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• Single Sum Withdrawal – Full account balance withdrawn at once.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).