Exhibit 99.7(c)

      AMENDMENT NO. 2, dated March 1, 2003,  to the Domestic and Global  Custody
Agreement,  dated  March 25,  1996  ("Agreement"),  between  Mutual  of  America
Investment Corporation, having a place of business at 320 Park Avenue, New York,
New York 10022, and JP Morgan Chase Bank, having a place of business at 270 Park
Avenue, New York, New York 10017-2070.

      The parties hereto agree as follows:

      Section 1. Except as modified  hereby,  the  Agreement is confirmed in all
respects.  Capitalized  terms  used  herein  without  definition  shall have the
meanings ascribed to them in the Agreement.

      Section 2. Section 11.  Instructions in the Agreement is amended by adding
the following to the end of the first paragraph in Section 11:

Notwithstanding the foregoing, the signatures of two Authorized Persons shall be
required  for any  written  instruction  to make a transfer  out of the  Deposit
Account that is given other than via the Bank's electronic  system. In addition,
no  person  specified  on  Schedule  B as a  security  administrator  may  be an
Authorized Person.

      Section 3. Schedule B is hereby modified as attached hereto.

      IN WITNESS  WHEREOF,  the parties have executed this Amendment No. 2 as of
the date first written above.

MUTUAL OF AMERICA                                       JP MORGAN CHASE BANK
INVESTMENT CORPORATION



By:______________________________               By _____________________________
        Dolores J. Morrissey                       Name:
         President and CEO                         Title:





                                   SCHEDULE B
               Customer Personnel to Receive Security Information


James Dixon
Pierre Van Bockstaele


(as revised March 1, 2003)