FPA Contributions, Withdrawals & Retirement Income Options

How much can you contribute?

Your initial contribution can be as low as $10 or as high as you wish. Unlike an IRA or a qualified retirement plan such as a 401(k), there is no limit on the amount you can contribute to an FPA.

How often can you make contributions?

No regular payment schedule is required. The frequency and size of your contributions are up to you. You have the flexibility to stop, resume, increase or decrease your contributions whenever you want.

How do you make contributions?

Contributions can be made by check, or, you can authorize debits from your bank account directly into your FPA. Alternatively, you may also be able to arrange to have your employer automatically deduct the amount you wish to contribute directly from your paycheck. Learn more about Automatic Contributions.


You can withdraw some or all of your FPA account balance subject to any applicable taxes. Mutual of America imposes no withdrawal charge. There is a contract fee (unless you elect to receive documents electronically), and investments in the Separate Account investment funds are subject to Separate Account charges and underlying funds investment management fees and expenses. Withdrawals of the tax-deferred interest and investment earnings are subject to income tax at your ordinary income tax rate at the time of withdrawal, and if made prior to age 59½, a 10% federal tax penalty, unless the withdrawal is a result of disability or death or in certain other circumstances.

What are your payment options?

When you are ready to start receiving benefit payments from your FPA account, you have the following options:

  • Specified Payments Option (SPO) - This option allows you to receive regular monthly payments from your account. The SPO payment amount ($100 minimum) can be changed or stopped at any time.
  • Annuity - All forms of annuities available under the plan provide a monthly benefit to you for life. The amount of your monthly annuity income will depend on the annuity you select. You may start receiving annuity payments as early as age 55.
  • Single Sum - You may withdraw your account balance in a single sum.
Mutual of America offers a variety of options for withdrawing your money based on your specific needs for retirement income. Learn more about Turning Your Retirement Savings into Retirement Income. Our Participant Account Representatives and Rollover Specialists can help you review your savings and investment options and help you to choose how and when to receive your retirement income. Learn more about the Interest Account & Separate Account Investment Funds.
You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 800.468.3785 or visiting mutualofamerica.com. Read them carefully before investing.

Mutual of America's FPA is an individual variable annuity contract and is suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested. Form FPA-2002 or applicable state variation.

Individual Product