How to Close a Workplace Retirement Account with Mutual of America (Online Option)

Important Notes Before You Begin

1. Are You Eligible to Close Your Account?

• You are eligible to close your account if you are no longer employed by the organization that sponsored the retirement plan.

2. Understand the Tax Impact

• Withdrawals are generally taxed as ordinary income.
• If you're under 59½, a 10% early withdrawal penalty may apply unless you qualify for an exception.
• Consider rolling over your funds to another retirement account to avoid taxes and penalties. 

Step-by-Step Instructions

Step 1: Log In to Your Online Account

• Go to the Login Page
• Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.

Step 2: Request a Withdrawal and/or Rollover

• If you have more than one account, select the account from which you wish to request a withdrawal or rollover.
• Go to Loans, Withdrawals and Rollovers in the left sidebar.
• Click on Withdrawals and Rollovers.
• Option 1: Choose ‘Request a Withdrawal’ if you plan to withdraw funds from your retirement account.
• Option 2: Choose ‘Request a Rollover’ if you would like to transfer your funds to another retirement account.
  • A pop-up window will appear for you to review and verify your mailing address.

Step 3. Begin Your Request

1. Select whether you want to make your withdrawal and/or rollover as a percentage of your available balance or a specific dollar amount. Note: If you want to withdraw and\or rollover 100% of a savings or investment option, choose "Percentage" instead of "Dollar Amount." If you choose "Dollar Amount" and the amount you enter is more than what is available at the time we actually process the withdrawal (due to market shifts), we will not be able to complete your withdrawal, and you will need to make a new request.

2. Choose your distribution method

• Single Sum Withdrawal – Full account balance withdrawn at once.
• Rollover to another retirement account – Avoids immediate taxation if done properly.
• Rollover a portion of the amount requested – intend on rolling over a portion of your funds to another retirement and receive the remainder in the form of a check or direct deposit

3. Confirm the estimated withdrawal or rollover amount before proceeding to the next step.

4. Depending on the distribution method you choose, you will need to follow the prompts to select your preferred payment delivery method.

• If you request a rollover, you have two options: (A) transfer your funds directly to Mutual of America or (B) transfer to another financial institution of your choice. If you select (B) another financial institution, you will need to provide the financial institution’s name, account number, and plan type.
• If you request for a withdrawal, you can select your preferred payment method: direct deposit (2-3 business days for delivery) or check (5-7 business days for delivery).

5. Carefully review the important tax information and verify your withdrawal request before submission

6. Make sure to check your account for a confirmation of the withdrawal. If you don't receive a confirmation, the withdrawal was not completed, and you will need to submit a new request.

If you have any questions or experience any issues while submitting your withdrawal or rollover request online, please contact Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

I need to update my email address

1. Log In to Your Online Account

• Go to the Login Page
• Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.

2. Access Your Profile

• If you have more than one account, select the account for which you wish to update your email address.
• Once logged in, go to the My Profile section of the dashboard.
• Click on View Profile Info link on the left sidebar.

3. Edit Contact Information

• In the Contact Information section, click the Edit/Update button.
• Locate the field for your email address and enter the new one.

4. Save Changes

• After updating your email, click Submit to confirm the change.
• A confirmation email will be sent to verify the new email address.

5. Need Help?

If you encounter any issues:

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

How can I stop my workplace retirement plan?

Here’s a step-by-step guide for how you can stop your 401(k), 403(b), 401(a), or 457 plan with Mutual of America, with two options depending on their employment status:

How to Stop a 401(k) Plan with Mutual of America

Option A: If You Are Still Employed

Participants cannot fully stop or close their 401(k) while still employed, but they can:

1. Stop Contributions

• Contact your HR or benefits administrator to request a change in your payroll deferral.
• You may be able to set your contribution rate to 0%.
• This stops new contributions but keeps the account open and invested.

2. Request an In-Service Withdrawal (if allowed)

• Check your plan’s Summary Plan Description (SPD) to see if in-service withdrawals are permitted.
• If eligible (typically age 59½ or older), call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET) to request the appropriate form.
• Submit the form via email or mail as instructed.

Note: In-service withdrawals may be subject to income tax and possibly a 10% early withdrawal penalty if under age 59½ [1].

Option B: If You Are No Longer Employed

Participants who have left their employer can fully stop their 401(k) by withdrawing or rolling over the funds.

1. Contact Mutual of America

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET) to request a distribution or rollover form.
• Confirm whether you want a cash withdrawal (taxable) or a rollover to another retirement account (non-taxable).

2. You may close your account through our online process by following the instruction on this page (insert URL).

Need help logging in

Here’s a step-by-step guide to help you log in to their Mutual of America account (instructions tailored for participants only).

How to Log In to Mutual of America

1. Go to the Login Page
2. Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.
3. Click the Forgot password or Forgot Username link and follow the instructions to reset your login credentials.
4. If you are still encountering log in issues, call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m.–9:00 p.m. ET).

Reset password

Here’s a step-by-step guide to reset your password as a participant:

How to Reset Your Password with Mutual of America

Step 1: Go to the Password Reset Page

• Visit: myaccount.mutualofamerica.com/UserIdentity/ForgotPassword

Step 2: Enter Required Information

• Provide the following:
  • Last Name
  • Date of Birth
  • U.S. ZIP Code
  • Last 4 digits of your SSN

Step 3: Follow the Prompts

• Click Continue and follow the instructions to verify your identity.
• You’ll be able to create a new password once verified.

Need Help?

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

I can't sign on.

Troubleshooting Sign-In Issues for Participants

Step 1: Check the Login Page

• Make sure you’re on the Participant Login page (not Plan Sponsor).

Step 2: Verify Username and Password

• Double-check for typos, especially:
• Capital letters
• Special characters
• Extra spaces
• If you’ve forgotten your credentials:
• Click Forgot password or Forgot Username.
• Follow the prompts to reset.

Step 3: Clear Browser Cache or Try a Different Browser

• Clear your browser’s cache and cookies.
• Try logging in using a different browser (e.g., Chrome, Firefox, Edge).
• Disable any browser extensions that might interfere with login.

Step 4: Use a Different Device or Network

• Try signing in from a different device (e.g., phone, tablet, or another computer).
• Switch to a different Wi-Fi or mobile network in case of connectivity issues.

Step 5: Check for Maintenance or Outages

• Sometimes the site may be undergoing scheduled maintenance.
• Wait a few minutes and try again later.

Step 6: Contact Support

If none of the above steps work: Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

How to Request a Withdrawal Online

Eligibility Check (Before You Begin)

• Workplace Retirement Plans: 401(k), 403(b), TDA, 401(a), 457: Check your plan’s Summary Plan Description (SPD) to confirm if in-service withdrawals or hardship withdrawals are allowed.
• Personal Investment Accounts: IRAs and Flexible Premium Annuities: Withdrawals are generally permitted but may be subject to taxes and penalties if taken before age 59½.
• If unsure, contact Mutual of America or your employer’s plan administrator or human resource department.

Online Withdrawal Request

1. Log In to Your Online Account

• Go to the Login Page
• Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.

2. Navigate to Withdrawals

• Go to Loans, Withdrawals and Rollovers.
• Select Withdrawals and Rollovers and follow the on-screen instructions.

3. Enter Withdrawal Details

• Specify the request amount, reason (if required), and payment method (e.g., direct deposit or check). Note: If you want to withdraw 100% of a savings or investment option, choose "Percentage" instead of "Dollar Amount." If you choose "Dollar Amount" and the amount you enter is more than what is available at the time we actually process the withdrawal (due to market shifts), we will not be able to complete your withdrawal, and you will need to make a new request

4. Review and Submit

• Confirm your information.
• Submit the request and save the confirmation for your records. Make sure to check your account for a confirmation of the withdrawal. If you don't receive a confirmation, the withdrawal was not completed, and you will need to submit a new request.

If you have any questions or experience any issues while submitting your withdrawal request online, please contact Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

Important Notes

• Early Withdrawal Penalties:
• Withdrawals before age 59½ may be subject to a 10% IRS penalty (25% for SIMPLE IRAs within the first 2 years).
• Tax Implications:
• Most withdrawals are subject to ordinary federal income tax unless rolled over.
• Plan Restrictions:
• Not all employer-sponsored plans allow in-service withdrawals.

I need to take a loan out of my retirement plan

How to Request a retirement plan Loan from Mutual of America

Step 1: Check Plan Eligibility

• Not all retirement plans allow loans. Consult you Summary Plan Description (SPD), contact your Human Resource department or call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET) and select option 3 to confirm if your plan permits loans.

Step 2: Log In to Your Online Account

• Go to the Login Page
• Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.

Step 3: Navigate to the Loan Section

• If you have more than one account, select the account from which you wish to request a loan.
• Go to the Loans, Withdrawals and Rollovers in the left sidebar.
• Select Loans and follow the on-screen instructions.

Step 4: Complete the Loan Request

• After clicking the Request a loan , you’ll be asked to answer a few questions about your loan history. 
• Choose your loan amount and repayment term (typically up to 5 years).
• Provide your banking information for direct deposit.
• Review and submit your request.

Note: There may be loan initiation and servicing fees, and missed payments can result in the loan being treated as a taxable distribution.

It is important to understand that approval of your loan request is not automatic upon submission of the completed application. You should be careful not to make financial commitments on the assumption that you will receive a loan in the amount you requested.

Step 5: Await Processing

• You’ll receive confirmation once the loan is approved and processed.
• Funds are typically deposited into your bank account or sent to you by check within a few business days.

Why can't I take out more than one loan?

You may be unable to take out more than one loan from your 401(k) plan with Mutual of America due to a combination of IRS regulations and plan-specific rules. Here's why:

1. Plan Rules Set by the Employer

• Each 401(k) plan is governed by a plan document adopted by the employer.
• Many plans limit participants to one outstanding loan at a time to reduce administrative burden on the plan and risk of default by the participants.
• Mutual of America issues loans based on these plan rules.

2. IRS Loan Limits

• The IRS allows loans up to the lesser of:
• $50,000, or
• 50% of your vested account balance
• If a participant already has a loan, a second loan could exceed these limits, especially if the first loan hasn’t been significantly repaid

3. Loan Default Risk

• Allowing multiple loans increases the risk of default, which can result in:
• The loan being treated as a taxable distribution
• A 10% early withdrawal penalty if under age 59½
• To protect your retirement savings, many plans restrict multiple loans.

What Can You Do?

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET) and select option 3 to confirm your plan’s loan rules and your eligibility.
• If you have paid off a previous loan, you may become eligible for a new one.

When will I get my tax form?

Participants who received a withdrawal, distribution, or rollover from their Mutual of America retirement account will receive a Form 1099-R for tax reporting purposes.

When Will the Tax Form Be Sent?

• Form 1099-R is mailed or made available electronically by January 31 of the year following the distribution.

How Will It Be Delivered?

• If you are consented to eDocuments, the form will be available in your online account.
• If not, it will be mailed to your address on file.

Where to Find It Online:

1. Go to the Login Page
• Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.
2. Go to the eDocuments section.
3. Look for Form 1099-R under Tax Documents.

If you have any questions, please contact Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

Why have I not received my tax form?

If you were expecting a tax form (such as a Form 1099-R) from Mutual of America and haven’t received it yet, here are the most common reasons why and what you can do:

1. No Taxable Transaction Occurred

Reason: Tax forms are only issued if you had a taxable event in the previous year, such as:

• A withdrawal
• A distribution
• A rollover

Solution: If you didn’t perform any of these actions, you won’t receive a tax form. You can confirm this by reviewing your account activity.

2. Delivery Method Depends on Timing and Consent

Reason: The delivery method of your tax form depends on:

• When your transaction occurred
• Whether you consented to eDocuments

Solution:

• Log in to your Mutual of America online account and check the My Profile section.
• Click on View Profile Info to:
• Verify your mailing address is current
• Check if you have electronic delivery enabled (look for ‘Yes’ under eDocuments Consent) and verify your email address

3. Address or Contact Info May Be Outdated

Reason: If your mailing address or email is incorrect, your form may have been sent to the wrong place.

Solution:

• Log in to your account and check the My Profile section.
• Click on View Profile Info to verify your Contact Information.
• Update your email address if needed. Note: if you are actively participating in a workplace retirement plan, you must change your mailing address through your employer. Mutual of America will update the address in our system after it is reported to us by your employer.

4. Need Help?

If you’ve checked all of the above and still haven’t received your form:

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

How do I get a printout of my retirement plan statements?

How to Print Your statement from Mutual of America:

Step 1: Log In to Your Online Account

1. Go to the Login Page
2. Enter your username and password and complete the multi-factor authentication. If you haven’t established your online account yet, select Setup Online Account and follow the prompts to do such.

Step 2: Access Your Statement

1. If you have more than one account, select the account associated with the statement you wish to access.
2. Go to eDocuments in the left sidebar and select Quarterly Statements.

Step 3: Download or Print

1. Choose the desired time period from the dropdown menu.
2. Open the statement and use your browser or PDF viewer’s print function to get a hard copy.

Need Help?

If you're having trouble accessing or printing your statement, you can:

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET).

What's the status of hardship?

How to Check the Status of a Hardship Withdrawal:

To get real-time updates on the status of a withdrawal request is to call Mutual of America Participant Services directly at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET) and select option 2.

Can you have someone call me?

To request a call from Mutual of America, here are your options:

1. Call Mutual of America Directly

If you are a participant or individual investor, call our Participant Services line:

• Phone: 800.468.3785
• Hours: Monday–Friday, 9:00 a.m. to 9:00 p.m. ET

2. Use the Online Contact Page

If you are a plan sponsor, visit the Mutual of America Contact Us Page and complete and submit the information requested.

3. Find a Local Office

If you are a plan sponsor, you can also use the to connect with a local representative.

I received a phone call from Mutual of America but am unsure if it was legitimate.

It’s smart to be cautious about unexpected phone calls, especially when they involve financial institutions like Mutual of America. Here’s how you can determine if the call was legitimate:

Steps to Verify a Call from Mutual of America

1. Check the Caller ID

• Was the call from 800.468.3785 or another official Mutual of America number?
• Be cautious if the number was unfamiliar or blocked.

2. Review the Call Content

Ask yourself:

• Did the caller ask for personal information (e.g., Social Security number, account number, passwords)?
• Did the caller pressure you to act quickly or threaten consequences?

Red flag: Legitimate representatives will not pressure you or ask for sensitive information over the phone.

3. Call Mutual of America Directly

To confirm whether the call was real:

• Call Mutual of America Participant Services at 800.468.3785 (Monday–Friday, 9:00 a.m. to 9:00 p.m. ET)
• Explain that you received a call and want to verify its legitimacy

4. Check Your Account for Messages

• Log in to your
• Look for any secure messages or notifications that might explain the call

If You Suspect a Scam

• Do not provide any personal or financial information.
• Report the call to Mutual of America and to the FTC at reportfraud.ftc.gov.