MUTUAL OF AMERICA LIFE INSURANCE COMPANY
[000 XXXX XXXXXX XXX XXXX XX 00000-6839 - 000 000 0000]
(hereafter called the "Company")
FLEXIBLE PREMIUM DEFERRED ANNUITY CONTRACT
As of the Annuity Commencement Date, the Company shall pay the annuity benefits
as provided in this Contract. Upon the death of the Annuitant or the Owner
before the Annuity Commencement Date, the Company shall pay the death benefit as
provided in this Contract. At any time prior to the Annuity Commencement Date or
the death of the Annuitant, the Owner may withdraw amounts held under this
Contract without any surrender charges or purchase an annuity.
RIGHT TO EXAMINE CONTRACT. This Contract may be returned for cancellation within
[10] days after the date it is received by the Owner. It may be delivered or
mailed to the Company or to any agent of the Company, along with a written
request for cancellation. This Contract shall then be cancelled and the Company
shall refund to the Owner an amount equal to: (a) all contributions allocated to
the Interest Accumulation Account, with no deductions; plus (b) the value on the
surrender date of all contributions allocated to any Investment Fund. For
purposes of this paragraph only, the surrender date shall be the date this
Contract is delivered or mailed to the Company, along with the request for
cancellation.
This Contract is issued in consideration of the application for this Contract
and payment of the first contribution (premium) of at least [$10] . Additional
contributions may be made at any time prior to the Annuity Commencement Date,
the death of the Annuitant or the death of the Owner. Each contribution is
subject to the Contributions provision of this Contract. This Contract shall
take effect on the Effective Date shown in the Specifications Section of this
Contract.
This Contract is executed by the Company at its Home Office in New York, New
York on the Date of Issue shown in the Specifications Section of this Contract.
/s/ Xxxxx Xxxxx /s/ Xxxxxx X. Xxxxx
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Vice President President and Chief Executive Officer
AMOUNTS HELD IN CONNECTION WITH THIS CONTRACT MAY BE HELD IN THE COMPANY'S
GENERAL ACCOUNT AND/OR THE COMPANY'S SEPARATE ACCOUNT THAT THE COMPANY MAINTAINS
IN CONNECTION WITH THIS CONTRACT AND CERTAIN OTHER CONTRACTS. THE AMOUNTS HELD
IN THE SEPARATE ACCOUNT ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNTS AND SHALL
INCREASE OR DECREASE IN VALUE BASED UPON THE INVESTMENT RESULTS OF THE SEPARATE
ACCOUNT. A DESCRIPTION OF THE SEPARATE ACCOUNT APPEARS IN THE ACCOUNTS SECTION
OF THIS CONTRACT. A DESCRIPTION OF THE CHARGES DEDUCTED FROM THE AMOUNTS HELD IN
THE SEPARATE ACCOUNT APPEARS IN THE DEFINITION OF ADMINISTRATIVE CHARGES IN THE
DEFINITIONS SECTION OF THIS CONTRACT.
THIS IS A PARTICIPATING CONTRACT.
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TABLE OF CONTENTS
SECTION 1 - SPECIFICATIONS 5
SECTION 2 - DEFINITIONS 5
Account Value 5
Administrative Charges 5
Annuitant 5
Annuity Commencement Date 6
Beneficiary 6
Business Day 6
Code 6
Commuted Value 6
Contract 6
Current Rate of Interest 6
Date of Issue 6
Effective Date 6
Guaranteed Rate of Interest 6
Home Office 6
Interest Accumulation Account 6
Investment Fund 6
Notice 7
Owner 7
Separate Account 7
Surviving Spouse 7
Underlying Investment Company 7
United States Bank 7
Valid Transaction Date 7
Valuation Day 7
Valuation Period 7
SECTION 3 - CONTRIBUTIONS 7
Contributions 7
Allocation of Contributions 7
Change of Allocations 8
SECTION 4 - ACCOUNTS 8
Accounts 8
General Account 8
Separate Account 8
Account Value 8
Accumulation Units 8
Accumulation Unit Value 8
Accumulation Unit Value Change Factor 9
Changes to Separate Account 9
SECTION 5 - WITHDRAWALS AND TRANSFERS 9
Withdrawals and Transfers 9
Amount of Withdrawal or Transfer 10
Requests for Withdrawal or Transfer 10
Postponement of Withdrawals or Transfers 10
SECTION 6 - BENEFITS 10
Annuity Benefit 10
Amount of Annuity Benefit 10
Annuity Options 10
Specified Payments Option 11
Death Benefit 12
Spousal Continuation 12
Death Benefit Settlement Options 12
Distribution Rules 13
SECTION 7 - BENEFICIARY 14
SECTION 8 - GENERAL PROVISIONS 14
Contract 14
Incontestability 14
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Misstatements of Age 14
Assignment 15
Adjustments to Current Rate and Expense Charges 15
Evidence of Survival 15
Claims of Creditors 15
Separability of Provisions 15
Non-Waiver 15
Participating Contract 15
Dividends 15
Termination of Contract 15
Notices 16
Reports 16
SECTION - 9 TABLE OF RATES 16
SECTION 10 - LIST OF ACCOUNTS AND FUNDS 17
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SECTION 1 - SPECIFICATIONS
ANNUITANT: [Xxxx X. Xxx]
OWNER: [Xxxx X. Xxx]
POLICY NUMBER: [Your Social Security Number]
EFFECTIVE DATE: [December 1, 2002]
DATE OF ISSUE: [January 2, 2003]
STATE OF DELIVERY: [New York]
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TYPE OF CHARGE AMOUNT OF CHARGE
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ADMINISTRATIVE CHARGES
SEPARATE ACCOUNT CHARGE Maximum of [2%] annually of the net
assets in each Investment Fund.
CONTRACT CHARGE A monthly contract charge of [$2.00] for
administrative expenses, [except the
monthly charge shall not exceed 1/12 of
1% of the Account Value.]
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An explanation of all charges appears under Administrative Charges in the
Definitions section of this Contract.
The Current Rate of Interest is declared from time to time by the Company, but
shall in no event be less than an effective annual yield of [3%] . The Current
Rate of Interest on the Date of Issue of this Contract results in an effective
annual yield of [3%] .
The total expense charge currently being deducted as a Separate Account Charge
on the Date of Issue of this Contract is [0.90%] .
SECTION 2 - DEFINITIONS
The following terms as used in this Contract shall have the meaning defined
unless a different meaning is required by the context. Words in the singular
form as used in this Contract shall be construed as though they were also used
in the plural form in all cases where they would so apply and vice versa.
ACCOUNT VALUE
An amount equal to the sum of the values, as of a Valuation Day, of the Interest
Accumulation Account and the Investment Funds maintained under this Contract.
ADMINISTRATIVE CHARGES
Separate Account Charge. A charge for expenses incurred for marketing and
administrative costs associated with this Contract and for any state or
other taxes. Such charge shall be declared from time to time by the Company
for the class of contracts to which this Contract belongs. The Company
shall deduct the charge from each Investment Fund. This is a daily charge
expressed as a percentage of the value of the net assets in each Investment
Fund at an annual rate which cannot exceed the rate shown in the
Specifications Section of this Contract.
Contract Charge. A charge to reimburse the Company for the administration
of this Contract. Each month the Company shall deduct the amount shown in
the Specifications Section from the Account Value under this Contract. Such
withdrawals shall be deducted from the Account Value in accordance with a
uniform policy established by the Company for the class of contracts to
which this Contract belongs. The Company reserves the right to change this
charge, subject to any maximum set forth in this Contract and under
applicable laws and regulations.
ANNUITANT
The individual named in the application for this Contract as the annuitant or,
the Surviving Spouse if this contract is continued under Spousal Continuation
and the deceased Owner had been the Annuitant.
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ANNUITY COMMENCEMENT DATE
The date, which shall be the first day of a month, on which annuity payments are
requested to begin. This date may not be within 12 months of the Date of Issue.
If no such date has been requested in the application for this Contract or in a
subsequent Notice, the Annuity Commencement Date shall be the first day of the
month after the later of (i) the Annuitant attaining age 90 and (ii) the tenth
anniversary of the Effective Date. Notwithstanding the above, if this Contract
is issued to an employer or trustee in connection with a Code Section 457(b)
eligible deferred compensation plan, the Annuity Commencement Date shall be no
later than the first day of the month following the Annuitant's attainment of
age [70-1/2] . The prior sentence is intended only to comply with certain
distribution requirements applicable to Code Section 457(b) plans and Internal
Revenue Service regulations issued thereunder, and if those requirements are
amended or repealed, this Contract shall be deemed amended consistent with such
amendment or repeal, and shall be administered in accordance with such amended
or repealed Code and Internal Revenue Service regulations requirements without
the need to issue an amendment to this Contract.
BENEFICIARY
An individual or entity who is to receive:
(a) before the Annuity Commencement Date, any death benefits becoming due under
this Contract as a result of the death of the Owner or the Annuitant, and
(b) on or after the Annuity Commencement Date, the remainder, if any, of
payments due under any annuity option elected pursuant to this Contract.
BUSINESS DAY
Any day on which the Company is open for business and the New York Stock
Exchange is open for trading. For purposes of determining a Valid Transaction
Date, the Business Day shall end as of the close of business of the New York
Stock Exchange (normally 4:00 p.m. Eastern Time.)
CODE
The Internal Revenue Code of 1986, as amended from time to time.
COMMUTED VALUE
The present value of an amount discounted at a rate of interest equal to the
Current Rate of Interest plus 2%.
CONTRACT
This flexible premium deferred annuity contract and the application for it,
which is attached to and made a part of this contract, together with any
amendments to this contract that may be made from time to time.
CURRENT RATE OF INTEREST
The annual rate of interest as declared from time to time by the Company for the
class of contracts to which this Contract belongs. The Current Rate of Interest
shall at all times be at least equal to the Guaranteed Rate of Interest.
DATE OF ISSUE
The date shown as the Date of Issue in the Specifications Section of this
Contract.
EFFECTIVE DATE
The date shown as the Effective Date in the Specifications Section of this
Contract. This Contract becomes effective at 12:01 A.M. on the Effective Date.
GUARANTEED RATE OF INTEREST
A daily rate of interest which results in an effective annual yield of [3%] .
HOME OFFICE
The Company's office at [000 Xxxx Xxxxxx, Xxx Xxxx, XX 00000,] or such other
location as the Company may announce by advance written notice.
INTEREST ACCUMULATION ACCOUNT
An interest-bearing account within the Company's general account to which all or
a portion of the amounts held under this Contract may be allocated.
INVESTMENT FUND
An account of the Separate Account to which all or a portion of the amounts held
under this Contract may be allocated.
NOTICE
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Any communication to the Company with respect to this Contract, regardless of
how referred to in this Contract, including, but not limited to: requests for
benefits, transfers, withdrawals or information; elections of annuity or death
benefit settlement options; designations of Beneficiaries; assignments of
ownership; and allocations of contributions.
OWNER
The Annuitant, unless a different individual or entity is named in the
application for this Contract as the Owner, or the Surviving Spouse if this
Contract is covered under Spousal Continuation.
SEPARATE ACCOUNT
A separate account of the Company established and maintained under the laws of
the State of New York, to which a portion of the Company's assets in connection
with this Contract and certain other contracts may be allocated.
SURVIVING SPOUSE
The legal spouse of the Owner at the time of the Owner's death.
UNDERLYING INVESTMENT COMPANY
A management investment company registered under the Investment Company Act of
1940 that has at least one fund or portfolio in which the Separate Account
invests.
UNITED STATES BANK
A bank or trust company that:
(a) is organized and existing, or in the case of a branch or agency office of a
foreign banking organization is licensed, under the laws of the United Sates
or any state thereof, and
(b) is not a foreign branch office of a bank or trust company organized and
existing in the United States.
VALID TRANSACTION DATE
The Business Day on which all of the requirements for the completion of a
transaction have been met to the satisfaction of the Company. This includes
receipt by the Company of all information, remittances and Notices necessary to
process the given transaction. If such requirements are met on a day that is not
a Business Day, or after the close of a Business Day, the Valid Transaction Date
shall be the next following Business Day.
VALUATION DAY
Each day on which the New York Stock Exchange is open for business.
VALUATION PERIOD
A period beginning at the close of the Business Day on each Valuation Day and
ending at the close of the Business Day on the next Valuation Day.
SECTION 3 - CONTRIBUTIONS
CONTRIBUTIONS
The first contribution (premium) of at least [$10] must be made in order to
place this Contract in force. Thereafter, contributions under this Contract may
be made at any time and for any amount, subject to the following:
(a) No contribution may be for an amount less than [$10].
(b) The Company reserves the right to refuse to accept any contribution.
(c) No contributions may be made on or after the Annuity Commencement Date or
the date of death of the Owner or the Annuitant.
All contributions pursuant to this Contract must be remitted by check, drawn on
a United States Bank, payable to the Company and delivered to its Home Office or
to such other location as may be directed by the Company. With the prior
approval of the Company, amounts may be remitted via wire transfer, electronic
fund transfer or other means from a United States Bank to the Company.
ALLOCATION OF CONTRIBUTIONS
The Owner has the right to designate the percentage of the contribution that is
to be allocated to the Interest Accumulation Account and any of the Investment
Funds. The Company shall allocate all contributions made under this Contract in
the manner so designated by the Owner in the application for this Contract or in
any subsequent Notice by the Owner. Allocation designations must be shown as a
percentage of the total contribution, in any multiple of 1%, up to 100%.
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Any contributions that are to be allocated to the Interest Accumulation Account
shall be credited as of the Business Day that they are received by the Company.
Any contributions to be allocated to any Investment Fund shall be credited as of
the Valuation Day that they are received by the Company or, if received on a day
that is other than a Valuation Day, on the next following Valuation Day.
CHANGE OF ALLOCATIONS
The Owner may change the manner in which contributions are allocated under this
Contract at any time by providing a Notice to the Company. A change of
allocation shall be effective upon receipt of the Notice at the Company's Home
Office and all contributions remitted on or after the effective date of the
change shall be allocated in the manner so requested.
SECTION 4 - ACCOUNTS
ACCOUNTS
Subject to the Changes to Separate Account provision of this Section, the
Company shall maintain under this Contract the Interest Accumulation Account and
the Investment Funds as set forth in the List of Accounts and Funds Section of
this Contract.
GENERAL ACCOUNT
All contributions allocated to the Interest Accumulation Account shall become
part of the Company's general account. All contributions allocated to the
Interest Accumulation Account shall be credited with interest at the Current
Rate of Interest. Such interest shall be credited on dates determined by the
Company, but not less frequently than once each calendar month.
SEPARATE ACCOUNT
All contributions allocated to any of the Investment Funds shall become part of
the Separate Account. The Separate Account consists of Investment Funds that own
shares of the corresponding funds or portfolios of the Underlying Investment
Companies.
The value of the assets in any Investment Fund shall increase or decrease based
upon the investment results of that Investment Fund during each Valuation
Period.
The assets of each Investment Fund are the exclusive property of the Company,
and the Owner shall not have any proprietary interest in such assets. The
Company shall not be considered a trustee of the assets for the benefit of any
person allocating contributions to the Separate Account. All income, gains and
losses of an Investment Fund shall be credited to or charged against that
Investment Fund without regard to other income, gains or losses of the Company.
The assets of each Investment Fund are not chargeable with any liabilities
arising out of any other business the Company may conduct.
ACCOUNT VALUE
In determining the Account Value under this Contract on any Valuation Day:
(a) The value of the Interest Accumulation Account under this Contract on a
Valuation Day is equal to (i) the total of all amounts allocated under this
Contract to the Interest Accumulation Account, plus (ii) all interest
accrued thereon, minus (iii) the sum of any withdrawals, transfers and
Administrative Charges deducted from the Interest Accumulation Account
under this Contract, all to such Valuation Day.
(b) The value of any Investment Fund under this Contract on a Valuation Day is
equal to (i) the number of accumulation units credited to the Investment
Fund on such Valuation Day under this Contract, multiplied by (ii) the
accumulation unit value for the Investment Fund for the Valuation Period
which includes such Valuation Day.
ACCUMULATION UNITS
Each Investment Fund is maintained in accumulation units. Accumulation units
shall be used to calculate the value of each Investment Fund. The number of
accumulation units shall change based on any amounts allocated or transferred
to, or withdrawn or transferred from, each Investment Fund during each Valuation
Period. The number of accumulation units to be added to or deducted from each
Investment Fund at the end of each Valuation Period is: (a) the amount
allocated, withdrawn or transferred during the present Valuation Period, divided
by (b) the accumulation unit value for that Valuation Period. The number of
accumulation units credited to such Investment Fund on any Valuation Day shall
be (a) the sum of any accumulation units credited to that Investment Fund, minus
(b) the sum of any accumulation units withdrawn from such Investment Fund.
ACCUMULATION UNIT VALUE
Each Investment Fund has its own distinct accumulation unit value. The
accumulation unit value for an Investment Fund was (or will be) set by the
Company when the Investment Fund was (or will be) initially funded. The
accumulation unit value for each Investment Fund shall change for each Valuation
Day based upon the investment results of that Investment Fund on that Valuation
Day. For any Valuation Period, the accumulation unit value is: (a) the
accumulation unit value applicable to that Investment Fund for the preceding
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Valuation Period; multiplied by (b) the accumulation unit value change factor
for that Investment Fund for the current Valuation Period.
ACCUMULATION UNIT VALUE CHANGE FACTOR
For any Valuation Period, the accumulation unit value change factor for each
Investment Fund that owns shares of the corresponding fund or portfolio of an
Underlying Investment Company affiliated with the Company is:
(a) the ratio of (i) the asset value of the Investment Fund at the end of the
current Valuation Period before any amounts are allocated to, or withdrawn
or transferred from, that Investment Fund during that Valuation Period; to
(ii) the asset value of that Investment Fund at the end of the last
Valuation Period after all allocations and withdrawals were made during
that Valuation Period; divided by
(b) 1.00 plus the total of all Administrative Charges, other than the Contract
Charge, for the number of days from the end of the last Valuation Period to
the end of the current Valuation Period.
For any Valuation Period, the accumulation unit value change factor for an
Investment Fund that owns shares of the corresponding fund or portfolio of an
Underlying Investment Company not affiliated with the Company is:
(a) the ratio of (i) the share value of the Investment Fund at the end of the
current Valuation Period, adjusted by the Cumulative Dividend Multiplier
(as defined below) for the current Valuation Period, to (ii) the share
value of the Investment Fund at the end of the last Valuation Period,
adjusted for the Cumulative Dividend Multiplier for the last Valuation
Period; divided by
(b) 1.00 plus the total of all Administrative Charges, other than the Contract
Charge, for the number of days from the end of the last Valuation Period to
the end of the current Valuation Period.
For purposes of this provision, the Cumulative Dividend Multiplier is calculated
by dividing the share value, after a dividend distribution, into the share value
without regard to the dividend distribution, multiplied by the previous Dividend
Multiplier.
CHANGES TO SEPARATE ACCOUNT
The Company reserves the right, subject to compliance with applicable laws and
regulations governing separate account operations, to:
(a) create new Investment Funds at any time;
(b) modify, combine or remove Investment Funds;
(c) transfer assets the Company has determined to be associated with the class
of contracts to which this Contract belongs from one Investment Fund to
another Investment Fund;
(d) create additional separate accounts or combine any two or more separate
accounts including the Separate Account;
(e) transfer assets the Company has determined to be attributable to the class
of contracts to which this Contract belongs from the Separate Account to
another separate account of the Company by withdrawing the same percentage
of each investment in the Separate Account, with appropriate adjustments to
avoid odd lots and fractions;
(f) operate the Separate Account as a management investment company under the
Investment Company Act of 1940, or in any other form permitted by law, and
designate an investment advisor for its management, which may be the
Company, an affiliate of the Company or another person;
(g) cause the registration or deregistration of any of the Company's separate
accounts, including the Separate Account, under the Investment Company Act
of 1940 and/or, cease to maintain their registration under the Securities
Act of 1933 for sales of units of interest under this Contract; and
(h) operate the Separate Account under the general supervision of a committee,
any or all members of which may be interested persons (as defined in the
Investment Company Act of 1940) of the Company or its affiliates, or
discharge the committee for the Separate Account.
SECTION 5 - WITHDRAWALS AND TRANSFERS
WITHDRAWALS AND TRANSFERS
At any time before the Annuity Commencement Date while the Annuitant is alive,
the Owner may: (a) withdraw all or any part of the Account Value; or (b)
transfer all or any part of the Account Value between and among the Interest
Accumulation Account and any of the Investment Funds. No withdrawal or transfer
may be made on or after the Annuity Commencement Date or the death of the Owner
or the Annuitant. All amounts withdrawn shall be paid to the Owner and sent to
the Owner's last address shown in the Company's records.
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AMOUNT OF WITHDRAWAL OR TRANSFER
The amount to be withdrawn or transferred may be designated as: (a) a dollar
amount; or (b) a percentage of the value of the Interest Accumulation Account or
the selected Investment Fund; or (c) in the case of any of the Investment Funds,
a number of accumulation units. The amount to be withdrawn or transferred from
the Interest Accumulation Account or any Investment Fund shall be the lesser of:
(a) the amount requested; or (b) the amount in the Interest Accumulation Account
or that Investment Fund on the date of withdrawal or transfer.
REQUESTS FOR WITHDRAWAL OR TRANSFER
A Notice requesting any transfer or partial withdrawal must contain sufficient
information for the Company to process the request. All requests for a
withdrawal or transfer shall be effective on the later of: (a) the Valid
Transaction Date for the request; or (b) the date specified in the request,
provided the Company has not received Notice of the death of the Owner or the
Annuitant. If the date specified in the request is not a Valid Transaction Date,
the date of the request shall be considered to be the next Valid Transaction
Date following such date.
POSTPONEMENT OF WITHDRAWALS OR TRANSFERS
The Company reserves the right to defer the payment of a total withdrawal from
the Interest Accumulation Account in connection with the termination of this
Contract for up to six months following the date of receipt of such request.
The Company shall transfer or pay the amount of any withdrawal from any
Investment Fund within seven days of the Valid Transaction Date of a transfer or
withdrawal request, except that the Company may defer any such transfer or
withdrawal if:
(a) the New York Stock Exchange is closed for other than usual weekends or
holidays; or
(b) trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission; or
(c) an emergency exists as determined by the Securities and Exchange Commission,
whereby (i) disposing of securities is not practicable or (ii) it is not
reasonably practicable to determine the share value of each of the
Investment Funds; or
(d) the Securities and Exchange Commission by order permits postponement for the
protection of the interest of all parties involved in the Separate Account.
SECTION 6 - BENEFITS
ANNUITY BENEFIT
Prior to the Annuity Commencement Date or the death of the Annuitant, the Owner
may elect that the Account Value be paid as a single sum or that it be paid
under one of the following annuity options. All payments shall be made to the
Annuitant at the Annuitant's last address shown in the Company's records.
Notwithstanding the above paragraph, if this Contract is issued to an employer
or trustee in connection with a Code Section 457 deferred compensation plan or a
nonqualified deferred compensation plan or arrangement, all payments shall be
payable to the Owner, not the Annuitant. However, the Owner may request that the
Company make payments to a person or entity designated by the Owner to receive
payments until the Owner changes or revokes such request.
On the Annuity Commencement Date, or, if not a Business Day, the last Business
Day immediately preceding such date, the Account Value shall be withdrawn by the
Company and either (a) be paid as a single sum or (b) be applied under one of
the annuity options described below. If, as of the Annuity Commencement Date, no
annuity option or single sum benefit option is elected, the Account Value shall
be paid under the Life Annuity with 10 Year Period Certain annuity option.
AMOUNT OF ANNUITY BENEFIT
The amount of the annuity benefit shall be based on: (a) the Account Value on
the Annuity Commencement Date; (b) the form of annuity under which payment is to
be made; (c) the age of the Annuitant and, if applicable, the joint annuitant or
the individual on whose life annuity benefits are to be based; and (d) the
purchase rates used to purchase the annuity option elected.
ANNUITY OPTIONS
The following rules are applicable to the annuity options set forth below:
(a) Any election or change of an annuity option shall take effect as of the date
the Notice was signed whether or not the Owner, Annuitant or Beneficiary is
living at the time of its receipt.
(b) The amount of each payment made under a given annuity option must be at
least [$50] .
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(c) If this Contract is issued to an employer or trustee in connection with a
Code Section 457 deferred compensation plan or a nonqualified deferred
compensation plan or arrangement, then for purposes of the Annuity Options:
(i) the Annuitant shall be the individual upon whose life the annuity option
shall be based and (ii) notwithstanding the preceding clause, or anything
else to the contrary, all payments shall be payable to the Owner but the
Owner may request that the Company make payments to a person or entity
designated by the Owner and may change or revoke that designation at any
time with respect to any amounts prior to their actual payment.
(d) The joint annuitant under option (B) must be a natural person.
(e) If the Company is issuing a single premium immediate annuity on the Annuity
Commencement Date, the Company shall: (i) determine if the current purchase
rates are more favorable than the rates shown in Table B of Section 9 of
this Contract; and (ii) use the more favorable rates in purchasing an
annuity option under this Contract.
(f) Subject to the requirements of this section and if acceptable to the
Company, the Owner may elect a different period certain and/or different
percentages under one of the annuity options.
(g) Once payments have commenced under one of the annuity options shown below,
no changes, other than for changes by the Owner as to the Beneficiary, are
permitted, except that if this Contract is issued to an employer or trustee
in connection with a Code Section 457 deferred compensation plan or a
nonqualified deferred compensation plan or arrangement, the Owner may make
changes to, or revoke, any request to make payments to a designated person
or entity made in accordance with rule (c) (ii) above.
(h) If at any age the same monthly annuity payment is paid for different periods
certain under either option (A) or option (B), the Company shall deem an
election to have been made for the longest period certain which could have
been elected for such age, amount and type of annuity.
The following annuity options are available under this Contract:
(A) LIFE ANNUITY WITH 10 YEAR PERIOD CERTAIN. The Company shall make monthly
payments during the Annuitant's lifetime. Upon the Annuitant's death before
the end of the ten-year period, annuity payments shall continue to be paid
to the Beneficiary until the end of such ten-year period. If no Beneficiary
survives the Annuitant, the Commuted Value of any remaining payments under
this option shall be paid in one single sum to the Annuitant's estate.
Table C of Section 9 of this Contract shows the monthly annuity based on
each $1,000 applied under a Life Annuity with 10-Year Period Certain.
(B) JOINT AND SURVIVOR ANNUITY. The Company shall make monthly payments during
the Annuitant's lifetime. Upon the Annuitant's death, monthly annuity
payments equal to 66-2/3% of the Annuitant's monthly annuity benefit shall
be payable during the lifetime of the joint annuitant, if living. If both
the Annuitant and joint annuitant die before annuity benefits have been
paid for ten years, annuity payments shall continue to be paid each month
to the Beneficiary until the end of such ten-year period. The amount of the
monthly annuity benefit payable to such Beneficiary shall be the amount of
the monthly annuity benefit being paid under this Contract immediately
before the date payments to such Beneficiary begin. In the event of the
simultaneous death of the Annuitant and joint annuitant, or if it cannot be
determined who was the first to die, it shall be assumed that the joint
annuitant died before the Annuitant. If no Beneficiary survives the
Annuitant and the joint annuitant, the Commuted Value of any remaining
payments under this option shall be paid in one single sum to the estate of
the last surviving annuitant under this option.
(C) FULL CASH REFUND ANNUITY. The Company shall make monthly payments during
the Annuitant's lifetime. Upon the Annuitant's death, a single sum payment
equal to: (a) the Account Value of this Contract on the Annuity
Commencement Date; less (b) the total of all monthly payments made to the
Annuitant since the Annuity Commencement Date shall be paid to the
Beneficiary. If no Beneficiary survives the Annuitant, the single sum
payment shall be paid to the Annuitant's estate.
When a Beneficiary is receiving payments upon the death of an Annuitant under
either (A) or (B) above, and the Beneficiary subsequently dies, the Commuted
Value of any unpaid amount shall be paid in one single sum to an individual or
entity that was designated to receive such unpaid amount by the Beneficiary. If
no such individual or entity was designated, or if the designated individual
does not survive the Beneficiary, such single sum amount shall be paid to the
Beneficiary's estate.
SPECIFIED PAYMENTS OPTION
The Owner may elect that monthly payments in a specified amount be paid to the
Annuitant at any time before the Annuity Commencement Date or the date of the
Annuitant's death. This monthly payment must be at least [$100] . A Notice of
such election must specify the amount to be withdrawn each month and the account
it is to be withdrawn from. If amounts are to be withdrawn from more than one
account to make up the specified amount, the amount or percentage to be
withdrawn from each account must be specified in such election. Unless otherwise
requested, all payments shall be made directly to the Annuitant at the last
address shown for such individual or entity in the Company's records.
Payment of the specified amount shall begin on the later of: (a) the date
designated in the election form; or (b) the date the Company receives all
necessary information and Notices to begin such payments. If such date is not a
Business Day, payments of the specified amount shall begin on the next Business
Day following such date. The amount of the specified payment shall be deducted
from the accounts designated in the election Notice. Payments shall cease at the
earliest of:
11
(a) the date the Company receives Notice of the Annuitant's death;
(b) the date the Company receives Notice of the Owner's death;
(c) the date the Company receives Notice from the Owner to cancel this option;
(d) the first date on which the value of a designated account is not sufficient
to provide the portion of the specified amount to be withdrawn from such
account; or
(e) the Annuity Commencement Date.
At any time before payments cease, the Owner has the right to: (a) request a
change in the amount of the monthly payment; or (b) request a change in the
accounts from which the amount of the monthly payment are to be withdrawn, or
(c) cancel this option.
This specified payments option is not available if this Contract is issued to an
employer or trustee in connection with a Code Section 457 deferred compensation
plan or a nonqualified deferred compensation plan or arrangement.
DEATH BENEFIT
Before payments have begun under an annuity option and upon the Company's
receipt of Notice and satisfactory proof of death of the Annuitant or the Owner,
whichever occurs first, a death benefit shall be paid to the Beneficiary under
this Contract, unless the Surviving Spouse continues this Contract as provided
under the Spousal Continuation provision. The death benefit is equal to the
amount that then represents the Account Value on the Valid Transaction Date for
paying the death benefit.
The death benefit shall be paid in one single sum. While the Annuitant is
living, the Owner may elect or change the election of a settlement option for
all or part of the death benefit that may arise under this Contract. If the
Owner does not elect a specific settlement option before the Annuitant or Owner
dies, the Beneficiary, prior to the time of payment of benefits, shall have the
right to elect a settlement option for all or part of any benefits that become
payable to such Beneficiary. If the Owner does elect a specific settlement
option, the Beneficiary cannot change the settlement option or any of its
factors even after the Annuitant or Owner dies.
SPOUSAL CONTINUATION
Spousal Continuation means that, upon the death of the Owner before the Annuity
Commencement Date, the Surviving Spouse qualifies and elects to continue this
Contract and becomes the Owner of this Contract. This Contract may be continued
under Spousal Continuation only if the Surviving Spouse is the only Beneficiary
on the date of the Owner's death.
Notice of an election for Spousal Continuation must be received by the Company
prior to the payment of the death benefit.
If Spousal Continuation is elected and the deceased Owner had been the
Annuitant, the Surviving Spouse shall become the Annuitant.
DEATH BENEFIT SETTLEMENT OPTIONS
The following rules are applicable to the death benefit settlement options set
forth below:
(a) If the Owner changes a Beneficiary, any settlement option elected previously
shall no longer be in effect unless the Owner requests in writing that it
continue.
(b) Any election or change of a settlement option shall take effect as of the
date the Notice of such election or change was signed whether or not the
Owner, Annuitant or Beneficiary is living at the time of its receipt.
(c) The amount of each payment made under a given settlement option must be at
least [$50] .
(d) If this Contract is issued to an employer or trustee in connection with a
Code Section 457 deferred compensation plan or a nonqualified deferred
compensation plan or arrangement and the Owner is the Beneficiary, then for
purposes of options (A), (C) and (D): (i) the Owner shall designate a
natural person (the "Measured Life") upon whose life the settlement option
shall be based; (ii) all references in options (A), (C) and (D) to
Beneficiary shall be deemed to be references to the Measured Life; and (iii)
notwithstanding the preceding clause, or anything else to the contrary, all
payments shall be payable to the Owner but the Owner may request that the
Company make payments to a person or entity designated by the Owner and may
change or revoke that designation at any time with respect to any amounts
prior to their actual payment.
(e) The joint annuitant under option (C) must be a natural person.
(f) If the Company is issuing a single premium immediate annuity on the date
payments begin, the Company shall: (i) determine if the current purchase
rates are more favorable than the rates shown in Table B of Section 9 of
this Contract; and (ii) use the more favorable rates in purchasing the
settlement option under this Contact.
(g) Subject to the requirements of this section and if acceptable to the
Company, the entity electing a specific settlement option under this
Contract may elect a different period certain and/or different percentages
under one of the settlement options.
(h) Once payments have commenced under any settlement option, no changes other
than for changes made by the Beneficiary as to the individual or entity
designated to receive payments in the event of the Beneficiary's death, are
permitted, except that if this Contract is issued to an employer or trustee
in connection with a Code Section 457 deferred compensation plan or a
nonqualified deferred compensation plan or arrangement and the Owner is the
Beneficiary, the Owner may make changes to, or revoke, any request to make
payments to a designated person or entity made in accordance with rule (d)
(iii) above.
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(i) If at any age the same monthly annuity payment is paid for different periods
certain under either option (A) or option (C), the Company shall deem an
election to have been made for the longest period certain which could have
been elected for such age, amount and type of annuity.
The following death benefit settlement options are available under this
Contract:
(A) LIFE ANNUITY WITH 10 YEAR PERIOD CERTAIN. The Company shall make monthly
payments during the Beneficiary's lifetime. Upon the Beneficiary's death
before the end of the ten-year period, annuity payments shall continue to
be paid to the individual or entity designated to receive such payments
under this option until the end of such ten-year period. If such designated
individual or entity does not survive the Beneficiary, the Commuted Value
of any remaining payments under this option shall be paid in a single sum
to the Beneficiary's estate. Table C of Section 9 of this Contract shows
the monthly annuity based on each $1,000 applied under a Life Annuity with
10-Year Period Certain.
(B) PERIOD CERTAIN WITHOUT LIFE CONTINGENCY. The Company shall make monthly
payments guaranteed for a period certain to the Beneficiary. The entity
electing this option shall elect the period certain, subject to the
approval of the Company. Upon the Beneficiary's death before the end of
such period certain, monthly payments shall continue to be paid to the
individual or entity designated to receive such payments under this option
until the end of such period certain. If such designated individual or
entity does not survive the Beneficiary, the Commuted Value of any
remaining payments under this option shall be paid in one single sum to the
Beneficiary's estate.
The amount of each payment shall be determined by the Company, but in no
event shall be less than that shown in Table A of Section 9 of this
Contract for the period certain selected.
(C) JOINT AND SURVIVOR ANNUITY. The Company shall make monthly payments during
the Beneficiary's lifetime. Upon the Beneficiary's death, monthly annuity
payments equal to 66-2/3% of the Beneficiary's monthly annuity benefit
shall be payable during the lifetime of the joint annuitant, if living. If
both the Beneficiary and joint annuitant die before annuity benefits have
been paid for ten years, annuity payments shall continue to be paid each
month to the individual or entity designated to receive payments under this
option until the end of such ten-year period. The amount of the monthly
annuity benefit payable to such individual or entity shall be the amount of
the monthly annuity benefit being paid under this Contract immediately
before the date payments to such individual or entity begin. In the event
of the simultaneous death of the Beneficiary and joint annuitant, or if it
cannot be determined who was the first to die, it shall be assumed that the
joint annuitant died before the Beneficiary. If such individual or entity
does not survive the Beneficiary and the joint annuitant, the Commuted
Value of any remaining payments under this option shall be paid in one
single sum to the estate of the last surviving annuitant under this option.
(D) FULL CASH REFUND ANNUITY. The Company shall make monthly payments during
the Beneficiary's lifetime. Upon the Beneficiary's death, a single sum
payment equal to: (a) the death benefit under this Contract; less (b) the
total of all monthly payments made to the Beneficiary since the Valid
Transaction Date for paying the death benefit shall be paid to the
individual or entity designated to receive such payment under this option.
If such individual or entity does not survive the Beneficiary, the single
sum payment shall be paid to the Beneficiary's estate.
DISTRIBUTION RULES
Notwithstanding any provision of this Contract to the contrary:
(a) No payment of benefits provided under this Contract shall be allowed that
does not satisfy the requirements of Section 72(s) of the Code, as amended
from time to time.
(b) Subject to the Spousal Continuation provision, if the Owner dies before the
Annuity Commencement Date, the entire death benefit under this Contract
shall be distributed to the Beneficiary within five years after the death
of the Owner, except that, if payments to the Beneficiary begin within one
year after the death of the Owner, then such payments may be made over (i)
the life of the Beneficiary; or (ii) a period not extending beyond the life
expectancy of the Beneficiary.
(c) If the Owner dies on or after the Annuity Commencement Date and before the
entire annuity benefit under this Contract has been distributed, the
remaining portion of such benefit shall be distributed at least as rapidly
as under the method of distribution being used as of the date of the
Owner's death.
SECTION 7 - BENEFICIARY
The Owner may by Notice designate a Beneficiary. The Owner may change such
designation at any time. If the existing Beneficiary is irrevocable, the
existing Beneficiary must also sign the change Notice. Notice of a designation
or change of Beneficiary shall upon receipt by the Company take effect as of the
date the Notice was signed, whether or not the Owner, Annuitant or Beneficiary
is living
13
at the time of its receipt. Unless specifically designated as a secondary
Beneficiary, all Beneficiaries shall be deemed to be primary Beneficiaries.
Upon the Company's receipt of Notice and satisfactory proof of the Annuitant's
or Owner's death, or, when payments are being made under annuity option (B), the
death of the Annuitant and the joint annuitant, benefits shall be paid to the
primary Beneficiary. If no primary Beneficiary is living at the time benefits
become payable, the Company shall pay the benefits to the secondary Beneficiary.
If benefits are to be paid to more than one Beneficiary they shall be paid in
equal shares, unless other proportions are set forth in writing to the Company
at the time the most current Beneficiary election was made.
If no Beneficiary has been designated or no designated Beneficiary is living at
the time any benefits become payable under this Contract, the Company shall pay
benefits to the first surviving class of the following:
(a) to the Annuitant; or
(b) to the Annuitant's surviving spouse; or
(c) to the Annuitant's surviving children in equal shares; or
(d) to the Annuitant's surviving parents in equal shares; or
(e) to the Annuitant's surviving brothers and sisters in equal shares; or
(f) to the executor or administrator of the Annuitant's estate.
Any Beneficiary's interest is subject to the rights of any assignee of whom the
Company has been notified.
SECTION 8 - GENERAL PROVISIONS
CONTRACT
This Contract constitutes the entire Contract between the Company and the Owner
and is issued in consideration of the application and the payment of the first
contribution.
All statements in the application for this Contract are representations and not
warranties.
This Contract may not be modified as to the Company nor may the Company's rights
or requirements be waived, except in writing and by a duly authorized officer of
the Company. No change shall affect any benefits which became payable prior to
the effective date of such change.
No benefits provided under this Contract shall be less than those required by
the state where this Contract is delivered.
INCONTESTABILITY
After the Date of Issue, the Company shall not contest this Contract.
MISSTATEMENTS OF AGE
If the age of any person upon whose life an annuity is based has been misstated,
the benefit shall not be invalidated, but the amount of the benefit shall be
adjusted to the proper amount as determined on the basis of the correct age.
The amount of any underpayments by the Company due to any such misstatement
shall be paid in full with the next payment due under this Contract. The amount
of any overpayments by the Company due to any such misstatement shall be
deducted to the extent possible from the payments thereafter falling due under
this Contract. The amount of any underpayments or overpayments in this regard
shall be calculated with interest at the rate of [5%] per year.
ASSIGNMENT
With the consent of the Company, the Owner may assign and transfer all of the
Owner's rights under this Contract.
Any assignment must be made by Notice from the Owner to the Company. Upon
receipt of such Notice by the Company such assignment shall take effect as of
the date the Notice was signed, whether or not the Owner or the Annuitant is
living at the time of its receipt.
The Company shall not be responsible for the validity of any assignment.
The rights of the Beneficiary shall be subject to the rights of any assignee.
14
ADJUSTMENTS TO CURRENT RATE AND EXPENSE CHARGES
Adjustments to (a) the Current Rate of Interest and (b) the Administrative
Charges may be made, within the limits described in those definitions.
No adjustment pursuant to this provision shall apply to annuity benefits that
became payable under this Contract before such adjustment.
EVIDENCE OF SURVIVAL
When a benefit payment is contingent upon the survival of any person, evidence
of such person's survival must be furnished to the Company at its Home Office,
upon request by the Company and in a manner satisfactory to the Company. If the
Company does not receive such satisfactory evidence within 30 days of the date
of the Company's request, the Company reserves the right to suspend benefit
payments until such time as satisfactory evidence is received.
CLAIMS OF CREDITORS
To the extent permitted by law, no payment by the Company under this Contract
shall be subject to: (a) the claims of any creditors; (b) alienation; (c)
attachment; (d) garnishment; (e) levy (other than a Federal tax levy in
accordance with Section 6331 of the Code); (f) execution; or (g) other legal
process. Also, no payment shall be subject to any legal process to enforce any
such claim.
SEPARABILITY OF PROVISIONS
If any provision under this Contract is determined to be invalid, the remainder
of the provisions shall remain in full force and effect.
NON-WAIVER
The Company's rights under this Contract shall not be waived, reduced or denied
due to its failure to perform or insist upon the strict performance of any
provision or condition of this Contract. Any waiver of a provision or condition
by the Company in a particular instance or situation, whether or not at the
request of the Owner, shall not operate as a blanket waiver for future instances
or situations even if the same.
PARTICIPATING CONTRACT
This is a participating contract. Each year the Company shall determine the
amount of divisible surplus, if any, to be apportioned to this Contract. The
amount of any such divisible surplus shall be credited to this Contract as
dividends, provided this Contract is in force on the date such dividends are to
be paid.
DIVIDENDS
Dividends may be paid out in cash or may be applied to increase the Account
Value. If not otherwise elected, dividends shall be allocated to the accounts in
the manner most recently elected by the Owner for contributions.
Any dividend apportioned but not yet paid upon the death of the Annuitant shall
be paid in the same manner as other benefits payable under this Contract.
No dividends are anticipated under this Contract.
TERMINATION OF CONTRACT
At any time that the Account Value under this Contract is zero, this Contract
shall terminate. Upon termination of this Contract, the Company shall be
relieved of all further liability except with respect to any benefits that had
commenced under this Contract on or before the date of termination.
At the Annuity Commencement Date, the Company reserves the right to pay the
Annuitant a single sum payment in lieu of any annuity benefits, provided any
annuity payable to the Annuitant under this Contract would be less than [$50]
each month. The single sum payment shall be of an amount that is equal to the
Account Value as of the Valid Transaction Date of the payment.
If at any time, no contributions have been received under this Contract for
three years and the Account Value is less than $2,000, the Company reserves the
right to terminate this Contract and pay the Owner the Account Value in a single
payment.
NOTICES
All Notices must be in writing and delivered to the Home Office of the Company
by United States mail, unless the Company specifies another manner or place for
delivery of a Notice. Such Notices must be in a form satisfactory to the
Company. The Owner, or any entity providing a Notice under this Contract, must
furnish the Company with any facts and information that may be required by the
Company to act on such Notice. The Company shall not be required to act upon any
Notice that does not meet these requirements. Receipt of such Notice shall be
deemed to take place on the Business Day such Notice is received by the Company
at its Home Office. The Company shall be fully protected in relying upon the
information furnished in a Notice, even if the Company does not inquire as to
the accuracy or completeness of such information.
15
The Company shall not be liable for any payment made or action taken prior to
receipt of any Notice at the Company's Home Office.
REPORTS
Prior to the Annuity Commencement Date, the Company shall send the Owner a
statement at least once every twelve months. Such statement shall show, as of
the date of the statement, the Account Value available to provide a paid-up
annuity, a cash surrender benefit and a death benefit under the Contract.
SECTION - 9 TABLE OF RATES
TABLE A - GUARANTEED MONTHLY PAYMENTS FOR PERIOD
CERTAIN FOR EACH $1,000 OF ACCOUNT VALUE
-------------------------------------------------------------------------------------------------------------
PAYMENT PERIOD AMOUNT OF PAYMENT PERIOD AMOUNT OF EACH PAYMENT AMOUNT OF
(YEARS) EACH (YEARS) MONTHLY PERIOD EACH
MONTHLY PAYMENT (YEARS) MONTHLY
PAYMENT PAYMENT
-------------------------------------------------------------------------------------------------------------
5 $17.49 11 $8.42 17 $5.77
-------------------------------------------------------------------------------------------------------------
6 14.72 12 7.80 18 5.50
-------------------------------------------------------------------------------------------------------------
7 12.74 13 7.26 19 5.26
-------------------------------------------------------------------------------------------------------------
8 11.25 14 6.81 20 5.04
-------------------------------------------------------------------------------------------------------------
9 10.10 15 6.42
-------------------------------------------------------------------------------------------------------------
10 9.18 16 6.07
-------------------------------------------------------------------------------------------------------------
TABLE B - PURCHASE RATES TABLE C - MONTHLY AMOUNT PURCHASED
PER $1,000 OF ACCOUNT VALUE
Amount necessary to purchase $1 of monthly income
---------------------------------------------------- -------------------------------------------------
AGE LIFE ANNUITY LIFE ANNUITY WITH 10 AGE LIFE ANNUITY LIFE ANNUITY WITH 10
YEARS CERTAIN YEARS CERTAIN
---------------------------------------------------- -------------------------------------------------
55 $263.21 $265.32 55 $3.80 $3.77
---------------------------------------------------- -------------------------------------------------
56 257.06 259.47 56 3.89 3.85
---------------------------------------------------- -------------------------------------------------
57 250.86 253.60 57 3.99 3.94
---------------------------------------------------- -------------------------------------------------
58 244.63 247.74 58 4.09 4.04
---------------------------------------------------- -------------------------------------------------
59 238.38 241.89 59 4.19 4.13
---------------------------------------------------- -------------------------------------------------
60 232.11 236.06 60 4.31 4.24
---------------------------------------------------- -------------------------------------------------
61 225.83 230.26 61 4.43 4.34
---------------------------------------------------- -------------------------------------------------
62 219.57 224.49 62 4.55 4.45
---------------------------------------------------- -------------------------------------------------
63 213.31 218.76 63 4.69 4.57
---------------------------------------------------- -------------------------------------------------
64 207.10 213.08 64 4.83 4.69
---------------------------------------------------- -------------------------------------------------
65 200.93 207.45 65 4.98 4.82
---------------------------------------------------- -------------------------------------------------
66 194.81 201.89 66 5.13 4.95
---------------------------------------------------- -------------------------------------------------
67 188.73 196.37 67 5.30 5.09
---------------------------------------------------- -------------------------------------------------
68 182.67 190.91 68 5.47 5.24
---------------------------------------------------- -------------------------------------------------
69 176.60 185.49 69 5.66 5.39
---------------------------------------------------- -------------------------------------------------
70 170.51 180.13 70 5.86 5.55
---------------------------------------------------- -------------------------------------------------
71 164.37 174.83 71 6.08 5.72
---------------------------------------------------- -------------------------------------------------
72 158.20 169.62 72 6.32 5.90
---------------------------------------------------- -------------------------------------------------
73 152.04 164.53 73 6.58 6.08
---------------------------------------------------- -------------------------------------------------
74 145.87 159.57 74 6.86 6.27
---------------------------------------------------- -------------------------------------------------
75 139.72 154.75 75 7.16 6.46
---------------------------------------------------- -------------------------------------------------
16
The rates set forth in Table B and Table C above are based on mortality
according to the "GAM01 Table", with 2% interest and no loading. The GAM01 Table
was developed by projecting, according to Projection Scale AA, the mortality
rates of the 1994 Group Annuity Reserving Table to 2001, with additional
projection of one year for each year that the age exceeds 65. Male and female
mortality rates were projected separately, and the resulting projected tables
were blended using 2/3 of the female mortality rate and 1/3 of the male
mortality rate at each age to produce the GAM01 Table.
A person's age for the purpose of the foregoing tables shall be such person's
age at their last birthday before payments under the annuity benefit are to
begin to such person, plus the fraction of a year corresponding to the number of
completed months from such birthday to the date such payments begin. Amounts
required for ages not shown and for other forms of annuity shall be calculated
by the Company on the same actuarial assumptions and shall be furnished upon
request.
SECTION 10 - LIST OF ACCOUNTS AND FUNDS
The following account of the general account and funds of the Separate Account
are currently available under this Contract:
THE GENERAL ACCOUNT
Interest Accumulation Account
INVESTMENT FUNDS OF THE SEPARATE ACCOUNT
Mutual of America Investment Corporation All America Fund
Mutual of America Investment Corporation Money Market Fund
Mutual of America Investment Corporation Bond Fund
Mutual of America Investment Corporation Composite Fund
Mutual of America Investment Corporation Equity Index Fund
Mutual of America Investment Corporation Short-Term Bond Fund
Mutual of America Investment Corporation Mid-Term Bond Fund
Mutual of America Investment Corporation Aggressive Equity Fund
Mutual of America Investment Corporation Mid-Cap Equity Index Fund
Xxxxxxx Capital Growth Fund
Xxxxxxx Bond Fund
Xxxxxxx International Fund
American Century VP Capital Appreciation Fund
Xxxxxxx Social Balanced Fund
Fidelity VIP Equity-Income Fund
Fidelity VIP Asset Manager Fund
Fidelity VIP Contrafund Fund
All amounts allocated to the Investment Funds shall become part of the Separate
Account that the Company maintains under the designation of [Mutual of America
Separate Account No. 2.]
17
