 16830934 | 405516 | 584365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (45787996) | (43211785) | (55972870) | (53938802) | (5510860) | (2119978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (10320459) | (2509978) | (217960) | (6813950) | (3956219) | (1243517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (14921) | (17132) | (5227) | (6733) | (726) | (649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (42832999) | (29354118) | (43030404) | (43928551) | (9062289) | (2779779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (7040680) | 4463380 | 10042398 | (19007461) | (5493975) | 1975873 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $254435113 | $249971733 | $292765139 | $311772600 | $37812913 | $35837040 |
|  End of Year | $247394433 | $254435113 | $302807537 | $292765139 | $32318938 | $37812913 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 4236337 | 4746863 | 5293238 | 6090465 | 2966706 | 3200009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 759518 | 1098350 | 1078222 | 1239667 | 89658 | 136773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1415761) | (1608876) | (1734699) | (2036894) | (755604) | (370076) |
|  Net increase (decrease) | (656243) | (510526) | (656477) | (797227) | (665946) | (233303) |
|  Units outstanding, end of year | 3580094 | 4236337 | 4636761 | 5293238 | 2300760 | 2966706 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Vanguard** | **Vanguard** |  |  |
|  | **Real Estate Index Portfolio** | **Real Estate Index Portfolio** | **Small Company<br>Growth Portfolio<sup>8</sup>** | **Small Company<br>Growth Portfolio<sup>8</sup>** | **Short-Term Investment -<br>Grade Portfolio** | **Short-Term Investment -<br>Grade Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |  |  |
|  From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1054333 | $1399596 | $(54326) | $(47573) | $129344 | $73459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 25445 | 723687 | 780582 | 139690 | 34502 | 22143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 197277 | (55492) | (428988) | 711541 | 39469 | 21852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 1277055 | 2067791 | 297268 | 803658 | 203315 | 117454 |
|  From Unit Transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 5053596 | 5922836 | 264760 | 267378 | 117198 | 258434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (10097610) | (9702773) | (904605) | (484171) | (817399) | (374461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (866600) | (2252592) | (413661) | (204319) | 1037384 | 500227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (642) | (916) | (58) | (27) | (496) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | (5911256) | (6033445) | (1053564) | (421139) | 336687 | 383777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | (4634201) | (3965654) | (756296) | 382519 | 540002 | 501231 |
|  NET ASSETS: |  |  |  |  |  |  |
|  Beginning of Year | $52789687 | $56755341 | $8544270 | $8161751 | $3419681 | $2918450 |
|  End of Year | $48155486 | $52789687 | $7787974 | $8544270 | $3959683 | $3419681 |
|  Changes in Units: |  |  |  |  |  |  |
| Units outstanding, beginning of year | 2261111 | 2533330 | 691308 | 727428 | 317560 | 281152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 661869 | 777704 | 62611 | 37768 | 134980 | 115354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (899839) | (1049923) | (152905) | (73888) | (104264) | (78946) |
|  Net increase (decrease) | (237970) | (272219) | (90294) | (36120) | 30716 | 36408 |
|  Units outstanding, end of year | 2023141 | 2261111 | 601014 | 691308 | 348276 | 317560 |

---

<sup>8</sup> On June 6, 2025, the Victory RS Small Cap Growth Equity VIP Series Fund was substituted with the Vanguard Small Company Growth Portfolio for FPA contracts. The assets ($261,164) substituted are included in "Net transfers" and units (21,863) substituted are included in "Units issued".

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

#### For the Years or Periods Ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **Total Bond Market Index<br>Portfolio** | **Total Bond Market Index<br>Portfolio** | **Total International Stock<br>Market Index Portfolio** | **Total International Stock<br>Market Index Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
|  INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |
|  From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1815889 | $1222841 | $7478 | $18907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2107489) | (2075023) | 477802 | 33241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4417271 | 1077996 | 73403 | (16809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in net assets resulting from operations | 4125671 | 225814 | 558683 | 35339 |
|  From Unit Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 5969229 | 6729887 | 152324 | 154802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (13817228) | (12360543) | (1245150) | (98782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 12884696 | 13126649 | 1467969 | (70205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract fees (Note 4) | (414) | (478) | (56) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from unit transactions | 5036283 | 7495515 | 375087 | (14219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS | 9161954 | 7721329 | 933770 | 21120 |
|  NET ASSETS: |  |  |  |  |
|  Beginning of Year | $63307609 | $55586280 | $1078195 | $1057075 |
|  End of Year | $72469563 | $63307609 | $2011965 | $1078195 |
|  Changes in Units: |  |  |  |  |
|  Units outstanding, beginning of year | 6087896 | 5377788 | 94585 | 96350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued | 3070682 | 3219585 | 276158 | 24093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (2577049) | (2509477) | (235461) | (25858) |
|  Net increase (decrease) | 493633 | 710108 | 40697 | (1765) |
|  Units outstanding, end of year | 6581529 | 6087896 | 135282 | 94585 |

---

#### The accompanying notes are an integral part of these financial statements.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
1. Organization

Mutual of America Separate Account No. 2 ("Separate Account No. 2") of Mutual of America Life Insurance Company ("the Company") was established in conformity with New York Insurance Law and commenced operations on June 4, 1984. On October 31, 1986, Separate Account No. 2 was reorganized into a unit investment trust. It is registered as such under the Investment Company Act of 1940. As of December 31, 2025, Separate Account No. 2 consists of 71 distinct Subaccounts. Separate Account No. 2 includes the following Subaccounts as of December 31, 2025 and include financial information for the following years or periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccount** | **Statement of Net<br>Assets** | **Statement of<br>Operations** | **Statement of<br>Changes in Net<br>Assets** | **Financial**<br> **Highlights** |
|  | **As of** | **For the period<br>ended** | **For each of the /<br>for the** | **For each of the /**<br> **for the** |
| &nbsp;&nbsp;&nbsp;MoA Funds Corporation ("MoA Funds"): | &nbsp;&nbsp;&nbsp;MoA Funds Corporation ("MoA Funds"): | &nbsp;&nbsp;&nbsp;MoA Funds Corporation ("MoA Funds"): | &nbsp;&nbsp;&nbsp;MoA Funds Corporation ("MoA Funds"): | &nbsp;&nbsp;&nbsp;MoA Funds Corporation ("MoA Funds"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA All America Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Equity Index Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA International Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Equity Index Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Value Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Equity Index Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Growth Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Value Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Balanced Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Core Bond Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Intermediate Bond Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA US Government Money Market Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Aggressive Allocation Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Conservative Allocation Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Moderate Allocation Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Retirement Income Fund<sup>9</sup> | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2020 Fund | December 31, 2025 | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |

---

<sup>9</sup> On April 25, 2025, the MoA Clear Passage 2015 Fund was substituted with the MoA Retirement Income Fund.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
1. Organization (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2025 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2030 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2035 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2040 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2045 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2050 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2055 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2060 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2065 Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2070 Fund | December 31, 2025 | For the period May 1, 2025 to December 31, 2025 | For the period May 1, 2025 to<br> December 31, 2025 |
| &nbsp;&nbsp;&nbsp;American Century Investments ("American Century"): | &nbsp;&nbsp;&nbsp;American Century Investments ("American Century"): | &nbsp;&nbsp;&nbsp;American Century Investments ("American Century"): | &nbsp;&nbsp;&nbsp;American Century Investments ("American Century"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Century Small Cap Growth R6<sup>10</sup> | December 31, 2025 | For the period June 6, 2025 to December 31, 2025 | For the period June 6, 2025 to December 31, 2025 |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series ("American Funds"): | &nbsp;&nbsp;&nbsp;American Funds Insurance Series ("American Funds"): | &nbsp;&nbsp;&nbsp;American Funds Insurance Series ("American Funds"): | &nbsp;&nbsp;&nbsp;American Funds Insurance Series ("American Funds"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New World Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Calvert Variable Series, Inc. ("Calvert"): | &nbsp;&nbsp;&nbsp;Calvert Variable Series, Inc. ("Calvert"): | &nbsp;&nbsp;&nbsp;Calvert Variable Series, Inc. ("Calvert"): | &nbsp;&nbsp;&nbsp;Calvert Variable Series, Inc. ("Calvert"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calvert VP SRI Balanced Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |

---

<sup>10</sup> On June 6, 2025, the Victory RS Small Cap Growth Equity VIP Series Fund was substituted with the American Century Small Cap Growth Fund for all contracts except FPA.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
1. Organization (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DFA Investment Dimensions Group Inc. ("DFA"): | &nbsp;&nbsp;&nbsp;DFA Investment Dimensions Group Inc. ("DFA"): | &nbsp;&nbsp;&nbsp;DFA Investment Dimensions Group Inc. ("DFA"): | &nbsp;&nbsp;&nbsp;DFA Investment Dimensions Group Inc. ("DFA"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dimensional VA U.S. Targeted Value Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Deutsche DWS Variable Series I ("DWS"): | &nbsp;&nbsp;&nbsp;Deutsche DWS Variable Series I ("DWS"): | &nbsp;&nbsp;&nbsp;Deutsche DWS Variable Series I ("DWS"): | &nbsp;&nbsp;&nbsp;Deutsche DWS Variable Series I ("DWS"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Capital Growth VIP | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Variable Insurance Products Funds ("Fidelity"): | &nbsp;&nbsp;&nbsp;Fidelity Investments Variable Insurance Products Funds ("Fidelity"): | &nbsp;&nbsp;&nbsp;Fidelity Investments Variable Insurance Products Funds ("Fidelity"): | &nbsp;&nbsp;&nbsp;Fidelity Investments Variable Insurance Products Funds ("Fidelity"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager 50% Portfolio<sup>11</sup> | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity-Income Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Extended Market Index Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom Income Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2020 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2025 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2030 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |

---

<sup>11</sup> On April 30, 2026, the Fidelity Asset Manager Portfolio was renamed the Fidelity Asset Manager 50% Portfolio. 

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
1. Organization (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2035 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2040 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2045 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2050 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2055 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2060 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Mid Cap Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Value Strategies Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
1. Organization (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Goldman Sachs Variable Insurance Trust ("Goldman Sachs"): | &nbsp;&nbsp;&nbsp;Goldman Sachs Variable Insurance Trust ("Goldman Sachs"): | &nbsp;&nbsp;&nbsp;Goldman Sachs Variable Insurance Trust ("Goldman Sachs"): | &nbsp;&nbsp;&nbsp;Goldman Sachs Variable Insurance Trust ("Goldman Sachs"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Government Money Market Fund | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Small Cap Equity Insights Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs U.S. Equity Insights Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco"): | &nbsp;&nbsp;&nbsp;AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco"): | &nbsp;&nbsp;&nbsp;AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco"): | &nbsp;&nbsp;&nbsp;AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Lincoln Variable Insurance Products Trust ("Lincoln"): | &nbsp;&nbsp;&nbsp;Lincoln Variable Insurance Products Trust ("Lincoln"): | &nbsp;&nbsp;&nbsp;Lincoln Variable Insurance Products Trust ("Lincoln"): | &nbsp;&nbsp;&nbsp;Lincoln Variable Insurance Products Trust ("Lincoln"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;MFS Variable Investment Trust III ("MFS"): | &nbsp;&nbsp;&nbsp;MFS Variable Investment Trust III ("MFS"): | &nbsp;&nbsp;&nbsp;MFS Variable Investment Trust III ("MFS"): | &nbsp;&nbsp;&nbsp;MFS Variable Investment Trust III ("MFS"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS Mid Cap Value Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Advisers Management Trust ("Neuberger Berman"): | &nbsp;&nbsp;&nbsp;Neuberger Berman Advisers Management Trust ("Neuberger Berman"): | &nbsp;&nbsp;&nbsp;Neuberger Berman Advisers Management Trust ("Neuberger Berman"): | &nbsp;&nbsp;&nbsp;Neuberger Berman Advisers Management Trust ("Neuberger Berman"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Equity Portfolio<sup>12</sup> | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series ("Nomura"): | &nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series ("Nomura"): | &nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series ("Nomura"): | &nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series ("Nomura"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Small Cap Value Series<sup>13</sup> | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;PIMCO Variable Insurance Trust ("PIMCO"): | &nbsp;&nbsp;&nbsp;PIMCO Variable Insurance Trust ("PIMCO"): | &nbsp;&nbsp;&nbsp;PIMCO Variable Insurance Trust ("PIMCO"): | &nbsp;&nbsp;&nbsp;PIMCO Variable Insurance Trust ("PIMCO"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc. ("T. Rowe Price"): | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc. ("T. Rowe Price"): | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc. ("T. Rowe Price"): | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc. ("T. Rowe Price"): |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds ("Vanguard"): | &nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds ("Vanguard"): | &nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds ("Vanguard"): | &nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds ("Vanguard"): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |

---

<sup>12</sup> Effective July 28, 2025, the Neuberger Berman Sustainable Equity Fund was renamed to Neuberger Berman Quality Equity Fund.

<sup>13</sup> Effective December 1, 2025, the underlying fund of the subaccount changed its name from Macquarie VIP Small Cap Value Series.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
1. Organization (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Value Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Index Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Index Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Company Growth Portfolio<sup>14</sup> | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment - Grade Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bond Market Index Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total International Stock Market Index Portfolio | December 31, 2025 | Two Years Ended December 31, 2025 | For the period November 3, 2023 to December 31, 2023 and two years ended December 31, 2025 |

---

Separate Account No. 2 was formed by the Company to support the operations of the Company's group and individual variable accumulation annuity contracts ("Contracts"). The assets of Separate Account No. 2 are the property of the Company. The portion of Separate Account No. 2's assets applicable to the Contracts will not be charged with liabilities arising out of any other business the Company may conduct. Separate Account No. 2 is subject to regulation by the New York Department of Financial Services and the U.S. Securities and Exchange Commission (SEC). The assets and liabilities of Separate Account No. 2 are clearly identified and distinguished from the Company's other asset and liabilities.

2. Significant Accounting Policies

The Subaccounts follow investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 946 Financial Services – Investment Companies. The preparation of financial statements in accordance with U.S. generally accepted accounting

<sup>14</sup> On June 6, 2025, the Victory RS Small Cap Growth Equity VIP Series Fund was substituted with the Vanguard Small Company Growth Portfolio for FPA contracts.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
2. Significant Accounting Policies (continued)

principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures regarding the reported amounts of revenue and expenses during the reporting period. Actual results, however, may differ from those estimates.

The following is a summary of the significant accounting policies consistently followed by Separate Account No. 2, which are in conformity with GAAP:

*Fair Value* — Separate Account No. 2 values its investments at fair value. Fair value is an estimate of the price Separate Account No. 2 would receive upon selling an investment in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:

☐ Level 1 — quoted prices in active markets for identical investments.

☐ Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.).

☐ Level 3 — significant unobservable inputs (including Separate Account No. 2's own assumptions in determining the fair value of investments).

As of December 31, 2025, management determined that the fair value inputs for all Separate Account No. 2 investments, which consist solely of investments in mutual funds registered with the SEC and are valued at their closing net asset value as determined by the respective mutual fund, were considered Level 1. The inputs used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the inputs used to value Separate Account No. 2's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1-<br>Quoted Prices** | **Level 2 -<br>Significant<br>Observable<br>Inputs** | **Level 3 -<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  **Investment at Fair Value:** |  |  |  |  |
| &nbsp;&nbsp; MoA Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA All America Fund | $232809099 |  |  | $232809099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Equity Index Fund | $1150829931 |  |  | $1150829931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA International Fund | $65625030 |  |  | $65625030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Equity Index Fund | $357998204 |  |  | $357998204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Value Fund | $48935347 |  |  | $48935347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Equity Index Fund | $31781827 |  |  | $31781827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Growth Fund | $173103708 |  |  | $173103708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Value Fund | $114712434 |  |  | $114712434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Balanced Fund | $176388119 |  |  | $176388119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Core Bond Fund | $131547269 |  |  | $131547269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Intermediate Bond Fund | $65763188 |  |  | $65763188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA US Government Money Market Fund | $140064275 |  |  | $140064275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Aggressive Allocation Fund | $253226569 |  |  | $253226569 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
2. Significant Accounting Policies (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1-<br>Quoted Prices** | **Level 2 -<br>Significant<br>Observable<br>Inputs** | **Level 3 -<br>Significant<br>Unobservable<br>Inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Conservative Allocation Fund | $103728196 |  |  | $103728196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Moderate Allocation Fund | $290186712 |  |  | $290186712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Retirement Income Fund | $149503281 |  |  | $149503281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2020 Fund | $228859282 |  |  | $228859282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2025 Fund | $575813386 |  |  | $575813386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2030 Fund | $778815939 |  |  | $778815939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2035 Fund | $776508047 |  |  | $776508047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2040 Fund | $695330387 |  |  | $695330387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2045 Fund | $742739010 |  |  | $742739010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2050 Fund | $576850490 |  |  | $576850490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2055 Fund | $339117872 |  |  | $339117872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2060 Fund | $197575710 |  |  | $197575710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2065 Fund | $87565237 |  |  | $87565237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2070 Fund | $1041820 |  |  | $1041820 |
| &nbsp;&nbsp; American Century: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Century Small Cap Growth R6 | $5107642 |  |  | $5107642 |
| &nbsp;&nbsp; American Funds Insurance Series: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond Fund of America — Class "1" | $6506281 |  |  | $6506281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund — Class "1" | $5855867 |  |  | $5855867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New World Fund — Class "1" | $23375641 |  |  | $23375641 |
| &nbsp;&nbsp; Calvert: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calvert VP SRI Balanced Portfolio — Class "I" | $149432474 |  |  | $149432474 |
| &nbsp;&nbsp; DFA Investment Dimensions Group Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dimensional VA U.S. Targeted Value Portfolio | $5782081 |  |  | $5782081 |
| &nbsp;&nbsp; Deutsche DWS Variable Series I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Capital Growth VIP — Class "A" | $520089398 |  |  | $520089398 |
| &nbsp;&nbsp; Fidelity Investments Variable Insurance Products Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager — "Initial" Class | $119563970 |  |  | $119563970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund — "Initial" Class | $983335702 |  |  | $983335702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity-Income — "Initial" Class | $289732258 |  |  | $289732258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Extended Market Index — "Initial" Class | $1744562 |  |  | $1744562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom Income Portfolio — "Initial" Class | $8192208 |  |  | $8192208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2020 Portfolio — "Initial" Class | $13518337 |  |  | $13518337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2025 Portfolio — "Initial" Class | $20819442 |  |  | $20819442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2030 Portfolio — "Initial" Class | $19832207 |  |  | $19832207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2035 Portfolio — "Initial" Class | $14152411 |  |  | $14152411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2040 Portfolio — "Initial" Class | $11193505 |  |  | $11193505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2045 Portfolio — "Initial" Class | $6617270 |  |  | $6617270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2050 Portfolio — "Initial" Class | $5614209 |  |  | $5614209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2055 Portfolio — "Initial" Class | $1827217 |  |  | $1827217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2060 Portfolio — "Initial" Class | $1276872 |  |  | $1276872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 Portfolio — "Initial" Class | $111100946 |  |  | $111100946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Mid Cap — "Initial" Class | $170115670 |  |  | $170115670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Value Strategies Portfolio — "Initial" Class | $2956222 |  |  | $2956222 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
2. Significant Accounting Policies (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1-<br>Quoted Prices** | **Level 2 -<br>Significant<br>Observable<br>Inputs** | **Level 3 -<br>Significant<br>Unobservable<br>Inputs** | **Total** |
| &nbsp;&nbsp; Goldman Sachs Variable Insurance Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Government Money Market Fund — Class "I" | $30082235 |  |  | $30082235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Small Cap Equity Insights Fund— Class "I" | $17734448 |  |  | $17734448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs U.S. Equity Insights Fund— Class "I" | $22413479 |  |  | $22413479 |
| &nbsp;&nbsp; AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco"): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund — Series "I" Shares | $65184805 |  |  | $65184805 |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund — "Standard" Class | $284407572 |  |  | $284407572 |
| &nbsp;&nbsp; MFS Variable Investment Trust III: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS Mid Cap Value Portfolio — "Initial" Class | $8505498 |  |  | $8505498 |
| &nbsp;&nbsp; Neuberger Berman Advisers Management Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Equity Portfolio — Class "I" | $24032081 |  |  | $24032081 |
| &nbsp;&nbsp; Nomura VIP Small Cap Value Series: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Small Cap Value Series — "Standard" Class | $11278432 |  |  | $11278432 |
| &nbsp;&nbsp; PIMCO Variable Insurance Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio — "Institutional" Class | $44501325 |  |  | $44501325 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Series, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio — "Portfolio" Class | $479993783 |  |  | $479993783 |
| &nbsp;&nbsp; Vanguard Variable Insurance Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced Portfolio | $19837974 |  |  | $19837974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Portfolio | $7062344 |  |  | $7062344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Value Portfolio | $247538034 |  |  | $247538034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | $303006270 |  |  | $303006270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Index Portfolio | $32317863 |  |  | $32317863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Index Portfolio | $48159819 |  |  | $48159819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Company Growth Portfolio | $7788291 |  |  | $7788291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment - Grade Portfolio | $3959807 |  |  | $3959807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bond Market Index Portfolio | $72447453 |  |  | $72447453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total International Stock Market Index Portfolio | $2011843 |  |  | $2011843 |

---

*Investment Valuation* — Investments are made in shares of MoA Funds Corporation, American Century, American Funds, Calvert, DFA, DWS, Fidelity, Goldman Sachs, Invesco, Lincoln, MFS, Neuberger Berman, Nomura, PIMCO, T. Rowe Price, and Vanguard ("Underlying Funds"), and are fair valued based on the reported closing net asset values of the respective funds or portfolios, which in turn value their investments at fair value.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
2. Significant Accounting Policies (continued)

*Investment Income* — Dividend distributions made by the Underlying Funds, representing a distribution of their accumulated income are recognized as investment income while distributions of capital gains are recognized as realized gains from distributions. All dividend distributions and distributions of capital gains are recognized on the ex-dividend dates of each Underlying Fund by each Subaccount and are immediately fully reinvested in additional shares of the Underlying Funds at their respective ex-dividend net asset values. As such, the ultimate effect of the dividends and distributions paid to the Subaccounts has no impact on their respective unit values.

*Investment Transactions* — Investment transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined based on the identified cost basis of the security determined on a first-in, first-out ("FIFO") basis.

*Federal Income Taxes* — Separate Account No. 2 is treated as a part of the Company and not taxed separately as a "regulated investment company" under existing law. The Company is taxed as a life insurance company under the life insurance tax provisions of the Internal Revenue Code. No provision for income taxes is required in the accompanying financial statements. Taxes are generally the responsibility of contract owners upon termination or withdrawal.

*Segment Reporting* 

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

An executive committee of the Company acts as the Subaccounts' CODM. Since its inception, each Subaccount has represented a single operating segment, as the CODM monitors the operating results of each Subaccount of Separate Account No. 2 individually and as a whole and each Subaccount's long-term strategic asset allocation is pre-determined in accordance with the terms of the prospectus of the underlying fund of that Subaccount, based on a defined investment strategy which is executed by the respective underlying fund's portfolio managers as a team. The financial information in the form of the Subaccount's investment, expense ratios, net increase (decrease) in net assets resulting from operations on the respective statement of operations and other information about the Subaccounts' performance, including total return within the respective financial highlights schedule, which are used by the CODM to assess the segment's performance versus the Subaccount's comparative benchmarks and to make resource allocation decisions for the Subaccount's single segment, is consistent with that presented within the Subaccounts' financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "net assets" and significant segment expenses are listed on the accompanying statements of operations.

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
3. Investments

The number of shares owned by Separate Account No. 2 (rounded to the nearest share) and their respective net asset values (rounded to the nearest cent) per share on December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shares** | **Net Asset**<br> **Value per<br>Share** |
| &nbsp;&nbsp; MoA Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA All America Fund | 10528473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Equity Index Fund | 16426516 | $70.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA International Fund | 5966622 | $11.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Equity Index Fund | 17808044 | $20.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Value Fund | 3034777 | $16.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Equity Index Fund | 2993545 | $10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Growth Fund | 11690252 | $14.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Value Fund | 8146402 | $14.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Balanced Fund | 8180027 | $21.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Core Bond Fund | 10509016 | $12.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Intermediate Bond Fund | 6699706 | $9.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA US Government Money Market Fund | 140046849 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Aggressive Allocation Fund | 16115205 | $15.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Conservative Allocation Fund | 8769045 | $11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Moderate Allocation Fund | 20743254 | $13.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Retirement Income Fund | 12739705 | $11.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2020 Fund | 21318967 | $10.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2025 Fund | 45855961 | $12.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2030 Fund | 55681055 | $13.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2035 Fund | 52315007 | $14.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2040 Fund | 45341422 | $15.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2045 Fund | 48842026 | $15.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2050 Fund | 29269255 | $19.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2055 Fund | 21008249 | $16.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2060 Fund | 13984813 | $14.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2065 Fund | 5996972 | $14.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2070 Fund | 89492 | $11.68 |
| &nbsp;&nbsp; American Century: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Century Small Cap Growth R6 | 216675 | 23.56 |
| &nbsp;&nbsp; American Funds Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond Fund of America — Class "1" | 683433 | $9.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund — Class "1" | 390401 | $15.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New World Fund — Class "1" | 719724 | $32.47 |
| &nbsp;&nbsp; Calvert: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calvert VP SRI Balanced Portfolio — Class "I" | 52401725 | $2.85 |
| &nbsp;&nbsp; DFA Investment Dimensions Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dimensional VA U.S. Targeted Value Portfolio | 259504 | $22.28 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
3. Investments (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Deutsche DWS Variable Series I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Capital Growth VIP — Class "A" | 12109664.0 | $42.96 |
| &nbsp;&nbsp; Fidelity Investments Variable Insurance Products Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager — "Initial" Class | 6793577.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund — "Initial" Class | 16410167.0 | $59.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity-Income — "Initial" Class | 9841762.0 | $29.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Extended Market Index — "Initial" Class | 109445.0 | $15.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom Income Portfolio — "Initial" Class | 700753.0 | $11.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2020 Portfolio — "Initial" Class | 1019449.0 | $13.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2025 Portfolio — "Initial" Class | 1206997.0 | $17.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2030 Portfolio — "Initial" Class | 1121879.0 | $17.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2035 Portfolio — "Initial" Class | 469470.0 | $30.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2040 Portfolio — "Initial" Class | 376238.0 | $29.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2045 Portfolio — "Initial" Class | 214952.0 | $30.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2050 Portfolio — "Initial" Class | 202824.0 | $27.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2055 Portfolio — "Initial" Class | 117535.0 | $15.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2060 Portfolio — "Initial" Class | 83898.0 | $15.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 Portfolio — "Initial" Class | 166782.0 | $660.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Mid Cap — "Initial" Class | 4531837.0 | $37.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Value Strategies Portfolio — "Initial" Class | 185573.0 | $15.93 |
| &nbsp;&nbsp; Goldman Sachs Variable Insurance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Government Money Market Fund — Class "I" | 29981272.0 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Small Cap Equity Insights Fund — Class "I" | 1240928.0 | $14.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs U.S. Equity Insights Fund — Class "I" | 1028094.0 | $21.79 |
| &nbsp;&nbsp; AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco"): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund — Series "I" Shares | 2943093.0 | $22.15 |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund — "Standard" Class | 18027805.0 | $15.76 |
| &nbsp;&nbsp; MFS Variable Investment Trust III: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS Mid Cap Value Portfolio — "Initial" Class | 840329.0 | $10.11 |
| &nbsp;&nbsp; Neuberger Berman Advisers Management Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Equity Portfolio — Class "I" | 562109.0 | $42.76 |
| &nbsp;&nbsp; Nomura VIP Small Cap Value Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Small Cap Value Series — "Standard" Class | 281018.0 | 40.08 |
| &nbsp;&nbsp; PIMCO Variable Insurance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio — "Institutional" Class | 3718516.0 | $12.01 |
| T. Rowe Price Equity Series, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio — "Portfolio" Class | 7345503.0 | $65.33 |
| &nbsp;&nbsp; Vanguard Variable Insurance Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced Portfolio | 780759.0 | $25.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Portfolio | 266923.0 | $26.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Value Portfolio | 14161102.0 | $17.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 10591380.0 | $28.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Index Portfolio | 1155899.0 | $27.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Index Portfolio | 4162100.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Company Growth Portfolio | 408389.0 | $19.07 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
3. Investments (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment - Grade Portfolio | 371105.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bond Market Index Portfolio | 6710145.0 | $10.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total International Stock Market Index Portfolio | 74906.0 | $26.86 |

---

The cost of investment purchases and proceeds from sales of investments for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>investment<br>purchases** | **Proceeds<br>from sales of<br>investments** |
| &nbsp;&nbsp; MoA Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA All America Fund | $35091666 | $39296712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Equity Index Fund | $134241413 | $181656659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA International Fund | $20853361 | $9492803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Equity Index Fund | $39364902 | $75788315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Value Fund | $5842889 | $10565038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Equity Index Fund | $4157817 | $8719539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Growth Fund | $2123768 | $33579470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Value Fund | $5951326 | $25464613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Balanced Fund | $27306227 | $32038786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Core Bond Fund | $10645549 | $26639400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Intermediate Bond Fund | $7987563 | $13890165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA US Government Money Market Fund | $41381033 | $38347796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Aggressive Allocation Fund | $27033222 | $36392232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Conservative Allocation Fund | $11970649 | $17351963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Moderate Allocation Fund | $31648013 | $49413834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Retirement Income Fund | $11301241 | $34456080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2020 Fund | $18940203 | $68672528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2025 Fund | $60294618 | $125550660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2030 Fund | $91408620 | $104245527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2035 Fund | $96703303 | $82350243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2040 Fund | $77167937 | $82088224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2045 Fund | $80820001 | $70638802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2050 Fund | $72287618 | $65996730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2055 Fund | $51316016 | $35821570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2060 Fund | $35176174 | $19048983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2065 Fund | $26177767 | $6682900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2070 Fund | $1021211 | $8382 |
| &nbsp;&nbsp; American Century: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Century Small Cap Growth R6 | $6060205 | $1011005 |
| &nbsp;&nbsp; American Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | $1505190 | $1752311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | $1475215 | $1144773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New World Fund | $5305842 | $4009904 |
| &nbsp;&nbsp; Calvert: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calvert VP SRI Balanced Portfolio | $12849763 | $26076993 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
3. Investments (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; DFA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dimensional VA U.S. Targeted Value Portfolio | $708649.0 | $1269132.0 |
| &nbsp;&nbsp; DWS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Capital Growth VIP | $65762493.0 | $92607354.0 |
| &nbsp;&nbsp; Fidelity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager 50% Portfolio | $11286536.0 | $18414203.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund Portfolio | $156104701.0 | $153605424.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity-Income Portfolio | $27219709.0 | $42960264.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Extended Market Index Portfolio | $366779.0 | $317984.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom Income Portfolio | $533354.0 | $997640.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2020 Portfolio | $1407408.0 | $1261997.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2025 Portfolio | $2923328.0 | $4542661.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2030 Portfolio | $3812184.0 | $4920692.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2035 Portfolio | $3611598.0 | $2707293.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2040 Portfolio | $1872677.0 | $1608471.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2045 Portfolio | $1571480.0 | $1682462.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2050 Portfolio | $1105057.0 | $783821.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2055 Portfolio | $470730.0 | $255702.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Freedom 2060 Portfolio | $211711.0 | $166332.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 Portfolio | $10383497.0 | $16676007.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Mid Cap Portfolio | $21030554.0 | $30216010.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Value Strategies Portfolio | $302217.0 | $405292.0 |
| &nbsp;&nbsp; Goldman Sachs: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Government Money Market Fund | $6756592.0 | $14436213.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Small Cap Equity Insights Fund | $6482626.0 | $4521312.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs U.S. Equity Insights Fund | $7467984.0 | $5138372.0 |
| &nbsp;&nbsp; Invesco: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco V.I. Main Street Fund | $5525484.0 | $12008882.0 |
| &nbsp;&nbsp; Lincoln: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund | $50974137.0 | $54647552.0 |
| &nbsp;&nbsp; MFS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS Mid Cap Value Portfolio | $2393393.0 | $3906909.0 |
| &nbsp;&nbsp; Neuberger Berman: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Equity Portfolio | $7866629.0 | $6277877.0 |
| &nbsp;&nbsp; Nomura: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Small Cap Value Series | $1889676.0 | $4202518.0 |
| &nbsp;&nbsp; PIMCO: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Portfolio | $14747599.0 | $11149633.0 |
| T. Rowe Price: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Portfolio | $49701839.0 | $87370028.0 |
| &nbsp;&nbsp; Vanguard: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced Portfolio | $2864144.0 | $3152246.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Portfolio | $768636.0 | $1007818.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Value Portfolio | $26766085.0 | $47106922.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | $24136745.0 | $49454189.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Index Portfolio | $2807664.0 | $9947054.0 |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
3. Investments (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Index Portfolio | $4783911.0 | $8740543.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Company Growth Portfolio | $1080471.0 | $1642574.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment - Grade Portfolio | $1529293.0 | $1063269.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bond Market Index Portfolio | $17352698.0 | $10503305.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total International Stock Market Index Portfolio | $3585939.0 | $3183434.0 |

---

4. Expenses

The following charges are made by the Company from the value of net assets of the funds:

*Administrative Charges* — In connection with its administrative functions, the Company deducted daily charges from the value of the net assets of each Subaccount. These fees were deducted at an annual rate of .05% for Tier 1 Reduced Fee Units; at an annual rate of .10% for Tier 2 Reduced Fee Units; at an annual rate of .15% for Tier 3 Reduced Fee Units; at an annual rate of .20% for Tier 4 Reduced Fee Units; at an annual rate of .40% for Tier 5 Reduced Fee Units; at an annual rate of .70% for Standard Units; at an annual rate of 1.40% for Inactive Units; and at an annual rate of .50% for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

The Administrative Charge for the American Funds Managed Risk Growth-Income Fund, Fidelity VIP Freedom 2030, 2035, 2040, 2045, 2050, 2055, and 2060 Portfolios have been reduced by amounts equal to the difference between its predecessor and its replacement fund as part of the November 3, 2023 substitution, until November 3, 2025.

*Distribution Expense Charges* — As principal underwriter, the Company performs all distribution and sales functions and bears all distribution and sales expenses relative to the Contracts. For providing these services, the Company deducted daily charges from the value of the net assets of each Subaccount to cover such expenses. These fees were deducted at an annual rate of .05% for Tier 1 Reduced Fee Units; at an annual rate of .10% for Tier 2 Reduced Fee Units; at an annual rate of .15% for Tier 3 Reduced Fee Units; at an annual rate of .20% for Tier 4 Reduced Fee Units; at an annual rate of .35% for Tier 5 Reduced Fee Units; at an annual rate of .55% for Standard Units; at an annual rate of .35% for Inactive Units; and at an annual rate of .50% for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

*Expense Risk Fee* — For assuming expense risks under the Contracts, the Company deducted daily charges from the value of the net assets of each Subaccount. These fees were deducted at an annual rate of .15% for Tier 1 Reduced Fee, Tier 2 Reduced Fee Units and Tier 3 Reduced Fee Units; and at an annual rate of .20% for Tier 4 Reduced Fee Units, Tier 5 Reduced Fee Units, Standard Units, Inactive Units and Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

Total assets in Separate Accounts plans are combined with any assets held in the General Account (aggregated total assets) to determine eligibility for Reduced Fees. Any entity affiliated with an Employer that is participating in the Employer's Plan, will be eligible for Reduced Fees provided that the aggregated total assets of the Employer and the affiliated entities in the Employer's Plan meet the eligibility criteria for the applicable Reduced Fees and the Employer's Plan is remitting premiums using the online retirement system provided by Mutual of America or a subsidiary. We will aggregate the total assets of Employer Plans that are maintained by a 'controlled group' of companies or entities, which includes a group of corporations under section 414(b), a group of trades or businesses under common control under section 414(c), or an affiliated service group under section 414(m) of the Internal Revenue Code of 1986 and that, in accordance with the instructions for Form 5500, file Form 5500 with

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
4. Expenses (continued)

the Employee Benefits Security Administration as a 'controlled group.' For plans that do not file Form 5500s, we will aggregate the total assets of plans maintained by a controlled group, as defined under Treas. Reg. 1.414(c)-5, upon written representation from the employer as to its status as a controlled group. In addition, participants with aggregated total assets of at least the amounts listed in the table below qualified for Reduced Fees and were issued Units in the corresponding tiers:

---

| | |
|:---|:---|
|  | **Total Assets** |
|  Tier 1 Reduced Fee | $50 million |
|  Tier 2 Reduced Fee | $25 million |
|  Tier 3 Reduced Fee | $5 million |
|  Tier 4 Reduced Fee | $2 million |
|  Tier 5 Reduced Fee | $1 million |

---

The Separate Account charges for a Contract funding an Inactive Plan are 1.95%. A Plan will be considered to be an Inactive Plan as of the last day of a calendar quarter if, prior to or during that calendar quarter, contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contract holder has notified us that the Plan is no longer active, provided that if the Plan is aggregated to determine eligibility for Reduced Fees with a Plan that has remitted contributions during the calendar quarter, the Plan will not be treated as an Inactive Plan.

Administrative charges, distribution expense charges, and expense risk fee are included in "Expenses" in the Statement of Operations.

Monthly charges equaling the lesser of $2.00 or <sup>1</sup>/<sub>12</sub> of 1% of account value may also be deducted and are reflected as unit transactions in the accompanying financial statements under "Contract fees" in the Statements of Changes in Net Assets.

Annual Separate Account expenses are summarized, as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Standard** | **Tier 1<br>Reduced<br>Fee** | **Tier 2**<br> **Reduced<br>Fee** | **Tier 3<br>Reduced<br>Fee** | **Tier 4<br>Reduced<br>Fee** | **Tier 5<br>Reduced<br>Fee** | **Voluntary<br>Employee<br>Contribution<br>and Inactive<br>Plans** |
|  **Separate Account Annual Expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (as a percentage of net assets) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense Risk Fee | .20% | .15% | .15% | .15% | .20% | .20% | .20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Charges | .70% | .05% | .10% | .15% | .20% | .40% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Expense Charges | .55% | .05% | .10% | .15% | .20% | .35% | .35% |
|  **Total Separate Account Annual Expenses** | 1.45% | .25% | .35% | .45% | .60% | .95% | 1.95% |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
4. Expenses (continued)

Annual Separate Account expenses for Traditional IRA, Roth IRA, Inherited IRA and FPA Contract units, after May 1, 2024 are summarized, as follows:

---

| | |
|:---|:---|
|  | **Traditional IRA,<br>Roth IRA,<br>Inherited IRA and<br>FPA Standard** |
|  **Separate Account Annual Expenses** |  |
|  (as a percentage of net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense Risk Fee | .20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Charges | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Expense Charges | .50% |
|  **Total Separate Account Annual Expenses** | 1.20% |

---

The Company reduces the Separate Account charges for certain Contracts of Employers that are member agencies of approved national accounts that meet the following criteria. If the national account has member agencies with total assets in their Contracts, including the Separate Account and the General Account, of at least $325 million as of the last Valuation Day of a calendar quarter, initially or when being reconsidered after losing eligibility, and meets the other criteria discussed in this paragraph, the Contracts will become eligible for the National Account Reduced Separate Account Annual Expenses as set forth below. After member agencies affiliated with the national account become eligible for National Account Reduced Separate Account Annual Expenses, the total assets in the member agencies' Contracts must remain above $292.5 million (the "National Account Minimum") as of the last Valuation Day of a calendar quarter for the Contracts to remain eligible for the National Account Reduced Separate Account Annual Expenses for the following calendar quarter. Loss of eligibility for the National Account Reduced Separate Account Annual Expenses will occur if the total assets in the member agencies' Contracts fail to maintain at least the National Account Minimum for any reason; for example, withdrawals from Contracts or the investment performance of the Underlying Funds. Additionally, to be eligible for National Account Reduced Separate Account Annual Expenses, the national association or headquarters of the national account must fund its own Plan with a Contract issued by Mutual of America, promote Mutual of America as an "exclusive retirement plan service provider" to its member agencies in its directories and on its website, provide us with information regarding member agencies, allow our participation as a vendor or presenter at its conferences, and allow outbound telephone contact with its member agencies. To be considered a member agency of such a national account, the member agency must have a published corporate mission consistent with that of the national account organization with which it is affiliated.

National Account Reduced Separate Account Annual Expenses will be determined for each Employer that is a member agency of a qualifying National Account, if the Employer is otherwise eligible for Reduced Fees, based

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
4. Expenses (continued)

on the pricing tier for which that individual Employer qualifies based on the assets in that Employer's Plan. The regular and National Account Reduced Separate Annual Expenses are as follows:

---

| | | |
|:---|:---|:---|
|  | **Regular**<br> **Separate Account Annual**<br> **Expenses** | **National Account Reduced**<br> **Separate Account Annual**<br> **Expenses** |
|  Standard Fee | 1.45% | 1.45% |
|  Tier 1 Reduced Fee | .25% | .25% |
|  Tier 2 Reduced Fee | .35% | .30% |
|  Tier 3 Reduced Fee | .45% | .35% |
|  Tier 4 Reduced Fee | .60% | .40% |
|  Tier 5 Reduced Fee | .95% | .85% |

---

A member agency of a national account that is eligible for the Standard Fee will continue to be eligible to receive a waiver of the employer-paid monthly charges.

5. Financial Highlights

Disclosure of per unit data and other supplemental data is presented in the form of a financial highlights section accompanying the financial statements of Separate Account No. 2 as follows.

Separate Account No. 2 sells various variable annuity products funded by the Subaccounts. Each product has a unique combination of features and fees that are charged against the contract-owner's account balance and the resulting differences in fees structures results in various unit values, expense ratios and total returns.

The following schedule shows the range of the lowest and highest expense ratio and the related unit values and total returns for each Subaccount for each of the past five years ending December 31, as applicable. Only products for each Subaccount that had units outstanding throughout the respective periods were considered when determining the lowest and highest expense ratio. Units outstanding and net assets disclosed in the table below represent amounts in accumulation for the Subaccount.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| MoA All America Fund | 2025 | 5396 | $39.329 – $47.903 | $232785 | 0.25% – 1.95% | 0.78% | 9.80% – 11.68% |
| MoA All America Fund | 2024 | 6222 | $35.819 – $42.893 | $244906 | 0.25% – 1.95% | 0.94% | 16.80% – 18.82% |
| MoA All America Fund | 2023 | 7077 | $30.666 – $36.100 | $236657 | 0.25% – 1.95% | 1.12% | 18.28% – 20.03% |
| MoA All America Fund | 2022 | 7909 | $25.927 – $30.075 | $221305 | 0.25% – 1.65% | 1.04% | -19.04% – -17.90% |
| MoA All America Fund | 2021 | 8546 | $32.025 – $36.634 | $293155 | 0.25% – 1.65% | 0.74% | 24.99% – 26.75% |
| MoA Equity Index Fund | 2025 | 57517 | $17.727 – $21.591 | $1150086 | 0.25% – 1.95% | 1.15% | 15.41% – 17.39% |
| MoA Equity Index Fund | 2024 | 65998 | $15.360 – $18.392 | $1140104 | 0.25% – 1.95% | 1.28% | 22.41% – 24.51% |
| MoA Equity Index Fund | 2023 | 73101 | $12.548 – $14.771 | $1019387 | 0.25% – 1.95% | 1.52% | 23.97% – 25.80% |
| MoA Equity Index Fund | 2022 | 78430 | $10.122 – $11.741 | $872098 | 0.25% – 1.65% | 1.44% | -19.58% – -18.45% |
| MoA Equity Index Fund | 2021 | 80981 | $12.588 – $14.398 | $1109614 | 0.25% – 1.65% | 1.21% | 26.42% – 28.20% |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| MoA International Fund | 2025 | 33084 | $1.736 – $2.095 | $65633 | 0.25% – 1.95% | 4.37% | 34.47% – 36.84% |
| MoA International Fund | 2024 | 27326 | $1.291 – $1.531 | $40187 | 0.25% – 1.95% | 3.79% | 3.20% – 4.93% |
| MoA International Fund | 2023 | 27312 | $1.251 – $1.459 | $38365 | 0.25% – 1.95% | 5.48% | 17.51% – 19.25% |
| MoA International Fund | 2022 | 25684 | $1.065 – $1.224 | $30288 | 0.25% – 1.65% | 2.77% | -12.54% – -11.31% |
| MoA International Fund | 2021 | 23217 | $1.217 – $1.380 | $31011 | 0.25% – 1.65% | 1.63% | 8.57% – 10.10% |
| MoA Mid Cap Equity Index Fund | 2025 | 39465 | $8.084 – $9.846 | $357937 | 0.25% – 1.95% | 1.30% | 5.21% – 7.01% |
| MoA Mid Cap Equity Index Fund | 2024 | 47415 | $7.684 – $9.201 | $408639 | 0.25% – 1.95% | 1.48% | 11.56% – 13.48% |
| MoA Mid Cap Equity Index Fund | 2023 | 55680 | $6.888 – $8.108 | $425603 | 0.25% – 1.95% | 1.39% | 14.27% – 15.96% |
| MoA Mid Cap Equity Index Fund | 2022 | 62157 | $6.028 – $6.992 | $411528 | 0.25% – 1.65% | 1.41% | -14.68% – -13.48% |
| MoA Mid Cap Equity Index Fund | 2021 | 65798 | $7.065 – $8.081 | $506144 | 0.25% – 1.65% | 1.11% | 22.57% – 24.30% |
| MoA Mid Cap Value Fund | 2025 | 13631 | $3.173 – $3.865 | $48921 | 0.25% – 1.95% | 1.08% | 0.51% – 2.22% |
| MoA Mid Cap Value Fund | 2024 | 15838 | $3.157 – $3.781 | $56427 | 0.25% – 1.95% | 1.36% | 8.64% – 10.52% |
| MoA Mid Cap Value Fund | 2023 | 19069 | $2.906 – $3.421 | $61861 | 0.25% – 1.95% | 1.21% | 5.13% – 6.69% |
| MoA Mid Cap Value Fund | 2022 | 22966 | $2.764 – $3.207 | $70020 | 0.25% – 1.65% | 1.67% | -12.13% – -10.89% |
| MoA Mid Cap Value Fund | 2021 | 22824 | $3.146 – $3.598 | $78400 | 0.25% – 1.65% | 0.80% | 32.15% – 34.01% |
| MoA Small Cap Equity Index Fund | 2025 | 2087 | $13.972 – $15.625 | $31672 | 0.25% – 1.95% | 1.43% | 3.77% – 5.54% |
| MoA Small Cap Equity Index Fund | 2024 | 2505 | $13.465 – $14.805 | $36201 | 0.25% – 1.95% | 1.63% | 6.43% – 8.28% |
| MoA Small Cap Equity Index Fund | 2023 | 2524 | $12.651 – $13.673 | $33825 | 0.25% – 1.95% | 1.61% | 13.89% – 15.58% |
| MoA Small Cap Equity Index Fund | 2022 | 2588 | $11.108 – $11.830 | $30067 | 0.25% – 1.65% | 1.14% | -17.67% – -16.52% |
| MoA Small Cap Equity Index Fund | 2021 | 2701 | $13.492 – $14.171 | $37758 | 0.25% – 1.65% | 1.29% | 24.49% – 26.24% |
| MoA Small Cap Growth Fund | 2025 | 41292 | $3.748 – $4.566 | $173016 | 0.25% – 1.95% | —% | 6.36% – 8.17% |
| MoA Small Cap Growth Fund | 2024 | 48804 | $3.524 – $4.221 | $192333 | 0.25% – 1.95% | —% | 7.77% – 9.66% |
| MoA Small Cap Growth Fund | 2023 | 57270 | $3.270 – $3.849 | $207279 | 0.25% – 1.95% | —% | 13.66% – 15.34% |
| MoA Small Cap Growth Fund | 2022 | 63075 | $2.877 – $3.337 | $198669 | 0.25% – 1.65% | —% | -29.50% – -28.50% |
| MoA Small Cap Growth Fund | 2021 | 67367 | $4.080 – $4.668 | $298345 | 0.25% – 1.65% | 0.03% | 8.51% – 10.04% |
| MoA Small Cap Value Fund | 2025 | 33575 | $3.069 – $3.738 | $114701 | 0.25% – 1.95% | 1.18% | 0.03% – 1.74% |
| MoA Small Cap Value Fund | 2024 | 40420 | $3.068 – $3.674 | $138227 | 0.25% – 1.95% | 1.18% | 9.14% – 11.00% |
| MoA Small Cap Value Fund | 2023 | 47628 | $2.811 – $3.310 | $147918 | 0.25% – 1.95% | 1.57% | 7.72% – 9.31% |
| MoA Small Cap Value Fund | 2022 | 54551 | $2.610 – $3.028 | $155783 | 0.25% – 1.65% | 1.15% | -11.29% – -10.04% |
| MoA Small Cap Value Fund | 2021 | 57431 | $2.942 – $3.366 | $183321 | 0.25% – 1.65% | 0.60% | 30.12% – 31.96% |
| MoA Balanced Fund | 2025 | 8186 | $19.374 – $23.596 | $176585 | 0.25% – 1.95% | 2.57% | 16.53% – 18.53% |
| MoA Balanced Fund | 2024 | 9233 | $16.626 – $19.908 | $170530 | 0.25% – 1.95% | 2.09% | 15.27% – 17.26% |
| MoA Balanced Fund | 2023 | 10193 | $14.423 – $16.977 | $161528 | 0.25% – 1.95% | 2.11% | 13.11% – 14.79% |
| MoA Balanced Fund | 2022 | 11209 | $12.751 – $14.790 | $155416 | 0.25% – 1.65% | 1.87% | -13.42% – -12.20% |
| MoA Balanced Fund | 2021 | 11897 | $14.727 – $16.845 | $188801 | 0.25% – 1.65% | 1.57% | 14.52% – 16.14% |
| MoA Core Bond Fund | 2025 | 18643 | $6.208 – $7.561 | $131456 | 0.25% – 1.95% | 3.28% | 5.51% – 7.31% |
| MoA Core Bond Fund | 2024 | 21480 | $5.884 – $7.046 | $143098 | 0.25% – 1.95% | 3.83% | -0.79% – 0.92% |
| MoA Core Bond Fund | 2023 | 24400 | $5.931 – $6.982 | $161789 | 0.25% – 1.95% | 2.93% | 3.23% – 4.76% |
| MoA Core Bond Fund | 2022 | 26682 | $5.745 – $6.665 | $169657 | 0.25% – 1.65% | 2.21% | -14.15% – -12.95% |
| MoA Core Bond Fund | 2021 | 28723 | $6.693 – $7.656 | $210823 | 0.25% – 1.65% | 1.83% | -4.11% – -2.76% |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| MoA Intermediate Bond Fund | 2025 | 23824 | $2.431 – $2.961 | $65636 | 0.25% – 1.95% | 3.79% | 4.60% – 6.40% |
| MoA Intermediate Bond Fund | 2024 | 26514 | $2.324 – $2.783 | $69744 | 0.25% – 1.95% | 3.67% | 0.78% – 2.50% |
| MoA Intermediate Bond Fund | 2023 | 29854 | $2.306 – $2.715 | $76939 | 0.25% – 1.95% | 2.29% | 2.84% – 4.36% |
| MoA Intermediate Bond Fund | 2022 | 32056 | $2.242 – $2.601 | $79588 | 0.25% – 1.65% | 1.41% | -9.17% – -7.89% |
| MoA Intermediate Bond Fund | 2021 | 33335 | $2.469 – $2.824 | $90162 | 0.25% – 1.65% | 1.30% | -3.62% – -2.26% |
| MoA US Government Money Market Fund | 2025 | 50661 | $2.445 – $2.979 | $140049 | 0.25% – 1.95% | 4.09% | 2.13% – 3.91% |
| MoA US Government Money Market Fund | 2024 | 51013 | $2.394 – $2.867 | $136986 | 0.25% – 1.95% | 5.02% | 3.06% – 4.86% |
| MoA US Government Money Market Fund | 2023 | 44356 | $2.323 – $2.734 | $114519 | 0.25% – 1.95% | 4.73% | 3.20% – 4.73% |
| MoA US Government Money Market Fund | 2022 | 25361 | $2.251 – $2.611 | $63016 | 0.25% – 1.65% | 1.42% | -0.34% – 1.06% |
| MoA US Government Money Market Fund | 2021 | 19652 | $2.258 – $2.584 | $48530 | 0.25% – 1.65% | —% | -1.80% – -0.42% |
| MoA Aggressive Allocation Fund | 2025 | 43176 | $5.159 – $6.283 | $253170 | 0.25% – 1.95% | 2.19% | 13.91% – 15.86% |
| MoA Aggressive Allocation Fund | 2024 | 48764 | $4.529 – $5.423 | $250355 | 0.25% – 1.95% | 2.40% | 11.03% – 12.96% |
| MoA Aggressive Allocation Fund | 2023 | 55396 | $4.079 – $4.801 | $252977 | 0.25% – 1.95% | 2.27% | 15.51% – 17.22% |
| MoA Aggressive Allocation Fund | 2022 | 59336 | $3.531 – $4.096 | $231869 | 0.25% – 1.65% | 1.79% | -16.67% – -15.50% |
| MoA Aggressive Allocation Fund | 2021 | 61315 | $4.238 – $4.847 | $284881 | 0.25% – 1.65% | 1.91% | 16.34% – 17.98% |
| MoA Conservative Allocation Fund | 2025 | 35820 | $2.542 – $3.096 | $103738 | 0.25% – 1.95% | 3.00% | 8.91% – 10.77% |
| MoA Conservative Allocation Fund | 2024 | 39881 | $2.334 – $2.795 | $105365 | 0.25% – 1.95% | 3.02% | 5.99% – 7.83% |
| MoA Conservative Allocation Fund | 2023 | 44023 | $2.202 – $2.592 | $108118 | 0.25% – 1.95% | 2.29% | 9.33% – 10.95% |
| MoA Conservative Allocation Fund | 2022 | 49787 | $2.014 – $2.336 | $110642 | 0.25% – 1.65% | 1.61% | -13.87% – -12.66% |
| MoA Conservative Allocation Fund | 2021 | 53839 | $2.338 – $2.675 | $137749 | 0.25% – 1.65% | 1.52% | 6.05% – 7.55% |
| MoA Moderate Allocation Fund | 2025 | 64092 | $3.974 – $4.840 | $290198 | 0.25% – 1.95% | 2.67% | 13.19% – 15.13% |
| MoA Moderate Allocation Fund | 2024 | 73930 | $3.511 – $4.204 | $294841 | 0.25% – 1.95% | 2.72% | 9.11% – 10.98% |
| MoA Moderate Allocation Fund | 2023 | 82999 | $3.218 – $3.788 | $299302 | 0.25% – 1.95% | 2.29% | 13.37% – 15.05% |
| MoA Moderate Allocation Fund | 2022 | 91773 | $2.839 – $3.292 | $288523 | 0.25% – 1.65% | 1.72% | -15.31% – -14.12% |
| MoA Moderate Allocation Fund | 2021 | 96777 | $3.352 – $3.834 | $355568 | 0.25% – 1.65% | 1.73% | 12.33% – 13.91% |
| MoA Retirement Income Fund | 2025 | 68882 | $1.902 – $2.295 | $149445 | 0.25% – 1.95% | 3.63% | 8.38% – 10.23% |
| MoA Retirement Income Fund | 2024 | 46884 | $1.755 – $2.082 | $93440 | 0.25% – 1.95% | 3.56% | 5.15% – 6.93% |
| MoA Retirement Income Fund | 2023 | 51648 | $1.669 – $1.947 | $96641 | 0.25% – 1.95% | 2.36% | 8.03% – 9.64% |
| MoA Retirement Income Fund | 2022 | 60676 | $1.545 – $1.776 | $103709 | 0.25% – 1.65% | 1.55% | -12.50% – -11.27% |
| MoA Retirement Income Fund | 2021 | 63060 | $1.766 – $2.001 | $121931 | 0.25% – 1.65% | 1.33% | 3.95% – 5.42% |
| MoA Clear Passage 2020 Fund | 2025 | 91931 | $2.173 – $2.622 | $227908 | 0.25% – 1.95% | 2.81% | 9.03% – 10.91% |
| MoA Clear Passage 2020 Fund | 2024 | 118755 | $1.993 – $2.364 | $268519 | 0.25% – 1.95% | 2.99% | 6.01% – 7.85% |
| MoA Clear Passage 2020 Fund | 2023 | 139576 | $1.880 – $2.192 | $293750 | 0.25% – 1.95% | 2.47% | 9.93% – 11.56% |
| MoA Clear Passage 2020 Fund | 2022 | 164486 | $1.710 – $1.965 | $311223 | 0.25% – 1.65% | 1.65% | -14.48% – -13.28% |
| MoA Clear Passage 2020 Fund | 2021 | 183660 | $2.000 – $2.266 | $402579 | 0.25% – 1.65% | 1.60% | 8.01% – 9.53% |
| MoA Clear Passage 2025 Fund | 2025 | 202051 | $2.473 – $2.984 | $574575 | 0.25% – 1.95% | 2.73% | 10.65% – 12.52% |
| MoA Clear Passage 2025 Fund | 2024 | 241457 | $2.235 – $2.652 | $615411 | 0.25% – 1.95% | 2.84% | 7.56% – 9.45% |
| MoA Clear Passage 2025 Fund | 2023 | 272367 | $2.078 – $2.423 | $635796 | 0.25% – 1.95% | 2.49% | 11.66% – 13.31% |
| MoA Clear Passage 2025 Fund | 2022 | 296488 | $1.861 – $2.138 | $612175 | 0.25% – 1.65% | 1.70% | -14.97% – -13.77% |
| MoA Clear Passage 2025 Fund | 2021 | 303485 | $2.188 – $2.480 | $729685 | 0.25% – 1.65% | 1.69% | 10.13% – 11.68% |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| MoA Clear Passage 2030 Fund | 2025 | 241935 | $2.794 – $3.372 | $778411 | 0.25% – 1.95% | 2.56% | 11.63% – 13.57% |
| MoA Clear Passage 2030 Fund | 2024 | 264426 | $2.503 – $2.969 | $755763 | 0.25% – 1.95% | 2.67% | 9.02% – 10.87% |
| MoA Clear Passage 2030 Fund | 2023 | 280898 | $2.296 – $2.678 | $725840 | 0.25% – 1.95% | 2.46% | 13.29% – 14.97% |
| MoA Clear Passage 2030 Fund | 2022 | 283561 | $2.027 – $2.329 | $638818 | 0.25% – 1.65% | 1.70% | -15.54% – -14.36% |
| MoA Clear Passage 2030 Fund | 2021 | 278623 | $2.399 – $2.719 | $735823 | 0.25% – 1.65% | 1.75% | 13.40% – 15.00% |
| MoA Clear Passage 2035 Fund | 2025 | 222191 | $3.025 – $3.651 | $774788 | 0.25% – 1.95% | 2.39% | 13.08% – 15.06% |
| MoA Clear Passage 2035 Fund | 2024 | 236102 | $2.675 – $3.173 | $721666 | 0.25% – 1.95% | 2.51% | 10.86% – 12.76% |
| MoA Clear Passage 2035 Fund | 2023 | 243397 | $2.413 – $2.814 | $660884 | 0.25% – 1.95% | 2.45% | 15.26% – 16.97% |
| MoA Clear Passage 2035 Fund | 2022 | 239522 | $2.094 – $2.406 | $557163 | 0.25% – 1.65% | 1.73% | -16.59% – -15.41% |
| MoA Clear Passage 2035 Fund | 2021 | 230107 | $2.510 – $2.844 | $635605 | 0.25% – 1.65% | 1.90% | 15.91% – 17.55% |
| MoA Clear Passage 2040 Fund | 2025 | 187134 | $3.214 – $3.878 | $693273 | 0.25% – 1.95% | 2.23% | 14.70% – 16.67% |
| MoA Clear Passage 2040 Fund | 2024 | 202989 | $2.802 – $3.324 | $649215 | 0.25% – 1.95% | 2.42% | 12.12% – 14.07% |
| MoA Clear Passage 2040 Fund | 2023 | 205051 | $2.499 – $2.914 | $575854 | 0.25% – 1.95% | 2.42% | 16.84% – 18.58% |
| MoA Clear Passage 2040 Fund | 2022 | 200265 | $2.139 – $2.458 | $475357 | 0.25% – 1.65% | 1.74% | -16.75% – -15.58% |
| MoA Clear Passage 2040 Fund | 2021 | 191116 | $2.569 – $2.911 | $539759 | 0.25% – 1.65% | 1.91% | 17.93% – 19.59% |
| MoA Clear Passage 2045 Fund | 2025 | 198570 | $3.248 – $3.919 | $742402 | 0.25% – 1.95% | 2.14% | 15.42% – 17.41% |
| MoA Clear Passage 2045 Fund | 2024 | 211259 | $2.814 – $3.338 | $678190 | 0.25% – 1.95% | 2.33% | 12.65% – 14.59% |
| MoA Clear Passage 2045 Fund | 2023 | 217737 | $2.498 – $2.913 | $611014 | 0.25% – 1.95% | 2.40% | 17.60% – 19.34% |
| MoA Clear Passage 2045 Fund | 2022 | 216690 | $2.124 – $2.441 | $510605 | 0.25% – 1.65% | 1.73% | -16.96% – -15.80% |
| MoA Clear Passage 2045 Fund | 2021 | 208538 | $2.558 – $2.899 | $586225 | 0.25% – 1.65% | 1.91% | 18.60% – 20.27% |
| MoA Clear Passage 2050 Fund | 2025 | 159280 | $3.197 – $3.762 | $576900 | 0.25% – 1.95% | 2.02% | 15.54% – 17.53% |
| MoA Clear Passage 2050 Fund | 2024 | 170731 | $2.767 – $3.201 | $530025 | 0.25% – 1.95% | 2.27% | 13.17% – 15.10% |
| MoA Clear Passage 2050 Fund | 2023 | 173669 | $2.445 – $2.781 | $469027 | 0.25% – 1.95% | 2.38% | 17.89% – 19.64% |
| MoA Clear Passage 2050 Fund | 2022 | 168749 | $2.074 – $2.324 | $381806 | 0.25% – 1.65% | 1.72% | -17.03% – -15.87% |
| MoA Clear Passage 2050 Fund | 2021 | 157835 | $2.500 – $2.763 | $426367 | 0.25% – 1.65% | 1.99% | 18.85% – 20.52% |
| MoA Clear Passage 2055 Fund | 2025 | 134892 | $2.270 – $2.590 | $339076 | 0.25% – 1.95% | 2.00% | 15.99% – 17.94% |
| MoA Clear Passage 2055 Fund | 2024 | 137978 | $1.957 – $2.196 | $295687 | 0.25% – 1.95% | 2.25% | 13.38% – 15.40% |
| MoA Clear Passage 2055 Fund | 2023 | 132788 | $1.726 – $1.903 | $247094 | 0.25% – 1.95% | 2.40% | 17.94% – 19.69% |
| MoA Clear Passage 2055 Fund | 2022 | 120384 | $1.463 – $1.590 | $187636 | 0.25% – 1.65% | 1.73% | -17.14% – -15.98% |
| MoA Clear Passage 2055 Fund | 2021 | 101489 | $1.766 – $1.892 | $188984 | 0.25% – 1.65% | 2.02% | 19.13% – 20.80% |
| MoA Clear Passage 2060 Fund | 2025 | 9593 | $18.832 – $21.061 | $197328 | 0.25% – 1.95% | 1.98% | 16.16% – 18.15% |
| MoA Clear Passage 2060 Fund | 2024 | 9301 | $16.212 – $17.825 | $162636 | 0.25% – 1.95% | 2.26% | 13.49% – 15.45% |
| MoA Clear Passage 2060 Fund | 2023 | 8310 | $14.285 – $15.440 | $126131 | 0.25% – 1.95% | 2.42% | 18.14% – 19.89% |
| MoA Clear Passage 2060 Fund | 2022 | 6693 | $12.092 – $12.879 | $84901 | 0.25% – 1.65% | 1.71% | -17.10% – -15.93% |
| MoA Clear Passage 2060 Fund | 2021 | 4917 | $14.586 – $15.320 | $74461 | 0.25% – 1.65% | 2.18% | 19.61% – 21.30% |
| MoA Clear Passage 2065 Fund | 2025 | 4496 | $18.229 – $19.799 | $87559 | 0.25% – 1.95% | 1.99% | 15.89% – 17.87% |
| MoA Clear Passage 2065 Fund | 2024 | 3668 | $15.730 – $16.797 | $60814 | 0.25% – 1.95% | 2.42% | 13.75% – 15.72% |
| MoA Clear Passage 2065 Fund | 2023 | 2545 | $13.828 – $14.515 | $36532 | 0.25% – 1.95% | 2.64% | 18.45% – 20.20% |
| MoA Clear Passage 2065 Fund | 2022 | 1535 | $11.674 – $12.075 | $18375 | 0.25% – 1.65% | 2.03% | -16.91% – -15.75% |
| MoA Clear Passage 2065 Fund | 2021 | 649 | $14.050 – $14.332 | $9258 | 0.25% – 1.65% | 2.85% | 19.73% – 21.42% |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| MoA Clear Passage 2070 Fund | 2025 | 93 | $11.177 – $11.297 | $1045 | 0.25% – 1.95% (d)(4) | 10.83% (e)(4) | 11.77% – 12.97% (e)(4) |
| American Century Small Cap Growth R6 | 2025 | 462 | $10.954 – $11.072 | $5105 | 0.25% – 1.95% (d)(3) | —% (e)(3) | 7.26% – 8.31% (e)(3) |
| American Funds The Bond Fund of America | 2025 | 573 | $11.345 – $11.345 | $6506 | 1.20% – 1.20% | 4.51% | 6.12% – 6.12% |
| American Funds The Bond Fund of America | 2024 | 618 | $10.691 – $10.691 | $6602 | 1.20% – 1.20% (m) | 4.48% | 0.38% – 0.38% |
| American Funds The Bond Fund of America | 2023 | 571 | $10.650 – $10.650 | $6079 | 0.90% – 0.90% (d)(2) | 3.03% (e)(2) | 5.79% – 5.79% (e)(2) |
| American Funds Managed Risk Growth-Income Fund | 2025 | 413 | $14.193 – $14.193 | $5860 | 1.20% – 1.20% | 2.29% | 10.28% – 10.28% |
| American Funds Managed Risk Growth-Income Fund | 2024 | 411 | $12.870 – $12.870 | $5296 | 1.20% – 1.20% (m) | 1.70% | 16.91% – 16.91% |
| American Funds Managed Risk Growth-Income Fund | 2023 | 445 | $11.008 – $11.008 | $4896 | 0.90% – 0.90% (d)(2) | 0.24% (e)(2) | 9.01% – 9.01% (e)(2) |
| American Funds New World Fund | 2025 | 451 | $46.575 – $54.417 | $23369 | 0.25% – 1.95% | 1.51% | 26.12% – 28.28% |
| American Funds New World Fund | 2024 | 444 | $36.929 – $42.419 | $18082 | 0.25% – 1.95% | 1.61% | 4.78% – 6.59% |
| American Funds New World Fund | 2023 | 481 | $35.244 – $39.798 | $18449 | 0.25% – 1.95% | 1.71% | 14.24% – 15.93% |
| American Funds New World Fund | 2022 | 480 | $30.852 – $34.329 | $15963 | 0.25% – 1.65% | 1.59% | -23.13% – -22.05% |
| American Funds New World Fund | 2021 | 459 | $40.138 – $44.042 | $19644 | 0.25% – 1.65% | 1.12% | 3.44% – 4.90% |
| Calvert VP SRI Balanced Portfolio | 2025 | 12596 | $10.584 – $12.890 | $149345 | 0.25% – 1.95% | 1.57% | 9.32% – 11.20% |
| Calvert VP SRI Balanced Portfolio | 2024 | 14493 | $9.682 – $11.592 | $156544 | 0.25% – 1.95% | 1.70% | 17.30% – 19.31% |
| Calvert VP SRI Balanced Portfolio | 2023 | 16131 | $8.254 – $9.716 | $146976 | 0.25% – 1.95% | 1.59% | 14.83% – 16.53% |
| Calvert VP SRI Balanced Portfolio | 2022 | 17423 | $7.188 – $8.338 | $136753 | 0.25% – 1.65% | 1.20% | -16.79% – -15.62% |
| Calvert VP SRI Balanced Portfolio | 2021 | 18189 | $8.639 – $9.882 | $170301 | 0.25% – 1.65% | 1.19% | 13.23% – 14.83% |
| Dimensional VA U.S. Targeted Value Portfolio | 2025 | 436 | $13.246 – $13.246 | $5782 | 1.20% – 1.20% | 1.70% | 7.64% – 7.64% |
| Dimensional VA U.S. Targeted Value Portfolio | 2024 | 523 | $12.306 – $12.306 | $6433 | 1.20% – 1.20% (m) | 1.37% | 6.95% – 6.95% |
| Dimensional VA U.S. Targeted Value Portfolio | 2023 | 560 | $11.506 – $11.506 | $6440 | 0.90% – 0.90% (d)(2) | 1.51% (e)(2) | 14.62% – 14.62% (e)(2) |
| DWS Capital Growth VIP | 2025 | 1915 | $245.910 – $299.500 | $520231 | 0.25% – 1.95% | 0.05% | 10.35% – 12.25% |
| DWS Capital Growth VIP | 2024 | 2221 | $222.837 – $266.824 | $547303 | 0.25% – 1.95% (f) | 0.19% | 24.16% – 26.30% |
| DWS Capital Growth VIP | 2023 | 2502 | $179.477 – $211.264 | $491971 | 0.25% – 1.95% (f) | 0.07% | 36.21% – 38.23% |
| DWS Capital Growth VIP | 2022 | 2616 | $131.764 – $152.835 | $373864 | 0.25% – 1.65% (f) | 0.09% | -31.87% – -30.91% |
| DWS Capital Growth VIP | 2021 | 2902 | $193.395 – $221.212 | $603704 | 0.25% – 1.65% (f) | 0.21% | 20.77% – 22.47% |
| Fidelity VIP Asset Manager 50% Portfolio | 2025 | 1431 | $74.177 – $90.344 | $119703 | 0.25% – 1.95% | 2.44% | 12.76% – 14.70% |
| Fidelity VIP Asset Manager 50% Portfolio | 2024 | 1603 | $65.781 – $78.768 | $118763 | 0.25% – 1.95% (f) | 2.31% | 6.43% – 8.26% |
| Fidelity VIP Asset Manager 50% Portfolio | 2023 | 1846 | $61.809 – $72.757 | $127092 | 0.15% – 1.85% (f) | 2.30% | 11.13% – 12.77% |
| Fidelity VIP Asset Manager 50% Portfolio | 2022 | 2029 | $55.619 – $64.515 | $124313 | 0.15% – 1.55% (f) | 2.07% | -16.24% – -15.06% |
| Fidelity VIP Asset Manager 50% Portfolio | 2021 | 2088 | $66.404 – $75.956 | $151468 | 0.15% – 1.55% (f) | 1.62% | 8.23% – 9.75% |
| Fidelity VIP Contrafund Portfolio | 2025 | 3309 | $267.084 – $325.319 | $982805 | 0.25% – 1.95% | 0.14% | 19.14% – 21.18% |
| Fidelity VIP Contrafund Portfolio | 2024 | 3799 | $224.186 – $268.466 | $947288 | 0.25% – 1.95% (f) | 0.19% | 31.24% – 33.50% |
| Fidelity VIP Contrafund Portfolio | 2023 | 4277 | $170.824 – $201.097 | $804564 | 0.15% – 1.85% (f) | 0.48% | 31.31% – 33.25% |
| Fidelity VIP Contrafund Portfolio | 2022 | 4749 | $130.096 – $150.916 | $673710 | 0.15% – 1.55% (f) | 0.49% | -27.44% – -26.42% |
| Fidelity VIP Contrafund Portfolio | 2021 | 5140 | $179.302 – $205.112 | $997802 | 0.15% – 1.55% (f) | 0.06% | 25.87% – 27.64% |
| Fidelity VIP Equity-Income Portfolio | 2025 | 1653 | $156.262 – $190.323 | $289643 | 0.25% – 1.95% | 1.75% | 16.72% – 18.72% |
| Fidelity VIP Equity-Income Portfolio | 2024 | 1846 | $133.876 – $160.309 | $276500 | 0.25% – 1.95% (f) | 1.73% | 13.15% – 15.10% |
| Fidelity VIP Equity-Income Portfolio | 2023 | 2062 | $118.321 – $139.282 | $270188 | 0.15% – 1.85% (f) | 1.85% | 8.87% – 10.48% |
| Fidelity VIP Equity-Income Portfolio | 2022 | 2312 | $108.682 – $126.067 | $275430 | 0.15% – 1.55% (f) | 1.91% | -6.42% – -5.10% |
| Fidelity VIP Equity-Income Portfolio | 2021 | 2331 | $116.133 – $132.842 | $294201 | 0.15% – 1.55% (f) | 1.91% | 22.97% – 24.71% |
| VIP Extended Market Index Portfolio | 2025 | 125 | $13.959 – $13.959 | $1745 | 1.20% – 1.20% | 1.23% | 10.98% – 10.98% |
| VIP Extended Market Index Portfolio | 2024 | 121 | $12.578 – $12.578 | $1526 | 1.20% – 1.20% (k)(m) | 1.16% | 11.07% – 11.07% |
| VIP Extended Market Index Portfolio | 2023 | 223 | $11.324 – $11.324 | $2529 | 0.80% – 0.80% (d)(k)(2) | 1.71% (e)(2) | 14.82% – 14.82% (e)(2) |
| Fidelity VIP Freedom Income Portfolio | 2025 | 690 | $11.875 – $11.875 | $8192 | 1.20% – 1.20% | 3.24% | 8.33% – 8.33% |
| Fidelity VIP Freedom Income Portfolio | 2024 | 745 | $10.962 – $10.962 | $8162 | 1.20% – 1.20% (k)(m) | 3.58% | 3.30% – 3.30% |
| Fidelity VIP Freedom Income Portfolio | 2023 | 814 | $10.612 – $10.612 | $8641 | 0.80% – 0.80% (d)(k)(2) | 2.82% (e)(2) | 5.41% – 5.41% (e)(2) |

---

------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| Fidelity VIP Freedom 2020 Portfolio | 2025 | 1045 | $12.934 – $12.934 | $13518 | 1.20% – 1.20% | 2.78% | 11.97% – 11.97% |
| Fidelity VIP Freedom 2020 Portfolio | 2024 | 1108 | $11.551 – $11.551 | $12804 | 1.20% – 1.20% (k)(m) | 2.82% | 6.53% – 6.53% |
| Fidelity VIP Freedom 2020 Portfolio | 2023 | 1252 | $10.843 – $10.843 | $13579 | 0.80% – 0.80% (d)(k)(2) | 2.03% (e)(2) | 7.52% – 7.52% (e)(2) |
| Fidelity VIP Freedom 2025 Portfolio | 2025 | 1572 | $13.243 – $13.243 | $20821 | 1.20% – 1.20% | 2.49% | 13.22% – 13.22% |
| Fidelity VIP Freedom 2025 Portfolio | 2024 | 1790 | $11.697 – $11.697 | $20934 | 1.20% – 1.20% (k)(m) | 2.46% | 7.28% – 7.28% |
| Fidelity VIP Freedom 2025 Portfolio | 2023 | 2027 | $10.903 – $10.903 | $22096 | 0.80% – 0.80% (d)(k)(2) | 1.82% (e)(2) | 8.21% – 8.21% (e)(2) |
| Fidelity VIP Freedom 2030 Portfolio | 2025 | 1467 | $13.518 – $13.518 | $19835 | 1.20% – 1.20% | 2.32% | 14.15% – 14.15% |
| Fidelity VIP Freedom 2030 Portfolio | 2024 | 1641 | $11.842 – $11.842 | $19432 | 1.20% – 1.20% (k)(m) | 2.35% | 8.22% – 8.22% |
| Fidelity VIP Freedom 2030 Portfolio | 2023 | 1514 | $10.943 – $10.943 | $16565 | 0.80% – 0.80% (d)(k)(2) | 1.82% (e)(2) | 8.61% – 8.61% (e)(2) |
| Fidelity VIP Freedom 2035 Portfolio | 2025 | 1013 | $13.972 – $13.972 | $14159 | 1.20% – 1.20% | 2.16% | 15.40% – 15.40% |
| Fidelity VIP Freedom 2035 Portfolio | 2024 | 1007 | $12.107 – $12.107 | $12192 | 1.20% – 1.20% (k)(m) | 1.96% | 9.92% – 9.92% |
| Fidelity VIP Freedom 2035 Portfolio | 2023 | 946 | $11.014 – $11.014 | $10423 | 0.80% – 0.80% (d)(k)(2) | 1.63% (e)(2) | 9.31% – 9.31% (e)(2) |
| Fidelity VIP Freedom 2040 Portfolio | 2025 | 767 | $14.599 – $14.599 | $11204 | 1.20% – 1.20% | 1.78% | 17.55% – 17.55% |
| Fidelity VIP Freedom 2040 Portfolio | 2024 | 806 | $12.419 – $12.419 | $10016 | 1.20% – 1.20% (k)(m) | 1.49% | 12.04% – 12.04% |
| Fidelity VIP Freedom 2040 Portfolio | 2023 | 737 | $11.084 – $11.084 | $8166 | 0.80% – 0.80% (d)(k)(2) | 1.36% (e)(2) | 9.90% – 9.90% (e)(2) |
| Fidelity VIP Freedom 2045 Portfolio | 2025 | 444 | $14.850 – $14.850 | $6595 | 1.20% – 1.20% | 1.57% | 18.58% – 18.58% |
| Fidelity VIP Freedom 2045 Portfolio | 2024 | 488 | $12.523 – $12.523 | $6111 | 1.20% – 1.20% (k)(m) | 1.32% | 12.78% – 12.78% |
| Fidelity VIP Freedom 2045 Portfolio | 2023 | 479 | $11.104 – $11.104 | $5314 | 0.80% – 0.80% (d)(k)(2) | 1.25% (e)(2) | 10.11% – 10.11% (e)(2) |
| Fidelity VIP Freedom 2050 Portfolio | 2025 | 378 | $14.854 – $14.854 | $5614 | 1.20% – 1.20% | 1.50% | 18.55% – 18.55% |
| Fidelity VIP Freedom 2050 Portfolio | 2024 | 381 | $12.530 – $12.530 | $4778 | 1.20% – 1.20% (k)(m) | 1.35% | 12.79% – 12.79% |
| Fidelity VIP Freedom 2050 Portfolio | 2023 | 380 | $11.109 – $11.109 | $4218 | 0.80% – 0.80% (d)(k)(2) | 1.12% (e)(2) | 10.16% – 10.16% (e)(2) |
| Fidelity VIP Freedom 2055 Portfolio | 2025 | 123 | $14.855 – $14.855 | $1830 | 1.20% – 1.20% | 1.58% | 18.61% – 18.61% |
| Fidelity VIP Freedom 2055 Portfolio | 2024 | 117 | $12.524 – $12.524 | $1461 | 1.20% – 1.20% (k)(m) | 1.22% | 12.76% – 12.76% |
| Fidelity VIP Freedom 2055 Portfolio | 2023 | 121 | $11.107 – $11.107 | $1341 | 0.80% – 0.80% (d)(k)(2) | 1.32% (e)(2) | 10.11% – 10.11% (e)(2) |
| Fidelity VIP Freedom 2060 Portfolio | 2025 | 86 | $14.855 – $14.855 | $1277 | 1.20% – 1.20% | 1.50% | 18.59% – 18.59% |
| Fidelity VIP Freedom 2060 Portfolio | 2024 | 89 | $12.526 – $12.526 | $1120 | 1.20% – 1.20% (k)(m) | 1.27% | 12.84% – 12.84% |
| Fidelity VIP Freedom 2060 Portfolio | 2023 | 84 | $11.101 – $11.101 | $931 | 0.80% – 0.80% (d)(k)(2) | 1.31% (e)(2) | 10.13% – 10.13% (e)(2) |
| Fidelity VIP Index 500 Portfolio | 2025 | 6874 | $16.016 – $16.016 | $110098 | 1.20% – 1.20% | 1.17% | 16.37% – 16.37% |
| Fidelity VIP Index 500 Portfolio | 2024 | 7340 | $13.763 – $13.763 | $101016 | 1.20% – 1.20% (k)(m) | 1.29% | 23.53% – 23.53% |
| Fidelity VIP Index 500 Portfolio | 2023 | 7885 | $11.141 – $11.141 | $87848 | 0.80% – 0.80% (d)(k)(2) | 1.14% (e)(2) | 9.60% – 9.60% (e)(2) |
| Fidelity VIP Mid Cap Portfolio | 2025 | 968 | $155.076 – $188.891 | $169989 | 0.25% – 1.95% | 0.41% | 9.59% – 11.47% |
| Fidelity VIP Mid Cap Portfolio | 2024 | 1129 | $141.500 – $169.449 | $180441 | 0.25% – 1.95% (f) | 0.52% | 15.25% – 17.24% |
| Fidelity VIP Mid Cap Portfolio | 2023 | 1288 | $122.776 – $144.535 | $176409 | 0.15% – 1.85% (f) | 0.58% | 13.23% – 14.90% |
| Fidelity VIP Mid Cap Portfolio | 2022 | 1431 | $108.435 – $125.788 | $171124 | 0.15% – 1.55% (f) | 0.49% | -16.05% – -14.87% |
| Fidelity VIP Mid Cap Portfolio | 2021 | 1511 | $129.167 – $147.762 | $213306 | 0.15% – 1.55% (f) | 0.62% | 23.67% – 25.41% |
| VIP Value Strategies Portfolio | 2025 | 229 | $12.902 – $12.902 | $2956 | 1.20% – 1.20% | 1.10% | 6.70% – 6.70% |
| VIP Value Strategies Portfolio | 2024 | 248 | $12.092 – $12.092 | $2994 | 1.20% – 1.20% (k)(m) | 1.01% | 8.20% – 8.20% |
| VIP Value Strategies Portfolio | 2023 | 302 | $11.176 – $11.176 | $3372 | 0.80% – 0.80% (d)(k)(2) | 1.12% (e)(2) | 12.00% – 12.00% (e)(2) |
| Goldman Sachs Government Money Market Fund | 2025 | 2768 | $10.833 – $10.833 | $29984 | 1.20% – 1.20% | 4.02% | 2.96% – 2.96% |
| Goldman Sachs Government Money Market Fund | 2024 | 3580 | $10.522 – $10.522 | $37668 | 1.20% – 1.20% (m) | 5.04% | 4.02% – 4.02% |
| Goldman Sachs Government Money Market Fund | 2023 | 5419 | $10.115 – $10.115 | $54809 | 0.90% – 0.90% (d)(2) | 0.78% (e)(2) | 0.67% – 0.67% (e)(2) |
| Goldman Sachs Small Cap Equity Insights Fund | 2025 | 966 | $17.121 – $18.882 | $17720 | 0.25% – 1.95% | 0.78% | 13.90% – 15.85% |
| Goldman Sachs Small Cap Equity Insights Fund | 2024 | 947 | $15.032 – $16.298 | $15081 | 0.25% – 1.95% | 1.12% | 16.74% – 18.75% |
| Goldman Sachs Small Cap Equity Insights Fund | 2023 | 770 | $12.876 – $13.725 | $10366 | 0.25% – 1.95% | 1.03% | 17.24% – 18.98% |
| Goldman Sachs Small Cap Equity Insights Fund | 2022 | 680 | $10.983 – $11.535 | $7720 | 0.25% – 1.65% | 0.31% | -20.67% – -19.55% |
| Goldman Sachs Small Cap Equity Insights Fund | 2021 | 730 | $13.844 – $14.339 | $10345 | 0.25% – 1.65% | 0.58% | 21.76% – 23.48% |

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#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| Goldman Sachs U.S. Equity Insights Fund | 2025 | 962 | $21.742 – $23.978 | $22402 | 0.25% – 1.95% | 0.73% | 13.51% – 15.46% |
| Goldman Sachs U.S. Equity Insights Fund | 2024 | 985 | $19.154 – $20.768 | $20012 | 0.25% – 1.95% | 0.77% | 25.83% – 28.00% |
| Goldman Sachs U.S. Equity Insights Fund | 2023 | 776 | $15.222 – $16.225 | $12358 | 0.25% – 1.95% | 0.76% | 21.70% – 23.50% |
| Goldman Sachs U.S. Equity Insights Fund | 2022 | 660 | $12.508 – $13.138 | $8552 | 0.25% – 1.65% | 0.88% | -21.03% – -19.92% |
| Goldman Sachs U.S. Equity Insights Fund | 2021 | 561 | $15.839 – $16.405 | $9105 | 0.25% – 1.65% | 1.26% | 27.29% – 29.08% |
| Invesco V.I. Main Street Fund | 2025 | 552 | $104.356 – $127.095 | $65190 | 0.25% – 1.95% | 0.52% | 13.69% – 15.64% |
| Invesco V.I. Main Street Fund | 2024 | 640 | $91.791 – $109.908 | $66422 | 0.25% – 1.95% | —% | 21.24% – 23.33% |
| Invesco V.I. Main Street Fund | 2023 | 716 | $75.708 – $89.114 | $60683 | 0.25% – 1.95% | 0.83% | 21.12% – 22.91% |
| Invesco V.I. Main Street Fund | 2022 | 799 | $62.509 – $72.503 | $55254 | 0.25% – 1.65% | 1.47% | -21.44% – -20.33% |
| Invesco V.I. Main Street Fund | 2021 | 854 | $79.564 – $91.007 | $74471 | 0.25% – 1.65% | 0.72% | 25.48% – 27.25% |
| Lincoln LVIP American Century Capital Appreciation Fund | 2025 | 2522 | $100.988 – $122.994 | $284064 | 0.25% – 1.95% | 0.05% | 4.88% – 6.68% |
| Lincoln LVIP American Century Capital Appreciation Fund | 2024 | 2924 | $96.289 – $115.294 | $313511 | 0.25% – 1.95% | —% | 22.94% – 25.06% |
| Lincoln LVIP American Century Capital Appreciation Fund | 2023 | 3348 | $78.323 – $92.193 | $289161 | 0.25% – 1.95% | —% | 19.07% – 20.84% |
| Lincoln LVIP American Century Capital Appreciation Fund | 2022 | 3787 | $65.778 – $76.296 | $272062 | 0.25% – 1.65% | —% | -29.10% – -28.10% |
| Lincoln LVIP American Century Capital Appreciation Fund | 2021 | 4172 | $92.771 – $106.113 | $419060 | 0.25% – 1.65% | —% | 9.75% – 11.29% |
| MFS Mid Cap Value Portfolio | 2025 | 451 | $17.377 – $19.433 | $8496 | 0.25% – 1.95% | 1.00% | 3.94% – 5.71% |
| MFS Mid Cap Value Portfolio | 2024 | 582 | $16.719 – $18.383 | $10434 | 0.25% – 1.95% | 1.20% | 11.63% – 13.56% |
| MFS Mid Cap Value Portfolio | 2023 | 590 | $14.977 – $16.188 | $9342 | —% – 1.70% | 1.68% | 11.08% – 12.73% |
| MFS Mid Cap Value Portfolio | 2022 | 663 | $13.483 – $14.360 | $9332 | —% – 1.40% | 0.95% | -10.05% – -8.79% |
| MFS Mid Cap Value Portfolio | 2021 | 598 | $14.990 – $15.744 | $9269 | —% – 1.40% | 1.01% | 29.17% – 30.99% |
| Neuberger Berman Quality Equity Portfolio | 2025 | 1039 | $21.582 – $23.801 | $24036 | 0.25% – 1.95% | —% | 11.55% – 13.46% |
| Neuberger Berman Quality Equity Portfolio | 2024 | 1020 | $19.348 – $20.978 | $20866 | 0.25% – 1.95% (g) | 0.23% | 23.40% – 25.53% |
| Neuberger Berman Quality Equity Portfolio | 2023 | 939 | $15.679 – $16.712 | $15388 | 0.25% – 1.95% (g) | 0.36% | 24.73% – 26.58% |
| Neuberger Berman Quality Equity Portfolio | 2022 | 858 | $12.570 – $13.203 | $11159 | 0.25% – 1.65% (g) | 0.46% | -19.78% – -18.65% |
| Neuberger Berman Quality Equity Portfolio | 2021 | 731 | $15.670 – $16.230 | $11733 | 0.25% – 1.65% (g) | 0.47% | 21.46% – 23.17% |
| Nomura VIP Small Cap Value Series | 2025 | 708 | $14.895 – $16.427 | $11263 | 0.25% – 1.95% | 1.28% | 6.07% – 7.89% |
| Nomura VIP Small Cap Value Series | 2024 | 913 | $14.042 – $15.225 | $13566 | 0.25% – 1.95% | 1.36% | 9.16% – 11.03% |
| Nomura VIP Small Cap Value Series | 2023 | 1080 | $12.864 – $13.712 | $14511 | 0.25% – 1.95% | 1.05% | 7.58% – 9.17% |
| Nomura VIP Small Cap Value Series | 2022 | 1613 | $11.958 – $12.560 | $19951 | 0.25% – 1.65% | 0.84% | -13.52% – -12.31% |
| Nomura VIP Small Cap Value Series | 2021 | 1572 | $113.828 – $14.323 | $22271 | 0.25% – 1.65% | 0.81% | 32.22% – 34.08% |
| PIMCO Real Return Portfolio | 2025 | 2682 | $14.986 – $17.508 | $44654 | 0.25% – 1.95% | 3.58% | 5.95% – 7.77% |
| PIMCO Real Return Portfolio | 2024 | 2527 | $14.145 – $16.246 | $39360 | 0.25% – 1.95% (h) | 2.74% | 0.33% – 2.06% |
| PIMCO Real Return Portfolio | 2023 | 2773 | $14.098 – $15.918 | $42521 | 0.15% – 1.85% (h) | 3.15% | 2.25% – 3.76% |
| PIMCO Real Return Portfolio | 2022 | 2939 | $13.788 – $15.340 | $43557 | 0.15% – 1.55% (h) | 7.30% | -13.13% – -11.91% |
| PIMCO Real Return Portfolio | 2021 | 2926 | $15.872 – $17.414 | $49448 | 0.15% – 1.55% (h) | 5.10% | 4.14% – 5.61% |
| T. Rowe Price T. Rowe Price Blue Chip Growth Portfolio | 2025 | 5276 | $82.076 – $95.897 | $479882 | 0.25% – 1.95% | —% | 16.44% – 18.44% |
| T. Rowe Price T. Rowe Price Blue Chip Growth Portfolio | 2024 | 6176 | $70.486 – $80.967 | $478714 | 0.25% – 1.95% (i) | —% | 32.99% – 35.29% |
| T. Rowe Price T. Rowe Price Blue Chip Growth Portfolio | 2023 | 6624 | $52.999 – $59.849 | $381352 | —% – 1.70% (i) | —% | 47.11% – 49.29% |
| T. Rowe Price T. Rowe Price Blue Chip Growth Portfolio | 2022 | 6613 | $36.027 – $40.089 | $256133 | —% – 1.40% (i) | —% | -39.35% – -38.50% |
| T. Rowe Price T. Rowe Price Blue Chip Growth Portfolio | 2021 | 7175 | $59.406 – $65.188 | $453847 | —% – 1.40% (i) | —% | 15.99% – 17.62% |
| Vanguard Balanced Portfolio | 2025 | 1389 | $14.288 – $14.288 | $19839 | 1.20% – 1.20% | 2.17% | 15.08% – 15.08% |
| Vanguard Balanced Portfolio | 2024 | 1567 | $12.416 – $12.416 | $19450 | 1.20% – 1.20% (m) | 2.35% | 13.54% – 13.54% |
| Vanguard Balanced Portfolio | 2023 | 1787 | $10.935 – $10.935 | $19539 | 0.90% – 0.90% (d)(2) | —% (e)(2) | 7.53% – 7.53% (e)(2) |
| Vanguard Conservative Allocation Portfolio | 2025 | 551 | $12.816 – $12.816 | $7063 | 1.20% – 1.20% | 2.71% | 11.39% – 11.39% |
| Vanguard Conservative Allocation Portfolio | 2024 | 599 | $11.506 – $11.506 | $6895 | 1.20% – 1.20% (m) | 2.96% | 6.31% – 6.31% |
| Vanguard Conservative Allocation Portfolio | 2023 | 733 | $10.823 – $10.823 | $7933 | 0.90% – 0.90% (d)(2) | —% (e)(2) | 7.37% – 7.37% (e)(2) |
| Vanguard Diversified Value Portfolio | 2025 | 3580 | $60.896 – $74.164 | $247394 | 0.25% – 1.95% | 1.58% | 14.57% – 16.53% |
| Vanguard Diversified Value Portfolio | 2024 | 4236 | $53.152 – $63.641 | $254435 | 0.25% – 1.95% | 1.61% | 12.66% – 14.60% |
| Vanguard Diversified Value Portfolio | 2023 | 4747 | $47.180 – $55.534 | $249972 | 0.25% – 1.95% | 1.45% | 18.08% – 19.83% |
| Vanguard Diversified Value Portfolio | 2022 | 5363 | $39.957 – $46.345 | $236221 | 0.25% – 1.65% | 1.13% | -12.93% – -11.71% |
| Vanguard Diversified Value Portfolio | 2021 | 5342 | $45.892 – $52.491 | $267558 | 0.25% – 1.65% | 1.05% | 28.33% – 30.14% |

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------

#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br> **Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br> **Lowest to Highest** | **Total Returns (c)(d),**<br> **Lowest to Highest** |
| Vanguard International Portfolio | 2025 | 4637 | $57.800 – $70.396 | $302808 | 0.25% – 1.95% |  | 0.86% |  | 17.65% – 19.67% |  |
| Vanguard International Portfolio | 2024 | 5293 | $49.128 – $58.826 | $292765 | 0.25% – 1.95% |  | 1.25% |  | 6.90% – 8.74% |  |
| Vanguard International Portfolio | 2023 | 6090 | $45.959 – $54.098 | $311773 | 0.25% – 1.95% |  | 1.55% |  | 12.70% – 14.37% |  |
| Vanguard International Portfolio | 2022 | 6702 | $40.781 – $47.302 | $301089 | 0.25% – 1.65% |  | 1.33% |  | -31.26% – -30.29% |  |
| Vanguard International Portfolio | 2021 | 7091 | $59.327 – $67.860 | $459153 | 0.25% – 1.65% |  | 0.28% |  | -3.15% – -1.79% |  |
| Vanguard Mid-Cap Index Portfolio | 2025 | 2301 | $14.047 – $14.047 | $32319 | 1.20% – 1.20% |  | 1.26% |  | 10.21% – 10.21% |  |
| Vanguard Mid-Cap Index Portfolio | 2024 | 2967 | $12.746 – $12.746 | $37813 | 1.20% – 1.20% | (m) | 1.41% |  | 13.81% – 13.81% |  |
| Vanguard Mid-Cap Index Portfolio | 2023 | 3200 | $11.199 – $11.199 | $35837 | 0.90% – 0.90% | (d)(2) | —% | (e)(2) | 12.35% – 12.35% | (e)(2) |
| Vanguard Real Estate Index Portfolio | 2025 | 2023 | $21.340 – $24.933 | $48155 | 0.25% – 1.95% |  | 2.69% |  | 1.12% – 2.85% |  |
| Vanguard Real Estate Index Portfolio | 2024 | 2261 | $21.104 – $24.241 | $52790 | 0.25% – 1.95% |  | 3.22% |  | 2.71% – 4.48% |  |
| Vanguard Real Estate Index Portfolio | 2023 | 2533 | $20.547 – $23.202 | $56755 | 0.25% – 1.95% |  | 2.51% |  | 9.79% – 11.42% |  |
| Vanguard Real Estate Index Portfolio | 2022 | 2802 | $18.714 – $20.824 | $56523 | 0.25% – 1.65% |  | 1.88% |  | -27.50% – -26.48% |  |
| Vanguard Real Estate Index Portfolio | 2021 | 2887 | $25.812 – $28.324 | $79534 | 0.25% – 1.65% |  | 1.81% |  | 37.91% – 39.86% |  |
| Vanguard Small Company Growth Portfolio | 2025 | 601 | $12.958 – $12.958 | $7788 | 1.20% – 1.20% | -3 | 0.49% | -3 | 4.84% – 4.84% | -3 |
| Vanguard Small Company Growth Portfolio | 2024 | 691 | $12.360 – $12.360 | $8544 | 1.20% – 1.20% | (m) | 0.54% |  | 10.16% – 10.16% |  |
| Vanguard Small Company Growth Portfolio | 2023 | 727 | $11.220 – $11.220 | $8162 | 0.90% – 0.90% | (d)(2) | —% | (e)(2) | 16.38% – 16.38% | (e)(2) |
| Vanguard Short-Term Investment - Grade Portfolio | 2025 | 348 | $11.369 – $11.369 | $3960 | 1.20% – 1.20% |  | 4.76% |  | 5.57% – 5.57% |  |
| Vanguard Short-Term Investment - Grade Portfolio | 2024 | 318 | $10.769 – $10.769 | $3420 | 1.20% – 1.20% | (m) | 3.47% |  | 3.75% – 3.75% |  |
| Vanguard Short-Term Investment - Grade Portfolio | 2023 | 281 | $10.380 – $10.380 | $2918 | 0.90% – 0.90% | (d)(2) | —% | (e)(2) | 2.96% – 2.96% | (e)(2) |
| Vanguard Total Bond Market Index Portfolio | 2025 | 6582 | $10.162 – $11.364 | $72470 | 0.25% – 1.95% |  | 3.42% |  | 4.87% – 6.67% |  |
| Vanguard Total Bond Market Index Portfolio | 2024 | 6088 | $9.690 – $10.653 | $63308 | 0.25% – 1.95% |  | 2.76% |  | -0.72% – 0.99% |  |
| Vanguard Total Bond Market Index Portfolio | 2023 | 5378 | $9.760 – $10.549 | $55586 | 0.25% – 1.95% |  | 2.40% |  | 3.78% – 5.31% |  |
| Vanguard Total Bond Market Index Portfolio | 2022 | 4980 | $9.405 – $10.017 | $49016 | 0.25% – 1.65% |  | 2.07% |  | -14.63% – -13.43% |  |
| Vanguard Total Bond Market Index Portfolio | 2021 | 5133 | $11.017 – $11.571 | $58576 | 0.25% – 1.65% |  | 2.11% |  | -3.33% – -1.96% |  |
| Total International Stock Market Index Portfolio | 2025 | 135 | $14.872 – $14.872 | $2012 | 1.20% – 1.20% |  | 2.03% |  | 30.47% – 30.47% |  |
| Total International Stock Market Index Portfolio | 2024 | 95 | $11.399 – $11.399 | $1078 | 1.20% – 1.20% | (m) | 2.86% |  | 3.90% – 3.90% |  |
| Total International Stock Market Index Portfolio | 2023 | 96 | $10.971 – $10.971 | $1057 | 0.90% – 0.90% | (d)(2) | —% | (e)(2) | 9.12% – 9.12% | (e)(2) |

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(a) This ratio represents the annualized Contract expenses of the Separate Account, consisting primarily of administrative, distribution and expense risk charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to unit values (commonly referred to as Separate Account asset-based charges). Charges made directly to participant accounts through the redemption of units and expenses of the underlying fund are excluded.

(b) This amount represents the dividends, excluding distributions of capital gains, received by the Subaccount from the underlying fund, net of the underlying fund's net management fees and expenses, divided by the average net assets of the Subaccount. This ratio excludes those expenses, such as Separate Account asset-based charges, that result in direct reductions in the unit values and charges made directly to participant accounts through the redemption of units. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the Subaccount invests.

(c) The total return is calculated for each year indicated or from the effective date through the end of the reporting period. It includes changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units (such as the contingent $2 monthly service charge); inclusion of these expenses in the calculation would result in a reduction in the total return presented.

(d) Annualized.

(e) Not annualized.

(f) Prior to May 1, 2024, Fidelity had a reimbursement of 0.10%. Absent reimbursement by Fidelity, the expense ratio range would have been 0.25% to 1.65% in 2021 to 2022, and 0.25% to 1.95% in 2023.

(g) Prior to May 1, 2024, MFS had a reimbursement of 0.25%. Absent reimbursement by MFS, the expense ratio range would have been 0.25% to 1.65% in 2021 to 2022, and 0.25% to 1.95% in 2023.

(h) Prior to May 1, 2024, PIMCO had a reimbursement of 0.10%. Absent reimbursement by PIMCO, the expense ratio range would have been 0.25% to 1.65% in 2021 to 2022, and 0.25% to 1.95% in 2023.

(i) Prior to May 1, 2024, T. Rowe had a reimbursement of 0.25%. Absent reimbursement by T. Rowe Price, the expense ratio range would have been 0.25% to 1.65% in 2021 to 2022, and 0.25% to 1.95% in 2023.

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#### MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

#### NOTES TO FINANCIAL STATEMENTS (CONTINUED)

#### December 31, 2025
5. Financial Highlights (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year<br>End** | **Units<br>Outstanding<br> (000's)** | **Unit Values (d),**<br>**Lowest to Highest** | **Net<br>Assets<br>(000's)** | **Expense Ratios (a)(d),<br>Lowest to Highest** | **Investment<br>Income<br>Ratios (b)** | **Total Returns (c)(d),**<br>**Lowest to Highest** |

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(j) Prior to May 1, 2024, Victory had a reimbursement of 0.05%. Absent reimbursement by Victory, the expense ratio range would have been 0.25% to 1.65% in 2021 to 2022, and 0.25% to 1.95% in 2023.

(k) Prior to May 1, 2024, Fidelity had a reimbursement of 0.10%. Absent reimbursement by Fidelity, the expense ratio would have been 0.90% to 0.90% in 2023.

(m) Prior to May 1, 2024, the expense ratio was 0.90%.

(1) For the period November 3, 2023 (Initial Offering Date of Units) to December 31, 2023.

(2) On April 25, 2025, the MoA Clear Passage 2015 Fund was substituted with the MoA Retirement Income Fund.

(3) On June 6, 2025, the Victory RS Small Cap Growth Equity VIP Series Fund was substituted with the Vanguard Small Company Growth Portfolio, a current investment alternative under the Separate Account, for FPA contracts and the American Century Small Cap Growth Fund for all other contracts.

(4) On May 27, 2025, the MoA Clear Passage 2070 Fund commenced operations.

6. Calculation of Accumulation Unit Values

Interest in the Subaccounts is represented by Accumulation Units. Each Subaccount's Accumulation Units have a different value, based on the value of the Subaccount's investment in shares of the related Underlying Fund and the charges we deduct from the Separate Account. To determine the change in a Subaccount's Accumulation Unit Value from the close of one Valuation Day to the close of the next Valuation Day (Valuation Period), an Accumulation Unit Change Factor is used.

The Accumulation Unit Change Factor for each Subaccount for any Valuation Period is:

(a) The ratio of (i) the share value of the Underlying Fund at the end of the current Valuation Period, adjusted by the Cumulative Dividend Multiplier (calculated by dividing the share value, after a dividend distribution, into the share value without regard to the dividend distribution, multiplied by the previous Cumulative Dividend Multiplier) for the current Valuation Period, to (ii) the share value of the Underlying Fund at the end of the preceding Valuation Period, adjusted for the Cumulative Dividend Multiplier for the preceding Valuation period,

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| | |
|:---|:---|
| divided | by  |

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(b) 1.000000 plus the component of the annual rate of total Separate Account charges against the Subaccount's assets for the number of days from the end of the preceding Valuation Period to the end of the current Valuation Period.

7. Subsequent Events

Management, on behalf of the Company, has evaluated the need for disclosures and/or adjustments to the financial statements resulting from subsequent events through April 24, 2026. No additional subsequent events require disclosure and/or adjustment to the financial statements, except as noted.

On April 3, 2026, Fidelity VIP Freedom Income Portfolio was renamed Fidelity VIP Freedom Retirement Portfolio.

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#### MUTUAL OF AMERICA LIFE INSURANCE COMPANY

#### Statutory Financial Statements

#### For The Years Ended December 31, 2025, 2024, and 2023

#### Together With Independent Auditors' Report

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| | |
|:---|:---|
|  ![LOGO](g101789g00a02.jpg)  |  |
|  | KPMG LLP<br> Two Manhattan West<br>375 9th Avenue, 17th Floor<br>New York, NY 10001 |

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#### Independent Auditors' Report
Board of Directors

Mutual of America Life Insurance Company:

*Opinions* 

We have audited the financial statements of Mutual of America Life Insurance Company (the Company), which comprise the statutory statements of financial condition as of December 31, 2025 and 2024, and the related statutory statements of operations and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes to the financial statements.

*Unmodified Opinion on Statutory Basis of Accounting* 

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial condition of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025, in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services described in Notes 1 and 12.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles* 

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2025.

*Basis for Opinions* 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

------

![LOGO](g101789g00a03.jpg)

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles* 

As described in Notes 1 and 12 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 12 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

*Responsibilities of Management for the Financial Statements* 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.

*Auditors' Responsibilities for the Audit of the Financial Statements* 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

------

![LOGO](g101789g00a03.jpg)

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

*Supplementary Information* 

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the supplemental Schedule I - Summary of Investments - Other Than Investments in Related Parties and Schedule IV - Reinsurance is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission's Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

![LOGO](g101789g00a04.jpg)

New York, New York

April 23, 2026

------

#### MUTUAL OF AMERICA LIFE INSURANCE COMPANY

#### STATUTORY STATEMENTS OF FINANCIAL CONDITION

#### AS OF DECEMBER 31, 2025 AND 2024

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  **<u>ASSETS</u>** |  |  |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $5395408077 | $5131187672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 6105880 | 5389267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries | 42284301 | 63892920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and short term investments | 114177973 | 437446095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guaranteed funds transferable | 4327197 | 4556997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Privately managed investments | 479396604 | 671435727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 86860087 | 84621751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income accrued | 39907921 | 35294892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred federal income taxes | 31056701 | 55500156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 43411838 | 32567876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total general account assets** | 6245936579 | 6524893353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 17552286778 | 17466997550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $23798223357 | $23991890903 |
| LIABILITIES AND SURPLUS |  |  |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance and annuity reserves | $4730601660 | $4910228270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other contract liabilities and reserves | 9456779 | 9939783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funds withheld | 747728238 | 830771714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other liabilities | 112275436 | 62813339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total general account liabilities** | 5600062113 | 5813753106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 17552286778 | 17466997550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities before asset valuation reserve** | 23152348891 | 23280750656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserve | 97243656 | 133647072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $23249592547 | $23414397728 |
|  **Surplus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assigned surplus | $1150000 | $1150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unassigned Surplus | 547480810 | 576343175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Surplus** | 548630810 | 577493175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities & Surplus** | $23798223357 | $23991890903 |

---

See accompanying notes to statutory financial statements.

------

#### MUTUAL OF AMERICA LIFE INSURANCE COMPANY

#### STATUTORY STATEMENTS OF OPERATIONS AND SURPLUS

#### FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  **Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium and annuity considerations, net | $1840425557 | $1833142523 | $1053087528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life and disability insurance premiums |  | 1273542 | 9359858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total considerations and premiums** | 1840425557 | 1834416065 | 1062447386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account investment and administrative fees | 112154571 | 108516126 | 90079454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 240823562 | 409188478 | 224449314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserve adjustment on reinsurance ceded | 3894205 | 5519153 | 1793824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commission and expense allowance on reinsurance ceded | 8439010 | 8428132 | 105161191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net | 16505868 | 8450395 | 6711839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 2222242773 | 2374518349 | 1490643008 |
|  **Deductions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in insurance and annuity reserves | (175462786) | (388086213) | (1068058254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuity and surrender benefits | 4342958241 | 4347907875 | 3510790250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death and disability benefits | 2429567 | 4450179 | 5358575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers to separate account | (2188418944) | (1977038805) | (1017950556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating expenses | 255296458 | 334087706 | 296538949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total deductions** | 2236802536 | 2321320742 | 1726678964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income before dividends | (14559763) | 53197607 | (236035956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends to contract holders and policyholders** | (8663) | (5568) | (12690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income before net realized gains (losses) | (14568426) | 53192039 | (236048646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized capital gains (losses)** | 16971586 | (72997) | 104251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income (loss)** | $2403160 | $53119042 | $(235944395) |
|  **SURPLUS TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Period Adjustment | $10025724 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserve | 36403416 | 5283193 | 4948282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (depreciation) appreciation | (20941952) | 16517351 | 27137926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred income tax asset | (24000000) | (15759393) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-admitted assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Negative IMR | (43733219) | (4646751) | (39551297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid assets and other, net | 5268138 | (25962642) | (23464259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualified pension plan | 2535408 | 36479582 | 60471085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonqualified deferred compensation plan | 5763992 | 333879 | 1563769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post retirement medical plan benefit |  | (8081000) | (9795882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred ceding commissions | (2587032) | (2587032) | 17678008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in surplus | (28862365) | 54696229 | (196956763) |
|  **SURPLUS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | 577493175 | 522796946 | 719753709 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of the year | $548630810 | $577493175 | $522796946 |

---

See accompanying notes to statutory financial statements.

------

#### MUTUAL OF AMERICA LIFE INSURANCE COMPANY

#### STATUTORY STATEMENTS OF CASH FLOW

#### FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  Cash flows from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium and other income collected | $1870417568 | $1869284820 | $1875899492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 258852171 | 453255382 | 263844025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account investment and administrative fees | 142505575 | 129375566 | 201514788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (4498134595) | (4539911874) | (3518464894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers to separate accounts | 2198369078 | 1962874967 | 1017950557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment and operating expenses paid | (257839184) | (333783151) | (299528650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other, net | 443455 |  | 19160618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to policyholders | (13919) | (7574) | (11144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) operations | (285399851) | (458911864) | (439635208) |
|  Cash flows from investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from investment sold, matured, or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and notes | 756473149 | 957764132 | 946520645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 3305149 | 529201 | 8080108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock |  |  | 8507072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privately managed investments | 209636415 | 5554833 | 7171056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 78836013 | 121363416 | 5295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1048250726 | 1085211582 | 970284176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and notes | (1106896182) | (311268003) | (176203211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | (141176) | (459647) | (20950973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privately managed investments | (24113822) | (39000391) | (18977045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, including payable for securities purchased |  |  | (439495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (1131151180) | (350728041) | (216570724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Policy Loans | (2238336) | (3887655) | (274565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) provided by investing | (85138790) | 730595886 | 753438887 |
|  Cash flows from financing and other sources: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net deposits (withdrawals) on deposit-type contracts | 143263 | 84671 | (1927461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | 20183315 | 246137194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other cash provided (applied) | 26943921 | (99845553) | (273610317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing and other sources | 47270499 | 146376312 | (275537778) |
| Net change in cash, cash equivalent and short-term investments: | (323268142) | 418060334 | 38265901 |
|  Cash, cash equivalent and short-term investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 437446115 | 19385781 | (18880120) |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $114177973 | $437446115 | $19385781 |

---

See accompanying notes to statutory financial statements.

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#### MUTUAL OF AMERICA LIFE INSURANCE COMPANY
NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

<u>Nature of Operations</u> 

Mutual of America Life Insurance Company (Mutual of America or the Company) provides retirement and employee benefit plans in the small to medium-size company market, principally to employees in the not-for-profit social health and welfare field and for-profit organizations in the small to medium-size company market. The Company is licensed in all 50 states and the District of Columbia. Sales operations are conducted primarily through a network of regional offices staffed by salaried consultants.

<u>Basis of Presentation</u> 

The accompanying statutory financial statements are presented in conformity with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services (New York Department or NYDFS). Such practices differ from U.S. Generally Accepted Accounting Principles (GAAP). The significant variances between such practices and GAAP, although not reasonably determinable, are presumed to be material and are described in Note 12.

The National Association of Insurance Commissioners (NAIC) has codified Statements of Statutory Accounting Principles (Codification or SSAP). The New York Department issued Regulation No. 172 (Regulation No. 172), which adopted Codification as the prescribed basis of accounting for its domestic insurers. Periodically, the New York Department amends Regulation No. 172 for revisions in the prescribed basis of accounting. All changes required by Regulation No. 172, as amended through December 31, 2025, are reflected in the accompanying statutory financial statements.

As part of the New York Department's examination in 2023, the New York Department conducted an evaluation of the Company's asset adequacy analysis in accordance with 11 NYCRR 95 (Insurance Regulation 126). As a result of the examination, the NYDFS required the Company to record $201.0 million in asset adequacy reserves as of December 31, 2023. The asset adequacy reserve is reflected within Insurance and annuity reserves on the Company's Statement of Financial Condition. The New York Department continues to monitor the Company's asset adequacy and overall financial health. This ongoing monitoring may result in the need for additional asset adequacy reserves that could be material to the Company's financial condition.

The preparation of the Company's statutory financial statements requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, surplus, income and deductions at the date of the statutory financial statements. Actual results may differ from these estimates. The most significant estimates include those used in the recognition of other-than-temporary impairments, the valuation of insurance and annuity reserves, the valuation of pension and employee benefit plan liabilities and the valuation of deferred tax assets.

Asset Valuations

*Cash, Cash Equivalents and Short-Term Investments -* Cash equivalents are stated at cost, which approximates fair value, and consist of highly liquid investments purchased with maturities of ninety days or less. Short-term investments are stated at cost, which approximates fair value, and consist of highly liquid investments purchased with maturities of one year or less. Cash equivalents and short-term investment transactions are recorded on a trade date basis.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

*Bonds and Notes -* Investment valuations are prescribed by the NAIC. Bonds in good standing, which include asset-backed and mortgage-backed investments qualifying for amortization, and notes are stated at amortized cost except those with an NAIC designation of 6 which are carried at the lower of amortized cost or fair value. Amortization of bond premium or discount is calculated using the constant yield interest method taking into consideration specified interest and principal provisions over the life of the bond. Bond and note transactions are recorded on a trade date basis. The fair value of bonds and notes is based upon quoted market prices provided by an independent pricing organization. If quoted market prices are unavailable or an inactive market for the security currently exists, fair value is estimated using internal valuation models and techniques or based upon quoted market prices for comparable investments. As of December 31, 2025, there were 6 securities with a fair value of $31.8 million for which no quoted market prices were available. As such, the Company used internal valuation models and techniques to determine the fair value of these securities. The Company recorded an unrealized loss of $0.9 million to adjust the carrying value of these securities as of December 31, 2025. These securities are required to be reported at the lower of amortized cost or fair value. As of December 31, 2024, there were 6 securities with a fair value of $31.7 million that were valued using this methodology. The Company recorded an unrealized loss of $1.4 million to adjust the carrying value of these securities during 2024.

Payment speeds for mortgage-backed and structured securities are based on cash flows obtained from an independent analytic agency and are applied on a quarterly basis.

Losses that are considered to be other than temporary are recognized in net income when incurred. All bonds are subjected to the Company's quarterly review process for identifying other-than-temporary impairments. This impairment identification process utilizes a screening procedure that includes all bonds in default or not in good standing, as well as bonds with a fair value that is less than 80% of their cost for a continuous six-month period. The Company writes down bonds that it deems to have an other-than-temporary impairment after considering a wide range of factors, including, but not limited to, the extent to which cost exceeds market value, the duration of that market decline, an analysis of the discounted estimated future cash flows for asset-backed and mortgage-backed securities, the financial health and specific prospects of the issuer, the likelihood that the Company will be able to collect all of the amounts due according to the contractual terms of the debt security in effect at the time of the acquisition, consideration as to whether the decline in value is due to general changes in interest rates and credit spreads, and the Company's intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. If a credit related impairment is determined to be other-than-temporary, a direct write-down is recorded as a realized capital loss whereas interest-related other than temporary impairment losses are recorded in the Interest Maintenance Reserve (IMR) and a new cost basis for the bond is recorded. See Note 9 – Fair Value of Financial Instruments, for further discussion on valuation methods for assets and liabilities.

There were no impairments in 2025, 2024 and 2023. Additionally, the Company recognized $17.0 million of realized capital gains not subject to the Interest Maintenance Reserve (IMR) in 2025, $(0.1) million of realized capital losses not subject to the Interest Maintenance Reserve during 2024 and $0.1 million of realized capital gains not subject to the Interest Maintenance Reserve during 2023. These gains are reflected in the amount of net realized capital (losses)/gains on the statement of operations.

*Common Stocks and Preferred Stocks–* Common stocks in good standing are stated at fair value. Unrealized gains and losses arising from the change in fair value of common stocks are recorded

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

directly to unassigned surplus. Highest-quality, high-quality or medium quality perpetual preferred stocks (NAIC designations 1 to 3), which have characteristics of equity securities, shall be valued at cost. All other perpetual preferred stocks (NAIC designations 4 to 6) shall be reported at the lower of cost or fair value. Losses that are considered to be other-than-temporary are recognized in net income when incurred. All equity investments are subjected to the Company's quarterly review process for identifying other-than-temporary impairments. This impairment identification process utilizes a screening procedure that includes all stock issuers not in good standing, as well as stocks where the fair value is less than 80% of its cost for a continuous nine-month period. The Company writes down stocks that it deems to have an other-than-temporary impairment after considering a wide range of factors including, but not limited to, the extent to which cost exceeds market value, the duration of that market decline, an analysis of the financial health and specific prospects for the issuer. The Company also considers other qualitative and quantitative factors in its evaluation of other- than-temporary impairments. The Company's impairment policy for stock for any position in an unrealized loss position for a continuous twelve-month period is deemed impaired and a new cost basis is established, with a corresponding recognition of a realized capital loss. As of December 31, 2025 and 2024, common stocks included $6.1 million and $5.4 million, respectively, invested in a Mutual of America sponsored series of mutual funds. During 2025 and 2024, there were no additional sales of seed money investments.

*Guaranteed Funds Transferable –* Guaranteed funds transferable consist of funds held with a former reinsurer and is stated at the total principal amount of future guaranteed transfers to Mutual of America, transferable through 2030.

*Goodwill –* The acquisition of TruSpire (Note 3) generated goodwill of approximately $18.2 million, which is being amortizing over a ten-year period and is included in Other Assets.

*Privately Managed Investments* - Privately managed investments consist of investments in privately managed funds sponsored by unaffiliated managers. The funds invest in international transportation infrastructure, portfolios of commercial real estate mortgages, and portfolios of private placement debt. The Company does not have a direct interest in the underlying assets, but only in the shares of these funds. These investments are carried at underlying audited GAAP Equity of the investee, on a quarter lag. The Company's impairment policy for other invested assets is that for any losses that are considered to be other than temporary are recognized in net income when incurred and are reviewed by management monthly. As part of the review process for these securities, there is an impairment identification process utilizing a screening procedure that includes the review of financial information provided by the fund sponsor, including the review of the underlying investments.

*Policy Loans –* Policy loans are stated at the unpaid principal balance of the loan. During 2025, 2024, and 2023, the Company recognized $— million of realized capital gains, $— million of realized capital gains and $0.1 million of realized capital losses on certain loans where the loan value exceeded the associated collateral on the loans and collection efforts on the unpaid balances of the policy loans were unsuccessful. There were no unrealized losses recorded in both 2025 and 2024.

*Other –* Certain other assets, such as net deferred income tax assets not expected to be realized within three years, furniture and fixtures and prepaid expenses, are considered "non-admitted assets" and are excluded from the statutory statements of financial condition.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

<u>Insurance and Annuity Reserves</u> 

Reserves for annuity contracts are computed on the net single premium method and represent the estimated present value of future retirement benefits. These reserves, which were $1.0 billion, net of $0.66 billion of reinsurance and $1.0 billion, net of $0.70 billion of reinsurance at December 31, 2025 and 2024, respectively. These reserves are based on mortality and interest rate assumptions (ranging from 1.50% to 6.50 % at both December 31, 2025 and 2024). These percentages meet or exceed statutory requirements and are not subject to discretionary withdrawal.

Reserves for contractual funds not yet used for the purchase of annuities are accumulated at various credited interest rates that, during 2025 and 2024, averaged 2.87% and 2.93%, respectively, and are deemed sufficient to provide contractual surrender values for these funds. These reserves, which were $3.5 billion, net of $0.73 billion of reinsurance, and $3.7 billion, net of $0.82 billion of reinsurance, at December 31, 2025 and 2024, respectively, are subject to discretionary withdrawal at book value. Reserves for life and disability insurance are based on mortality, morbidity, and interest rate assumptions, and meet statutory requirements.

<u>Reinsurance</u> 

Reinsured reserves are accounted for either on a funds withheld basis or indemnity quota share basis. Under funds withheld, the Company retains the assets reinsured and establishes a liability for the amount of the reinsurance plus any investment activity attributable to the reinsured block of business. Under indemnity quota share, the Company has reinsured reserves for a treaty ceding 90% of the Pension Buy-out/Risk Transfer business. There are certain non-cash transactions that affect the Funds Withheld Liability but do not result in cash receipts or cash payments in the period.

<u>Interest Maintenance and Asset Valuation Reserves</u> 

Realized gains and losses, including certain other-than-temporary impairment losses, net of applicable taxes, arising from changes in interest rates are accumulated in the IMR and are amortized into net investment income over the estimated remaining life of the investment sold. All other realized gains and losses are reported in the statements of operations. When cumulative interest rate related losses exceed cumulative interest rate related capital gains within the year, the resulting balance is non-admitted on the statement of financial condition and is charged directly to surplus. However in 2023, the NAIC, adopted *INT 23-01 Net Negative (Disallowed) IMR*. This provides guidance for the limited admittance of negative interest maintenance reserve amounts. The provision will last through the end of 2026. The Company did not adopt as of December 31, 2025 and 2024.

An AVR, applying to the specific risk characteristics of all invested asset categories excluding cash, policy loans and investment income accrued, has been established based on a statutory formula. Realized and unrealized gains and losses, including other-than-temporary impairment losses arising from changes in the creditworthiness of the issuer, are included in the appropriate subcomponent of the AVR. Changes in the AVR are recorded directly to unassigned surplus.

<u>Separate Account Operations</u> 

Virtually all of the Separate Accounts held by the Company relate to variable annuity accumulations of a non- guaranteed return nature. This category includes the variable accumulation portion of the

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

following types of contracts; Group Defined Benefit contracts, Group Defined Contribution contracts, Group Simplified Employee Pension Contracts, Group Tax Deferred Annuity contracts, Group Voluntary Employee Contribution contracts, Group Thrift Plan contracts, Individual Retirement Annuity contracts, and Individual Flexible Premium Annuity contracts. The net investment experience of the Separate Account is credited directly to the contract holder, and may be positive or negative. Certain contracts do not contain any guaranteed death benefit related to the amount of premiums paid and are not subject to discretionary withdrawal.

Variable annuity considerations and certain variable life insurance premiums may be allocated at participants' discretion among investment funds in Separate Accounts. Separate Account funds invest in mutual funds, including funds managed by Mutual of America Capital Management LLC (Capital Management), an affiliate, and other funds managed by outside investment advisors. All net realized and unrealized capital gains in the Separate Accounts, which reflect investment performance of the mutual funds in which they invest, accrue directly to participants (net of administrative and other Separate Account charges) and are not reflected in the Company's Statutory Statements of Operations and Surplus. Investment advisory charges are based on the specific fee charged for each of the individual underlying investments of the Separate Accounts and are assessed as a percentage of the plans or participant's account balance. Certain Separate Account administrative charges are assessed as a percentage of the plan's or participant's account balance as determined by the Company's pricing tiers, which are based on established ranges of plan or participant account balances. In 2025, 2024, and 2023, such charges were equal to approximately 0.64%, 0.63%, and 0.57%, respectively, of total average Separate Account assets. Investments held in the Separate Accounts are stated at fair value and are not available to satisfy liabilities of the General Account. Participants' corresponding equity in the Separate Accounts are reported as liabilities in the accompanying statements. Premiums and benefits related to the Separate Accounts are combined with the General Account in the accompanying statutory financial statements. Net operating gains and losses are offset by changes to reserve liabilities in the respective Separate Accounts. These reserves, which were approximately $17.6 billion and $17.5 billion as of December 31, 2025 and 2024, respectively are subject to discretionary withdrawal at fair value.

<u>Premiums and Annuity Considerations</u> 

All annuity considerations derived from voluntary retirement savings-type plans and defined benefit plans, which represent the vast majority of the Company's annual premiums, are recognized as income when received. Insurance premiums and annuity considerations derived solely from defined contribution plans are recognized as income when due. Group life and disability insurance premiums are recognized as income over the premium paying period of the related policies. Deposits on deposit-type contracts are recorded directly as a liability when received.

As more fully described in Note 5, premiums ceded to the reinsurer will be reflected net on the statutory statement of operations and surplus.

<u>Investment Income and Expenses</u>

General Account investment income is reported as earned and is presented net of related investment expenses. Operating expenses, including acquisition costs for new business, are charged to operations as incurred. All due and accrued investment amounts greater than 90 days are treated as

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

non-admitted. The investment income amount due and accrued greater than 90 days was $— million and $— million December 31, 2025 and 2024, respectively.

2. ACCOUNTING CHANGES AND CORRECTIONS OF ERRORS

The Company identified an error in previously filed financial statements that was corrected through unassigned surplus as of December 31, 2025. The Company identified an error in its cash account (Cash, Cash Equivalents, and Short-term Investments on the Statement of Financial Condition) which resulted in an understatement of assets and understatement of surplus on the Statement of Financial Condition of $10.0 million as of December 31, 2024.

The Company determined that the correction of this error of $10.0 million was immaterial to the statutory financial statements. Therefore, the Company corrected these errors in accordance with SSAP No. 3, *Accounting Changes and Corrections of Errors*, which is reflected on the Statutory Statements of Operations and Surplus in 2025. There were no accounting corrections or errors identified as of December 31, 2024.

*Adoption of new accounting standards* 

In August 2023, the NAIC adopted revisions to clarify and incorporate a new bond definition within disclosures SSAP No. 26 – Bonds, SSAP No. 43 – Asset-Backed Securities, and other related SSAPs, which went into effect January 1, 2025. The revisions were issued in connection with its principle-based bond definition project, "the Bond Project". The Bond Project began in October 2020 through the development of a principle-based bond definition to be used for all securities in determining whether they qualify for reporting on the statutory annual statement Schedule D. Within the new bond definition, bonds are classified as an "issuer credit obligation" or an "asset-backed security." An "issuer credit obligation" is defined as a bond where repayment is supported by the general creditworthiness of an operating entity, and an "asset-backed security" is defined as a bond issued by an entity created for the primary purpose of raising capital through debt backed by financial assets. The revisions to SSAP No. 26 reflect the principle-based bond definition, and SSAP No. 43 provides accounting and reporting guidance for investments that qualify as asset-backed securities under the new bond definition. Upon adoption, investments that do not qualify as bonds will not be permitted to be reported as bonds on Schedule D, Part 1 thereafter as there will be no grandfathering for existing investments that do not qualify under the revised SSAPs. The Company has evaluated the impact of this accounting change as of January 1, 2025, noting no material changes to current accounting and presentation.

3. BUSINESS COMBINATIONS AND GOODWILL

The Company purchased 100% of the issued and outstanding shares of Grandmark Holdings, a Texas based Holding company on January 3, 2023 for $21.2 million. Grandmark Holdings owned 100% of the outstanding stock of Landmark Life Insurance Company, a Texas based insurer licensed in 44 states to write life, annuity and accident and health insurance. In April 2023, Landmark changed its name to TruSpire Retirement Insurance Company (TruSpire). The transaction was accounted for as a statutory purchase, with a book value of $5.6 million on January 3, 2023. The Company recognized and admitted $18.2 million of goodwill, which will be amortized over the prescribed 10-year period. As of December 31, 2025 and 2024, the Company had admitted goodwill of $12.8 million and $14.6 million, respectively, and recognized $1.8 million of amortization expense for both years. As of December 31, 2025, this entity is pending sale to a third-party entity.

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

4. INVESTMENTS

<u>Valuation</u> 

The statement and fair values of investments in fixed maturity securities (bonds), including short-term and cash equivalents, as of December 31, 2025 and 2024 are shown below. Excluding U.S. government and government agency investments, the Company is not exposed to any significant concentration of credit risk.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Statement | Gross Unrealized | Gross Unrealized | Fair |
| **December 31, 2025 (millions)**<br>| **Value** | **Gains** | **Losses** | **Value** |
| &nbsp;&nbsp; Fixed Maturities: |  |  |  |  |
| &nbsp;&nbsp; Mortgage- and asset backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities | $475.6 | $0.2 | $61.5 | $414.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities<br>| 70.8  | 0.2  | 5.6  | 65.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $546.4 | $0.4 | $67.1 | $479.7 |
| &nbsp;&nbsp; U.S Treasury securities and obligations of U.S government corporations and agencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948.2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782.4 |
| &nbsp;&nbsp; Obligations of states and political subdivisions | 27.4 |  | 7.5 | 19.9 |
| &nbsp;&nbsp; Debt securities issued by foreign governments |  |  |  |  |
| &nbsp;&nbsp; Corporate securities<br>| 2998.0  | 19.9  | 483.5  | 2534.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**<br>| $5520.0 | $25.8 | $729.4 | $4816.4 |
|  | Statement | Gross Unrealized | Gross Unrealized | Fair |
| December 31, 2024 (millions) | Value | Gains | Losses | Value |
| &nbsp;&nbsp; Fixed Maturities: |  |  |  |  |
| &nbsp;&nbsp; Mortgage- and asset backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities | $476.6 | $— | $91.0 | $385.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities | 73.3 |  | 7.7 | 65.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $549.9 | $— | $98.7 | $451.3 |
| &nbsp;&nbsp; U.S Treasury securities and obligations of U.S government corporations and agencies | $1962.5 | $0.3 | $241.8 | $1721.1 |
| &nbsp;&nbsp; Obligations of states and political subdivisions | 35.4 |  | 10.0 | 25.4 |
| &nbsp;&nbsp; Corporate securities | 3081.1 | 10.2 | 597.2 | 2494.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5628.9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947.7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691.9 |

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The Company does not have any exposure to subprime mortgage loans, either through direct investment in such loans or through investments in residential mortgage-backed securities, collateralized debt obligations or other similar investment vehicles. As of December 31, 2025,

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

approximately 87% of the $2.4 billion invested in mortgage-backed securities that are included in the captions "U.S. Treasury securities and obligations of U.S. government corporations and agencies" and "Residential mortgage-backed securities" in the immediately preceding table were issued and guaranteed by the United States Treasury, Fannie Mae (FNMA), Freddie Mac (FHLMC) or Ginnie Mae (GNMA). As of December 31, 2024, approximately 71% of the $2.4 billion invested in mortgage-backed securities that are included in the captions "U.S. Treasury securities and obligations of U.S. government corporations and agencies" and "Residential mortgage-backed securities" in the immediately preceding table were issued and guaranteed by the United States Treasury, Fannie Mae (FNMA), Freddie Mac (FHLMC) or Ginnie Mae (GNMA). The Company does have investments in publicly traded bonds of financial institutions. These financial institutions may have investments with subprime exposure.

Cash equivalents with a statement value and fair value of $93.2 million and $494.8 million at December 31, 2025 and 2024, respectively, and short-term investments with a statement value and a fair value of $31.5 million and $3.0 million, respectively, are included in the above tables. At December 31, 2025 and 2024, the Company had $3.3 million and $3.3 million, respectively, (par value of $3.3 million at December 31, 2025 and $3.3 million at December 31, 2024) of its long-term fixed maturity securities on deposit with various regulatory agencies.

<u>Fair Value</u> 

Fair value is an estimate of the price the Company would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. The three levels are as follows:

• Level 1: quoted prices in active markets for identical securities.

• Level 2: quoted prices for similar assets in active or non-active markets or other significant observable inputs (including yield, quality, coupon, rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.).

• Level 3: significant unobservable inputs (including the assumptions in determining the fair value of investments).

The Company has determined the fair value inputs used to measure all assets that are considered financial instruments, which include bonds and notes, common stocks, cash, cash equivalents, short term investments, policy loans, guaranteed funds transferable, privately managed investments and Separate Account funds whose net asset values are calculated on a daily basis. Cash, cash equivalents, common stocks, and Separate Account assets were determined to be Level 1. Separate Account liabilities, which are equal to Separate Account assets, are determined to be Level 1 as the value of these liabilities changes in conjunction with the change in Separate Account assets. The vast majority of the Company's fixed maturity securities (bonds and notes), and all of its policy loans, were determined to be Level 2. Finally, investments that are managed by outside investment advisors and the guaranteed funds transferable for which quoted market prices were unavailable or an inactive market for the security currently exists, were determined to be Level 3. The inputs used for valuing these securities are not necessarily an indication of the risk associated with investing in those securities. Investments in mutual funds and privately managed investments are excluded from the common stock line in the following table as these are valued at Net Asset Value. The Company had

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

$31.8 million and $31.7 million of bonds and notes measured and reported at fair value as of December 31, 2025 and 2024, respectively which are level 3 investments. The Company had $6.1 million and $— million of common stock measured and reported at fair value as of December 31, 2025 and 2024, respectively, which are Level 1 investments.

The following tables provide fair value information as of December 31, 2025 and 2024, about the Company's assets that are considered financial instruments:

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| | | | | |
|:---|:---|:---|:---|:---|
| As of December 31, 2025 |  |  |  |  |
| Financial Instruments (millions) | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Bonds | $— | 4659.9 | 31.8 | $4691.7 |
| &nbsp;&nbsp; Common stocks | 6.1 |  |  | 6.1 |
| &nbsp;&nbsp; Preferred stocks | 3.0 |  |  | 3.0 |
| &nbsp;&nbsp; Cash, cash equivalents, and short term investments | 114.2 |  |  | 114.2 |
| &nbsp;&nbsp; Policy loans |  | 86.9 |  | 86.9 |
| &nbsp;&nbsp; Guaranteed funds transferable |  |  | 4.3 | 4.3 |
| &nbsp;&nbsp; Separate Account Assets | 17552.3 |  |  | 17552.3 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17675.6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22458.5 |
| As of December 31, 2024 |  |  |  |  |
| Financial Instruments (millions) | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Bonds | $— | $4162.4 | $31.7 | $4194.1 |
| &nbsp;&nbsp; Preferred stocks | 3.0 |  |  | 3.0 |
| &nbsp;&nbsp; Cash, cash equivalents, and short term investments | 437.4 |  |  | 437.4 |
| &nbsp;&nbsp; Policy loans |  | 84.6 |  | 84.6 |
| &nbsp;&nbsp; Guaranteed funds transferable |  |  | 4.6 | 4.6 |
| &nbsp;&nbsp; Separate Account Assets | 17467.0 |  |  | 17467.0 |
| &nbsp;&nbsp; Total | $17907.4 | $4247.0 | $36.3 | $22190.7 |

---

The fair value of Level 3 bonds increased from $31.7 million at December 31, 2024, to $31.8 million at December 31, 2025, primarily as a result of the change in fair value of Level 3 assets, net of interim paydowns, during the year. The guaranteed funds transferable fair value declined due to the receipt of scheduled principal payments during the year. There were no additional securities added to the Level 3 classification and there were no securities transferred between Levels 1, 2 & 3 during 2025 and 2024.

In determining the fair value of Level 3 bonds and notes, the Company utilized expected cash flows provided by an independent valuation service together with discount rate and default factor assumptions commensurate with the current credit rating of such securities and consistent with those that would be used in pricing similar types of securities based upon market conditions that existed as of December 31, 2025 and 2024.

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

<u>Unrealized Gains and Losses</u> 

As of December 31, 2025, 2024 and 2023, Net unrealized (depreciation) appreciation reflected in surplus consisted of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31 (millions) | 2025 | 2024 | Change | 2024 | 2023 | Change |
| &nbsp;&nbsp; Common stock | $0.7 | $0.8 | $(0.1) | $0.8 | $— | $0.8 |
| &nbsp;&nbsp; Bonds and notes | 0.2 | (1.0) | 1.2 | (1.0) | (0.7) | (0.3) |
| &nbsp;&nbsp; Investment in subsidiary | 1.8 | 4.6 | (2.8) | 4.6 | 7.9 | (3.3) |
| &nbsp;&nbsp; Other assets | (23.6) | 12.1 | (35.7) | 12.1 | 1.1 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized (depreciation) appreciation | $(20.9) | $16.5 | $(37.4) | $16.5 | $8.3 | $8.2 |

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Net unrealized depreciation related to the Company's bonds, equity securities and other assets decreased by $20.9 million during the year. Net unrealized appreciation of $0.7 million related to equity securities at December 31, 2025, consisted of $0.7 million of gross unrealized gains and $0.0 million of gross unrealized losses, of which none of the unrealized losses were greater than 12 months old. December 31, 2024, consisted of $0.8 million of gross unrealized gains and $0.0 million of gross unrealized losses, of which none of the unrealized losses were greater than 12 months old. There was no unrealized appreciation related to equity securities at December 31, 2023.

The following is an analysis of the fair values and gross unrealized losses as of December 31, 2025 and 2024, aggregated by fixed maturity category and length of time that the securities were in a continuous unrealized loss position. As shown in the table below, total gross unrealized losses as of December 31, 2025, and 2024 were $729.4 million and $947.5 million, respectively, and the majority of such losses related to corporate and U.S. Treasury securities. These unrealized losses arise primarily from a significant increase in interest rates and are not due to fundamental credit problems that exist with the specific issuers. The Company has the ability and intent to hold those securities that are in an unrealized loss position for a sufficient period of time in order for them to recover.

The tables that follow exclude $1,373.0 million and $377.8 million as of December 31, 2025 and 2024, respectively, that represent the book value of those securities whose fixed maturity securities are in an unrealized gain position.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | Fair<br>Value | Unrealized<br>Losses | Number<br>of Issues | **Fair**<br> **Value** | Unrealized<br>Losses | Number<br> of Issues |
| (millions) | Twelve Months or Less | Twelve Months or Less | Twelve Months or Less | Twelve Months or Greater | Twelve Months or Greater | Twelve Months or Greater |
|  Fixed Maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage and asset backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities | $7.0 | $0.1 | 5 | $339.7 | $61.4 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities | 3.9 | 0.1 | 2 | 40.4 | 5.5 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities |  |  |  |  |  |  |
|  **Total** | $10.9 | $0.2 | 7 | $380.1 | $66.9 | 199 |

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number<br>of Issues** | **Fair**<br> **Value** | **Unrealized<br>Losses** | **Number<br> of Issues** |
| **(millions)** | **Twelve Months or Less** | **Twelve Months or Less** | **Twelve Months or Less** | **Twelve Months or Greater** | **Twelve Months or Greater** | **Twelve Months or Greater** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S Treasury securities and obligations of U.S government corporations and agencies | $215.3 | $1.0 | 30 | $972.9 | $170.3 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations of states and political subdivisions |  |  |  | 19.9 | 7.5 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations issued by Foreign governments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Securities | 119.0 | 15.5 | 33 | 1725.3 | 468.0 | 219 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345.2 | $16.7 | 70 | $3098.2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712.7 | 911 |
| **December 31, 2024** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number<br>of Issues** | **Fair**<br> **Value** | **Unrealized<br>Losses** | **Number<br>of Issues** |
| **(millions)** | **Twelve Months or Less** | **Twelve Months or Less** | **Twelve Months or Less** | **Twelve Months or Greater** | **Twelve Months or Greater** | **Twelve Months or Greater** |
|  Fixed Maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage and asset backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities | $0.7 | $— | 4 | $384.8 | $91.0 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities | 10.4 |  | 5 | 40.9 | 7.7 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset-backed securities |  |  |  |  |  |  |
|  **Total** | $11.1 | $— | 9 | $425.7 | $98.7 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S Treasury securities and obligations of U.S government corporations and agencies | $71.0 | $0.9 | 28 | $1118.8 | $240.8 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations of states and political subdivisions |  |  |  | 25.4 | 10.0 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations issued by Foreign governments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Securities | 234.3 | 15.8 | 69 | 1930.0 | 581.3 | 263 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316.4 | $16.7 | 106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499.9 | $930.8 | 975 |

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

<u>Realized Capital Gains and Losses</u> 

Net realized capital gains (losses) reflected in the Statements of Operations and Surplus for the years ended December 31, 2025, 2024, and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| December 31 (millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Common Stock | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Fixed Maturities | 0.2 | (0.1) |  |
|  Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital gains (losses) | $17.0 | $(0.1) | $0.1 |

---

As of December 31, 2025 and 2024, the book value and fair value of the Company's mortgage-backed and asset-backed securities portfolios totaled $2.6 billion and $2.3 billion and $2.0 billion and $1.7 billion, respectively, of which approximately 72% in 2025 and 73% in 2024 are U.S. government agency guaranteed instruments. Investments in loan-backed and asset-backed securities are carried at amortized cost, except for those securities rated as class 6 by the NAIC, which are carried at lower of amortized cost or fair value.

All loan-backed securities with a recognized impairment loss currently held by the Company, where the present value of future cash flows expected to be collected is less than the amortized cost basis of the securities are shown below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Description | BV Before<br>Current<br>Period<br>OTTI | Projected<br>Cash<br>Flows | Recognized<br>OTTI<br>Adjustment | New Cost<br>Basis after<br>OTTI | FV at<br>Time of<br>OTTI | Date of<br>Financial<br>Statement<br>Where<br>Reported |
| (millions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 894135-AG-7 | TRAPEZA CDO LLC | $13.3 | $5.6 | $7.7 | $5.6 | $4.4 | 12/31/2011 |
| &nbsp;&nbsp; 7404-IN-AE-5 | PRETSL XII B-1 144A | 16.5 | 13.3 | 3.2 | 13.3 | 15.9 | 12/31/2009 |
| &nbsp;&nbsp; 74042C-AJ-6 | PRETSL XXIV C-2 144A | 7.6 | 3.3 | 4.3 | 3.3 | 7.7 | 12/31/2009 |
| &nbsp;&nbsp; 74042Q-AJ-6 | PRETSL XXVI C-1 144A | 5.2 | 2.8 | 2.4 | 2.8 | 4.5 | 12/31/2009 |
| &nbsp;&nbsp; 7402T-AL-5 | PRETSL XXVII C-2 144A | 9.7 | 8.2 | 1.5 | 8.2 | 9.9 | 12/31/2009 |
|  **Total** | **Total** | $52.3 | $33.2 | $19.1 | $33.2 | $42.4 |  |

---

Sales of investments, including maturities paydowns and calls, in fixed maturity securities resulted in $72.8 million, $92.6 million, and $83.7 million of net interest rate related losses being accumulated in the IMR in 2025, 2024, and 2023 respectively, as follows:

---

| | | | |
|:---|:---|:---|:---|
| December 31 (millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Fixed maturity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964.4 | $1542.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross realized gains | 4.5 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross realized losses | (77.3) | (93.6) | (90.8) |

---

During 2025, 2024, and 2023, $(9.8) million, $(11.8)million, and $0.8 million respectively, of the IMR was amortized and included in net investment income.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

Sales of investments in equity securities resulted in $— million, $0.1 million, and $0.3 million of net capital gains in 2025, 2024, and 2023 respectively, being recognized in net income as follows:

---

| | | | |
|:---|:---|:---|:---|
| December 31 (millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Equity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross realized gains |  | 0.1 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross realized losses |  |  | (0.3) |

---

<u>Maturities</u> 

The statement and fair values of investments in fixed maturity securities by contractual maturity (except for mortgage-backed securities, which are stated at expected maturity) as of December 31, 2025 and December 31, 2024, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

---

| | | |
|:---|:---|:---|
| December 31, 2025 (millions) | **Statement<br>Value** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $103.1 | $103.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years | 1069.9 | 1047.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years | 791.7 | 765.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after ten years | 3430.7 | 2775.6 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395.4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691.7 |

---

---

| | | |
|:---|:---|:---|
| December 31, 2024 (millions) | **Statement<br>Value** | Fair Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $28.9 | $29.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years | 683.3 | 657.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years | 784.9 | 716.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after ten years | 3634.1 | 2791.6 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131.2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194.1 |

---

5. REINSURANCE

Effective April 1, 2023 the Company executed a quota share reinsurance agreement with First All America Financial Insurance Company (FAFI), an affiliate of Global Atlantic Reinsurance Company (GA) whereby the Company ceded 90% of the pension buyout business. Reserves ceded was $777.5 million. Premiums ceded was $814.7 million, comprised of both assets and cash and ceding commission earned was $115.9 million. The gain on the transaction was $19.4 million, which was deferred and will be amortized into income over the average life of the contracts ceded.

The Company has a 50% Coinsurance and Modified Coinsurance ("Modco") Agreement with an unaffiliated reinsurer. The reinsurance covers approximately one-half of the 3% guarantee business in the General Account and the Separate Account accumulations that have a 3% General Account minimum interest guarantee associated with that contract. Investors in the Separate Accounts are able to transfer their accumulations to the General Account at any time without penalties. Contract holders are eligible to withdraw their accumulations at any time without market value adjustment.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

The Separate Account business is in the form of a 50% quota share modified coinsurance agreement covering approximately $1.0 billion of separate account reserves that represent approximately one-half of the 3% business. The Company will provide to the reinsurer Separate Account fees for the quota share portion of the reinsured business and will be reflected in the statutory statements of operations and surplus.

For the years ended December 31, 2025 and 2024, reinsurance amounts relating to the coinsurance agreement is as follows:

---

| | | |
|:---|:---|:---|
| **December 31 (millions)**<br>| **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period - Reserves Ceded | $819.5 | $959.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums | 29.9 | 35.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Transfers | 10.0 | (15.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits | (153.1) | (187.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserve Change | 0 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Account Fees | (2.3) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Credits | 23.0 | 26.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy Loan Cancellation |  |  |
|  End of Period - Reserves Ceded | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819.5 |

---

Net activity under the reinsurance agreement is reflected in the Funds Withheld liability in the statement of financial condition.

In the event that the reinsurer does not meet their obligations under the terms of the reinsurance agreement, reinsurance recoverable balances could become uncollectible. Mutual of America still has the primary responsibility for the payment of benefits as the reinsurance agreement does not discharge the Company's obligation as primary insurer. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish the reinsurance and evaluates the financial strength of the reinsurer.

6. PENSION PLAN AND POSTRETIREMENT BENEFITS

<u>Pension Benefit and Other Benefit Plans</u> 

The Company has a qualified, noncontributory defined benefit pension plan covering virtually all employees. Pension expense was approximately $2.5 million, $21.1 million, and $14.6 million for the periods ending December 31, 2025, 2024, and 2023 respectively. Benefits are generally based on years of service and final average earnings. The Company's funding policy is to contribute annually, at a minimum, the amount necessary to satisfy the funding requirements under the Employee Retirement Income Security Act of 1974 (ERISA). The Company also maintains a non-qualified deferred benefit pension plan that provides benefits to employees whose total compensation or calculated benefit exceeds the maximum allowable limits for qualified retirement plans under ERISA.

Effective October 2022 the Company implemented a partial curtailment of the qualified defined benefit plan, the non-qualified deferred compensation plan, and the post-retirement medical plan.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

Effective December 1, 2023, the Company implemented a full curtailment of the post-retirement medical plan that was fully curtailed by December 1, 2024. The curtailment eliminated the medical plan upon retirement for active employees, reduce the current retirees subsidy by 50% starting December 1, 2023, and completely phased out by December 1, 2024. The postretirement benefit plan adjustment required to be recorded under these plans was a gain $6.9 million due to curtailment 2024 and an gain of $99.4 million in 2023.

For other benefits, as of January 1, 2025 and 2024 the Company had total recognized liabilities of $0 and $1.5 million, respectively, for the postretirement medical plans and $36.8 million and $36.9 million, respectively, for the non-qualified deferred compensation plans.

Effective December 31, 2024, the Company froze the qualified and the non-qualified defined benefit plans. The benefit plan freeze stopped accumulation of benefits for all participants included beginning on January 1, 2025. The Company recognized a gain during 2024 through Surplus of $36.5 million for the qualified pension plan, offset by $8.5 million non-admitted asset due to the funded pension asset status. Additionally, the Company recognized a gain during 2024 through Surplus of $0.3 million for the non-qualified pension plan.

As of December 31, 2025, the Company had a additional non-admitted asset of $10.6 million due to the fund pension asset status.

The following table provides a status of the Company's pension and postretirement benefit plans as of December 31, 2025 and 2024 (millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | Other Benefits | Other Benefits |
|  | 2025 | 2024 | 2025 | 2024 |
|  Accumulated Benefit Obligation | $233.0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265.4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.8 |
|  Projected Benefit Obligation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233.0 | $265.4 | $16.8 | $36.8 |
|  Plan Assets at Fair Value | 252.1 | 273.9 | 0.0 |  |
|  Funded Status | $19.1 | $8.5 | $(16.8) | $(36.8) |
|  Prior Service Costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Unrecognized Loss | $(27.8) | $(41.0) | $(8.2) | $(14.1) |

---

The components of net periodic benefit costs as calculated in the January 1, 2025, 2024, and 2023 plan valuations are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | Pension Benefits | Other Benefits | Other Benefits | Other Benefits |
| December 31 (millions) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
|  Service Costs | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Interest cost on Projected<br> Benefit Obligation (PBO) | 13.8 | 17.9 | 16.0 | 1.3 | 2.9 | 5.5 |
| Expected return on plan assets | (18.2) | (21.0) | (21.1) |  |  |  |
|  Prior service costs |  |  |  | (7.9) |  | (70.2) |
|  Settlement | 6.3 | 6.2 |  | 7.9 | (2.2) | (32.2) |
| Amortization of unrecognized net loss | 0.3 | 7.2 | 7.6 | 0.3 | 1.9 | 0.8 |
|  **Net benefit expense** | $2.6 | $21.0 | $14.6 | $1.6 | $4.8 | $(93.4) |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

During 2025, 2024, and 2023 pension expense for the non-qualified deferred compensation plan included $7.9 million, and $4.4 million, and $1.4 million of settlement loss, resulting from the level of lump-sum benefit payments made from the non-qualified plan during those years exceeding the plans interest and service cost.

The changes in the PBO and plan assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | Other Benefits | Other Benefits |
| December 31 (millions) | 2025 | 2024 | 2025 | 2024 |
|  **Change in PBO** |  |  |  |  |
|  PBO, beginning of the year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265.4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service costs | 0.4 | 10.7 |  | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest costs | 13.8 | 17.9 | 1.3 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in assumptions | (2.5) | (4.7) | (0.1) | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan amendments |  | (49.1) | (7.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial loss | 5.6 | 30.5 | 2.5 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefits and expenses paid | (49.7) | (45.2) | (15.8) | (14.1) |
|  PBO, end of year | $233.0 | $265.4 | $16.8 | $36.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | Other Benefits | Other Benefits |
| December 31 (millions) | 2025 | 2024 | 2025 | 2024 |
|  **Change in Plan Assets** |  |  |  |  |
|  Plan assets, beginning of the year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273.9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298.4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Employer contributions |  |  | 15.8 | 11.5 |
|  Return on plan assets | 27.9 | 20.7 |  |  |
|  Benefits and expenses paid | (49.7) | (45.2) | (15.8) | (11.5) |
|  Plan assets, end of year | $252.1 | $273.9 | $— | $— |
|  Plan assets higher (lower) than PBO | $19.1 | $8.5 | $(16.8) | $(36.8) |

---

At December 31, 2025 and 2024, all of the pension plan assets are invested in several of the investment funds offered by the Company's Separate Accounts or participation in certain other funds managed by outside investment advisors, and consisted of approximately 50.5% in equity investments and 49.5% in fixed-income investments and 51.4% in equity and 48.6% in fixed-income investments, respectively. A distribution of plan assets by investment objective as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| December 31, (in millions) | 2025 | 2024 |
|  Fixed Income Funds | $120.6 | $133.2 |
|  Money Market Funds | 4.2 |  |
|  Equity Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Index | 77.9 | 81.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth | 5.3 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value | 16.7 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 21.5 | 14.1 |
|  Total Internal Funds | 246.2 | 253.1 |
|  External funds | 5.9 | 20.8 |
|  Total plan assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273.9 |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

The underlying investments in the funds of the Separate Accounts are based on quoted market prices within an active market and as such are classified as Level 1.

The Company made contributions to its defined benefit pension plan of $— million in 2025 and $— million in 2024. The Company estimates that it will contribute up to $15.0 million to this plan in 2026. Benefits expected to be paid from the defined benefit pension plan total $18.8 million in 2026, $17.1 million in 2027, $17.3 million in 2028 and $15.7 million in 2029, and $17.8 million in 2030. The aggregate benefits expected to be paid in 2031 through 2035 total approximately $90.2 million. The calculation of expected benefits is based on the same assumptions used to measure the Company's benefit obligation at December 31, 2025. Benefit expected to be paid from the non-qualified plan total $12.4 million.

The assumptions used in determining the Net Periodic Benefit Cost for pension and other benefit plans were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pension Benefits | Pension Benefits | **Postretirement**<br> **Medical** | **Postretirement**<br> **Medical** | **Non-Qualified** <br> **Deferred** <br> **Compensation**  | **Non-Qualified** <br> **Deferred** <br> **Compensation**  |
|  **Weighted average Assumptions at**<br> **December 31** | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  *Discount Rate:* | 5.85 | 5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80 |
|  *Compensation Increase:* | N/A | 4.00 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | N/A | 5.00 |
|  *Expected Return on Assets:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50 |  |  |  |  |

---

The Company's overall expected long-term rate of return on plan assets was determined based upon the current projected benefit payout period and the current mix of plan investments, which generally consists of 50% equity investments and 50% fixed-income investments. The Company believes that this investment mix properly matches the plan's benefit obligations. The equity component of the expected long-term rate of return was determined using a combination of the actual rate of return of equities (net of inflation) and an inflation-adjusted equity rate of return (assuming an inflation rate of 3.0%) based upon historical 30-year rolling averages. In selecting the expected long-term rate of return assumption, an underlying inflation assumption of 3.0% was selected taking into account historical inflation data and future inflation expectations.

The health care cost trend rate assumption impacts the amounts reported for the postretirement benefit plans. The postretirement benefit plan has been fully curtailed as of December 1, 2024, and as such, there are no future assumptions and no future expenses expected to be paid from this plan.

<u>Savings and Other Incentive Plans</u> 

Effective January 1, 2023, Mutual of America enhanced the 401(k) savings plan under which employees can contribute up to 6% of their salary, with the Company matching 100% of this contribution and an employer non-elective 3% contribution of the employees' salary. This was a change from the previous plan under which the Company matches half of the employees' basic contribution up to 6% of salary. The Company contributed $4.9 million, $6.4 million, $6.2 million in 2025, 2024, and 2023, respectively.

Effective December 31, 2024, the Company has eliminated the 3% non-elective contribution of the employees' salary.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

The Company also has a long-term performance-based incentive compensation plan for certain employees and directors. Shares under this plan are granted each year and generally vest over a three-year period. The value of such shares is equal to the number of shares multiplied by the current share price, which is determined by the level of total assets of the Company. A financial performance threshold measure must also be met in order to receive a payout at the end of the third year. The total expense incurred related to these plans was $5.7 million, $3.1 million, and $7.5 million for December 31, 2025, 2024, and 2023 respectively. At December 31, 2025 and 2024, the accrued liability related to these plans was $10.0 million and $9.5 million, respectively.

7. COMMITMENTS AND CONTINGENCIES

Rental expenses approximated $13.2 million, $16.8 million, and $21.2 million as of December 31, 2025, 2024, and 2023, respectively. The approximate minimum rental commitments under non-cancelable operating leases are as follows: $12.2 million in 2026; $10.8 million in 2027; $10.4 million in 2028; $9.7 million in 2029; $9.1 million in 2030 and $83.4 million in 2031 and beyond. Such leases are principally for leased office space and certain data processing equipment, furniture and communications equipment. Certain office space leases provide for adjustments relating to changes in real estate taxes and other expenses.

The Company is involved in various legal actions that have arisen in the course of the Company's business. In the opinion of management, the ultimate resolution with respect to such lawsuits, as well as other contingencies, will not have a material adverse effect on the Company's financial statements.

8. FEDERAL INCOME TAXES

A reconciliation of the income tax benefit recognized in the Company's statutory statement of operations and surplus to the amount obtained by applying the statutory rate of 21% in 2025, 2024, and 2023 to net (loss) income from operations before federal income taxes follows:

---

| | | | |
|:---|:---|:---|:---|
| December 31 (millions) | 2025 | 2024 | 2023 |
| 1 Net gain (loss) from operations before federal income taxes and after dividends to policyholders | $(14.6) | $53.2 | $(236.1) |
| 2 Realized capital (losses) gains before federal income tax, after transfer to IMR | (36.6) | (16.7) | (21.6) |
|  3 Income before taxes | $(51.2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5 | $(257.7) |
|  | 21% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |
| Expected income tax expense (benefit) at 21% statutory rate | $(10.8) | $7.7 | $(54.1) |
| 4 Increase (decrease) in actual tax reported resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Amortization of interest maintenance reserve | $2.1 | $2.5 | $(0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Deferred tax benefit on non-admitted assets | (5.5) | (9.9) | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Pension and postretirement benefits | 4.0 | 6.0 | 10.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Statutory Valuation Allowance | 36.7 | 11.0 | 41.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – GA Reinsurance |  |  | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Tax Attribute Expiration | 3.5 | 6.4 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – Other permanent items | (5.7) | (7.9) | (3.9) |
|  5 Total income tax | $24.3 | $15.8 | $— |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

---

| | | | |
|:---|:---|:---|:---|
| **December 31 (millions)** | **2025** | **2024** | **2023** |
|  6 Current income tax incurred | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
| 7 Change in net deferred income tax excluding tax on unrealized gains/losses | 24.3 | 15.8 |  |
|  8 Total income tax | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 | $— |

---

The federal income tax expense of $24.3 million, $15.8 million and $0.0 million in 2025, 2024, and 2023, respectively relates primarily to the change in the deferred income tax incurred by Mutual of America.

The components of the net DTA recognized in the Company's statement of financial condition are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31 (millions) | 2025 | 2025 | 2025 |  | 2024 |  |
|  | (1) | (2) | (3) | (4) | (5) | (6) |
|  |  |  | (Col 1+2) |  |  | (Col 4+5) |
| (1) | Ordinary | Capital | Total | Ordinary | Capital | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Total Gross DTA's | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275.8 | $63.6 | 339.4 | $284.6 | $39.5 | $324.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) Statutory Valuation Allowance Adjustment | (236.5) | (63.6) | (300.1) | (223.5) | (35.1) | (258.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Adjusted Gross DTA's (1a-1b) | $39.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $39.3 | $61.1 | $4.4 | $65.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) DTA's non-admitted |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) Subtotal net DTA (1c-1d) | 39.3 |  | 39.3 | 61.1 | 4.4 | 65.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) DTL's | (8.2) |  | (8.2) | (5.6) | (4.4) | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) Net admitted DTA/(DTL) (1e-1f) | $31.1 | $— | $31.1 | $55.5 | $— | $55.5 |
|  | Change in DTA's 2025 to 2024 | Change in DTA's 2025 to 2024 | Change in DTA's 2025 to 2024 |  |  |  |
|  | (7) | (8) | (9) |  |  |  |
|  | (Col 1-4) | (Col 2-5) | (Col 7+8) |  |  |  |
|  | Ordinary | Capital | Total |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Total Gross DTA's | $(8.8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) Statutory Valuation Allowance Adjustment | (13.0) | (28.5) | (41.5) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Adjusted Gross DTA's (1a-1b) | $(21.8) | $(4.4) | $(26.2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) DTA's non-admitted |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) Subtotal net DTA (1c-1d) | (21.8) | (4.4) | (26.2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) DTL's | (2.6) | 4.4 | 1.8 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) Net admitted DTA/(DTL) (1e-1f) | $(24.4) | $— | $(24.4) |  |  |  |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

The amount of adjusted gross DTAs admitted under each applicable component of SSAP No. 101 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31 (millions)** | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| (2) Admission Calculation<br>Components SSAP No. 101 | (1) <br> **Ordinary** | (2) <br> **Capital** | (3)<br>(Col 1+2)<br>Total | (4) <br> **Ordinary** | (5) <br> **Capital** | (6)<br>(Col 4+5)<br>Total |
| (a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks. | $— | $— | $— | $— | $— | $— |
| (b) Adjusted Gross Deferred Tax Assets Expected To Be Realized (Excluding The Amount of Deferred Tax Assets From (2)(a), above) After Application of the Threshold Limitation. (The Lesser of (2)(b) 1 and (2)(b) 2 Below) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date. | N/A | N/A | 31.1 | N/A | N/A | 55.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | N/A | N/A | 92.2 | N/A | N/A | 97.2 |
| (c) Adjusted Gross Deferred Tax Assets (Excluding the Amount of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities. | 8.2 |  | 8.2 | 5.6 | 4.4 | 10.0 |
| (d) Deferred Tax Assets Admitted as the result of application of SSAP No. 101. Total (2(a) + 2(b) + 2(c)) | 39.3 |  | 39.3 | 61.1 | 4.4 | 65.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 8.2 |  | 8.2 | 5.6 | 4.4 | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net admitted deferred tax asset/liability | 31.1 |  | 31.1 | 55.5 |  | 55.5 |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | | **Change** | |
|  | <br>**(7)<br>(Col 1-4)<br>Ordinary** | **(8)<br>(Col 2-5)<br>Capital** | <br>**(9)<br>(Col 7+8)<br>Total** |
| (a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks. | $— | $— | $— |
| (b) Adjusted Gross Deferred Tax Assets Expected To Be Realized (Excluding The Amount of Deferred Tax Assets From (2)(a), above) After Application of the Threshold Limitation. (The Lesser of (2)(b) 1 and (2)(b) 2 Below) | (24.4) |  | (24.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date. | N/A | N/A | (24.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold | N/A | N/A | (5.0) |
| (c) Adjusted Gross Deferred Tax Assets (Excluding the Amount of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities. | 2.6 | (4.4) | (1.8) |
| (d) Deferred Tax Assets Admitted as the result of application of SSAP No. 101. Total (2(a) + 2(b) + 2(c)) | (21.8) | (4.4) | (26.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 2.6 | (4.4) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net admitted deferred tax asset/liability | (24.4) |  | (24.4) |

---

---

| | | |
|:---|:---|:---|
| December 31 | 2025 | 2024 |
| (3) Threshold |  |  |
| (a) Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836.0% | 757.0% |
| (b) Amount of Total Adjusted Capital and Surplus Used to Determine Recovery Period and Threshold Limitation | $614.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648.3 |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31 (millions)** | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| (4) Impact of Tax Planning<br>Strategies | (1)<br>Ordinary | (2)<br>Capital | (1+2)<br>Total | (3)<br>Ordinary | (4)<br>Capital | (3+4)<br>Total |
| (a) Determination of adjusted gross deferred tax assets and net admitted deferred tax assets by character as a percentage |  |  |  |  |  |  |
| 1. Adjusted Gross DTAs Amount from Note 9 (1) (c) | $39.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $39.3 | $61.1 | $4.4 | $65.5 |
| 2. Percentage of Adjusted Gross DTAs by Tax Character Attributable to the Impact of Tax Planning Strategies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.1% | —% | 79.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.0% |
| 3. Net admitted Adjusted Gross DTAs Amount from Note 9 A 1 (e) | $39.3 | $— | $39.3 | $61.1 | $4.4 | $65.5 |
| 4. Percentage of Net Admitted Adjusted DTAs by Tax Character Admitted because of the Impact of Tax Planning Strategies | 79.1% | —% | 79.1% | 85.0% | —% | 85.0% |
|  | Change | Change | Change |  |  |  |
|  | (5)<br>(Col 1-3)<br>Ordinary | (6)<br>(Col 2-4)<br>Capital | (5+6)<br>Total |  |  |  |
| 1. Adjusted Gross DTAs Amount from Note 9 (1) (c) | $(21.8) | $(4.4) | $(26.2) |  |  |  |
| 2. Percentage of Adjusted Gross DTAs by Tax Character Attributable to the Impact of Tax Planning Strategies | (5.9)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.9)% |  |  |  |
| 3. Net admitted Adjusted Gross DTAs Amount from Note 9 A 1 (e) | $(21.8) | $(4.4) | $(26.2) |  |  |  |
| 4. Percentage of Net Admitted Adjusted DTAs by Tax Character Admitted because of the Impact of Tax Planning Strategies | (5.9)% | —% | (5.9)% |  |  |  |
| (b) Do the Company's tax-planning strategies include the use of reinsurance? | No |  |  |  |  |  |

---

The application of SSAP No.101 Income Taxes requires a company to evaluate the recoverability of DTAs and to establish a valuation allowance if necessary to reduce the DTA to an amount which is more likely than not to be realized. The Company has evaluated all negative and positive evidence, including the 3-year cumulative loss, future reversing taxable temporary differences, and other objectively verifiable future sources of income to estimate whether sufficient future taxable income will be generated to permit the use of its existing deferred tax assets. On the basis of this evaluation, the

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

Company has recorded an additional valuation allowance of $24.0 million against its net deferred tax asset as of December 31, 2025. The Company will continue to analyze the valuation allowance on a quarterly basis.

The Company has no unrecognized deferred tax liabilities as of December 31, 2025 and December 31, 2024.

Significant components of income taxes incurred and the changes in DTAs and DTLs are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31 (millions) | 2025 | 2024 | Change | 2023 | Change |
| (1) Current Income Tax Expense |  |  |  |  |  |
| (a) Federal tax expense | $— | $— | $— | $— | $— |
| (b) Foreign tax expense (benefit) on operating earnings |  |  |  |  |  |
| (c) Subtotal | $— | $— | $— | $— | $— |
| (d) Federal tax expense (benefit) on net realized capital gains (losses) |  |  |  |  |  |
| (e) Utilization of capital loss carry forwards |  |  |  |  |  |
| (f) Other |  |  |  |  |  |
| (g) Total federal and foreign income tax expense (benefit) | $— | $— | $— | $— | $— |
| Deferred income tax assets and liabilities consist of the following major components: | Deferred income tax assets and liabilities consist of the following major components: |  |  |  |  |
| (2) Deferred tax assets: |  |  |  |  |  |
| (a) Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Policy Reserves | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Pension Accruals | 1.6 | 7.9 | (6.3) | 12.1 | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) NOLs | 74.1 | 93.9 | (19.8) | 77.7 | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Deferred Acquisition Costs | 2.9 | 3.3 | (0.4) | 3.5 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Fixed Assets | 95.9 | 84.4 | 11.5 | 66.2 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Investments |  |  |  | 63.0 | (63.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Compensations & Benefit Accruals |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Intangibles | 6.1 | 6.8 | (0.7) | 7.8 | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Other assets - nonadmitted | 28.7 | 23.2 | 5.5 | 13.3 | 9.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Unrealized Capital Gains | 0.5 |  | 0.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Other (including items <5% of total ordinary tax assets) | 10.2 | 9.8 | 0.4 | 9.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross ordinary deferred tax assets | $275.8 | $284.6 | $(8.8) | $308.6 | $(24.1) |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31 (millions)** | **2025** | **2024** | **Change** | **2023** | **Change** |
| (b) Statutory valuation allowance adjustment | (236.5) | (223.5) | (13.0) | (231.4) | 7.9 |
| (c) Nonadmitted ordinary DTA's |  |  |  |  |  |
| (d) Admitted ordinary DTA's (2a-2b-2c) | $39.3 | $61.1 | $(21.8) | $77.2 | $(16.1) |
| (e) Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trade Name | 10.9 | 10.9 |  | 10.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Capital Loss Carryforwards | 50.8 | 26.7 | 24.1 | 7.8 | 18.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other | 1.9 | 1.9 |  | 1.7 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital DTA's | $63.6 | $39.5 | $24.1 | $20.5 | $19.0 |
| (f) Statutory valuation allowance adjustment | (63.6) | (35.1) | (28.5) | (20.4) | (14.7) |
| (g) Nonadmitted capital DTAs |  |  |  |  |  |
| (h) Admitted Capital DTAs (2e-2f-2g) |  | 4.4 | (4.4) | 0.1 | 4.3 |
| (i) Admitted DTAs (2d+2h) | $39.3 | $65.5 | $(26.2) | $77.3 | $(11.8) |
| (3) Deferred tax liabilities: |  |  |  |  |  |
| (a) Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Investments - Market Discount | (1.8) | (1.8) |  | (1.7) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Policyholder Reserves |  | (0.6) | 0.6 | (1.3) | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Capitalized Consulting Fees | (0.8) | (0.2) | (0.6) | (1.9) | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Compensation & Benefit Accruals | (0.9) | (0.8) | (0.1) | (0.5) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other (including items <5% of total ordinary tax liabilities) | (4.7) | (2.2) | (2.5) | (0.4) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ordinary DTL's | $(8.2) | $(5.6) | $(2.6) | $(5.8) | $0.2 |
| (b) Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unrealized capital gains |  |  |  | (0.1) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Other |  | (4.4) | 4.4 |  | (4.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Capital DTL's | $— | $(4.4) | $4.4 | $(0.1) | $(4.3) |
| (c) Total DTL's (3a+3b) | $(8.2) | $(10.0) | $1.8 | $(5.9) | $(4.1) |
| (4) Net DTA (DTL) (2i-3c) | $31.1 | $55.5 | $(24.4) | $71.3 | $(15.8) |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

The change in net deferred income taxes between December 31, 2025, December 31, 2024, and December 31, 2023 is composed of the following (this analysis is exclusive of nonadmitted DTAs as the Change in Nonadmitted Assets is reported separately from the change in Net Deferred Income Taxes in the surplus section of the Annual Statement):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31 (millions) | 2025 | 2024 | Change | 2023 | Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets | $339.4 | $324.1 | $15.3 | $329.1 | $(5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | (8.2) | (10.0) | 1.8 | (6.0) | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets/liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331.2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323.1 | $(9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory valuation allowance | (300.1) | (258.6) | (41.5) | (251.8) | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets after valuation allowance | $31.1 | $55.5 | $(24.4) | $71.2 | $(15.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effect of unrealized gains/(losses) | (0.5) | 4.3 | (4.8) | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statutory valuation allowance on unrealized | 0.5 | (4.3) | 4.8 |  | (4.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred income tax (expense)/benefit | $31.1 | $55.5 | $(24.4) | $71.3 | $(15.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| E. Carryforwards, Recoverable Taxes and IRC 6603 Deposits | E. Carryforwards, Recoverable Taxes and IRC 6603 Deposits |  |  |
| December 31 (millions) | 2025 | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change |
| (1) The Company had Net Operating Losses of: | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352.8 | $447.3 | $(94.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; The Company had Capital Loss Carryforwards of: | $241.7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126.7 | $115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Company had foreign Tax Credit Carryforwards of: | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (2) There are no ordinary income taxes available for recoupment in the event of future net losses as a result of the Tax Cuts and Jobs Act removing the operating loss deduction carryback. There are no capital taxes paid available for recoupment in prior years. | (2) There are no ordinary income taxes available for recoupment in the event of future net losses as a result of the Tax Cuts and Jobs Act removing the operating loss deduction carryback. There are no capital taxes paid available for recoupment in prior years. | (2) There are no ordinary income taxes available for recoupment in the event of future net losses as a result of the Tax Cuts and Jobs Act removing the operating loss deduction carryback. There are no capital taxes paid available for recoupment in prior years. | (2) There are no ordinary income taxes available for recoupment in the event of future net losses as a result of the Tax Cuts and Jobs Act removing the operating loss deduction carryback. There are no capital taxes paid available for recoupment in prior years. |
| (3) Deposits admitted under IRC 6603. | (3) Deposits admitted under IRC 6603. | (3) Deposits admitted under IRC 6603. | (3) Deposits admitted under IRC 6603. |

---

The aggregate amounts of deposits reported as admitted assets under Section 6603 of the Internal revenue Service (IRS) Code was zero as of December 31, 2024 and 2023.

(4) As of December 31, 2025, the Company had the following net operating loss carryforwards (millions):

---

| | | |
|:---|:---|:---|
| **Year Incurred** | Net Operating Losses | Year of Expiration |
|  12/31/2011 | $— | 2026 |
|  12/31/2012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7 | 2027 |
|  12/31/2013 | $26.6 | 2028 |
|  12/31/2015 | $1.8 | 2030 |
|  12/31/2016 | $45.0 | 2031 |
|  12/31/2017 | $29.2 | 2032 |
|  12/31/2018 | $46.7 | No Expiration |
|  12/31/2023 | $144.2 | No Expiration |
|  12/31/2024 | $37.7 | No Expiration |
|  12/31/2025 | $— | No Expiration |
|  **Total** | $351.9 |  |

---

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

As of December 31, 2025, the Company had the following net capital loss carryforwards (in millions):

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Incurred**  | Net Capital Losses | Year of Expiration |
|  12/31/2023 | $35.0 | 2028 |
|  12/31/2024 | 167.0 | 2029 |
|  12/31/2025 | $39.7 | 2030 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.7 |  |

---

*Federal Income Tax Allocation* 

The Company will file a Consolidated tax return with TruSpire Retirement Insurance Company for the year ended December 31, 2025. Under the Tax Sharing Agreement, current tax is computed on a separate return basis and provides that members shall make payments or receive reimbursements to the extent that their income(loss), net operating losses or other tax attributes contribute to or reduce federal tax expense.

The Company has $0 tax contingencies under SSAP No. 5R as of December 31, 2025 and December 31, 2024.

The Company's Federal Income Tax Returns for fiscal years 2020 through 2022 remain open to examination.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (the "Act"). The Act included a new corporate alternative minimum tax ("CAMT") which is a 15 percent tax on the Adjusted Financial Statement Income ("AFSI") of an applicable corporation with average adjusted statement income in excess of $1 billion for the three-prior year to tax years beginning after December 31, 2022. The tax is effective for tax years beginning after 2022.

The Company has determined as of December 31, 2025, that it does not expect to be liable for CAMT in 2024 and does not recognize any CAMT credit DTA.

9. FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values of financial instruments have been determined using available market information and the valuation methodologies described below. Considerable judgment is often required in interpreting market data to develop estimates of fair value for financial instruments for which quoted market prices are not available or an inactive market for the instrument currently exists. Accordingly, certain fair values presented herein (refer to Note 4) may not necessarily be indicative of amounts that could be realized in a current market exchange. The use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

*Bonds and Notes and Common Stock –* Fair value for bonds and notes is determined by reference to market prices quoted by an independent pricing source. If quoted market prices are not available, fair value is determined using internal valuation models and techniques or based upon quoted prices for comparable securities. Fair value for common stocks is determined by reference to valuations quoted by an independent pricing organization. Common stock amounts exclude investments in mutual funds as these are reported at Net Asset Value.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

*Cash, Cash Equivalents and Short-Term Investments –* The carrying value for cash, cash equivalents approximates fair values due to the short-term maturities of these instruments. Short-term investments are stated at cost, which approximates fair value, and consist of highly liquid investments purchased with maturities of one year or less.

*Guaranteed Funds Transferable –* Fair value for guaranteed funds transferable is determined by reference to market valuations provided by the former reinsurer.

*Privately managed investments* – privately managed investments are stated at our underlying share of the U.S. GAAP equity of the investee on a quarter lag, which approximates fair value.

*Policy Loans –* The majority of policy loans are issued with variable interest rates, which are periodically adjusted based on changes in rates credited to the underlying policies and therefore are considered approximate fair value.

10. RELATED PARTY TRANSACTIONS

The Company has several related party agreements with affiliates including, Mutual of America Holding Company LLC (Hold Co), Mutual of America Capital Management LLC (Capital Management), Mutual of America Securities LLC (Securities), Mutual of America 320 Park Analytics LLC (320 Park Analytics), TruSpire Retirement Insurance Company (TruSpire), Mutual of America Retirement Services LLC (Retirement Services)and MoA Funds Corporation (MoA Funds).

The Company has incurred operating costs in connection with the use of its personnel and property on behalf of Hold Co, Capital Management, Securities, 320 Park Analytics, MoA Funds, and TruSpire. The Company reimburses Securities and 320 Park Analytics for Operating Expenses incurred. Additionally, the Company pays an advisory fee to Capital Management to manage the General Account portfolio.

Effective November 1, 2024, the Company and MoA Funds entered into agreement where the Company earns a Shareholder Service Fee to compensate the costs of providing investors with services and assistance. As part of this agreement, Capital Management will pay the Company on behalf of the MoA Funds acting as paying agent.

<u>Dividends and Capital</u>

The Company recorded and received dividends of $35.4 million, $223.6 million, and $9.0 million from Hold Co as of December 31, 2025, 2024, and 2023, respectively. The Company received a return of capital of $20.2 million, $246.1, and $— from Hold Co as of December 31, 2025, 2024, and 2023, respectively

For the state of New York, the Company cannot distribute dividends more than 10% of Surplus to Policyholders of the immediately preceding calendar year or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, not to exceed thirty percent (30%) of its surplus to policyholders as of the immediately preceding calendar year. The Company must file its intention to declare such dividend and the amount thereof should be filed with the superintendent not less than thirty (30) days in advance of such proposed declaration. There are no restrictions on unassigned surplus funds.

------

NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

11. UNCONSOLIDATED SUBSIDIARIES

The Company's unconsolidated subsidiary operations include financial service and real estate related activities. At December 31, 2025, subsidiary assets, liabilities and revenues were $104.0 million, $61.4 million and $112.4 million, respectively. At December 31, 2024, subsidiary assets, liabilities and revenues were $122.7 million, $58.2 million and $87.0 million, respectively. In accordance with SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, the investments in the unconsolidated subsidiaries are carried at audited equity as calculated in accordance with U.S. GAAP.

The Company has incurred operating and investment-related expenses in connection with the use of its personnel and property on behalf of its subsidiaries. During 2025, 2024, and 2023, operating expenses of $39.5 million, $4.8 million, and $5.7 million respectively, and investment related expenses of $2.7 million, $5.6 million, and $3.7 million in 2025, 2024, and 2023, respectively, were allocated to its subsidiaries. Increases to operating expenses are a result of the launch of Retirement Services in 2025, which resulted in a more detailed allocation methodology. Total allocated expenses for Retirement Services was $36.2 million as of December 31, 2025. Intercompany balances are generally settled on a monthly basis.

12. SIGNIFICANT DIFFERENCES BETWEEN STATUTORY ACCOUNTING PRACTICES AND GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

The accompanying financial statements are presented in conformity with statutory accounting practices prescribed or permitted by the New York Department ("Statutory Accounting"), which practices differ from GAAP. The significant variances between such practices and GAAP are described below. The Company has not computed the variance between Surplus and Net Income calculated in accordance with statutory accounting practices prescribed or permitted by the New York Department and GAAP, as there is no reporting requirement to do so and the costs involved exceed the benefits derived from these calculations. Generally, GAAP results in a more favorable presentation of the Company's financial condition.

<u>Asset Valuations and Investment Income Recognition</u>

GAAP requires the Company's bonds and notes to be classified as either held-to-maturity (HTM), available-for-sale (AFS), or trading, whereas for statutory accounting, no such classification is required. In addition, for GAAP, AFS bonds and notes are carried at their fair value with the unrealized gains and losses applied directly to equity, whereas for statutory accounting, all bonds and notes in good standing are carried at their amortized cost.

GAAP requires that unrealized gains and losses arising from the change in fair value of equity securities be reflected as a component of investment income whereas for statutory accounting unrealized gains and losses are reflected as a component of the change in surplus.

Realized capital gains and losses, net of applicable taxes, arising from changes in interest rates are recognized in income currently for GAAP accounting, rather than accumulated in the IMR and amortized into income over the remaining life of the security sold for statutory accounting. Additionally, if realized capital losses exceed realized capital gains accumulated in the IMR, then the accumulated balance is removed from the statement of financial condition by a direct charge to surplus.

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

A general formula-based AVR is recorded for statutory accounting purposes, whereas such a reserve is not required under GAAP.

For statutory accounting, certain assets, principally net deferred income tax assets not expected to be realized within three years, furniture and fixtures and prepaid expenses are excluded from the statement of financial condition by a direct charge to surplus; whereas under GAAP, such assets are carried at cost, net of accumulated depreciation.

<u>Policy Acquisition Costs</u>

Under GAAP, policy acquisition costs that are directly related to and vary with the successful acquisition of insurance contracts are deferred and amortized over the estimated life of the applicable policies, rather than being expensed as incurred, as required under statutory accounting.

<u>Insurance and Annuity Reserves</u>

Under statutory accounting practices, the interest rates and mortality and morbidity assumptions used are those which are prescribed or permitted by the New York Department. Under GAAP, for annuities, the interest rate assumptions used are generally those assumed in the pricing of the contract at issue; for disability benefits, the interest rates assumed are those anticipated to be earned over the duration of the benefit period. Under GAAP, mortality and morbidity assumptions are based on Company experience.

Under statutory accounting practices, reserves are reported net of ceded reinsurance; under GAAP, reserves are reported gross with a corresponding reinsurance recoverable.

<u>Premium Recognition</u>

Insurance contracts that do not subject the insurer to significant mortality or morbidity risk are considered, under GAAP, to be primarily investment contracts. GAAP requires all amounts received from policyholders under these investment contracts to be recorded as a policyholder deposit rather than as premium income.

<u>Deferred Income Taxes</u>

GAAP requires that a deferred tax asset or liability be established to provide for temporary differences between the tax and financial reporting bases of assets and liabilities. Statutory accounting adopted similar accounting principles, except that deferred income tax assets (net of any required valuation allowance) are recognized for statutory accounting only to the extent that they can be utilized within three years; whereas for GAAP, all such assets are recognized (net of any required valuation allowance) regardless of when they will be utilized until they expire. All changes in deferred income tax assets or liabilities are recorded directly as a charge or benefit to surplus for statutory accounting purposes.

<u>Statements of Cash Flow</u>

The Statements of Cash Flow are presented in accordance with statutory accounting. This reporting format differs from GAAP, which requires a reconciliation of net income to net cash from operating activities.

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NOTES TO STATUTORY FINANCIAL STATEMENTS

DECEMBER 31, 2025, 2024, and 2023

13. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through April 23, 2026, the date the financial statements were available to be issued, and no events have occurred subsequent to the balance sheet date and before the date of evaluation that would require disclosure in the accompanying financial statements.

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#### Mutual of America Life Insurance Company

#### Schedule I

#### Summary of Investments - Other Than Investments in Related Parties

#### December 31, 2025

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| | | | |
|:---|:---|:---|:---|
| Types of investment (in millions) | **Cost or**<br> **Amortized Cost** | Fair Value | Amount at Which Shown on<br>Statement of Financial Position |
|  Fixed maturity securities: |  |  |  |
|  Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government bonds | $310.8 | $296.1 | $310.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign government bonds | 7.2 | 5.1 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; State and municipal bonds | 27.4 | 19.9 | 27.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public utilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All other corporate bonds | 2791.6 | 2327.4 | 2791.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | 3137.0 | 2648.5 | 3137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed and asset-backed securities | 2258.4 | 2043.2 | 2258.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity securities | $5395.4 | $4691.7 | $5395.4 |
|  Equity securities: |  |  |  |
|  Common stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks, trust and insurance companies |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial, miscellaneous and all other | 6.1 | 6.1 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public utilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonredeemable preferred securities | 3.0 | 3.0 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | $9.1 | $9.1 | $9.1 |
|  Policy loans | 86.9 | 86.9 | 86.9 |
|  Short-term investments | 31.5 | 31.5 | 31.5 |
|  Other invested assets | 483.7 | 483.7 | 483.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006.6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302.9 | $6006.6 |
|  *See Independent Auditors' report.* | *See Independent Auditors' report.* | *See Independent Auditors' report.* | *See Independent Auditors' report.* |

---

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#### Mutual of America Life insurance Company

#### Schedule IV

#### Reinsurance

#### For The Years Ended December 31, 2025, 2024, and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Gross Amount | Ceded | Assumed | Net Amount | % Amount Assumed to Net |
| **2025** |  |  |  |  |  |
|  Life insurance in force | 479797659 | 3250856 |  | 476546803 | —% |
|  Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities and life insurance | $1869861944 | $30528553 | $— | $1839333391 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance | 1092166 |  |  | 1092166 | —% |
|  Total insurance premium | $1870954110 | $30528553 | $— | $1840425557 | —% |
| **2024** |  |  |  |  |  |
|  Life insurance in force | 468569098 | 107665460 |  | 360903638 | —% |
|  Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities and life insurance | $1869081703 | $35807315 | $— | $1833274388 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance | 1141677 |  |  | 1141677 | —% |
|  Total insurance premium | $1870223380 | $35807315 | $— | $1834416065 | —% |
| **2023** |  |  |  |  |  |
|  Life insurance in force | 833026392 | 218126648 |  | 614899744 | —% |
|  Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities and life insurance | $1890672096 | $831224000 | $— | $1059448096 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance | 2999290 |  |  | 2999290 | —% |
|  Total insurance premium | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893671386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831224000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062447386 | —% |
|  *See Independent Auditors' report.* | *See Independent Auditors' report.* | *See Independent Auditors' report.* | *See Independent Auditors' report.* | *See Independent Auditors' report.* | *See Independent Auditors' report.* |

---

------

#### PART C

#### OTHER INFORMATION

#### Item 27. Exhibits

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| | |
|:---|:---|
| (a) | [Copy of the resolution of the depositor establishing the registrant.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d1.htm) |
| (b) | [Custodial Agreement, dated September 10, 2020, by and between Mutual of America Life Insurance Company and Mid Atlantic Trust Company.](http://www.sec.gov/Archives/edgar/data/743415/000119312520307030/d99398dex9927b.htm) |
| (c) | [Agreement by and between Mutual of America Life Insurance Company and Mutual of America Securities LLC, dated September 30, 2020.](http://www.sec.gov/Archives/edgar/data/743415/000119312520307030/d99398dex9927c.htm) |
| (d)(1)(i) | [Form of Tax-Deferred Group Annuity Contract and Certificate.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex994i.htm) |
| (d)(1)(ii) | [Form of Tax-Deferred Group Annuity Contract Amendment.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex994ii.htm) |
| (e) | [Form of Application for Tax-Deferred Group Annuity Contract (Group Annuity Application).](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex995.htm) |
| (f)(1) | [Amended and Restated Charter of Mutual of America Life Insurance Company, dated November 18, 2010.](http://www.sec.gov/Archives/edgar/data/743415/000119312515160172/d840656dex996a.htm) |
| (f)(2) | [Bylaws of Mutual of America Life Insurance Company.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d6b.htm) |
| (g) | Not Applicable. |
| (h)(1)(i) | [Amended and Restated Participation Agreement between Scudder Variable Life Investment Fund and Mutual of America Life Insurance Company, dated February 28, 2001.](http://www.sec.gov/Archives/edgar/data/743415/000091205701509579/a2044613zex-99_8a.txt) |
| (h)(1)(ii) | [Amendment to Amended and Restated Participation Agreements between Scudder Variable Life Investment Fund (now known as "DWS Variable Series I") and Mutual of America Life Insurance Company and the American Life Insurance Company of New York dated as of April 12, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d8aii.htm) |
| (h)(1)(iii) | [Amendment to Amended and Restated Participation Agreements between Scudder Variable Life Investment Fund (now known as "DWS Variable Series I") and Mutual of America Life Insurance Company and the American Life Insurance Company of New York, dated as of October 1, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998aiii.htm) |
| (h)(2)(i) | [Fund Participation Agreement Separate Account No. 2 between Mutual of America Life Insurance Company, Investors Research Corporation and TCI Portfolios, Inc., dated December 30, 1988.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d8bi.htm) |
| (h)(2)(ii) | [Amendment No. 1 to the Fund Participation Agreement — Separate Account No. 2 between Mutual of America Life Insurance Company, Investors Research Corporation and TCI Portfolios, Inc., dated as of May 1, 1989.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d8bii.htm) |
| (h)(2)(iii) | [Amendment No. 2 to the Fund Participation Agreement — Separate Account No. 2 between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., and American Century Investment Management, Inc., dated as of January 3, 2000.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d8biii.htm) |
| (h)(2)(iv) | [Amendment No. 3 to the Fund Participation Agreement — Separate Account No. 2 between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., and American Century Investment Management, Inc., dated as of January 2, 2002.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d8biv.htm) |
| (h)(2)(v) | [Shareholder Information Agreement between Mutual of America Life Insurance Company and American Century Investment Services, Inc., effective as of October 15, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998bv.htm) |
| (h)(2)(vi) | [Amendment No.4 to the Fund Participation Agreements between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., and American Century Investment Management, Inc., dated as of December 22, 2004.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d8bv.htm) |
| (h)(2)(vii) | [Amendment No. 5 to the Fund Participation Agreement between Mutual of America Life Insurance Company, American Century Investment Services, Inc., and American Century Services, LLC, dated as of January 1, 2012.](http://www.sec.gov/Archives/edgar/data/743415/000110465913034233/a13-7162_1ex99d8bvi.htm) |

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| | |
|:---|:---|
| (h)(2)(viii) | [Amendment No. 6 to the Fund Participation Agreement between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., American Century Investment Management, Inc., American Century Investment Services, LLC, and American Century Services, LLC, dated as of October 1, 2017.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998bviii.htm) |
| (h)(2)(ix) | [Fund Participation Agreement between Mutual of America Life Insurance Company and Lincoln Variable Insurance Products Trust, Lincoln Financial Distributors, Inc., Lincoln Financial Investments Corporation, dated as of April 29, 2024.](http://www.sec.gov/Archives/edgar/data/743415/000119312524125374/d668786dex99h2ix.htm) |
| (h)(2)(x) | [R6 Class Addendum to Fund Participation Agreement between Mutual of America Life Insurance Company, American Century Investment Services, Inc., American Century Services, LLC, dated as of May 1, 2025.](http://www.sec.gov/Archives/edgar/data/743415/000119312525103801/d928061dex99h2x.htm) |
| (h)(3)(i) | [Amended and Restated Participation Agreement and ancillary agreement among Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation and Mutual of America Life Insurance Company, dated as of October 17, 2012.](http://www.sec.gov/Archives/edgar/data/743415/000110465913034233/a13-7162_1ex99d8ciii.htm) |
| (h)(3)(ii) | [Amendment to Participation Agreement among Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation and Mutual of America Life Insurance Company, effective as of October 1, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998cii.htm) |
| (h)(3)(iii) | [Amendment to Schedule C- Large Transaction Table to Vanguard Variable Insurance Fund Participation Agreement, effective as of December 22, 2016.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998ciii.htm) |
| (h)(3)(iv) | [Amendment to Amended and Restated Participation Agreement by and between Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation, and Mutual of America Life Insurance Company, dated as of March 15, 2023.](http://www.sec.gov/Archives/edgar/data/743415/000119312523130277/d405868dex99h3iv.htm) |
| (h)(4)(i) | [Shared Funding Agreement for Separate Accounts with Calvert Distributors, Inc., dated as of February 28, 2001.](http://www.sec.gov/Archives/edgar/data/743415/000091205701509579/a2044613zex-99_8c.txt) |
| (h)(4)(ii) | [Information Sharing Agreement between Calvert Distributors, Inc., and Mutual of America Life Insurance Company, effective as of October 1, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998dii.htm) |
| (h)(4)(iii) | [Shared Funding Agreement by and among Calvert Variable Series, Inc., Eaton Vance Distributors, Inc. and Mutual of America Life Insurance Company, as of December 22, 2016.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998diii.htm) |
| (h)(4)(iv) | [Shared Funding Agreement by and Calvert Variable Products, Inc. and Calvert Variable Series, Inc., Eaton Vance Distributors, Inc., and Mutual of America Life Insurance Company, as of September 19, 2019.](http://www.sec.gov/Archives/edgar/data/743415/000119312519292195/d773394dex998div.htm) |
| (h)(5)(i) | [Amended and Restated Participation Agreement among Variable Insurance Products Funds, Fidelity Distributors Corporation and Mutual of America Life Insurance Company, dated as of April 29, 2005.](http://www.sec.gov/Archives/edgar/data/743415/000110465905019380/a04-11698_1ex99d8g.htm) |
| (h)(5)(ii) | [Shareholder Information Agreement by and between Fidelity Distributors Corporation and Mutual of America Life Insurance Company, effective as of October 16, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998eii.htm) |
| (h)(5)(iii) | [Amendment to the Participation Agreement between Fidelity Distributors Corporation and Mutual of America Life Insurance Company effective as of June 9, 2017.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998eiii.htm) |
| (h)(6)(i) | [Participation Agreement among Oppenheimer Variable Account Funds, Oppenheimer Funds, Inc. and Mutual of America Life Insurance Company, dated as of April 29, 2005.](http://www.sec.gov/Archives/edgar/data/743415/000110465905019380/a04-11698_1ex99d8f.htm) |
| (h)(6)(ii) | [Shareholder Information Agreement by and between OppenheimerFunds Services, OppenheimerFunds Distributor, Inc., and Mutual of America Life Insurance Company, effective as of April 16, 2007.](http://www.sec.gov/Archives/edgar/data/743415/000119312517367151/d489272dex998fii.htm) |
| (h)(6)(iii) | [Participation Agreement by and among AIM Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Distributors, Inc., and Mutual of America Life Insurance Company, dated as of May 2, 2019.](http://www.sec.gov/Archives/edgar/data/743415/000119312519292195/d773394dex998fiii.htm) |
| (h)(7)(i) | [Fund Participation and Service Agreement and ancillary agreements between Mutual of America Life Insurance Company and American Fund Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, dated as of April 10, 2013.](http://www.sec.gov/Archives/edgar/data/743415/000110465913034233/a13-7162_1ex99d8g.htm) |
| (h)(7)(ii) | [Amendment No. 1 to Participation Agreement by and among Mutual of America Life Insurance Company, American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series.](http://www.sec.gov/Archives/edgar/data/743415/000119312524052151/d668786dex99h7ii.htm) |
| (h)(8) | [Participation Agreement and ancillary agreements among Mutual of America Life Insurance Company and PIMCO Variable Insurance Trust, PIMCO Equity Series VIT, and PIMCO Investments LLC, dated as of April 11, 2013.](http://www.sec.gov/Archives/edgar/data/743415/000110465913034233/a13-7162_1ex99d8h.htm) |
| (h)(9)(i) | [Participation Agreement and ancillary agreements between T. Rowe Price Equity Series, Inc., T. Rowe Price Investment Services, Inc., and Mutual of America Life Insurance Company, dated as of April 11, 2013.](http://www.sec.gov/Archives/edgar/data/743415/000110465913034233/a13-7162_1ex99d8i.htm) |

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| | |
|:---|:---|
| (h)(9)(ii) | [Amendment to Participation Agreement between T. Rowe Price Equity Series, Inc., T. Rowe Price Investment Services, Inc., and Mutual of America Life Insurance Company, dated as of May 6, 2013.](http://www.sec.gov/Archives/edgar/data/743415/000119312514166498/d661563dex998ii.htm) |
| (h)(10)(i) | [Participation Agreement among MFS Variable Insurance Trust, MFS Variable Insurance Trust II, MFS Variable Insurance Trust III, Mutual of America Life Insurance Company and MFS Fund Distributors, Inc., dated as of May 1, 2018.](http://www.sec.gov/Archives/edgar/data/743415/000119312518139107/d396399dex998ji.htm) |
| (h)(10)(ii) | [Rule 22-c2 Shareholder Information Agreement between MFS Fund Distributors, Inc. and Mutual of America Life Insurance Company, dated as of April 2, 2018.](http://www.sec.gov/Archives/edgar/data/743415/000119312518139107/d396399dex998jii.htm) |
| (h)(10)(iii) | [Fee Letter between MFS Fund Distributors, Inc. and Mutual of America Life Insurance Company, dated as of May 1, 2018.](http://www.sec.gov/Archives/edgar/data/743415/000119312518139107/d396399dex998jiii.htm) |
| (h)(11) | [Fund Participation Agreement among Mutual of America Life Insurance Company, Delaware VIP Trust, Delaware Management Company, and Delaware Distributors, L.P., dated as of April 18, 2019.](http://www.sec.gov/Archives/edgar/data/743415/000119312519128830/d667974dex998k.htm) |
| (h)(12)(i) | [Fund Participation Agreement between Neuberger Berman Advisers Management Trust, Neuberger Berman BD LLC, and Mutual of America Life Insurance Company, dated as of April 5, 2019.](http://www.sec.gov/Archives/edgar/data/743415/000119312519128830/d667974dex998l.htm) |
| (h)(12)(ii) | [Amendment to Fund Participation Agreement between Neuberger Berman Advisers Management Trust, Neuberger Berman BD LLC, and Mutual of America Life Insurance Company, dated as of March 11, 2020.](http://www.sec.gov/Archives/edgar/data/743415/000119312520122522/d811857dex998lii.htm) |
| (h)(13) | [Participation Agreement among Victory Variable Insurance Funds, Victory Capital Management Inc., Victory Capital Advisers, Inc., and Mutual of America Life Insurance Company, dated as of April 5, 2019.](http://www.sec.gov/Archives/edgar/data/743415/000119312519128830/d667974dex998m.htm) |
| (h)(14) | [Participation Agreement between Goldman Sachs Variable Insurance Trust, Goldman Sachs & Co. LLC, and Mutual of America Life Insurance Company, dated as of April 23, 2019.](http://www.sec.gov/Archives/edgar/data/743415/000119312519128830/d667974dex998n.htm) |
| (h)(15) | [Participation Agreement by and among DFA Investment Dimensions Group Inc., Dimensional Fund Advisors LP, DFA Securities LLC and Mutual of America Life Insurance Company dated as of May 9, 2023.](http://www.sec.gov/Archives/edgar/data/743415/000119312524052151/d668786dex99h15.htm) |
| (i) | Not Applicable. |
| (j) | Not Applicable. |
| (k) | [Opinion and consent of counsel as to the legality of the securities being registered.](http://www.sec.gov/Archives/edgar/data/743415/000110465907033447/a07-2781_6ex99d9.htm) |
| (l)(1) | [Consent of KPMG LLP Relating to the Financial Statements of Mutual of America Separate Account No. 2.](d98765dex99l1.htm) |
| (l)(2) | [Consent of KPMG LLP Relating to the Financial Statements of Mutual of America Life Insurance Company.](d98765dex99l2.htm) |
| (m) | Not Applicable. |
| (n) | Not Applicable. |
| (o) | [Initial Summary Prospectus for New Investors of TDA Contracts.](d98765dex99o.htm) |
| (p)(1)(i) | [Powers of Attorney of Directors.](http://www.sec.gov/Archives/edgar/data/743415/000119312523130241/d731539dex99l2a.htm) |
| (p)(1)(ii) | [Power of Attorney of Director](http://www.sec.gov/Archives/edgar/data/743415/000119312524125374/d668786dex99l2aii.htm) |
| (p)(1)(iii) | [Power of Attorney of Director](d98765dex99p1iii.htm) |
| (p)(2) | [Powers of Attorney of Officers](http://www.sec.gov/Archives/edgar/data/743415/000119312525103801/d928061dex99p2.htm) |
| (q) | Not Applicable. |
| (r) | Not Applicable. |

---

------

#### Item 28. Directors and Officers of the Depositor

---

| | |
|:---|:---|
| **Name and Principal Business Address\*** | **Positions and Offices With Depositor** |
| Stephen J. Rich | Chairman of the Board, President and Chief Executive Officer |
| Matthew Adams | Director |
| Rosemary T. Berkery | Director |
| Gwendolyn Hatten Butler | Director |
| Wayne A. I. Frederick, M. D. | Director |
| Robert J. McGuire, Esq. | Director |
| Ellen Ochoa, Ph.D. | Director |
| Roger B. Porter, Ph.D. | Director |
| Christopher Quick | Director |

---

#### Officers-Directors

---

| | |
|:---|:---|
| **Name and Principal Business Address\*** | **Positions and Offices With Depositor** |
| Stephen J. Rich | Chairman, President and Chief Executive Officer |

---

#### Other Officers

---

| | |
|:---|:---|
| **Name and Principal Business Address\*** | **Positions**<br> **and Offices With Depositor** |
| Simpa Baiye | Executive Vice President and Chief Actuary |
| Emily Barkus | Senior Vice President, Head of Internal Audit |
| Leah Berry | Senior Vice President, Controller |
| Tanisha L. Cash | Senior Vice President, Human Resources |
| Thomas Ciociano | Senior Vice President, Corporate Services |
| John P. Clare | Senior Vice President, Operations Contact Centers |
| Joni L. Clark | Senior Vice President, Client Services |
| Salvatore P. Conza | Senior Vice President, Planning and Strategy |
| Debra Cruz | Senior Vice President, Customer Experience and Marketing |
| Nicholas S. Curabba | Senior Vice President, Associate General Counsel and Corporate Secretary |
| Jason D'Angelo | Executive Vice President and General Counsel |
| Thomas Doodian | Senior Vice President, Strategic Finance Initiatives |
| Tara Favors | Executive Vice President and Chief Human Resources Officer |
| Michael Galper | Senior Vice President, Infrastructure |
| Thomas Isenberg | Senior Vice President, Operations |
| Richard Jacobs | Executive Vice President, Chief Information Security and Infrastructure Officer |
| Christine Janofsky | Executive Vice President, Chief Financial Officer |
| Alison J. Kelly | Senior Vice President and Associate General Counsel |
| Lydia Kieser | Senior Vice President, Application Services |
| Andrew Kramer | Senior Vice President, Client Services |

---

------

---

| | |
|:---|:---|
| **Name and Principal Business Address\*** | **Positions and Offices With Depositor** |
| Jenny Lum | Senior Vice President and Head of Benefits |
| Mehdi Malaki | Executive Vice President, Chief Operating Officer |
| Kyle Medlin | Senior Vice President and Chief Compliance Officer |
| Shannon Moriarty<br> 1001 Yamato Road, Suite 200<br> Boca Raton, FL 33431 | Executive Vice President, Administrative Operations |
| Benjamin Moser | Senior Vice President, Operations |
| Stephen P. Nolan | Senior Vice President, Operations |
| Kieran O'Dwyer | Senior Vice President, Corporate Communications |
| Paul O'Hara | Senior Vice President, Market Research |
| James F. Roth | Senior Vice President and Associate General Counsel |
| Steven G. Sacchi | Senior Vice President, Procurement and Corporate Insurance |
| William Sample | Senior Vice President and Corporate Actuary |
| Susan Schneider | Senior Vice President, Head of Compensation and Data Analytics |
| Subhang Shah | Executive Vice President and Chief Information and Digital Officer |
| Brie Steingarten | Senior Vice President and Associate General Counsel |
| Andre Stuart | Senior Vice President, Retirement Plan Solutions |
| Jeffrey Tsai | Senior Vice President, Enterprise Risk Management |
| Kenneth P. Young | Senior Vice President, Treasury |

---

\* The business address of all officers is 320 Park Avenue, New York, New York 10022-6839, unless otherwise noted. The business address of all directors is c/o Mutual of America, 320 Park Avenue, New York, New York 10022-6839.

------

#### Item 29. Persons Controlled by or Under Common Control with the Depositor or the Registrant
The registrant is a separate account of Mutual of America Life Insurance Company ("Mutual of America") under the New York Insurance law. Under said law the assets allocated to the separate account are the property of Mutual of America.

As a New York mutual life insurance company, no person has the direct or indirect power to control Mutual of America except by virtue of a person's capacity as a director or executive officer. Each holder of an in-force insurance policy or annuity contract issued by Mutual of America has the right to vote for the election of directors of Mutual of America at annual elections and upon other corporate matters where policyholders' votes are taken.

Mutual of America wholly owns the following companies:

• Mutual of America Holding Company LLC, a Delaware limited liability company (see below), and

• Mutual of America Foundation, a New York not-for-profit corporation.

Mutual of America Holding Company LLC wholly owns the following companies:

• Mutual of America Securities LLC, a Delaware limited liability company,

• Mutual of America Capital Management LLC, a Delaware limited liability company,

• 320 Park Analytics LLC, a Delaware limited liability company,

• Mutual of America Insurance Agency LLC, a Delaware limited liability company, and

• Mutual of America Retirement Services LLC, a Delaware limited liability company.

Mutual of America's consolidated financial statements include all the above subsidiaries except Mutual of America Foundation.

Mutual of America, through its separate accounts, owns a significant portion of the outstanding shares of MoA Funds Corporation, a Maryland corporation registered under the 1940 Act as a management investment company.

#### Item 30. Indemnification
Charter of Depositor. The Charter of Mutual of America provides in substance that no director or officer shall be personally liable for damages for any breach of duty as a director except when a judgment or other final adjudication establishes that the director's acts or omissions were in bad faith, involved intentional misconduct or were acts or omissions the director knew or reasonably should have known violated New York Insurance Law or a specific standard of care imposed on directors directly by the New York Insurance Law, or which constituted a knowing violation of any other law or allowed the director to personally gain a financial profit or other advantage to which the director was not legally entitled.

By Laws of Depositor. The By-Laws of Mutual of America provide for the indemnification of present and former officers and directors of the Company (a "person") against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees actually and reasonably incurred, if the person acted in good faith and for a purpose which the person necessarily believed to be in the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe said conduct was unlawful. Expenses incurred in defending a civil, criminal, administrative or investigative action, suit or proceeding, or threat thereof, may be paid by the Company in advance of the final disposition of such action, suit or proceeding upon an undertaking by or on behalf of the person to repay such amount if it is ultimately determined that such person is not entitled to be indemnified by the Company.

Insurance. Coverage for directors and officers ("D&O") of Mutual of America Life Insurance et al is provided under an insurance policy issued by Chubb, with excess coverage by CNA, AIG and Travelers. The aggregate limit of liability under these policies is $35 million, with a $1,000,000 deductible per entity insured and no deductible for individual insureds with respect to non-indemnifiable loses. Coverage for life insurance company fiduciary errors and omissions liability coverage ("E&O") is provided under an Investment Management insurance policy issued by AIG, with excess coverage by Chubb, CNA, and AXIS to Mutual of America Life Insurance Company et al. The deductible is $1,000,000 for the entity, with an aggregate limit of liability under these policies is $20 million.

------

#### Item 31. Principal Underwriters
(a) Mutual of America Securities LLC ("Securities LLC"), the principal underwriter of the Registrant, also acts as principal underwriter of Mutual of America Separate Account No. 3 and as principal underwriter of MoA Funds Corporation, and The American Separate Account No. 2 and The American Separate Account No. 3 of Wilton Reassurance Life Company of New York, formerly known as The American Life Insurance Company of New York.

(b) The name, principal business address and position of each senior officer and manager of Securities LLC are as follows:

#### Board of Managers

---

| | |
|:---|:---|
| **Name and Principal Business Address\*** | **Positions and Offices With Securities LLC** |
| Christopher Bailey | Chairman |
| Ivan Gregory | Manager |
| Troy Johnson | Manager |

---

#### Officers

---

| | |
|:---|:---|
| **Name and Principal Business Address\*** | **Positions and Offices With Securities LLC** |
| Christopher Bailey | President and Chief Executive Officer |
| Brie Steingarten | General Counsel and Secretary |
| Ivan Gregory Senior Vice President | Troy Johnson Senior Vice President |
| Kyle Medlin | Senior Vice President and Chief Compliance Officer |
| David R. Brandt | Financial and Operations Principal (FINOP), Principal Financial Officer (PFO) and Principal Operations Officer (POO) |
| Kenneth Young | Vice President, Finance |
| John McLean | Assistant Secretary |
| Amy Latkin | Assistant Secretary |

---

\* The business address of all officers is 320 Park Avenue, New York, New York 10022-6839. The business address of all directors is c/o Mutual of America, 320 Park Avenue, New York, New York 10022-6839.

(c) The principal underwriter receives no commissions from the registrant for its services in distributing the variable insurance contracts. Pursuant to a Distribution Agreement between Securities LLC and the Depositor, the Depositor covers the expenses incurred by Securities LLC to distribute the Contracts.

#### Item 32. Location of Accounts and Records.
Registrant's books and records are maintained primarily at 320 Park Avenue, New York, NY 10022. Certain records are maintained with its custodian, The Bank of New York Mellon Corporation, 240 Greenwich Street, New York, NY 10286.

#### Item 33. Management Services.
Not applicable.

#### Item 34. Fee Representation
The Insurance Company represents that the fees and charges deducted under the Contracts, described in this Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Insurance Company under the respective Contracts.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the registrant certifies that it meets all of the requirements for effectiveness for this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and that it has duly caused this post-effective amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, the State of New York, on the 27th of April, 2026.

---

| | |
|:---|:---|
| MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2 <br>(REGISTRANT) | MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2 <br>(REGISTRANT) |
| MUTUAL OF AMERICA LIFE INSURANCE COMPANY <br>(DEPOSITOR) | MUTUAL OF AMERICA LIFE INSURANCE COMPANY <br>(DEPOSITOR) |
| By: | /s/ Jason D'Angelo |
|  | Jason D'Angelo |
|  | Executive Vice President and General Counsel |

---

Pursuant to the requirements of the Securities Act of 1933, this pre-effective amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on April 27, 2026.

---

| |
|:---|
| PRINCIPAL EXECUTIVE OFFICER: |
| \* |
| Stephen J. Rich |
| President and Chief Executive Officer |

---

---

| |
|:---|
| PRINCIPAL FINANCIAL OFFICER: |
| /s/ Christine Janofsky |
| Christine Janofsky |
| Executive Vice President and <br>Chief Financial Officer <br>(Chief Accounting Officer) |

---

------

Pursuant to the requirements of the Securities Act of 1933, this pre-effective amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on April 27, 2026.

---

| | |
|:---|:---|
| **Signatures** | **Title** |
| \*<br> Stephen J. Rich | Chairman of the Board, President and Chief Executive Officer |
| \*<br> Matthew Adams | Director |
| \*<br> Rosemary T. Berkery | Director |
| \*<br> Gwendolyn Hatten Butler | Director |
| \*<br> Wayne A. I. Frederick, M.D. | Director |
| \*<br> Robert J. McGuire | Director |
| \*<br> Ellen Ochoa, Ph.D. | Director |
| \*<br> Roger B. Porter, Ph.D. | Director |
| \*<br> Christopher Quick | Director |

---

---

| | |
|:---|:---|
| By: | /s/ Jason D'Angelo |
|  | Jason D'Angelo |
|  | *Attorney-In-Fact* |

---

## Ex-99.(L)(1)

---

| | |
|:---|:---|
| ![LOGO](g98619snap1.jpg) |  |
|  | KPMG LLP<br> Two Manhattan West<br> 375 9th Avenue, 17th Floor<br> New York, NY 10001 |

---

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated April 24, 2026, with respect to the financial statements of the subaccounts that comprise the Mutual of America Separate Account No. 2, included herein and to the references to our firm under the headings "Services- Service Providers," "Independent Registered Public Accounting Firm," and "Financial Statements" in the Statement of Additional Information included in Form N-4.

![LOGO](g98619snap2.jpg)

New York, New York

April 27, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

## Ex-99.(L)(2)

---

| | |
|:---|:---|
| ![LOGO](g98619snap1.jpg) |  |
|  | KPMG LLP<br> Two Manhattan West<br> 375 9th Avenue, 17th Floor<br> New York, NY 10001 |

---

**Consent of Independent Auditors** 

We consent to the use of our report dated April 23, 2026, with respect to the statutory financial statements of Mutual of America Life Insurance Company, included herein and to the reference to our firm under the headings "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information on Form N-4.

![LOGO](g98619snap2.jpg)

New York, New York

April 24, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

## Ex-99.(O)

**INITIAL SUMMARY PROSPECTUS FOR NEW INVESTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TAX-DEFERRED ANNUITY PLAN** <br>**VARIABLE ACCUMULATION ANNUITY CONTRACTS** <br>**(TDA CONTRACTS)**

Issued By <br>**MUTUAL OF AMERICA LIFE INSURANCE COMPANY** <br>320 Park Avenue, New York, New York 10022-6839 <br>Through its <br>**MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2**

We offer group Tax-Deferred Annuity Contracts (***"TDA Contracts"***), which are group variable accumulation annuity contracts to employers to allow their employees to save for retirement.

You, as an employee under a TDA Contract may make Contributions in the amounts and at the frequency you choose, subject to restrictions in the Plan and limitations imposed by federal tax laws. 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 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.

This Prospectus for new investors summarizes key features of the Contracts.

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.

Before you invest, you should review the Prospectus, which 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/TDA/AP. You can also obtain this information at no cost by calling 800.574.9267 or by sending an e-mail request to mutualofamerica@dfinsolutions.com.

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](#xx_b6c54f74-b2eb-437c-adc6-1492bc63bb55_1)** | 2  |
| **[Overview of the TDA Contracts](#xx_b6c54f74-b2eb-437c-adc6-1492bc63bb55_2)** | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purpose](#xx_b6c54f74-b2eb-437c-adc6-1492bc63bb55_2) | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Phases of Contract](#xx_b6c54f74-b2eb-437c-adc6-1492bc63bb55_3) | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Contract Features](#xx_b6c54f74-b2eb-437c-adc6-1492bc63bb55_4) | 5  |
| **[Important Information You Should Consider About the](#xx_a388d964-5571-4bc1-a6a8-33b519a1fb76_1)** <br> **[TDA Contract](#xx_a388d964-5571-4bc1-a6a8-33b519a1fb76_1)**<br>| 6  |
| **[Benefits Available Under the Contract](#xx_838b86cb-755f-4637-a711-779c0ffbc856_1)** | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Benefits Table](#xx_838b86cb-755f-4637-a711-779c0ffbc856_1) | 10  |
| **[Purchases and Contract Value](#xx_838b86cb-755f-4637-a711-779c0ffbc856_1)** | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchase of a TDA Contract; Participation](#xx_838b86cb-755f-4637-a711-779c0ffbc856_1) | 10  |
| **[Our Payment of Account Value to You or a Beneficiary – TDA Contracts](#xx_838b86cb-755f-4637-a711-779c0ffbc856_2)** | 11  |
| **[Fee Table – TDA Contracts](#xx_838b86cb-755f-4637-a711-779c0ffbc856_3)** | 12  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transaction Expenses](#xx_838b86cb-755f-4637-a711-779c0ffbc856_3) | 12  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Contract Expenses](#xx_838b86cb-755f-4637-a711-779c0ffbc856_4) | 13  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Underlying Fund Expenses](#xx_838b86cb-755f-4637-a711-779c0ffbc856_5) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Example](#xx_838b86cb-755f-4637-a711-779c0ffbc856_5) | 14  |
| **[Appendix A: Underlying Funds Available as Investment Options Under the TDA Contracts](#xx_463d5f62-900b-4d6e-85a7-b0e194803608_1)** | A-1 |

---

------

**Definitions We Use in this Summary Prospectus**

***Account Value***—The value of a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)'s [Accumulation Unit](#bookmark_au_e8008fb9-0730-41c8-a99f-1a8fe80fa767)s in the Subaccounts plus the value of amounts held in the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) for the [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767), during the Accumulation Period. Depending on its use in this Prospectus, the term "[Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)" may mean all or any part of your total [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***Accumulation Period***—For a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767), the period under a [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) when [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) are made or held for the [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767). The [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767) ends at the Annuity Commencement Date, or the date the [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) withdraws the [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) in full before the Annuity Commencement Date.

***Accumulation Unit***—A measure we use to calculate the value of a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)'s interest in each of the Subaccounts. Each Subaccount has its own [Accumulation Unit](#bookmark_au_e8008fb9-0730-41c8-a99f-1a8fe80fa767) value.

***Annuitant***—A person who is receiving [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or who will receive [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) after the Annuity Commencement Date. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) must be the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767), and the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767) cannot be changed; and a [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767) who has elected to receive a death benefit in the form of an annuity shall be the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767). [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or a [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767) also may name a joint [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767), except that some [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767)s require the consent of your [Eligible](#bookmark_es_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Spouse](#bookmark_es_e8008fb9-0730-41c8-a99f-1a8fe80fa767) if your [Eligible Spouse](#bookmark_es_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is not the joint [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767). We use the life expectancy of the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and joint annuitant, if any, as a factor in determining the amount of monthly [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) for annuities with a life contingency.

***Annuity Commencement Date***—The date [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) become payable under a [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or become payable as the death benefit for a [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767). A [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767), or a [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767) entitled to a death benefit, selects the [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767), or the [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be imposed under federal tax law provisions in certain circumstances. On the [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767), all of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is used to provide [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767). [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is sometimes referred to as "Benefit Commencement Date" in a [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***Annuity Payments***—A series of equal monthly payments from us. The amount of the [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will depend on your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) on the [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and the form of annuity selected. The [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be for the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767)'s life, for a minimum period of time, for the joint lifetime of the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767)'s joint [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767), 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](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) of 1986, as amended. Depending on the context, the term [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) includes the regulations adopted by the Internal Revenue Service for the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) 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](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) of all information, remittances and notices necessary to process the given transaction. The [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will inform you of the documents required for your transaction.

***Contract(s)***—One (or more) of the group (TDA) variable accumulation annuity contracts described in this Summary Prospectus.

***Contractholder***—An entity to which we have issued a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767). The [Contractholder](#bookmark_conh_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be an employer, or an association representing employers or employees.

***Contributions***—Amounts contributed from time to time under a [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) during the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***eDocuments***—A feature that offers [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)s 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

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sent to the [eDocuments](#bookmark_edoc_e8008fb9-0730-41c8-a99f-1a8fe80fa767) subscriber informing him or her of such availability on the secure "My Account" website maintained by the [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767). [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)s enroll by consenting to receive through [eDocuments](#bookmark_edoc_e8008fb9-0730-41c8-a99f-1a8fe80fa767) 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](#bookmark_edoc_e8008fb9-0730-41c8-a99f-1a8fe80fa767) program. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) can sign up for [eDocuments](#bookmark_edoc_e8008fb9-0730-41c8-a99f-1a8fe80fa767) by completing the Consent Agreement located on our website and indicating your consent to receive documents through the [Mutual of America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) website.

***Eligible Spouse***—Unless otherwise specified, the person to whom a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is legally married in a marriage recognized under federal law.

***Employer***—An organization that established a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and that may be named in the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***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](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) as the [Interest](#bookmark_iaa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Accumulation Account](#bookmark_iaa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) because amounts you allocate to the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) earn interest at a fixed rate which we change from time to time.

***Investment Alternatives***—Our [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and the Subaccounts. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may allocate your [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767)and transfer your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among the [Investment Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767), subject to any limitations under a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***Joint Annuitant***—An additional person (usually the [Eligible Spouse](#bookmark_es_e8008fb9-0730-41c8-a99f-1a8fe80fa767)) whose life expectancy is taken into account for a life annuity and who will receive [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) upon the death of the [Annuitant](#bookmark_ann_e8008fb9-0730-41c8-a99f-1a8fe80fa767) in accordance with the form of annuity selected. A joint annuitant may be designated by the [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) at any time before the [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

[***Participant***](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)—Under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), an employee or former employee for whom we have received [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***Plan***—For some TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)s, a retirement plan adopted by an employer for which a [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) has been purchased to provide benefits.

***Reduced Fee***—The reduced [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Annual Expenses, comprised of the administrative charge, distribution expense charge and expense risk charge that apply to participants in plans that are eligible for such reduced [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Annual Expenses as set forth in the Fee Table section of this Summary Prospectus.

***Separate Account***— [Mutual of America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) No. 2, a separate account we established to receive and invest deposits made under variable accumulation annuity contracts. The assets of the [Separate](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) are set aside and kept separate from our other assets.

***Subaccount***—A division of the [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) 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](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Life Insurance [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***You, or your***—Refers to a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Overview of the TDA Contracts**

**Purpose**

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We offer the group variable accumulation annuity [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to assist with retirement and long-term financial planning. The [Contract(s)](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) are designed to provide long-term accumulation of assets through investments in a variety of [Investment Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767) during the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767). The [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) can supplement your retirement income by providing a stream of income payments during the payout period. It also offers death

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benefits to protect your designated Beneficiaries. The [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be appropriate if you have a long investment time horizon. It 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](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

**Phases of** [**Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)

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The [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) have two phases: an accumulation (savings) period and an annuity (income) period.

**Accumulation (Savings) Period**

During the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767) you may allocate [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among the [Investment Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767), subject to any restrictions contained in your [Employer's](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767). At any time, you may change your allocation instructions for future [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and transfer all or part of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among the available [Investment](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767). [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may allocate your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to our [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767), unless your [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) restricts allocations. We pay interest on the portion of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) allocated to our [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) at a rate of interest determined from time to time by us. We have the full investment risk for amounts you allocate to the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767). [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may also allocate your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to any of the [Subaccounts](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767) of [Mutual of America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) No. 2. The name of each [Subaccount](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767) corresponds to the name of its [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767). When you allocate [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or transfer [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to a [Subaccount](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767), the [Subaccount](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767) purchases shares in its [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767). A [Subaccount](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is called a "variable option," because you bear the investment risk that your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) in the [Subaccount](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will increase or decrease based on the investment performance of the [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767). The [Subaccounts](#bookmark_sub_e8008fb9-0730-41c8-a99f-1a8fe80fa767) currently invest in forty-eight [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), which have different investment objectives, investment policies and risks. Please refer to Appendix A to this Prospectus, entitled "[Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Available As Investment Options Under the [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)" and to the prospectuses of the [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) for more information about the [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)' investment objectives.

[***Contributions***](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) ***during the*** [***Accumulation Period***](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767)*.*** [Your](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be in the amounts and made at times a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) permits. [Your](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) also must be in the amounts and at a frequency the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) agrees to, based on your payroll period. We may refuse to accept initial or subsequent [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) when we deem it appropriate to do so, including because of anti-money laundering laws or regulations or other legal requirements. We must receive each Contribution at our home office, along with a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767) containing all information to identify the person for whom and the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under which the Contribution is made, before we can credit the Contribution to your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) (See "Definitions We Use in this Prospectus" for a description of [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767)). If an employer sends us [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767), we will apply the [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) when we receive the amounts at our home office or receive them by electronic funds transfer, or wire transfer of federal funds into our designated bank account along with a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767) containing all required identifying information.

***Minimum Required.*** [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) are not required to make any minimum amount of [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***Who May Make*** [***Contributions***](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767)*.*** Under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), you may make [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) only by salary reduction agreement with your employer, on either a pre-tax or Designated Roth post-tax basis (subject to the provisions of the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767)).

***Limits on Amounts of*** [***Contributions***](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767). The maximum annual [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) are those amounts the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) permits for [Plans](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

**Annuity (Income) Period**

[You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) can elect to annuitize and turn your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) into a stream of income payments from [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), at which time the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767) of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) ends. These payments may continue for a fixed period of years, for your entire life, or for the longer of a fixed period or your life. If you annuitize, you will receive a stream of annuity payments. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will be unable to make withdrawals, unless provided for by the form of annuity you select, and death benefits will terminate.

------

[**Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **Features**

------

We issue TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to [Contractholder](#bookmark_conh_e8008fb9-0730-41c8-a99f-1a8fe80fa767) that have adopted [Plans](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under Section 403(b) of the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767). A [Contractholder](#bookmark_conh_e8008fb9-0730-41c8-a99f-1a8fe80fa767) must be a tax-exempt organization under Section 501(c)(3) of the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or an eligible public school or college, or an association that represents a Section 501(c)(3) tax-exempt organization or eligible public school or college or its employees.

***Death Benefits during the*** [***Accumulation Period***](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767)*.*** If you die before the [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767), we will pay a death benefit to your [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

The death benefit amount will be your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767), less any outstanding loans and interest, as of the date we receive proof of your death, the election of the [Beneficiary(ies)](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767) telling us how we should pay the death benefit and other information necessary to process the claim. The death benefit will be paid in accordance with the election of the [Beneficiary(ies)](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767). The [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will select the form of death benefit, which may be a single sum, a form of annuity or fixed payments.

***Transfers and Withdrawals of*** [***Account Value***](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)*.*** During the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767), you may transfer all or a portion of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among the [Investment Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767). We do not assess a charge for transfers under the [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

During the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767), you may withdraw all or a portion of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under all [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)except TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767). A TDA [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) generally may not withdraw the [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) until the [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)has reached the age of 59½, under restrictions in the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and the TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767). If you are married and are a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under a TDA [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767), you may need the written consent of your [Eligible Spouse](#bookmark_es_e8008fb9-0730-41c8-a99f-1a8fe80fa767) for any withdrawal. In some cases, certain withdrawals may require the approval of the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or third party administrator, if applicable. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to you or electronically transfer funds to your bank account where available.

***Specified Payments Option.*** [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may instruct us to withdraw a certain amount (at least $100) each month from your Investment Alternatives on a pro rata basis. Under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), to elect this Option you must either have reached age 59½ or terminated employment with the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) sponsor if the TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is sponsored, during or after the year in which reaching age 55.

We do not charge a fee for withdrawals or partial withdrawals. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may have taxable income upon any withdrawal of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767), except in the case of certain withdrawals from Designated Roth Accounts. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will be taxed at ordinary income tax rates on the amount withdrawn, except for the portion of the withdrawal that is considered to be a return of your after-tax [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) (if any). The taxable portion of withdrawals, and in certain cases the nontaxable portion of withdrawals from Designated Roth Accounts, may be subject to a 10% tax penalty. The tax penalty is not due if you have reached the age of 59½, are disabled or in certain other circumstances.

The [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767) imposes minimum distribution requirements for TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) when you reach a certain age or in some other circumstances. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be required to make partial withdrawals of [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767), or may choose to begin receiving [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), to meet the minimum distribution requirements.

***Loans.*** We make available a loan option under TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767). If you have a loan under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) in the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) after a transfer or withdrawal must be at least equal to the loan collateral security amount.

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**Important Information You Should Consider About the** <br> **TDA Contract**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **Are There** <br> **Charges for Early** <br> **Withdrawals?**<br>| **No.** | **No.** | **No.** | Charges |
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **No,** there are no charges for transactions under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), <br> other than certain fees associated with [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) loans. | &nbsp;&nbsp; **No,** there are no charges for transactions under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), <br> other than certain fees associated with [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) loans. | &nbsp;&nbsp; **No,** there are no charges for transactions under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), <br> other than certain fees associated with [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) loans. | Charges |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Loan interest is not reflected in <br> the table. Please refer to your [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) specifications page for <br> information about the specific fees you will pay each year based <br> on the options you have elected.  | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Loan interest is not reflected in <br> the table. Please refer to your [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) specifications page for <br> information about the specific fees you will pay each year based <br> on the options you have elected.  | &nbsp;&nbsp; **Yes,** the table below describes the fees and expenses that you <br> may pay *each year,* depending on the Investment Alternatives <br> and optional benefits you choose. Loan interest is not reflected in <br> the table. Please refer to your [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) specifications page for <br> information about the specific fees you will pay each year based <br> on the options you have elected.  | Charges |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | **ANNUAL FEE** | **MIN.** | **MAX.** | Charges |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp;&nbsp;&nbsp; 1. Base [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) (varies by <br> [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) class)<br>| 0.27%<sup>1</sup> <br>| 1.48%<sup>1</sup> <br>| Charges |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp;&nbsp;&nbsp; 2. Underlying Fund fees and <br> expenses<br>| 0.14%<sup>2</sup> <br>| 8.91%<sup>2</sup> <br>| Charges |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp;&nbsp;&nbsp; 3. Optional benefits available <br> for an additional charge<br>| NA | NA | Charges |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?**<br> (annual charges) | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), each of which has a different <br> [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) charge, based upon the total contract assets <br> in the [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)and the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767). See the <br> "Charges" section of the Prospectus for a description of the <br> different classes of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> assets. Net of fee waivers, the max is 1.24%. | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), each of which has a different <br> [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) charge, based upon the total contract assets <br> in the [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)and the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767). See the <br> "Charges" section of the Prospectus for a description of the <br> different classes of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> assets. Net of fee waivers, the max is 1.24%. | &nbsp;&nbsp; <sup>1</sup> As a percentage of the Separate Account value. There are <br> several classes of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), each of which has a different <br> [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) charge, based upon the total contract assets <br> in the [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)and the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767). See the <br> "Charges" section of the Prospectus for a description of the <br> different classes of the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and related charges.<br> <sup>2</sup> As a percentage of the net asset value of the [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> assets. Net of fee waivers, the max is 1.24%. | Charges |

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**FEES AND EXPENSES** **LOCATION IN** **PROSPECTUS** 

\* Net of fee waivers, the highest annual cost estimate will be$2,785. 

**RISKS** **LOCATION IN** **PROSPECTUS** 

------

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| | | |
|:---|:---|:---|
|  | **RISKS** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **What Are the** <br> **Risks Related to** <br> **the Insurance** <br> **Company?**<br>| &nbsp;&nbsp; An investment in the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is subject to the risks related to <br> [Mutual of America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), including that any obligations (including <br> under the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767)), guarantees, and benefits of the <br> [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) are subject to the claims paying ability of [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767). More information about [Mutual of America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), including its <br> financial strength ratings, is available upon request from [Mutual](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [of America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) by calling our toll-free number, 800.468.3785 or by <br> visiting our website at mutualofamerica.com. | &nbsp;&nbsp; General <br> Description of <br> [Separate](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)No. 2, <br> [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), and <br> [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> Our [General](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br>|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **Are There Limits** <br> **on the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; **Yes,** your ability to allocate [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among the [Investment](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is subject to any restrictions contained in your <br> [Employer's](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767). If your [Employer's](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) permits transfers to <br> other contracts, you may transfer your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) but only to <br> a provider specifically identified in the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767). Transfers while you <br> are actively employed to any provider not specified in the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> are prohibited.<br> We may remove an [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or limit its availability to new <br> [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and/or transfers of [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) if we determine <br> that an [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) no longer satisfies one or more of our <br> selection criteria. | &nbsp;&nbsp; General <br> Description of <br> [Separate](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)No. 2, <br> [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), and <br> [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br>|
| **Are There any** <br> **Restrictions on** <br> **Contract** <br> **Benefits?**<br>| &nbsp;&nbsp; **Yes,** unless your Plan does not provide for loans, we make <br> available a loan option under a TDA Contract. You have the right <br> to borrow funds using your Account Value as collateral security. <br> Your Employer's Plan may or may not permit loans to be taken <br> from or secured by amounts held in a Designated Roth Account. <br> The maximum amount that can be taken as a loan is limited <br> under the Code, based on your account balance. Generally, a <br> Participant can borrow no more than the lesser of (a) the greater <br> of $10,000 or 50% of the Participant's vested account balance; <br> or (b) $50,000. The maximum amount that a Participant can <br> borrow is also limited if the Participant has another outstanding <br> loan. Certain exceptions may permit a Participant to take a larger <br> loan under circumstances specified by law from time to time.<br> We will not permit you to make withdrawals or transfers of the <br> collateral security amount while the loan is outstanding. | Loans |
|  | **TAXES** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) should consult with a tax professional to determine the tax <br> implications of an investment in and [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) made under <br> the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767).<br> Because the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is purchased through a tax-qualified [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767), <br> there are no additional tax benefits to the Contract.<br> Withdrawals will be subject to ordinary income tax, and may be <br> subject to tax penalties. | Taxes |

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| | | |
|:---|:---|:---|
|  | **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **LOCATION IN** <br> **PROSPECTUS**<br>|
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; Mutual of America offers the Contracts for sale through certain <br> of our employees who are registered representatives of Mutual <br> of America Securities LLC, the principal underwriter of the <br> Contracts. The only compensation we pay to registered <br> representatives for sales of the Contracts is in the form of salary, <br> plus annual incentive compensation based on achievement of <br> certain individual and/or Company sales objectives. There are no <br> commissions or fees payable for sales of the Contracts.<br> With regard to non-cash compensation, representatives and <br> certain staff from the top performing regional offices, as well as <br> other high performing representatives, are eligible to attend a trip <br> to a Company-hosted sales conference or other <br> Company-hosted event.<br> The existence of such forms of compensation could influence a <br> registered representative to recommend this [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) over <br> another investment. | &nbsp;&nbsp; Purchases and <br> [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Value<br>|
| **Should I** <br> **Exchange My** <br> **Contract?**<br>| &nbsp;&nbsp; Registered representatives may have a financial incentive to offer <br> a participant a new contract in place of the one the participant <br> already owns. A participant should only exchange their Contract <br> if the participant determines, after comparing the features, fees, <br> and risks of both contracts, that it is preferable for the participant <br> to purchase the new contract rather than continue to own the <br> existing contract. | &nbsp;&nbsp; Purchases and <br> Contract Value<br>|

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**Benefits Available Under the Contract**

The following table summarizes information about the benefits available under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit** <br> **Standard or** <br> **Optional**<br>| **Maximum Fee** | **Brief Description** <br> **of Restrictions/** <br> **Limitations**<br>|
| Death benefit <br> during <br> Accumulation <br> Period equal to <br> [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br>| To provide a death <br> benefit to one or <br> more Beneficiaries, <br> upon the death of <br> the [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> during the <br> accumulation period<br>| Standard | No specific fee for <br> the death benefit – <br> included as part of <br> overall [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> charges<br>| Death benefit <br> amount is reduced <br> by the amount of <br> any outstanding <br> loans and interest<br>|
| Loans under a <br> TDA Contract<br>| To borrow using <br> your Account Value <br> as collateral <br> security for the loan<br>| Optional | The maximum loan <br> interest is the Prime <br> Rate +1%. The <br> origination fee for <br> loans repaid by <br> payroll deduction is <br> $75, with an annual <br> fee of $15 per year. <br> There is a $350 <br> origination fee for <br> loans repaid <br> through home <br> billing.<br>| If you have a loan <br> under a TDA <br> Contract, your <br> Account Value in <br> the General <br> Account after a <br> transfer or <br> withdrawal must be <br> at least equal to the <br> loan collateral <br> security amount.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Purchases and Contract Value**

**Purchase of a TDA** [**Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**; Participation**

------

We issue TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to employers or other entities that are seeking a funding vehicle for group tax-sheltered annuity arrangements established under Section 403(b) of the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767). [Contractholders](#bookmark_conh_e8008fb9-0730-41c8-a99f-1a8fe80fa767) must be:

&nbsp;&nbsp;&nbsp;&nbsp;● organizations that qualify for tax-exempt status under Section 501(c)(3) of the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767), or

&nbsp;&nbsp;&nbsp;&nbsp;● eligible public schools or colleges, or

&nbsp;&nbsp;&nbsp;&nbsp;● associations that represent such entities or their employees.

If you are an eligible employee of an employer that has adopted a tax-sheltered annuity arrangement funded by a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), you may become a [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) by completing our enrollment form.

***Participation.*** Each [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) specifies the eligibility requirements for an employee's participation, which may include requirements for minimum age or years of service or allow entry into the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) only on specified dates. We or the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may require you to execute agreements and applications on prescribed forms, including a salary reduction agreement or payroll deduction agreement with the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

***Acceptance of*** [***Plan***](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) ***Asset Transfers for TDA*** [***Plans***](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767)*.*** A [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer is a transfer to the [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) on behalf of the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) of assets held for the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) by another financial institution. In connection with a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer, we require that the data transferred on behalf of the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) by the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) recordkeeper be in a format acceptable to us. We will effectuate transactions under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) when we have received a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767)

------

(see "Definitions We Use in this Prospectus" for a definition of [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767)). For a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer that we determine is not a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767), we will seek to obtain the necessary information for the transaction to be a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767) so the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer can be applied as an allocated [Contribution](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

In order to allocate the proper portion of the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer to each individual [Participant's](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) account and invest it under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), we must receive a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767). At the direction of the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), a [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer that is not a [Complete Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will be held in a non-interest bearing bank account for a short period of time. When we obtain the necessary information required for the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer to constitute a [Complete](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Order](#bookmark_co_e8008fb9-0730-41c8-a99f-1a8fe80fa767), we will transfer the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer from the non-interest bearing bank account to the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) as an allocated [Contribution](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and allocate the appropriate amounts to each individual [Participant's](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) account under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and to the investment alternatives available under the [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) as directed. If we do not obtain the necessary information within a reasonable period of time, not to exceed 45 calendar days, we will return the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Asset Transfer assets to the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) trustee, if any, or otherwise to the financial institution designated by the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Our Payment of Account Value to You or a Beneficiary – TDA Contracts**

Under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), your right to withdraw all or any portion of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is restricted by federal tax law. If you are under age 59½, you will not be able to withdraw your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767), except in circumstances such as death or disability, hardship, or termination of employment. (There are special rules permitting withdrawal of [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) made on or before January 1, 1989 and withdrawal of earnings and interest credited to your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) by that date.) When you make a withdrawal for hardship, you may not withdraw post-1988 earnings or interest on your [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) under a salary reduction agreement. In addition, if you are married, consent of your [Eligible Spouse](#bookmark_es_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may be required for withdrawals under TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767). In some cases, certain withdrawals under 403(b) [Plans](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may require the approval of the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), provider, carrier or third party administrator, if applicable. The amount withdrawn from each Investment Alternative that comprises your Account Value will be withdrawn proportionally from all Investment Alternatives in your account at the time of the withdrawal request, unless you instruct us otherwise.

A full withdrawal from your TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) terminates your participation in the TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) if you have terminated your employment with the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or you are no longer covered by the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767). We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to you or electronically transfer funds to your bank account where available.

***Single Sum Payment upon Termination of Employment.*** [Your](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767)[Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may provide that, if your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)is $1,000 or less (or a higher amount as may be permitted under provisions of the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and applicable laws) when you terminate employment with the [Employer](#bookmark_emp_e8008fb9-0730-41c8-a99f-1a8fe80fa767), we will pay your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) to you in a single sum payment.

***Specified Payments Option.*** If you have reached age 59½ or, for TDA [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), terminated employment with the [Plan](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) sponsor (if the TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is sponsored), during or after the year in which reaching age 55 under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) you may elect automatic withdrawals of your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

[You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) must specify an amount, which may not be less than $100. Unless you direct us otherwise, such amount will be taken proportionally across your Investment Alternatives.

When you are receiving Specified Payments under a TDA [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767), you and your employer may continue to make [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) on your behalf. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) also may transfer your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among [Investment Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767)and make other withdrawals when receiving Specified Payments.

Specified Payments will continue until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;● your death;

&nbsp;&nbsp;&nbsp;&nbsp;● our receipt of your written request to change or end the Specified Payments;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● your [Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) (or your balance in any [Investment Alternative](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767) that you have designated for withdrawals) declines so that the remaining balance is not large enough to cover the next Specified Payment due; or

&nbsp;&nbsp;&nbsp;&nbsp;● your [Annuity Commencement Date](#bookmark_acd_e8008fb9-0730-41c8-a99f-1a8fe80fa767).

If you are subject to the minimum distribution rules under the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767), the Specified Payments for the year should at least total the minimum required annual distribution (see "Minimum Required Distributions" under "Taxes").

***Income Tax Consequences of Withdrawals.*** [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) should consider the possible federal income tax consequences of any withdrawal, including withdrawals under the Specified Payments Option. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will be taxed at ordinary income tax rates on the portion of your withdrawal that is taxable. [You](#bookmark_you_e8008fb9-0730-41c8-a99f-1a8fe80fa767) will not be taxed on the amount of any [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) you made with "after-tax" dollars, but there are special rules under the [Code](#bookmark_code_e8008fb9-0730-41c8-a99f-1a8fe80fa767)for determining whether a withdrawal, or portion of a withdrawal, will be considered a return to you of after-tax [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) (see "Taxes").

***Penalty Tax on Taxable Portion of Withdrawals.*** There is a 10% federal penalty tax on the taxable amount of withdrawals you make during the [Accumulation Period](#bookmark_ap_e8008fb9-0730-41c8-a99f-1a8fe80fa767), unless

&nbsp;&nbsp;&nbsp;&nbsp;● you have reached age 59½

&nbsp;&nbsp;&nbsp;&nbsp;● you are disabled or have died

&nbsp;&nbsp;&nbsp;&nbsp;● the distributions are [Annuity Payments](#bookmark_annp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) over your life (or life expectancy) or over the joint lives (or joint life expectancies) of you and the [Beneficiary](#bookmark_ben_e8008fb9-0730-41c8-a99f-1a8fe80fa767), or

&nbsp;&nbsp;&nbsp;&nbsp;● in certain other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fee Table – TDA Contracts**

**The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Alternative or from the** [**Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**. Please refer to your Contract specifications page for information about the specific fees you will pay each year.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I.The first table describes the fees and expenses that you will pay when you become a** [**I.**Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767), when you surrender or make withdrawals from an Investment Alternative or from your [**I.**Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or participation interest or when you transfer your [**I.**Account Value](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) among [**I.**Investment Alternatives](#bookmark_ia_e8008fb9-0730-41c8-a99f-1a8fe80fa767). State premium taxes may also be deducted but we do not currently deduct them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| [**Participant**](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **Transaction** <br> **Expenses**<br>| **Maximum** | **Maximum** | **Current** | **Current** |
| Sales Load Imposed on <br> [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) (as a <br> percentage of [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767))<br>| None | None | None | None |
| Deferred Sales Load (or <br> Surrender Charge) (as a <br> percentage of [Contributions](#bookmark_contrib_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or <br> amount surrendered, as <br> applicable)<br>| None | None | None | None |
| Transfer Fee |  | None |  | None |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Participant Transaction** <br> **Expenses**<br>| **Maximum** | **Maximum** | **Current** |
| Loan Fees | Maximum Loan Interest | Higher of the <br> Moody's® <br> Corporate <br> Yield Average <br> or 1% above <br> the current <br> rate of interest <br> credited to <br> [Account](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [Values](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767) held in <br> the [General](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.The next table describes the fees and expenses that you will pay *each year* during the time that you are a** [**II.Participant**](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **(not including charged by the** [**II.Underlying Fund**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** | **ANNUAL** [**CONTRACT**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**EXPENSES** |
|  | **Maximum** | **Standard** | **Tier 1** <br> **Reduced**<br> **Fees (2)**<br>| **Tier 2** <br> **Reduced**<br> **Fees (2)**<br>| **Tier 3** <br> **Reduced**<br> **Fees (2)**<br>| **Tier 4** <br> **Reduced**<br> **Fees (2)**<br>| **Tier 5** <br> **Reduced**<br> **Fees (2)**<br>| **Inactive**<br> **(3)**<br>|
| **Administrative** <br> **Expenses** <br> **(Annual** <br> [**Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**Fee)**<br>| ***$24*** | ***$24(1)*** | ***$24(1)*** | ***$24(1)*** | ***$24(1)*** | ***$24(1)*** | ***$24(1)*** | ***$24(1)*** |
| **Base** [**Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> **Expenses (as** <br> **a percentage** <br> **of average** <br> [**Account**](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [**Value**](#bookmark_av_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**)(5)**<br>| ***2.00%*** | ***1.45%(4)*** | ***.25%(4)*** | ***.35%(4)*** | ***.45%(4)*** | ***.60%(4)*** | ***.95%(4)*** | ***1.95%(4)*** |
| **Loan Interest** <br> **Rate**<br>| Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% | Collateralized Loans: Net Loan Interest Rate of 3%, which represents the difference <br> between the interest rate charged on a loan and the maximum credited rate for collateral <br> held in the General Account Uncollateralized Loans: Prime Rate +1% |

---

------

(1) <u>Annual</u> [<u>Contract</u>](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) <u>Fee.</u> The Annual Contract Fee of $24.00 is charged at a rate of $2 per month, subject to waiver as discussed in "Monthly [Participant](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Charges" under the "Charges" section of the Prospectus.

(2) [<u>Reduced Fees</u>](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<u>.</u> TDA [Plans](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may become eligible for the Tier 1 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), Tier 2 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), Tier 3 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), Tier 4 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) or Tier 5 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) if they have minimum amounts of assets in the [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) and the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) combined ($50 million for the Tier 1 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), $25 million for the Tier 2 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), $5 million for the Tier 3 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), $2 million for the Tier 4 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)and $1 million for the Tier 5 [Reduced Fee](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)) and satisfy the other criteria specified in the Charges section of this Prospectus. [Plans](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) that do not qualify for [Reduced Fees](#bookmark_rf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) because they have assets in the [Separate](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)Account and the [General Account](#bookmark_ga_e8008fb9-0730-41c8-a99f-1a8fe80fa767) combined of less than $1 million, will be charged the Standard [Separate](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767)Account annual charge.

(3) <u>Inactive Plans.</u> An Inactive Plan will no longer be eligible for the standard Separate Account annual charge or Reduced Fees as of the last Valuation Day of the quarter in which it became an Inactive Plan. For more information see the "Charges" section of the Prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) <u>Reductions in</u> [<u>Separate Account</u>](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) <u>Annual Expenses.</u> [Separate Account](#bookmark_sa_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Annual Expenses are reduced for [Plans](#bookmark_plan_e8008fb9-0730-41c8-a99f-1a8fe80fa767) that are part of certain national accounts. For more information see the "Charges" section of the Prospectus.

(5) Expense Risk Fee, Administrative Charges and Distribution Expense Charge may not exceed 2.00% of average Account Value the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III.The next item shows the minimum and maximum total operating expenses charged by the** [**III.Underlying Funds**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **that you may pay periodically during the time that you are a** [**III.Participant**](#bookmark_part_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**. Expenses shown may change over time and may be higher or lower in the future. A complete list of** [**III.Underlying Funds**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **available under the** [**III.Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**, including their annual expenses, may be found in the Appendix to this Prospectus entitled "**[**III.Underlying**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**Funds As Investment Options Available Under the** [**III.Contract**](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767)**".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp; **Annual** [**Underlying Fund**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **Expenses**<br> (expenses deducted from [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) assets, including management fees, <br> distribution and/or service (12b-1) fees, and other expenses, as a percentage of <br> [Underlying Fund](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) average net assets)<br>| 0.14% | 8.91% |
| &nbsp;&nbsp;&nbsp; **Net Annual Underlying Fund Expenses**<br> (expenses deducted from the Underlying Fund assets, including management <br> fees, distribution and/or service (12b-1) fees, and other expenses as a percentage <br> of Underlying Fund average net assets) (after expense reimbursement)\*<br>| 0.14% | 1.24% |

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\*

Certain of the Underlying Funds, including the fund with the maximum total annual fund operating expenses (before expense reimbursement), are subject to an expense reimbursement arrangement between such underlying funds and the investment adviser, which is expected to continue until at least April 30, 2027.

**Example**

------

**This Example below is intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other variable annuity contracts. These costs include transaction expenses, Annual Contract Fees, Base Contract Expenses, and Underlying Fund fees and expenses and exclude Loan fees.** 

**The Example assumes that you invest $100,000 under a Contract for the time periods indicated and that all Account Value is allocated to the Subaccounts.**

**We do not impose a surrender charge when you make a withdrawal of Account Value. As a result, the expenses would be the same whether or not you surrender the Account Value, or apply the Account Value for the purchase of an annuity (annuitize), at the end of the applicable time period.** 

**The Example also assumes that your investment has a 5% annual rate of return each year and assumes the maximum Underlying Fund Fees and Expenses, the maximum Annual Contract Fee, the maximum Base Contract Expenses and optional benefits available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:** 

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $10644 | $33555 | $58811 | $133855 |

---

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**Appendix A: Underlying Funds Available as Investment Options Under the TDA Contracts**

The following is a list of [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) available under the [Contracts](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767). More information about the [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) is available in the prospectuses for the [Underlying Funds](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), which may be amended from time to time and are available on our website mutualofamerica.com/TDAFunds 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](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767), but do not reflect the other fees and expenses that your [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) may charge. Expenses would be higher and performance would be lower if these other charges were included. Each [Underlying Fund's](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) past performance is not necessarily an indication of future performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | [**Underlying Fund**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | [**Underlying Fund**](#bookmark_uf_e8008fb9-0730-41c8-a99f-1a8fe80fa767) **and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** |
| Equity Fund <br> Seeks investment <br> results that correspond <br> to the investment <br> performance of <br> Standard & Poor's <br> 500<sup>®</sup> Composite Stock <br> Price Index (the "S&P <br> 500 Index"\*)<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Equity Index Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)Capital <br> Management LLC<br>| 0.14% | 17.68% | 14.52% | 14.65% |
| Equity Fund <br> Seeks to outperform <br> Russell 3000<sup>®</sup> Index\*\* <br> by investing in a <br> diversified portfolio of <br> primarily common <br> stocks<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) All America Fund<br> Adviser: Mutual of <br> America Capital <br> Management LLC<br>| 0.55% | 11.96% | 10.91% | 11.87% |
| Equity Fund <br> Seeks capital <br> appreciation<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Small Cap Value <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.85% | 2.00% | 8.22% | 6.53% |
| Equity Fund <br> Seeks capital <br> appreciation<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Small Cap Growth <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.85% | 8.52% | 1.75% | 8.77% |
| Equity Fund<br> Seeks investment <br> results that correspond <br> to investment <br> performance of S&P <br> SmallCap 600<sup>®</sup> Index\*<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Small Cap Equity <br> Index Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.25% | 5.80% | 7.11%<br>6.41%<sup>2</sup> <br>|  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** |
| Equity Fund<br> Seeks capital <br> appreciation and, to a <br> lesser extent, current <br> income<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Mid Cap Value Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.70% | 2.48% | 7.82% | 8.10% |
| Equity Fund<br> Seeks investment <br> results that correspond <br> to investment <br> performance of S&P <br> MidCap 400<sup>®</sup> Index\*<br>| MoA Mid Cap Equity <br> Index Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.17% | 7.28% | 8.93% | 10.52% |
| Equity Fund<br> Seeks capital <br> appreciation<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) International Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.48% | 37.20% | 11.10% | 9.25% |
| Equity Fund<br> Seeks capital growth<br>| LVIP American Century <br> Capital Appreciation <br> Fund<br> Adviser: Lincoln Financial <br> Investments Corporation<br> SubAdviser: American <br> Century Investment <br> Management, Inc.<br>| 0.57% | 6.95% | 5.49%<br>12.13%<sup>3</sup> <br>|  |
| Equity Fund<br> Seeks long-term capital <br> appreciation<br>| American <br> Funds Insurance Series <br> New World Fund<br> Adviser: Capital <br> Research and <br> Management [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br>| 0.57% | 28.60% | 5.59% | 9.53% |
| Equity Fund<br> Seeks long-term capital <br> growth<br>| American Century Small <br> Cap Growth R6<br>| 0.78% | 9.40% | 3.31% | 12.60% |
| Equity Fund<br> Seeks capital <br> appreciation<br>| Nomura VIP<sup>®</sup> Small Cap <br> Value Series <br> Adviser: Delaware <br> Management [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br>| 0.74% | 8.16% | 9.26% | 9.15% |
| Equity Fund<br> Seeks to provide <br> long-term growth of <br> capital<br>| DWS Capital Growth VIP<br> Adviser: DWS Investment <br> Management Americas, <br> Inc. <br>| 0.49% | 12.53% | 10.92% | 15.29% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Equity Fund<br> Seeks reasonable <br> income and will also <br> consider potential for <br> capital appreciation. <br> Fund's goal is to <br> achieve a yield which <br> exceeds the composite <br> yield on the securities <br> comprising the S&P <br> 500<sup>®</sup> Index<br>| Fidelity VIP <br> Equity-Income Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.46% | 19.02% | 12.51% | 11.60% |  |
| Equity Fund<br> Seeks long-term capital <br> appreciation<br>| Fidelity VIP Contrafund<sup>®</sup> <br> Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.54% | 21.52% | 15.37% | 15.78% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital<br>| Fidelity VIP Mid Cap <br> Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.55% | 11.75% | 10.10% | 10.59% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital<br>| Goldman Sachs VIT <br> Small Cap Equity Insights <br> Fund<br> Adviser: Goldman Sachs <br> Asset Management, L.P. <br>| 0.82% | 16.14% | 10.47% | 10.84% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital and <br> dividend income<br>| Goldman Sachs VIT US <br> Equity Insights Fund<br> Adviser: Goldman Sachs <br> Asset Management, L.P. <br>| 0.56% | 15.75% | 13.81% | 13.73% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Equity Fund<br> Seeks capital <br> appreciation<br>| Invesco V.I. Main Street <br> Fund<sup>®</sup> <br>Adviser: Invesco <br> Advisers, Inc.<br>| 0.80% | 15.93% | 12.47% | 12.53% |  |
| Equity Fund<br> Seeks capital <br> appreciation<br>| MFS<sup>®</sup> VIT III Mid Cap <br> Value Portfolio<br> Adviser: MFS<br>| 0.79% | 5.98% | 10.18% | 9.95% |  |
| Equity Fund<br> Seeks long-term <br> growth of capital by <br> investing primarily in <br> securities of <br> companies that meet <br> Fund's environmental, <br> social and governance <br> (ESG) criteria<br>| Neuberger Berman <br> Advisers Management <br> Trust Sustainable Equity <br> Portfolio<br> Adviser: Neuberger <br> Berman Investment <br> Advisers LLC <br>| 0.87% | 13.71% | 12.83% | 12.94% |  |
| Equity Fund<br> Seeks to provide <br> long-term capital <br> growth with income as <br> secondary objective<br>| T. Rowe Price Blue Chip <br> Growth Portfolio<br> Adviser: T. Rowe Price <br> Associates, Inc.<br>| 0.75% | 18.74% | 11.68% | 15.54% |  |
| Equity Fund<br> Seeks to provide <br> long-term capital <br> appreciation and <br> income<br>| Vanguard Variable <br> Insurance Fund <br> Diversified Value <br> Portfolio<sup>®</sup> <br>Advisers: Lazard Asset <br> Management LLC and <br> Hotchkis and Wiley <br> Capital Management, <br> LLC<br>| 0.28% | 16.83% | 13.24% | 11.76% |  |
| Equity Fund<br> Seeks to provide <br> long-term capital <br> appreciation<br>| Vanguard Variable <br> Insurance <br> Fund International <br> Portfolio<sup>®</sup> <br>Advisers: Baillie Gifford <br> Overseas Ltd. And <br> Schroder Investment <br> Management North <br> America Inc.<br>| 0.32% | 19.97% | 0.62% | 10.48% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Real Estate Fund<br> Seeks to provide a high <br> level of income and <br> moderate long-term <br> capital appreciation by <br> tracking performance <br> of a benchmark index <br> that measures <br> performance of publicly <br> traded equity REITs <br> and other real <br> estate-related <br> investments<br>| Vanguard Variable <br> Insurance Fund Real <br> Estate Index Portfolio<sup>®</sup> <br>Adviser: The Vanguard <br> Group, Inc.<br>| 0.26% | 3.11% | 4.51% | 5.08% |  |
| Fixed Income Fund<br> Seeks current income <br> to extent consistent <br> with maintenance of <br> liquidity, investment <br> quality and stability of <br> capital<br>| MoA US Government <br> Money Market Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.23% | 4.15% | 3.06% | 1.96% |  |
| Fixed Income Fund<br> Primary investment <br> objective is to produce <br> a high level of current <br> income with secondary <br> investment objective to <br> preserve shareholders' <br> capital<br>| MoA Intermediate Bond <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.47% | 6.65% | 0.74% | 2.14% |  |
| Fixed Income Fund<br> Seeks current income, <br> with preservation of <br> shareholders' capital a <br> secondary objective<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Core Bond Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.45% | 7.58% | -0.56% | 1.92% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Fixed Income<br> Seeks to achieve its <br> investment objective by <br> investing under normal <br> circumstances at least <br> 80% of its net assets in <br> inflation-indexed bonds <br> of varying maturities <br> issued by the U.S. and <br> non-U.S. governments, <br> their agencies or <br> instrumentalities and <br> corporations, which <br> may be represented by <br> forwards or derivatives <br> such as options, <br> futures contracts or <br> swap agreements <br>| PIMCO Variable <br> Insurance Trust Real <br> Return Portfolio <br> (Institutional Class)<br> Adviser: Pacific <br> Investment Management <br> [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) LLC <br>| 1.24% | 8.01% | 1.36% | 3.37% |  |
| Fixed Income Fund<br> Seeks to track the <br> performance of a <br> broad, market-weighted <br> bond index<br>| Vanguard Variable <br> Insurance Fund Total <br> Bond Market Index <br> Portfolio<sup>®</sup> <br>Adviser: The Vanguard <br> Group, Inc.<br>| 0.14% | 6.94% | -0.51% | 1.90% |  |
| Balanced Fund<br> Seeks capital <br> appreciation and <br> current income by <br> investing in a <br> diversified portfolio of <br> common stocks, debt <br> securities and money <br> market instruments<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Balanced Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.57% | 18.82% | 10.50% | 10.04% |  |
| Balanced Fund<br> Seeks to obtain high <br> total return with <br> reduced risk over the <br> long term by allocating <br> Fund assets among <br> stocks, bonds, and <br> short-term instruments<br>| Fidelity VIP Asset <br> Manager Portfolio<br> Adviser: Fidelity <br> Management & Research <br> [Company](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) LLC (FMR)<br> Subadvisers: FMR <br> Investment Management <br> (UK) Limited, Fidelity <br> Management & Research <br> (Hong Kong) Limited, and <br> Fidelity Management & <br> Research Japan Limited <br> serve as sub-advisers.<br>| 0.51% | 14.98% | 5.67% | 7.13% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Balanced Fund<br> Seeks to achieve <br> competitive total return <br> through actively <br> managed portfolio of <br> stocks, bonds, and <br> money market <br> instruments which offer <br> income and capital <br> growth opportunity<br>| Calvert VP SRI Balanced <br> Portfolio<br> Adviser: Calvert <br> Research and <br> Management<br>| 0.64% | 11.48% | 8.68% | 9.81% |  |
| Balanced Fund<br> Seeks current income <br> and, to a lesser extent, <br> capital appreciation<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Conservative <br> Allocation Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.50% | 11.06% | 4.74% | 5.95% |  |
| Balanced Fund<br> Seeks capital <br> appreciation and <br> current income<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Moderate Allocation <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.38% | 15.40% | 7.80% | 8.67% |  |
| Balanced Fund<br> Seeks capital <br> appreciation and, to a <br> lesser extent, current <br> income<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Aggressive <br> Allocation Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.39% | 16.16% | 9.14% | 10.03% |  |
| Balanced Funds<br> Seeks current income <br> consistent with <br> preservation of capital <br> and, to a lesser extent, <br> capital appreciation<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Retirement Income <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.53% | 10.53% | 4.13% | 5.18% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2020 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.49% | 11.18% | 5.11% | 6.75% |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** | **Life of** <br> **Fund**<br>|
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2025 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.44% | 12.81% | 6.35% | 7.88% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2030 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.43% | 13.85% | 7.62% | 8.95% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2035 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.40% | 15.32% | 8.84% | 9.90% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2040 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.37% | 16.95% | 10.03% | 10.61% |  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2045 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.36% | 17.70% | 10.49% | 10.82% |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** | **Average Annual Total Returns as of** <br> **12/31/25** |
| **Type/Investment** <br> **Objective** | **Underlying Fund and**<br> **Adviser/Subadviser** | **Current** <br> **Expenses**<sup>1</sup> | **1 year** | **5 year** | **10 year** |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2050 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.37% | 17.82% | 10.69% | 10.95% |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2055 <br> Fund<br> Adviser: Mutual of <br> America Capital <br> Management LLC<br>| 0.38% | 18.27% | 10.86%<br>11.13%<sup>4</sup> <br>|  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2060 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.40% | 18.45% | 11.05%<br>10.72%<sup>5</sup> <br>|  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| [MoA](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Clear Passage 2065 <br> Fund<br> Adviser: [Mutual of](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767)<br> [America](#bookmark_comp_e8008fb9-0730-41c8-a99f-1a8fe80fa767) Capital <br> Management LLC<br>| 0.49% | 18.17% | 11.18%<br>13.74%<sup>6</sup> <br>|  |
| Balanced Funds<br> Seeks current income <br> and capital <br> appreciation <br> appropriate for asset <br> allocation associated <br> with Fund's <br> approximate year of <br> retirement which is <br> included in its name<br>| MoA Clear Passage 2070 <br> Fund<br> Adviser: Mutual of <br> America Capital <br> Management LLC<br>| 0.41%<br>19.49%<sup>7</sup> <br>|  |  |  |

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\*

"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.

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.

Since inception date July 2, 2018.

Since inception date September 22, 2017.

Since inception date October 1, 2016.

Since inception date July 2, 2018.

Since inception date August 3, 2020.

Since inception date May 1, 2025.

------

**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: publicinfo@sec.gov.

*Investment Company Act of 1940 File Number 811-03996* <br>*Securities Act of 1933 Registration Number 333-221999*

EDGAR [Contract](#bookmark_con_e8008fb9-0730-41c8-a99f-1a8fe80fa767) identifier C000198744.

**Prospectus dated May 1, 2026**

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## Ex-99.(P)(1)(Iii)

**POWER OF ATTORNEY** 

The undersigned Director of Mutual of America Life Insurance Company, a New York corporation, hereby constitutes and appoints Stephen Rich, Jason A. D' Angelo, Christine Janofsky, Nicholas S. Curabba and Amy Latkin, and each of them (with full power to each of them to act alone), his true and lawful attorney-in-fact and agent, with full power of substitution to each, for him and on his behalf and in his name, place and stead, to execute and file any of the documents referred to below as part of, in connection with or in any way relating to registrations under the Securities Act of 1933 or the Investment Company Act of 1940 (the *Acts):* registration statements on any form or forms under the Acts including forms N-4 and N-VPFS as applicable, and any and all amendments and supplements thereto (including amendments under Rule 497 and post-effective amendments under Rules 485(a) and 485(b) of the Investment Company Act of 1940), with all exhibits and all agreements, consents, exemptive applications and other documents and instruments necessary or appropriate in connection therewith, including any documents required under the Securities Exchange Act of 1934, each of said attorneys-in-fact and agents being empowered to act with or without the others or other, and to have full power and authority to do or cause to be done in the name and on behalf of the undersigned each and every act and thing requisite and necessary or appropriate with respect thereto to be done in and about the premises in order to effectuate the same, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may do or cause to be done by virtue thereof.

This Power of Attorney includes specifically, but not by limitation, all matters described herein in respect of Mutual of America Life Insurance Company:

• Separate Account No. 2 TDA VEC (File Nos. 333-221999, 811-03996)

• Separate Account No. 2 IRA FPA (File Nos. 002-90201, 811-03996)

• Separate Account No. 2 Thrift (File Nos. 33-11023, 811-03996)

• Separate Account No. 2 457 (File Nos. 33-5609, 811-03996)

• Separate Account No. 3 VUL (File Nos. 333-83413, 811-09487)

Any and all previous Powers of Attorney signed by the undersigned in connection with the subject matter hereof are revoked and replaced hereby.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand, this 5<sup>th</sup> day of March, 2026.

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| |
|:---|
| /s/ Christopher Quick |
| Signature |
| Christopher Quick |
| Print Name |

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