Letter from the President and Chief Executive Officer

John R. Greed

2016 was a year of transition with the retirement of our former President and Chief Executive Officer, Tom Moran, and my appointment to succeed him. Over the years, Tom spent a great deal of time getting me prepared to take on this new leadership role. Thanks to his mentoring, I now feel very comfortable in my role as President and Chief Executive Officer of Mutual of America.

As a financial services company, we see firsthand the economic challenges many Americans face and their determination to work towards a better future. In Mutual of America’s 71-year history, our commitment to helping our clients succeed has never wavered. That commitment and our financial strength have allowed us to make good on our value proposition: providing outstanding service through “high touch,” one-on-one support; innovative uses of technology; and a carefully selected array of investment funds that are appropriate for retirement savings at a very competitive price.

During the past year, we made important enhancements to our products and services that are specifically aimed at improving individuals’ retirement readiness. In October, we reduced the Separate Account fees on our individual IRA and Flexible Premium Annuity products by 25% while continuing to offer attractive interest rates for balances allocated to the Interest Accumulation Account. In addition, to help meet the retirement savings needs of individuals in their early 20s, we added the 2055 Retirement Fund to our series of target-date Retirement Funds. Our target-date Retirement Funds have proven to be very popular, offering individuals a professionally managed solution for age-appropriate investment allocation and diversification over time. These Funds can also serve as a qualified default investment alternative under our automatic enrollment arrangement.

“ Mutual of America employees are people who truly care. They see up close the difference their expertise makes in the lives of the individuals we serve. ”

In 2016, we continued to work closely with a growing number of plan sponsors to implement both automatic enrollment and automatic escalation of employee contributions to increase plan participation and savings rates. Taken together, these plan features can markedly improve employees’ chances of meeting their retirement income needs. We also developed a new Payroll Integration Service that will significantly streamline plan administration. We will introduce further enhancements to the design and functionality of our plan sponsor administration system and, for plan participants, new website features and educational tools designed to help participants reach their financial goals.

I enter 2017 with a continued sense of confidence in the intelligence, leadership and dedication of our employees. They understand that integrity and sustained business success are inseparable and that meeting the needs of our customers is our first priority. From the professionals in our Home Office to our local Regional Office sales and service representatives who meet on-site with our clients, our employees are people who truly care. They see up close the difference their expertise makes in the lives of the individuals we serve, many of whom are committed to helping others through their work in nonprofit organizations. Working with the highest ethical standards, our employees do their utmost to help individuals make the most of their retirement plans.

The 2016 presidential election focused a lot of attention on the divisions that exist in our society. Stronger than what divides us, however, are the values that unite us: courage, caring and a sense of responsibility and service — to our families, friends and the larger society in which we live. Mutual of America embraces these values and remains, as ever, a company dedicated to service.

John R. GreedPresident and Chief Executive Officer

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 1-866-954-4321 or by visiting mutualofamerica.com.

Mutual of America’s group and individual retirement products are variable annuity contracts and are 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. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract’s other features before making a decision.

Statements made in this interactive annual report by clients of Mutual of America are not paid testimonials. These testimonials may not be representative of the experience of other clients and are not indicative of future performance or success.

There is no separate fee for Mutual of America’s Financial Consulting Services, although there are minimum account balance requirements. The guidance and information provided by Mutual of America’s Financial Consultants are educational in nature and are not intended to serve as a primary basis for investment decisions. Mutual of America’s Financial Consulting Services do not create an investment advisory or a fiduciary relationship (including under ERISA) between you or your employees and Mutual of America. Mutual of America and its Financial Consultants do not provide tax or legal advice. Consult your personal tax adviser or attorney for matters involving taxation and tax planning and your attorney for matters involving personal trusts and estate planning.