Exhibit 99.8
AGREEMENT TO PAY OPERATING EXPENSES
This Agreement to Pay Operating Expenses, effective as of January 1, 2003, is
made between Mutual of America Capital Management Corporation, a Delaware
corporation (the Adviser), and Mutual of America Investment Corporation, a
Maryland corporation (the Investment Company).
WHEREAS, the Adviser serves as investment adviser for the portfolios (the Funds)
of the Investment Company; and
WHEREAS, the Adviser has been voluntarily reimbursing or otherwise limiting the
operating expenses of the Funds; and
WHEREAS, the Investment Company desires that the Adviser's payment of expenses
be formalized in this Agreement, and the Adviser is willing to do so on the
terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual promises herein contained, the
Investment Company and the Adviser, intending to be legally bound, mutually
covenant and agree as follows:
Section 1. Payment of Expenses. The Adviser agrees to reimburse or otherwise
limit the expenses of the Funds, other than for advisory fees, extraordinary
expenses and portfolio transaction costs, so that such expenses on an annual
basis will be equal to 0%.
As a result of such reimbursements by the Adviser of operating expenses, the
Funds will have maximum total annual expenses as a percentage of average net
assets equal to their advisory fees at the following annual rates of net assets,
excluding extraordinary expenses and portfolio transaction costs and advisory
fees paid indirectly by the Asset Allocation Funds:
Equity Index Fund -- .125% Mid-Term Bond Fund -- .50%
All America Fund -- .50% Short-Term Bond Fund -- .50%
Mid-Cap Equity Index Fund -- .125% Money Market Fund -- .20%
Aggressive Equity Fund -- .85% Asset Allocation Growth Fund -- 0%
Composite Fund -- .50% Asset Allocation Growth and Income Fund -- 0%
Bond Fund -- .50% Asset Allocation Income Fund -- 0%
Section 2. Determination of Expense Accruals. The daily expense accrual to be
assessed against the net assets of each of the Funds will continue to be set at
0%. If at any time the Investment Company determines that a daily expense
accrual for extraordinary expenses should be assessed against the net assets of
one or more of the Funds, it will establish the appropriate rate of daily
expense accrual and will inform the Adviser of such rate.
Section 3. Payment of Expenses by the Adviser. The Adviser, on behalf of the
Funds and the Investment Company, will pay all bills and expenses of the Funds
and the Investment Company as they become due and payable, other than for
advisory fees, extraordinary expenses and portfolio transaction costs.
Section 4. Payment of Accrued Amounts for Extraordinary Expenses to the Adviser.
At the end of each calendar month, the Investment Company will pay, or cause to
be paid, to the Adviser any amounts then held by the Investment Company's
custodian as a result of daily accruals of extraordinary expenses against the
net assets of the Funds during that calendar month.
Section 5. Term of Agreement. This Agreement will continue in effect until
December 31, 2003, and will continue in effect from year to year thereafter
unless cancelled by (i) the Investment Company upon not less than 30 days'
written notice to the Adviser, or (ii) the Adviser upon written notice to the
Investment Company delivered within the two week period between December 16 and
December 30, in which case this Agreement will terminate as of January 1 of the
then upcoming year.
IN WITNESS WHEREOF, authorized officers of the Adviser and the Investment
Company have signed this Agreement as of the date first written above.
MUTUAL OF AMERICA CAPITAL MUTUAL OF AMERICA
MANAGEMENT CORPORATION INVESTMENT CORPORATION
By: ___________________________ By: ___________________________
Name: Xxxx Xxxx Name: Xxxxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: President
Attest: Attest:
_____________________________ _______________________________
Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx
Senior Vice President, Senior Vice President
Associate General Counsel and Secretary
and Secretary
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