Summary Prospectus for New Investors by Investment Company (Form 497VPI)

Table of Contents 

	Page
Definitions	2
Overview Of The Policy	5
Important Information You Should Consider About The Policy	7
Benefits Available Under The Policies	12
Buying The Policy	17
Making Withdrawals: Accessing Money In Your Policy	18
Additional Information about Fees	20
Appendix 1A	1A -1
Appendix 1B	1B -1

Definitions

Accumulation Unit-An accounting unit we use to calculate the Variable Accumulation Value prior to the Annuity Commencement Date. Each Investment Division of the Separate Account has a distinct variable Accumulation Unit value.

Accumulation Value-The sum of the Variable Accumulation Value, the Fixed Account Accumulation Value (if applicable), and the DCA Advantage Account Accumulation Value of a policy.

ADBR-Annual Death Benefit Reset Rider.

ADBR Reset Value-On the First Policy Anniversary, the ADBR Reset Value is the greater of (a) the Accumulation Value on the first Policy Anniversary or (b) the Return of Premium Death Benefit. The ADBR Reset Value on the second and each subsequent Reset Anniversary is defined as the greater of (a) the Accumulation Value on the current Reset Anniversary or (b) the Reset Value on the prior Reset Anniversary, plus any premium payments applied since the prior Reset Anniversary, less any ADBR Reset Value Proportional Reductions since the prior Reset Anniversary.

ADBR Reset Value Proportional Reduction-An amount equal to the amount withdrawn from the policy after the first policy anniversary (including applicable surrender charges), divided by the policy's Accumulation Value immediately preceding the withdrawal, multiplied by the ADBR Reset Value immediately preceding the withdrawal.

Adjusted Premium Payment-The total dollar amount of premium payments made under the policy and allocated to the Investment Divisions of the Separate Account and DCA Advantage Account reduced by any withdrawals and applicable surrender charges in excess of any gain in the policy.

Allocation Options -The Investment Divisions of the Separate Account, any available Asset Allocation Model, the DCA Advantage Account and the Fixed Account.

Annuitant-The person or persons named on the Policy Data Page and whose life or lives determine the Income Payments.

Annuity Commencement Date-The date on which we are to make the first Income Payment under the policy, which cannot be later than the date you attain age 115.

Base Contract Charge-Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).

Business Day-Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.

Consideration-A premium payment, or a portion thereof and/or, if allowable, a transfer amount from an Investment Division to the Fixed Account.

Dollar Cost Averaging (DCA) Advantage Account Accumulation Value-The sum of premium payments allocated to the DCA Advantage Account, plus interest credited on those premium payments, less any transfers and partial withdrawals from the DCA Advantage Account, and less any surrender charges, policy service charges and rider charges deducted from the DCA Advantage Account. The DCA Advantage Account Accumulation Value will never be less than the DCA Advantage Account portion of the Nonforfeiture Value.

Dollar Cost Averaging (DCA) Advantage Account- An Allocation Option that permits dollar cost averaging over a six-month period and pays interest on amounts remaining in the account. Amounts are transferred from the DCA Advantage Account to the Investment Division(s) you choose proportionally on a monthly basis. We credit the DCA Advantage Account with a fixed interest rate. The benefits payable under the DCA Advantage Account (including principal and interest) are payable from NYLIAC's general account and are subject to the claims-paying ability of NYLIAC.

Fixed Account-An account that is credited with a fixed interest rate which NYLIAC declares and is not part of the Separate Account. The benefits payable under the Fixed Account (including principal and interest) are payable from NYLIAC's general account and are subject to the claims-paying ability of NYLIAC.

Fixed Account Accumulation Value-The sum of premium payments and, if allowable, transfers allocated to the Fixed Account, plus interest credited on those premium payments and, if allowable, transfers, less any transfers and

partial withdrawals from the Fixed Account, and less any surrender charges, policy service charges and rider charges assessed on and deducted from the Fixed Account. The Fixed Account Accumulation Value will never be less than the Fixed Account portion of the Nonforfeiture Value.

Good Order-Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be considered in Good Order if it complies with our administrative procedures and is sufficiently complete and clear that we do not need to exercise any discretion to follow such instruction or complete the transaction and that it complies with all relevant laws and regulations We may delay or reject a request if it is not in Good Order. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing or by other means we then permit (such as by telephone or electronic transmission), along with all forms and other information or documentation necessary to complete the request.

Holding Period-A pre-determined Holding Period you select at the time of application for an Investment Preservation Rider - FP Series. Holding Periods available for new purchases may change from time to time.

Holding Period End Date-The Policy Anniversary corresponding to the end of the Holding Period selected and measured from either (a) the Rider Effective Date or (b) the Rider Reset Effective Date, whichever is later.

Income Payments-Periodic payments NYLIAC makes after the Annuity Commencement Date.

Investment Division-The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a specified Portfolio.

IPR-Investment Preservation Rider - FP Series.

IPR Death Benefit-The death benefit available with IPR - FP Series.

IPR Guaranteed Amount-The IPR Guaranteed Amount will equal the IPR Guarantee Percentage of the sum of all premium payments made in the first Policy Year, minus all IPR Guaranteed Amount Proportional Reductions made during the rider Holding Period.

IPR Guarantee Percentage-The percentage used to calculate the IPR Guaranteed Amount. This percentage is shown on your IPR rider data page.

IPR Reset-Changing the guaranteed amount of the Investment Preservation Rider - FP Series to a new IPR Guaranteed Amount. After reset, the new IPR Guaranteed Amount will be equal to the IPR Guarantee Percentage of your Accumulation Value on the Policy Anniversary following your request, less any applicable reductions.

Life Income-Guaranteed Period Payment Option-The default Income Payment option available under this policy. Monthly payments made under this option are made over the life of the Annuitant(s) with a guarantee of 10 years of payments, even if the Annuitant dies before the 10-year period has expired.

Non-Qualified Policies-Policies that are not available for use by individuals in connection with employee retirement plans intended to qualify for special federal income tax treatment under Sections 403(b), 408, and 408A of the Code. Non-Qualified Policies include policies issued for other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Code.

Nonforfeiture Rate-The rate used to calculate the Fixed Account and DCA Advantage Account Nonforfeiture Values. This rate, as shown on the Policy Data Page, is equal to the lesser of: a) 3.00%, and b) a rate that is not less than 1.00% and determined by using the six-month average of the five-year Constant Maturity Treasury Rate reported by the Federal Reserve for December through May (for period beginning July 1) and June through November (for period beginning January 1), rounded to the nearest .05%, minus 1.25%.

Nonforfeiture Value-The Nonforfeiture Value is equal to 87.50% of the Consideration(s) allocated to the Fixed Account and/or to the DCA Advantage Account accumulated at the Nonforfeiture Rate since the Payment Date or transfer date, minus any amounts withdrawn or transferred from the Fixed Account and/or the DCA Advantage Account, with the remaining amount accumulated at the Nonforfeiture Rate since the date of withdrawal or transfer.

NYLIAC, we, our or us-New York Life Insurance and Annuity Corporation.

Owner (you, your)-The individual(s) or entity(ies) designated as the Owner in the policy, or as subsequently changed after issue, who is entitled to exercise all rights under the policy.

Payment Date-The Business Day on which we receive a premium payment at the address specified in this Prospectus to receive such payment.

Payment Year(s)-With respect to any premium payment, the year(s) beginning on the date such premium payment is made to the policy.

Policy Anniversary-An anniversary of the Policy Date shown on the Policy Data Page.

Policy Data Page-Page 2 of the policy which contains the policy specifications.

Policy Date-The date from which we measure Policy Years, quarters, months, and Policy Anniversaries. It is shown on the Policy Data Page.

Policy Year-A year starting on the Policy Date. Subsequent Policy Years begin on each Policy Anniversary, unless otherwise indicated.

Portfolios -The mutual fund portfolios in which the corresponding Investment Divisions invest.

Qualified Policies-Policies for use by individuals under employee retirement plans that are intended to qualify for special federal income tax treatment under Sections 408, and 408A of the Code. Qualified Policies do not include policies issued for any other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Code.

Return of Premium Death Benefit -The total dollar amount of premium payments made under this Policy reduced by any Return of Premium Death Benefit Proportional Withdrawals.

Return of Premium Death Benefit Proportional Withdrawal-An amount equal to the amount withdrawn from this Policy (including any amount withdrawn that may include surrender charges), divided by this Policy's Accumulation Value immediately preceding the withdrawal, multiplied by the Return of Premium Death Benefit immediately preceding the withdrawal.

Separate Account-NYLIAC Variable Annuity Separate Account-III or NYLIAC Variable Annuity Separate Account-IV, each a segregated asset account we established to receive and invest premium payments paid under the policies. The Separate Account's Investment Divisions, in turn, purchase shares of Portfolios.

Standard Death Benefit-The death benefit that comes standard under the base policy. For policy owners who are age 80 or younger when the policy is issued, the Standard Death Benefit guarantees that your beneficiaries will receive the greater of: (i) your Accumulation Value; (ii) the Return of Premium Death Benefit; or (iii) for policies applied for 5/1/2020 and after, the Step-up Death Benefit. For policy owners age 81 to 85 when the policy is issued, the Standard Death Benefit guarantees that your beneficiaries will receive the greater of: (i) your Accumulation Value; or (ii) the Return of Premium Death Benefit.

Step-up Death Benefit-the Accumulation Value as of the Policy Anniversary immediately following the expiration of the Surrender Charge Period for the first premium payment, plus any other premium payments made since that Policy Anniversary, reduced proportionally by any amounts withdrawn from the policy since that Policy Anniversary.

Surrender Charge Free Amount-You may withdraw a certain amount from your policy each Policy Year without having to pay a surrender charge on that amount. We call this the Surrender Charge Free Amount. The maximum amount you may withdraw without a surrender charge in any given Policy Year is the greatest of either (i) 10% of your Accumulation Value as of your last Policy Anniversary (10% of your premium payments if the withdrawal is made in the first Policy Year), less any prior surrender charge free withdrawals you have already taken in that Policy Year; (ii) 10% of your Accumulation Value at the time of the withdrawal, less any prior surrender charge free withdrawals you have already taken in that Policy Year; or (iii) your Accumulation Value less your accumulated premium payments.

Surrender Charge Period-The period of time during which a partial withdrawal or surrender could be subject to a surrender charge. Each premium payment you make will have its own Surrender Charge Period applicable to that payment.

Variable Accumulation Value-The sum of the current Accumulation Unit value(s) for each of the Investment Divisions multiplied by the number of Accumulation Units held in the respective Investment Division.

Overview Of The Policy

Accumulation (Savings) Phase

During the accumulation (savings) phase of the policy, you can invest your premium payments in:

Additional information about the Portfolios, the Fixed Account and the DCA Advantage Account is provided in Appendix 1A: Investment Options Available Under the Policy.

Annuity (Income) Phase

You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes called annuity payments) from NYLIAC. If you do that, we will make payments over the life of the Annuitant(s) for 10 years, even if the Annuitant dies sooner. This is called the Life Income - Guaranteed Period Payment Option. We may offer other options, at our discretion, where permitted by state law. We do not currently offer variable Income Payment options.

Please note that when you annuitize, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy. However, you may elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of the policy can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulation Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.

Base Contract Charge (M&E Charge) options. You can choose to have your Mortality and Expense Risk and Administrative Costs Charge ("M&E Charge") assessed based on either the Accumulation Value of the policy (which invests in Separate Account III) or your Adjusted Premium Payments (which invests in Separate Account IV). You must choose your M&E Charge option at the time of application. The M&E Charge assessed to your policy will be based on the option that you choose. Once the M&E Charge option is chosen it cannot be changed. For Accumulation Value-based M&E Charge policies, the M&E Charge is assessed based on the Accumulation Value of the policy and will vary with fluctuations in the policy's Accumulation Value. For Premium-based M&E Charge policies, the M&E Charge is assessed based on your Adjusted Premium Payments and will not vary with

fluctuations in the policy's Accumulation Value. Please see "CHARGES AND DEDUCTIONS-Annual Policy Expenses-Base Contract Charges (M&E Charge)" in the Prospectus for more information.

The amount of Premium-based M&E Charges deducted from your Accumulation Value will be unaffected by fluctuations in market performance. In a rising market, the Premium-based M&E Charge structure will benefit you because, when calculated as a percentage of separate account assets, the Premium-based M&E Charge will be reduced. In a flat or declining market, the Premium-based M&E Charge will result in a higher charge when calculated as a percentage of separate account assets. The amount of Accumulation Value-based M&E Charges assessed to your policy will be affected by fluctuations in market performance. However, the Accumulation Value-based M&E Charge structure may be more advantageous in a flat or declining market.

Accessing your money. Until you annuitize (begin Income Payments), you have full access to your money. You can choose to withdraw part or all of your Accumulation Value at any time (through partial withdrawals, periodic partial withdrawals, hardship withdrawals or surrendering the policy). However, if you withdraw more than the Surrender Charge Free Amount during the Surrender Charge Period before age 59½, you may have to pay a surrender charge and/or taxes, including tax penalties (see "CHARGES AND DEDUCTIONS-Transaction Expenses-Exceptions to Surrender Charges" in the Prospectus).

Tax treatment. Your premium payments accumulate on a tax-deferred basis. This means your earnings are not taxed until you take money out of your policy, such as when (1) you make a withdrawal; (2) you receive an Income Payment from the policy; or (3) upon payment of a death benefit.

Death benefits. Your policy includes a Standard Death Benefit. For policy owners who are age 80 or younger when the policy is issued, the Standard Death Benefit guarantees that your beneficiaries will receive the greater of: (i) your Accumulation Value; (ii) the Return of Premium Death Benefit; or (iii) the Step-up Death Benefit. For policy owners age 81 to 85 when the policy is issued, the Standard Death Benefit guarantees that your beneficiaries will receive the greater of: (i) your Accumulation Value; or (ii) the Return of Premium Death Benefit. For an additional fee, you can also purchase the ADBR or IPR - FP Series at the time of application. The ADBR or IPR - FP Series may increase the amount of money payable to your designated beneficiaries upon your death. (See "DESCRIPTION OF BENEFITS - Annual Death Benefit Reset Rider and Investment Preservation Rider" in the Prospectus for more information about ADBR and IPR Death Benefit calculations).

Optional benefits that occur during your lifetime. For an additional fee, you can purchase the Investment Preservation Rider - FP Series at the time of application that protects your investment from declining market for a specified Holding Period.

Living Needs Benefit/Unemployment benefit. At no additional charge, we currently include a Living Needs Benefit/Unemployment Rider with all policies. This benefit increases the amount that can be withdrawn from your policy without a surrender charge when certain qualifying events occur.

Automatic asset rebalancing and dollar cost averaging. At no additional charge, you may select automatic asset rebalancing, which automatically rebalances your value in the Investment Divisions to maintain your chosen percentage allocation. Also, at no additional charge, you may select either (i) traditional dollar cost averaging, which automatically transfers a specific amount of money from any Investment Division to any combination of Investment Divisions and/or Fixed Account at set intervals, or (ii) the DCA Advantage Account, which is an Allocation Option that transfers amounts automatically to the Investment Divisions you choose in up to six monthly increments and pays you interest on amounts remaining in the account. (You may not elect traditional dollar cost averaging if you have elected automatic asset rebalancing.)

Interest sweep. At no additional charge, you may select the interest sweep option which automatically transfers interest earned on the Fixed Account to be transferred to one or any combination of Investment Divisions.

Electronic Delivery. You may elect to receive electronic delivery of current prospectuses related to this policy, as well as other policy-related documents.

Important Information You Should Consider About The Policy  

	FEES, EXPENSES AND ADJUSTMENTS	LOCATION IN PROSPECTUS
Are There Charges for Early Withdrawals?	Yes. If you withdraw more than the Surrender Charge Free Amount within 7 years following your last premium payment, you will be assessed a surrender charge. The maximum surrender charge is 8% of the amount withdrawn during the first Payment Year declining to 0% over that seven-year period. For example, if you make an early withdrawal within the first Payment Year, you could pay a surrender charge of up to $8,000 on a $100,000 investment. The withdrawal amount could be reduced by taxes or tax penalties.	CHARGES AND DEDUCTIONS - Transaction Expenses - Surrender Charges   FEE TABLE
Are There Transaction Charges?	Yes. In addition to surrender charges, we reserve the right to assess a transaction charge if you transfer cash value between investment options more than 12 times a year, or if a premium payment is returned for insufficient funds. Although we do not currently charge for such transactions, we reserve the right to charge up to $30 per transaction.	CHARGES AND DEDUCTIONS - Transaction Expenses   FEE TABLE
Are There Ongoing Fees and Expenses?	Yes. The table below describes the fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your Policy Data Page for information about the specific fees you will pay each year based on the options you have elected.	CHARGES AND DEDUCTIONS - Annual Policy Expenses; Annual Portfolio Expenses; Optional Benefit Expenses   FEE TABLE

 

	ANNUAL FEE	MINIMUM	MAXIMUM
	Base contract1	1.00%	1.30%	CHARGES AND DEDUCTIONS - Annual Policy Expenses
	Portfolio fees and expenses2	0.37%	1.42%	CHARGES AND DEDUCTIONS - Annual Portfolio Expenses
	Optional benefits available for an additional charge (for a single optional benefit, if elected)3	0.25%	1.30%	CHARGES AND DEDUCTIONS - Optional Benefit Expenses

	1 As a percentage of Accumulation Value after the Surrender Charge Period for the initial premium (Minimum Base Contract Charge) and as a percentage of Adjusted Premium Payments during the Surrender Charge Period for the initial premium (Maximum Base Contract Charge, plus a percentage attributable to the Annual Policy Service Charge). 2 As a percentage of average net Portfolio assets. The range in fees and expenses is for the year ended December 31, 2025 and will change from year to year. 3 The minimum fee reflects the current charge for the Annual Death Benefit Rider, as an annualized percentage of the amount guaranteed under the rider. The maximum fee reflects the current charge for the Investment Preservation Rider - FP Series (7-year holding period), as an annualized percentage of the amount that is guaranteed under the rider.
	Because your policy is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the policy, which could add surrender charges that substantially increase costs.
	LOWEST ANNUAL COST:   $1,411.56	HIGHEST ANNUAL COST   $3,211.01
	Assumes: •Investment of $100,000 •5% annual appreciation •Least expensive combination of Base Contract Charges and Portfolio fees and expenses •No optional benefits •No sales charges •No additional purchase payments, transfers or withdrawals	Assumes •Investment of $100,000 •5% annual appreciation •Most expensive combination of Base Contract Charges, optional benefits, and Portfolio fees and expenses •No sales charges •No additional purchase payments, transfers or withdrawals

 

	RISKS	Location in Prospectus
Is There a Risk of Loss from Poor Performance?	Yes. You can lose money by investing in this policy.	PRINCIPAL RISKS OF INVESTING IN THE POLICY
Is This a Short-Term Investment?	No. This policy is not designed for short-term investing and is not appropriate for an investor who readily needs access to cash. Surrender charges apply for up to 7 years following your last premium payment. They will reduce the value of your policy if you withdraw money during that time. Withdrawals may also be subject to federal and state income taxes and tax penalties. The benefits of tax deferral and living benefit protections also mean the policy is more beneficial to investors with a long time horizon. If you elect the IPR - FP Series, you will not receive a benefit under the rider unless you hold the policy for at least the specified Holding Period applicable to the rider.	PRINCIPAL RISKS OF INVESTING IN THE POLICY

Benefits Available Under The Policies

The following tables summarize information about the benefits available under the policy.

STANDARD DEATH BENEFIT
(automatically included with the policy) 

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
Standard Death Benefit	For policy owners who are age 80 or younger when the policy is issued, the Standard Death Benefit guarantees that your beneficiaries will receive the greater of: (i) your Accumulation Value; (ii) the Return of Premium Death Benefit; or (iii) the Step-up Death Benefit. For policy owners age 81 to 85 when the policy is issued, the Standard Death Benefit guarantees that your beneficiaries will receive the greater of: (i) your Accumulation Value; or (ii) the Return of Premium Death Benefit.	No additional charge	•Withdrawals could significantly reduce the benefit (possibly by an amount substantially greater than the actual amount withdrawn).

OPTIONAL DEATH BENEFIT AVAILABLE FOR A FEE 

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
Annual Death Benefit Reset (ADBR) Rider	Provides a new locked-in higher death benefit each year from the Policy Date ("Reset Anniversary"), if your investments increase in value.	Maximum Charge: 1.00%   (Charge calculated as an annualized percentage of the ADBR Reset Value as of the last Policy Anniversary or as of the Policy Date if within the first Policy Year, deducted quarterly).	•Only available at the time of application to policyowners aged 75 or younger. •Resets will continue on Reset Anniversaries until the Owner (or Annuitant if the Owner is not a natural person) is age 85. •In certain jurisdictions, an ownership change or assignment will terminate the benefit. •Withdrawals could significantly reduce the benefit (possibly by an amount substantially greater than the actual amount withdrawn). •You cannot cancel the rider

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
			without surrendering the policy.

 

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
Investment Preservation Rider - FP Series Death Benefit	A death benefit that is available if you purchase the IPR.   The IPR guarantees that your beneficiaries will receive the greater of: (i) the Standard Death Benefit; (ii) any death benefit available under any other rider attached to your policy; or (iii) the IPR Death Benefit.	Maximum Charge: 2.00% (as an annualized percentage of the amount that is guaranteed)	•Only available at the time of application. •Only payable if the Owner's spouse does not elect to continue the policy pursuant to its spousal continuance option. If the Owner's spouse elects to continue the policy, the IPR will continue and the IPR Death Benefit will not be paid. •See the next table "OPTIONAL LIVING BENEFITS AVAILABLE FOR A FEE-IPR FP Series" for more information about the restrictions and limitations applicable to the IPR. •Not available in certain jurisdictions. See APPENDIX 2 - State Variations in the Prospectus. •Where the Guarantee Percentage under the IPR is 101% or more, the Owner must hold the policy for a minimum waiting period (within two years of the Holding Period End Date), before the IPR Death Benefit equals the Guaranteed Amount. If the Owner dies prior to the end of the required waiting period, the IPR Death Benefit will be equal to the first policy year premiums less any proportional withdrawals. (See DESCRIPTION OF BENEFITS - Investment Preservation Rider in the

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
			Prospectus for more information on IPR Death Benefit calculations.) •If an IPR Reset is elected where the Guaranteed Percentage under the IPR is 101% or more, a new minimum waiting period (within two years of the Holding Period End Date) will begin before the IPR Death Benefit equals the Guaranteed Amount. If the Owner dies prior to the end of that required waiting period, the IPR Death Benefit will equal the Accumulation Value as of the Rider Reset Effective Date less any proportional withdrawals. (See DESCRIPTION OF BENEFITS - Investment Preservation Rider in the Prospectus for more information on IPR Death Benefit calculations.)

OPTIONAL LIVING BENEFIT AVAILABLE FOR A FEE 

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
Investment Preservation Rider - FP Series	Protects your investment from loss for a specified Holding Period. If, after a specified Holding Period, your Accumulation Value is less than the amount guaranteed, we will make a one-time increase to your Accumulation Value to make it equal to the guaranteed amount.   You may request to reset the guaranteed amount (an IPR Reset) under certain circumstances.   In most jurisdictions, includes	Maximum Charge: 2.00%   (as an annualized percentage of the amount that is guaranteed)	•Only available at the time of application to policyowners aged 75 or younger (70 or younger for the 20-year Holding Period). •You should not select this rider unless you intend to keep the policy for at least as long as the Holding Period you've selected. •The rider is irrevocable, and cannot be cancelled after a 30 day right to examine period. •Provides no benefit if you surrender the policy before the end of the Holding

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
	an IPR Death Benefit which is payable upon the death of the Owner if the Owner dies before the end of the Holding Period.		Period. •Restricts the availability of certain investment options. See APPENDIX 1B and 1C. •Premium payments are only permitted (a) in the first Policy Year or (b) after a specified Holding Period. •Withdrawals could significantly reduce the benefit (possibly by an amount greater than the actual amount withdrawn). •An IPR Reset starts a new Holding Period. New annual charges may apply after you elect an IPR Reset. •IPR Reset rights may be suspended or discontinued and are subject to age limits.

OTHER OPTIONAL BENEFITS INCLUDED WITH ALL POLICIES AT NO ADDITIONAL COST 

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
Living Needs Benefit / Unemployment Rider	Waives Surrender Charges if the Owner experiences certain "qualifying events" such as: (i) confinement to a health care facility for 60 consecutive days; (ii) terminal illness; or (iii) disability. If the Owner becomes unemployed, the rider waives Surrender Charges on a one-time withdrawal of up to 50% of your Accumulation Value.	None	•Policy must have been in force for at least one year and have a minimum Accumulation Value of $5,000. •Qualifying Event (as defined in the rider) must occur after the Policy Date. •Not available if any Owner has attained age 86 on the Policy Date. •For the Disability portion of the rider, any withdrawal after your 66th birthday will not be eligible for the rider benefit and surrender charges may apply. •A determination letter from your state's Department of Labor is required for unemployment benefit. •Unemployment must be for at least 60 consecutive

NAME OF BENEFIT	PURPOSE	MAXIMUM FEE	BRIEF DESCRIPTION OF RESTRICTIONS/ LIMITATIONS
			•You cannot make transfers into the DCA Advantage Account from any Allocation Option. •The annual effective interest rate for the DCA Advantage Account shown on your Policy Data Page applies only to your initial premium payment. Interest rates applied to subsequent premium payments allocated to the DCA Advantage Account may differ. •The benefits payable under the DCA Advantage Account (including principal and interest) are payable from NYLIAC's general account and are subject to its claims-paying ability.
Interest Sweep	Automatically transfers interest earned on the Fixed Account to be transferred to one or any combination of Investment Divisions.	None	•Frequency of the transfers can be monthly, quarterly, semi-annually, or annually. •You must have a minimum of $2,500 in the Fixed Account to elect this option and a minimum of $2,000 to continue as scheduled.

Buying The Policy

The minimum initial premium payment is $5,000, unless we permit otherwise. You may make additional premium payments of at least $2,500 for Qualified Policies and $5,000 for Non-Qualified Policies, or such lower amount as we may permit at any time. Additional premium payments can be made until 12 months after you reach age 85. The currently available methods of payment are direct payments to NYLIAC or any other method agreed to by us. The maximum aggregate amount of premium payments we accept is $1,000,000 without prior approval from NYLIAC. NYLIAC reserves the right to limit the dollar amount of any premium payment. You must allocate a minimum of $2,000 to the DCA Advantage Account.

For Qualified Policies, you may not make premium payments in any Policy Year that exceed the amount permitted by the plan or applicable law. For Inherited IRAs, Inherited Roth IRAs and Inherited Non-Qualified policies, additional premium payments are not permitted.

While IPR is in effect, you may only make premium payments to your policy in the first Policy Year or after the Holding Period End Date, as applicable. 

	NON-QUALIFIED POLICIES (purchased using after-tax dollars)	QUALIFIED POLICIES (purchased using pre-tax dollars)
Minimum Initial Premium	$5,000	$5,000
Minimum Subsequent Premiums	$5,000	Lesser of $2,500 or the maximum permitted by applicable law
Maximum Total Premiums	$1,000,000 (unless NYLIAC has approved a higher amount) NYLIAC reserves the right to limit the dollar amount of any premium payment.

Subsequent premium payments should be sent to one of the following addresses: 

	Regular Mail	Express Mail
Subsequent Premium Payments	NYL Annuities - TPD Mail Code7390 P.O. Box 7247 Philadelphia, PA 19170-7390	NYL Annuities - TPD 400 White Clay Center Drive Attn: LOCKBOX #7390 Newark, DE 19711

Subsequent premium payments will be allocated to your policy at the close of the Business Day on which they are received by NYLIAC. We will apply any subsequent premium payments according to the allocation instructions we have on file at the time of the premium payment.

Acceptance of initial and subsequent premium payments is subject to our sales standards that are used to determine whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.

Making Withdrawals: Accessing Money In Your Policy

Limitations on withdrawal amounts	The minimum amount you can withdraw is $500, unless we agree otherwise. Currently, online withdrawals cannot exceed $250,000. If you request a withdrawal for amounts greater than $50,000 in writing we may require additional verification of your identity.
Surrender charges and taxes	As described above, there may be surrender charges and tax consequences when you take out money.
Negative impact of withdrawal on benefits and guarantees of your policy	A withdrawal may have a negative impact on certain standard benefits or optional benefits that you may elect. It may significantly reduce the value of the benefit (possibly by an amount greater than the actual amount withdrawn) or even terminate certain benefits. A withdrawal may also be a taxable transaction and a 10% penalty tax could be applicable.

	Regular Mail	Express Mail
Surrender or Withdrawal Requests	NYL Annuities - TPD Mail Code 7390 P.O. Box 7247 Philadelphia, PA 19170-7390	NYL Annuities - TPD 400 White Clay Center Drive Attn: LOCKBOX #7390 Newark, DE 19711

Generally, withdrawal or surrender requests received in Good Order before the end of the Business Day will be processed that day. If we receive your request after the close of the Business Day, or on a day that is not a Business Day, your requested payment will be processed the next Business Day. Generally, NYLIAC will pay all surrenders or withdrawals within seven days of receipt of all required information in Good Order.

You may, however, elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of your Accumulation Value can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulations Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.

Additional Information about Fees

The following tables describe the fees and expenses that you will pay when buying, owning, making withdrawals from, or surrendering the policy. Please refer to your Policy Data Page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time that you buy the policy, make withdrawals or surrender the policy, or transfer Accumulation Value between investment options. State premium taxes may also be deducted.

Transaction Expenses

Surrender Charges (as a percentage of amount withdrawn). Applied to amounts in excess of the Surrender Charge Free Amount that you may withdraw each Policy Year. 

Payment Year	1	2	3	4	5	6	7	8+
Surrender Charge	8.00%	7.00%	6.00%	5.00%	4.00%	3.00%	2.00%	0.00%

 

Other Transaction Charges	Guaranteed Maximum Charge	Current Charge
Transfer Fee (charged for transfers in excess of 12 in a policy year)	$30	$0
Payments Returned for Insufficient Funds	$20	$0

The next table describes the fees and expenses that you will pay each year during the time that you own the policy (not including Portfolio fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

Annual Policy Expenses

Base Contract Charges (Without Optional Benefits) 

	Policies with Accumulation Value-based Base Contract Charges1		Policies with Premium-based Base Contract Charges2
Administrative Expense3	$30		$30
Base Contract Expenses4	Guaranteed Maximum Charge	Current Charge	Guaranteed Maximum Charge	Current Charge
	1.20%   (During the Surrender Charge Period for the initial premium)	1.20%   (During the Surrender Charge Period for the initial premium)	1.30%   (During the Surrender Charge Period for the initial premium)	1.30%   (During the Surrender Charge Period for the initial premium)
	1.00%   (After the Surrender Charge Period for the initial premium)	1.00%   (After the Surrender Charge Period for the initial premium)	1.10%   (After the Surrender Charge Period for the initial premium)	1.10%   (After the Surrender Charge Period for the initial premium)

Optional Benefit Expenses

The following table applies to Optional Benefits currently available for purchase: 

		Guaranteed Maximum Charge	Current Charge
Annual Charge for IPR*   (calculated as an annualized percentage of the amount that is guaranteed under the IPR, deducted on a quarterly basis)	7 Year Holding Period	2.00%	1.30%
	10 Year Holding Period	2.00%	1.00%
	11 Year Holding Period	2.00%	0.90%
	12 Year Holding Period	1.50%	0.80%
	13 Year Holding Period	1.50%	0.70%
	14 Year Holding Period	1.50%	0.60%
	15 Year Holding Period	1.50%	0.50%
	20 Year Holding Period	1.50%	0.60%
Annual Death Benefit Reset Rider (ADBR) Charge   (calculated as an annualized percentage of the ADBR Reset Value as of the last Policy Anniversary (or as of the Policy Date if within the first Policy Year), deducted on a quarterly basis; for a detailed explanation of the term "ADBR Reset Value," see "DESCRIPTION OF BENEFITS - Annual Death Benefit Reset (ADBR) Rider" in the Prospectus).		1.00%	0.25%

*The IPR Guarantee Percentage for the 7 Year Holding Period is 100%. The IPR Guarantee Percentage for the 10 and 11 Year Holding Periods is 110%. The IPR Guarantee Percentage for the 12 and 13 Holding Periods is 115%. The IPR Guarantee Percentage for the 14 and 15 Year Holding Period is 120%. The IPR Guarantee Percentage for the 20 Year Holding Period is 150%.

The next table shows the minimum and maximum total operating expenses charged by the Portfolios that you may pay periodically during the time that you own the policy. The expenses may change over time and may be higher or lower in the future. A complete list of Portfolios available under the policy, including their annual expenses, may be found in APPENDIX 1A.

Annual Portfolio Expenses 

	Minimum	Maximum
Expenses that are deducted from the Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses.1
Before fee waivers and expense reimbursements	0.37%	1.42%
After fee waivers and expense reimbursements2	0.28%	1.34%

Example

This Example is intended to help you compare the cost of investing in the Investment Divisions of the policy with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses, annual policy expenses and Annual Portfolio Expenses.

This Example assumes all Accumulation Value is allocated to the Investment Divisions. Your costs could differ from those shown below if you invest in the Fixed Account or the DCA Advantage Account.

The Example assumes that you invest $100,000 in the Investment Divisions for the time periods indicated. The Example also assumes that your investment has a 5% return each year, and assumes the most expensive combination of Base Contract Charges, Annual Portfolio Expenses and optional benefits available for an additional charge.* Although your actual costs may be higher or lower, based on these assumptions your costs would be: 

	Years
	1 yr	3 yr	5 yr	10 yr
If you surrender your policy at the end of the applicable time period:	$11,402.85	$18,102.10	$24,624.54	$41,555.50
If you annuitize at the end of the applicable time period:	$11,402.85	$12,468.35	$20,859.51	$41,555.50
If you do not surrender your policy:	$4,141.00	$12,468.35	$20,859.51	$41,555.50
*Assumes you have elected a policy with premium-based Base Contract charges with both the IPR (10-year Holding Period) and the ADBR.

Appendix 1A

Investment Options Available Under the Policy

The following is a list of Portfolios available under the policy, which is subject to change, as discussed in the prospectus. Depending on the optional benefits you choose, you may not be able to invest in certain Portfolios. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/premier-fpseries. You can also request this information at no cost by calling the New York Life Annuities Service Center at 800-762-6212 or by sending an email request with your name and mailing address to [email protected].

The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.

If you elect to purchase the IPR, you may not be able to invest in certain Portfolios. If you purchased the IPR, your available Allocation Options are listed in APPENDIX 1B. 

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/25)
			1 year	5 year	10 year
Large Cap Equity	NYLIM VP American Century Large Cap Equity (formerly NYLI VP American Century Sustainable Equity) - Service Class   Adviser: New York Life Investment Management LLC ("New York Life Investments") / Subadviser: American Century Investment Management, Inc.	0.93%	11.06%	13.68%	11.58%
Asset Allocation	NYLIM VP Balanced (formerly NYLI VP Balanced) - Service Class   Adviser: New York Life Investments / Subadvisers: NYL Investors LLC ("NYL Investors") and Wellington Management Company LLP ("Wellington")	0.97%	11.16%	7.14%	7.04%
Investment Grade Bond	NYLIM VP Bond (formerly NYLI VP Bond) - Service Class   Adviser: New York Life Investments / Subadviser: NYL Investors	0.80%	6.57%	(0.88)%	1.71%
Sector	NYLIM VP CBRE Global Infrastructure (formerly NYLI VP CBRE Global Infrastructure) - Service Class   Adviser: New York Life Investments / Subadviser: CBRE Investment Management Listed Real Assets LLC	1.20%	15.31%	6.79%	2.39%
Asset Allocation	NYLIM VP Conservative Allocation (formerly NYLI VP Conservative Allocation) - Service Class   Adviser: New York Life Investments	0.80%	9.29%	3.67%	5.14%

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/25)
			1 year	5 year	10 year
Investment Grade Bond	PIMCO VIT Short-Term Portfolio - Advisor Class   Adviser: PIMCO	0.75%	4.57%	3.14%	2.65%
Investment Grade Bond	PIMCO VIT Total Return Portfolio - Advisor Class   Adviser: PIMCO	0.83%	8.78%	(0.08)%	2.26%
Sector	Principal VC Real Estate Securities Account - Class 2   Adviser: Principal Global Investors, LLC / Subadviser: Principal Real Estate Investors, LLC	1.03%	0.92%	4.61%	5.67%
International/ Global Equity	Putnam VT International Value Fund - Class IB   Adviser: Putnam Investment Management, LLC / Subadvisers: Franklin Advisers, Inc., Franklin Templeton Investment Management Limited and The Putnam Advisory Company, LLC	1.06%	34.68%	12.49%	8.86%
Large Cap Equity	Voya Growth and Income Portfolio - Class S   Adviser: Voya Investments, LLC ("Voya") / Subadviser: Voya Investment Management Co. LLC ("VIM")	0.92%	17.94%	15.18%	14.33%
Investment Grade Bond	Voya Intermediate Bond Portfolio - Class S   Adviser: Voya / Subadviser: VIM	0.80%	7.46%	(0.09)%	2.42%

  The following is a list of fixed options currently available under the policy. We may change the features of the fixed options listed below and offer new fixed options. We will provide you with written notice before doing so. 

Name	Term	Guaranteed Minimum Interest Rate
Fixed Account	N/A	0.05%
DCA Advantage Account	6 months	0.05%

Appendix 1B

Investment Divisions available with IPR

Option 1 - Franklin Templeton Model Portfolios 

Moderately Aggressive		Moderate
100%	Franklin Templeton Moderately Aggressive Model Portfolio	100%	Franklin Templeton Moderate Model Portfolio
Moderately Conservative		Conservative (only available with 20-year holding period)
100%	Franklin Templeton Moderately Conservative Model Portfolio	100%	Franklin Templeton Conservative Model Portfolio

Option 2 - Choose Your Own Investment Divisions 

Category A:
Minimum Allocation	30 %
Maximum Allocation	100 %
Subcategory I Funds (Minimum Allocation 10% - total among all the subcategory I Funds)
NYLIM VP Bond NYLIM VP MacKay U.S. Infrastructure Bond NYLIM VP PIMCO Real Return NYLIM VP U.S. Government Money Market American Funds® IS The Bond Fund of America® American Funds® IS Capital World Bond Fund® American Funds® IS U.S. Government Securities Fund® Columbia Variable Portfolio - Intermediate Bond Fund Fidelity® VIP Bond Index Portfolio Fidelity® VIP Investment Grade Bond Portfolio		Lord Abbett Series Fund, Inc. - Short Duration Income Port PIMCO VIT Income Portfolio PIMCO VIT International Bond Port (U.S. Dollar-Hedged) PIMCO VIT Low Duration Portfolio PIMCO VIT Short-Term Portfolio PIMCO VIT Total Return Portfolio Voya Intermediate Bond Portfolio
Subcategory II Funds
NYLIM VP Floating Rate NYLIM VP MacKay High Yield Corporate Bond NYLIM VP MacKay Strategic Bond		BlackRock® High Yield V.I. Fund Columbia Variable Portfolio - Emerging Markets Bond
Category B:
Minimum Allocation	0 %
Maximum Allocation	70 %
Category B Funds
NYLIM VP American Century Large Cap Equity NYLIM VP Dimensional U.S. Equity NYLIM VP Epoch U.S. Equity Yield NYLIM VP Hedge Multi-Strategy NYLIM VP MacKay Convertible NYLIM VP MFS® Investors Trust NYLIM VP MFS® Research NYLIM VP S&P 500 Index NYLIM VP Winslow Large Cap Growth AB VPS Relative Value Portfolio		American Funds® IS Growth Fund American Funds® IS Growth-Income Fund American Funds® IS Washington Mutual Investors Fund BNY Mellon Sustainable U.S. Equity Portfolio DWS Alternative Asset Allocation VIP Fidelity® VIP ContrafundSM Portfolio Fidelity® VIP Equity-Income PortfolioSM Fidelity® VIP Growth Opportunities Portfolio LVIP ClearBridge Appreciation Fund Voya Growth and Income Portfolio

Category C:
Minimum Allocation	0 %
Maximum Allocation	25 %
Subcategory I Funds (Maximum Allocation 15% - total among all the subcategory I Funds)
NYLIM VP Schroders Mid Cap Opportunities NYLIM VP Small Cap Growth NYLIM VP Wellington Small Cap Columbia Variable Portfolio - Small Cap Value Discovery Columbia Variable Portfolio - Small Company Growth Fidelity® VIP Extended Market Index Portfolio		Fidelity® VIP Mid Cap Portfolio Invesco V.I. Main Street Small Cap Fund® Janus Henderson Enterprise Portfolio MFS® Mid Cap Value Portfolio Neuberger Berman AMT Mid Cap Growth Portfolio Nomura VIP Small Cap Value Series
Subcategory II Funds (Maximum Allocation 15% - total among all the subcategory II Funds)
NYLIM VP PineStone International Equity American Funds® IS New World Fund® American Funds® IS SMALLCAP World Fund® Fidelity® VIP Emerging Markets Portfolio Fidelity® VIP International Capital Appreciation Portfolio Fidelity® VIP International Index Portfolio		Goldman Sachs VIT International Equity Insights Fund Invesco V.I. EQV International Equity Fund Janus Henderson Global Research Portfolio MFS® International Intrinsic Equity Portfolio MFS® Research International Portfolio Putnam VT International Value Fund
Subcategory III Funds (Maximum Allocation 10% - total among all the subcategory III Funds)
NYLIM VP CBRE Global Infrastructure NYLIM VP Fidelity Institutional AM® Utilities NYLIM VP Natural Resources NYLIM VP Newton Technology Growth		Fidelity® VIP Health Care Portfolio Franklin Gold and Precious Metals VIP Fund Principal VC Real Estate Securities Account

Option 3 - Asset Allocation Funds: 

Category D:
Minimum Allocation	100 %
Category D Asset Allocation Funds
NYLIM VP Balanced NYLIM VP Conservative Allocation NYLIM VP Income Builder NYLIM VP Janus Henderson Balanced NYLIM VP Moderate Allocation American Funds® IS Asset Allocation Fund BlackRock® Global Allocation V.I. Fund Fidelity® VIP FundsManager® 60% Portfolio Franklin Templeton Moderately Aggressive Model Portfolio Franklin Templeton Moderate Model Portfolio Franklin Templeton Moderately Conservative Model Portfolio Franklin Templeton Conservative Model Portfolio

Back Cover Page

This Summary Prospectus incorporates by reference the New York Life Premier Variable Annuity- FP Series full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2026, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, https://dfinview.com/NewYorkLife/TAHD/premier-fpseries. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.

Separate Account III EDGAR contract identifier #C000193957

 
Separate Account IV EDGAR contract identifier #C000193958