Nyliac Variable Annuity Separate Account IV

05/01/2026 | Press release | Distributed by Public on 05/01/2026 13:02

Prospectus by Investment Company (Form 497)

RATE SHEET PROSPECTUS SUPPLEMENT DATED May 1, 2026
TO THE PROSPECTUS DATED MAY 1, 2026 FOR
New York Life Premier Variable Annuity - FP Series
INVESTING IN THE FOLLOWING SEPARATE ACCOUNTS
NYLIAC Variable Annuity Separate Account-III
NYLIAC Variable Annuity Separate Account-IV
This Rate Sheet Prospectus Supplement is to be used in connection with the prospectus for the variable annuity policy listed above that is issued by New York Life Insurance and Annuity Corporation ("NYLIAC"). You should read this information carefully and retain this supplement for future reference together with the Prospectus. This supplement is not valid unless it is read in conjunction with the Prospectus. All capitalized terms used but not defined in this supplement have the same meaning as those included in the Prospectus.
This Rate Sheet Prospectus Supplement updates the Ongoing Fees and Expenses (annual charges) for the policy provided in "IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY" section of the Prospectus taking into account the current fees for the Investment Preservation Rider ("IPR") disclosed in this Rate Sheet Prospectus Supplement. This Rate Sheet Prospectus Supplement also provides the:
(1)
Current charges for:
(a)
the Investment Preservation Rider - FP Series ("IPR") for policies with an application signed on or after February 10, 2025 and resets under such policies of the IPR with a Rider Reset Effective Date on or after February 10, 2025; and
(b)
the IPR for policies with an application signed prior to February 10, 2025 with a Rider Reset Effective Date on or after May 1, 2019.
(2)
Percentages applicable for determining the Guaranteed Amounts under the IPR for policies with an application signed on or after February 10, 2025 (the "IPR Guarantee Percentage").
(3)
Holding Periods currently available with the IPR for policies with an application signed on or after November 13, 2023.
It is important that you have the most current Rate Sheet Prospectus Supplement as of the date you apply for a policy. In the event we publish a new Rate Sheet Prospectus Supplement after the date your application is signed but before we issue your policy, the charges and applicable IPR Guarantee Percentages will be those in the Rate Sheet Prospectus Supplement in effect on the date of your signed application.
It is also important that you have the most current Rate Sheet Prospectus Supplement if you elect to reset your IPR Guaranteed Amount. In the event we issue a new Rate Sheet Prospectus Supplement after the date you send in your written request to reset your IPR but before the Rider Reset Effective Date, we will apply the charge in effect on the Rider Reset Effective Date. Please be advised that the charges you pay for the IPR after you elect to reset may be different than the charges you paid prior to the Rider Reset Effective Date and could be more or less than the current charge reflected in this Rate Sheet Supplement; provided, however, that such charges will never exceed the guaranteed maximum charge set forth in the "FEE TABLE" in the prospectus. If you are not satisfied with the new charges you pay for the IPR after you elect to reset, you may cancel the reset at any time prior to or within thirty (30) days after the Rider Reset Effective Date with no penalty.
This Rate Sheet Prospectus Supplement has no specified end date and can be superseded at any time. If we supersede this Rate Sheet Prospectus Supplement with a new Rate Sheet Prospectus Supplement, the new Rate Sheet Prospectus Supplement will be filed a minimum of 10 business days prior to the effective date of the new rates. You can obtain the most current Rate Sheet Prospectus Supplement online at https://dfinview.com/NewYorkLife/TAHD/premier-fpseries. You can also obtain this information at no cost by calling the New York Life Annuities Service Center at 800-762-6212. This Rate Sheet Prospectus Supplement and the Prospectus can also be found on the U.S. Securities and Exchange Commission's website (www.sec.gov) by
searching File No. 333-219399 and File No. 333-219400.
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
 
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 Serivce 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:
 
$1,411.46
HIGHEST ANNUAL COST
 
$3,246.62
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
ANNUAL CHARGES FOR THE IPR
The current charge for the IPR for policies with an application signed on or after February 10, 2025 is as follows: 
Annual Charge for IPR
(calculated as an annualized percentage of the amount that is guaranteed under the IPR,
deducted on a quarterly basis)
Current
Charge
7 Year Holding Period
1.30%
10 Year Holding Period
1.00%
11 Year Holding Period
0.90%
12 Year Holding Period
0.80%
13 Year Holding Period
0.70%
14 Year Holding Period
0.60%
15 Year Holding Period
0.50%
20 Year Holding Period
0.60%
IPR GUARANTEE PERCENTAGES
The IPR Guarantee Percentages currently applicable for determining the Guaranteed Amount under IPR for policies with an application signed on or after February 10, 2025 are: 
Holding Period
Percentage
7 Year Holding Period
100%
10 Year Holding Period
110%
11 Year Holding Period
110%
12 Year Holding Period
115%
13 Year Holding Period
115%
14 Year Holding Period
120%
15 Year Holding Period
120%
20 Year Holding Period
150%
ANNUAL CHARGES FOR IPR RESET ELECTIONS 
Annual Charge for IPR if you elect an IPR Reset with a Rider Reset Effective Date on or
after May 1, 2019 (Policies applied for prior to February 10, 2025)
(calculated as an annualized percentage of the amount that is guaranteed under the IPR,
deducted on a quarterly basis)
Current
Charge
7 Year Holding Period
1.10%
10 Year Holding Period
1.00%
11 Year Holding Period
0.90%
12 Year Holding Period
0.80%
13 Year Holding Period
0.70%
14 Year Holding Period
0.60%
15 Year Holding Period
0.50%
20 Year Holding Period
0.60%
 
Annual Charge for IPR if you elect an IPR Reset with a Rider Reset Effective Date on or
after February 10, 2025 (Policies applied for on or after February 10, 2025)
(calculated as an annualized percentage of the amount that is guaranteed under the IPR,
deducted on a quarterly basis)
Current
Charge
7 Year Holding Period
1.30%
10 Year Holding Period
1.00%
11 Year Holding Period
0.90%
12 Year Holding Period
0.80%
13 Year Holding Period
0.70%
14 Year Holding Period
0.60%
15 Year Holding Period
0.50%
20 Year Holding Period
0.60%
PROSPECTUS Dated May 1, 2026
for
New York Life Premier Variable Annuity- FP Series
From
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
(a Delaware Corporation)
51 Madison Avenue,
New York, New York 10010
Investing in
NYLIAC Variable Annuity Separate Account-III
NYLIAC Variable Annuity Separate Account-IV
This Prospectus describes the individual flexible premium New York Life Premier Variable Annuity- FP Series policies issued by New York Life Insurance and Annuity Corporation (NYLIAC). We designed these policies to assist individuals with their long-term retirement planning or other long-term needs. The policies offer flexible premium payments, access to your money through partial withdrawals (some withdrawals may be subject to a surrender charge, federal and state income taxes and/or a 10% federal penalty tax if withdrawn before age 59½ ), a choice of when Income Payments commence, and a guaranteed death benefit if the Owner dies before Income Payments have commenced. NYLIAC's obligations under the policies are subject to its financial strength and claims-paying ability. Please note that your policy may vary depending on your state. Any material variations are disclosed in the prospectus or in APPENDIX 2-State Variations.
If you are a new investor in the policy, you may cancel your policy within 10 days of delivery of the policy without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either (i) a full refund of the amount you paid with your application, or (ii) your policy value (Accumulation Value), less any e-delivery credit. You should review this Prospectus, or consult with your registered representative, for additional information about the specific cancellation terms that apply.
We use a Rate Sheet Prospectus Supplement to describe the current charges and guaranteed amount percentages for certain optional benefits. This Prospectus must be accompanied by the applicable Rate Sheet Prospectus Supplement.
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy or accuracy of this Prospectus. Any representation to the contrary is a criminal offense.
The policies are complex investments and involve risks, including potential loss of principal invested. The policies are not short-term investments and are not appropriate for investors who plan or need ready access to withdrawals as some withdrawals could result in surrender charges, taxes and tax penalties, as applicable. The policies are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not federally insured by the FDIC, the Federal Reserve Board, or any other agency.
Additional information about certain investment products, including variable annuities, has been prepared by the SEC's staff and is available at www.Investor.gov.
Your premium payments accumulate on a tax-deferred basis. This means your earnings are not taxed until you take money out of your policy, which can be done in several ways. You can invest your premium payments among a Fixed Account, the Dollar Cost Averaging Advantage Account, and up to 18 separate Investment Divisions. Each Investment Division invests exclusively in the shares of a specified corresponding portfolio ("Portfolio"). The Portfolios and the fixed options are listed in APPENDIX 1A.
We do not guarantee the investment performance of the Investment Divisions. Depending on current market conditions, you can make or lose money in any of the Investment Divisions.
Table of Contents 
Page
Definitions
1
Overview Of The Policy
5
Important Information You Should Consider
About The Policy
7
Fee Table
12
Principal Risks of Investing in the Policy
16
Contacting NYLIAC
19
NYLIAC And The Separate Accounts
20
New York Life Insurance and Annuity
Corporation
20
The Separate Accounts
20
The Portfolios
20
Additions, Deletions, or Substitutions of
Investments
25
Reinvestment
25
The Policies
25
Qualified and Non-Qualified Policies
26
Policy Application and Premium Payments
26
Accumulation (Savings) Phase
27
Crediting of Premium Payments
27
Valuation of Accumulation Units
28
Tax-Free Section 1035 Exchanges
28
Your Right to Cancel ("Free Look")
28
Issue Ages
29
Transfers
29
Limits on Transfers
30
Speculative Investing
32
Online Service at newyorklifeannuities.com
32
Telephone Transactions
33
Third Party and Registered Representative
Actions
33
Electronic Delivery
34
Records and Reports
34
Designation of Beneficiary
35
Delay of Payments
35
Benefits Available Under The Policies
37
Description of Benefits
42
The Standard Death Benefit - Death Before
Annuity Commencement
42
Annual Death Benefit Reset Rider
44
Investment Preservation Rider - FP Series
46
IPR Death Benefit
50
Living Needs Benefit/Unemployment Rider
54
Automatic Asset Rebalancing
55
Dollar Cost Averaging Programs
56
Page
Traditional Dollar Cost Averaging (not
available with IPR)
56
The DCA Advantage Account
57
Interest Sweep
58
Rate Sheet Prospectus Supplement for the
IPR
58
Charges And Deductions
59
Transaction Expenses
59
Surrender Charges
59
Amount of Surrender Charge
60
Exceptions to Surrender Charges
60
Transfer Fees
60
Payments Returned for Insufficient Funds
61
Annual Policy Expenses
61
Base Contract Charges (M&E Charge)
61
Administrative Expense - Policy Service
Charge
62
Optional Benefit Expenses
62
Charge for the Investment Preservation
Rider - FP Series
62
Annual Death Benefit Reset (ADBR) Rider
Charge
62
Annual Portfolio Expenses
63
Group and Sponsored Arrangements
63
Taxes
63
Distributions Under The Policy
63
Surrenders and Withdrawals
63
Surrenders
64
Partial Withdrawals
64
Periodic Partial Withdrawals
65
Hardship Withdrawals
65
Required Minimum Distributions
65
Our Right to Cancel
66
Annuity Payments (The Income Phase)
66
Annuity Commencement Date
66
Income Payments
66
Election of Income Payment Options
66
Proof of Survivorship
67
The Fixed Account
67
Interest Crediting
67
Transfers Between the Fixed Account and
Investment Divisions or an Asset
Allocation Model
68
The DCA Advantage Account
68
Federal Tax Matters
69
i
Page
Introduction
69
Taxation of Annuities in General
69
3.8 Percent Tax on Certain Investment Income
71
Partial Section 1035 Exchanges
71
Inherited Non-Qualified Policies
71
Qualified Policies
72
(a) Individual Retirement Annuities.
72
(b) Roth Individual Retirement Annuities.
72
(c) Inherited Roth IRAs.
72
(d) Inherited IRAs.
72
Taxation of Death Benefits
73
Distribution and Compensation
Arrangements
74
Additional Information about Risks
74
Information System Failures and Cybersecurity
Risks
74
Risks from Serious Infectious Disease
Outbreaks
75
Page
Legal Proceedings
75
Voting Rights
75
Financial Statements
76
Appendix 1A
1A
-1
Investment Options Available Under the Policy
1
Appendix 1B
1B
-1
Model Portfolios, Investment Divisions and
Asset Allocation Models available with IPR
(for policies issued on or after May 1, 2018)
1
Appendix 1C
1C
-1
Model Portfolios, Investment Divisions and
Asset Allocation Models available with IPR
(for policies issued before May 1, 2018)
1C
-1
Appendix 2
2
-1
State Variations
2
-1
Appendix 3
3
-1
HISTORICAL CHARGES AND VALUES FOR
CERTAIN OPTIONAL BENEFITS
3
-1
ii
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.
Asset Allocation Category(ies)-A group of Investment Divisions of the Separate Account categorized based on investment risk determined by NYLIAC.
Asset Allocation Model-A model portfolio comprised of Investment Divisions of the Separate Account. The Asset Allocation Models are no longer available for new investment. The Asset Allocation Model program was discontinued as of May 1, 2020.
Base Contract Charge-Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).
Beneficiary or beneficiary-The person or entity having the right to receive the death benefit proceeds set forth in the policy and who is the "designated beneficiary" for purposes of Section 72 of the Code (as defined below).
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.
Code-The Internal Revenue Code of 1986, as amended.
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
1
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.
Eligible Designated Beneficiary-Eligible Designated Beneficiaries include spouses, minor children (until they reach the age of majority), someone who is disabled or chronically ill (including certain trusts for the disabled or chronically ill), or an individual not more than 10 years younger than the original IRA owner or plan participant.
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.
Fund-A mutual fund that has multiple series or Portfolios.
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. The current IPR Guarantee Percentages for new purchases are shown on the Rate Sheet Prospectus Supplement.
IPR Guarantee Percentage-The percentage used to calculate the IPR Guaranteed Amount. This percentage is shown on your IPR Rider Data Page. For current percentages applicable to new purchases, please see the Rate Sheet Prospectus Supplement.
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.
2
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.
Payee-The individual designated to receive Income Payments 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.
Rate Sheet Prospectus Supplement-A supplement to this Prospectus that lists current charges, guaranteed amount percentages, and holding periods for certain optional benefits.
Reset Value-If you purchase the Annual Death Benefit Rider (ADBR), on each Policy Anniversary, if your Accumulation Value is greater than your guaranteed death benefit on the previous Policy Anniversary, we will automatically reset the minimum value of your death benefit to equal your higher Accumulation Value. This new amount is the Reset Value. These resets will occur each year until the Owner (or annuitant if the Owner is not a natural person) is age 80 or 85, depending on when the policy was purchased.
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.
3
Rider Effective Date-The date on which the IPR is effective and the date from which the Holding Period End Date is measured. This date is stated on the rider Data Page. After an IPR Reset, this date is the same as the "Rider Reset Effective Date."
Sales Standards-The criteria used to evaluate whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.
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.
4
Overview Of The Policy
Q.
What is this policy, and what is it designed to do?
A.
The New York Life Premier Variable Annuity- FP Series is designed to assist individuals with their long-term retirement planning or other long-term needs through investments in a variety of Allocation Options during an accumulation (savings) phase of the policy. The policy also offers death benefits to protect your designated beneficiaries. You can also elect to supplement your retirement income by converting your Accumulation Value into a stream of Income Payments (sometimes called annuity payments). This policy is only appropriate if you have a long investment time horizon. It is not intended for people who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Portfolios.
Q.
How do I accumulate assets in the policy and receive income from the policy?
A.
Your policy has two phases:
●
the accumulation (savings) phase, when you make premium payments to us, and
●
the annuity (income) phase, when we make Income Payments to you.
Accumulation (Savings) Phase
During the accumulation (savings) phase of the policy, you can invest your premium payments in:
●
a variety of Investment Divisions (you may choose up to 18). Each Investment Division invests in a corresponding (mutual fund) Portfolio, each of which has its own investment strategies, investment adviser(s), expense ratios, and returns.
●
a Fixed Account option, which offers a guaranteed fixed interest rate for one-year periods; and
●
a DCA Advantage Account, which transfers amounts automatically to the Investment Divisions you choose in up to six monthly increments and pays you interest on amounts remaining in the DCA Advantage Account.
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 policy, 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.
Q.
What are the policy's primary features and options?
A.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
5
fluctuations in the policy's Accumulation Value. Please see "CHARGES AND DEDUCTIONS-Annual Policy Expenses-Base Contract Charges (M&E Charge)" 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). See "ANNUITY PAYMENTS (THE INCOME PHASE)- Annuity Commencement Date." 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").
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 policies applied for 5/1/2020 and after). 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. These riders are only available when you apply(ied) for your policy. (See "DESCRIPTION OF BENEFITS - Annual Death Benefit Reset Rider and Investment Preservation Rider FP Series for more information about ADBR and IPR Death Benefit calculations).
Optional benefits that occur during your lifetime. For an additional fee, you can purchase an investment preservation rider 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 one or any combination of Investment Divisions or an available Asset Allocation Model.
Electronic Delivery. You may elect to receive electronic delivery of current prospectuses related to this policy, as well as other policy-related documents.
6
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
See Rate Sheet
Prospectus
Supplement
See Rate Sheet
Prospectus
Supplement
CHARGES AND
DEDUCTIONS -
Optional Benefit
Expenses
7
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:
 
See Rate Sheet Prospectus
Supplement
HIGHEST ANNUAL COST
 
See Rate Sheet Prospectus
Supplement
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
8
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 Investment
Preservation Rider - 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
What Are the
Risks Associated
with the
Investment
Options?
•An investment in this policy is subject to the risk of poor investment
performance and can vary depending on the performance of the
variable investment options (e.g., Portfolios) and guaranteed options
(e.g., the Fixed Account and DCA Advantage Account) you choose.
•Each investment option, including the Fixed Account and DCA
Advantage Account, has its own unique risks.
•You should review the prospectuses for the available Portfolios and
the description in this prospectus of the Fixed Account and the DCA
Advantage Account before making an investment decision.
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY
What Are the
Risks Related to
the Insurance
Company?
An investment in the policy is subject to the risks related to NYLIAC,
including that any obligations, guarantees, and benefits of the policy
are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its obligations
to you. More information about NYLIAC is available upon request from
NYLIAC by calling the New York Life Annuities Service Center at
800-762-6212.
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY
RESTRICTIONS
LOCATION IN
PROSPECTUS
Are There Limits
on the
Investment
Options?
Yes.
•We limit the number of Investment Divisions you may choose. You
may allocate premium payments and Accumulation Value to up to 18
separate Investment Divisions, plus the Fixed Account and DCA
Advantage Account, some of which may not be available under your
policy.
•We reserve the right to charge $30 for each transfer when you
transfer money between Investment Divisions in excess of 12 times in
a Policy Year.
•Additional restrictions apply with respect to transfers to and from the
Fixed Account and DCA Advantage Account.
•We reserve the right to limit transfers in circumstances of frequent
transfers or to prevent market timing.
•We reserve the right to remove, close, or substitute Portfolios as
investment options that are available under the policy.
THE
POLICIES-Policy
Application and
Premium Payments,
Transfers, and
Limits on Transfers
NYLIAC AND THE
SEPARATE
ACCOUNTS-
Additions,
Deletions, or
Substitutions of
Investments
9
Are There
Restrictions on
Policy Benefits?
Yes.
•Certain optional benefits limit or restrict the investment options you
may select under the policy. We may change these restrictions in the
future.
•Certain optional benefits may limit withdrawals or other rights under
the policy.
•Under certain benefits, a withdrawal could reduce the value of a
benefit by more than the dollar amount of the withdrawal and/or could
terminate the benefit.
•You are required to have a minimum Accumulation Value for some
optional benefits.
•We may modify or discontinue an optional benefit at any time.
•Some optional benefits cannot be cancelled without surrendering
your policy.
•The amount of death benefit available under certain optional benefits
may vary depending on the date of death. Certain optional benefits
may offer a lesser death benefit at issue and require that the policy
be held for a minimum waiting period before the greater death benefit
will be payable. If you die before the end of the minimum waiting
period, the death benefit will be less than the greater death benefit
available after the minimum waiting period. Additionally, where there
is a reset of certain optional benefit riders, a new minimum waiting
period will be required before the greater death benefit will be
payable. If you die before the end of the new minimum waiting
period, the death benefit may be less than the greater death benefit
available after the new minimum waiting period.
DESCRIPTION OF
BENEFITS
TAXES
LOCATION IN
PROSPECTUS
What are the
Policy's Tax
Implications?
•Consult with a tax professional to determine the tax implications of
an investment in, withdrawals from and surrenders of this policy.
•If you purchase the policy through a tax-qualified plan or individual
retirement account (IRA), such plan or IRA already provides tax
deferral under the Code and there are fees and charges in an annuity
that may not be included in such other investments. Therefore, the
tax deferral of the policy does not provide additional benefits.
•Premiums that are made on a pre-tax basis as well as earnings on
your policy are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a 10% penalty tax if you take a
withdrawal before age 59½.
FEDERAL TAX
MATTERS
CONFLICTS OF INTEREST
LOCATION IN
PROSPECTUS
How are
Investment
Professionals
Compensated?
Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset-based
compensation, allowances for expenses, and other compensation
programs. The amount of compensation will vary depending on the
specific payment arrangements of the broker-dealer for whom your
registered representative works. This compensation may differ from the
compensation paid by other companies for sales of their products.
Differences in compensation have the potential to influence the
recommendation made by your registered representative or
broker-dealer. Your registered representative may have a financial
incentive to offer or recommend this policy over another investment.
DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS
10
Should I
Exchange My
Policy?
Your registered representative may have a financial incentive to offer
you a new policy in place of the one you own. You should consider
exchanging your policy if you determine, after comparing the features,
fees, risks of both policies, and any fees or penalties to terminate the
existing policy, that it is in your best interest to purchase the new policy
rather than continue to own your existing policy.
THE POLICIES -
Tax-Free
Section 1035
Exchanges;
Selecting the
Variable Annuity
That's Right for You
11
Fee Table
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, surrender, or make withdrawals from 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.
12
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)
1
As an annualized percentage of daily Variable Accumulation Value.
2
As an annualized percentage of Adjusted Premium Payments.
3
We call this fee the "Annual Policy Service Charge" in your policy and elsewhere in the prospectus. This fee is waived for policies that have $100,000 or more of Accumulation Value on a given Policy Anniversary.
4
We call this the "Mortality and Expense Risk and Administrative Costs Charge (M&E)" in your policy and elsewhere in this prospectus.
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%
See Rate Sheet
Prospectus
Supplement for
Current Charges
10 Year Holding Period
2.00%
11 Year Holding Period
2.00%
12 Year Holding Period
1.50%
13 Year Holding Period
1.50%
14 Year Holding Period
1.50%
15 Year Holding Period
1.50%
20 Year Holding Period
1.50%
13
Annual Charge if you elect an IPR Reset
with a Rider Reset Effective Date on or
after February 10, 2025 (for policies
applied for on or after February 10, 2025)
 
(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%
See Rate Sheet
Prospectus
Supplement for
Current Charges
10 Year Holding Period
2.00%
11 Year Holding Period
2.00%
12 Year Holding Period
1.50%
13 Year Holding Period
1.50%
14 Year Holding Period
1.50%
15 Year Holding Period
1.50%
20 Year Holding Period
1.50%
Annual Charge if you elect an IPR Reset
with a Rider Reset Effective Date on or
after May 1, 2019 (for policies applied
before February 10, 2025)
 
(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%
See Rate Sheet
Prospectus
Supplement for
Current Charges
10 Year Holding Period
2.00%
11 Year Holding Period
2.00%
12 Year Holding Period
1.50%
13 Year Holding Period
1.50%
14 Year Holding Period
1.50%
15 Year Holding Period
1.50%
20 Year Holding Period
1.50%
 
Guaranteed
Maximum Charge
Current
Charge
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").
1.00%
0.25%
* The 7 Year Holding Period is only available with applications signed on or after November 13, 2023.
** For Annual Charges for the IPR for policies applied for prior to February 10, 2025 and for Annual Charges for IPR Resets elected with a Rider Reset Effective date prior to May 1, 2019, see APPENDIX 3.
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%
1
Shown as a percentage of average net assets for the fiscal year ended December 31, 2025.
2
Fee waivers and expense reimbursements are expected to continue through April 30, 2027 and may be terminated at any time thereafter at the option of the Portfolio company.
14
Example
This Example is intended to help you compare the cost of investing in the Investment Divisions with the cost of investing in other annuity contracts that offer other variable options. These costs include transaction expenses, annual policy expenses and Annual Portfolio Expenses.
These Examples assume 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:
$11,449.25
$18,151.09
$24,855.94
$42,012.72
If you annuitize at the end of the applicable time period:
$11,449.25
$12,615.71
$21,100.51
$42,012.72
If you do not surrender your policy:
$4,191.00
$12,615.71
$21,100.51
$42,012.72
*Assumes you have elected a policy with premium-based Base
Contract charges with both the IPR (10-year Holding Period) and
the ADBR.
15
Principal Risks of Investing in the Policy
This section is intended to summarize the principal risks of investing in the policy.
Market Risk. You can lose money by investing in this policy, including loss of principal. An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of the Allocation Options you choose. You bear the risk of any decline in your policy's value resulting from the performance of the Portfolios you have chosen. Amounts allocated to a Portfolio or an Asset Allocation Model are subject to the risks inherent in the securities markets and, specifically, to price fluctuations in the Portfolios' investments. Each investment option (including the Fixed Account) has its own unique risks. For more information about the risks of investing in a particular Portfolio, see that Portfolio's prospectus, which can be found 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]. You should review the prospectuses for the available Portfolios before making an investment decision.
Early Withdrawal Risk. This policy is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. Surrender charges apply for up to seven years after your last premium payment. They will reduce the value of your policy if you withdraw money during that time. Withdrawals could substantially reduce or even terminate the benefits available under the policy. Withdrawals may also be subject to federal and state income taxes, and tax penalties if the withdrawal is made before the owner attains age 59 ½ . The benefits of tax deferral and the policy's living benefit protections also mean the policy is better for investors with a long time horizon.
Policy Benefits Risk. Certain benefits under the policy are contingent on several conditions being met. If those conditions are not met you may not realize a benefit from the policy or the optional benefits for which you have been charged a fee. For example:
●
You may need to take withdrawals which have the potential to substantially reduce or terminate the Standard Death Benefit available under the policy. Withdrawals could reduce the value of the Standard Death Benefit by more than the dollar amount of the withdrawal.
●
The Annual Death Benefit Reset Rider only provides a benefit if your policy value increases over time. In addition, withdrawals will reduce the value of the benefits in proportion to the amount of the withdrawal relative to the total policy value at the time of the withdrawal. Accordingly, under certain circumstances, a withdrawal could reduce the value of the ADBR benefit by more than the dollar amount of the withdrawal.
●
the IPR requires that you hold the policy for a certain number of years (the Holding Period) in order to receive an adjustment to your Accumulation Value, if applicable. If you surrender your policy before the Holding Period is over, you will not receive a benefit under the rider. If you take withdrawals during the Holding Period, the benefit provided by the IPR will be reduced proportionally by any withdrawals you make during the Holding Period. If your Accumulation Value is less than amount guaranteed by the IPR at the time the withdrawal is requested, the reduction in your guaranteed amount will be greater than the dollar amount withdrawn. Accordingly, under certain circumstances, a withdrawal could reduce the value of a benefit by more than the dollar amount of the withdrawal. In addition, you will only be allowed to allocate your premium payments to certain Allocation Options and the DCA Advantage Account, or you will be limited in the amount you can allocate to the Investment Divisions (based on certain thresholds for Asset Allocation Categories).
●
The IPR Death Benefit that is payable under the IPR may require that you hold the policy for a certain period of time before the IPR Death Benefit that is payable equals the Guaranteed Amount under the IPR. If you die prior to the end of that required waiting period, the IPR Death Benefit will be equal to your first policy year premiums less any proportional withdrawals. Additionally, if you elect an IPR Reset, a new waiting period will begin before the Guaranteed Amount is payable as the IPR Death Benefit. If you die prior to the end of the new applicable waiting period, the IPR Death Benefit will be equal to the Accumulation Value as of the Rider Reset Effective Date less any proportional withdrawals. (See DESCRIPTION OF BENEFITS - Investment Preservation Rider - FP Series for more information on IPR Death Benefit calculations.)
●
The Living Needs Benefit/Unemployment Rider only provides a benefit after the policy has been in force for at least one year and only if a Qualifying Event occurs, and requires a minimum Accumulation Value of $5,000.
16
Alternatives to the Policy. Other policies or investments may provide more favorable returns or benefits than the policy and may have lower fees and expenses. Other variable annuity policies, with features not available under this policy, are offered by NYLIAC through other broker-dealers. In addition, some optional features of the policy may not be available when purchased through certain broker-dealers. Ask your registered representative for more information. If a particular optional feature that interests you is not available through your broker-dealer, you may want to contact another broker-dealer to explore its availability.
Policy Changes and Investment Restrictions Risk. There are restrictions that may limit the investments that you may choose if you choose the IPR. Amounts invested in accordance with those restrictions may earn a return that is less than the return you might have earned on those amounts in other Investment Divisions had you not been subject to any investment restrictions. If you have selected the IPR, we may change the permitted Investment Divisions that you may choose.
We reserve the right to limit transfers, and we reserve the right to charge $30 for each transfer when you transfer money to or from the Investment Divisions and the Fixed Account more than 12 times in a Policy Year. We also reserve the right to terminate certain policy features such as dollar cost averaging, Automatic Asset Rebalancing, Asset Allocation Models and Interest Sweep.
We may impose limits on the minimum and maximum amounts that you may invest in the policy or other transaction limits that may limit your use of the policy. In addition, we reserve the right to remove Investment Divisions or substitute Portfolios as investment options that are available under the policy.
Potentially Harmful Transfer Activity. This policy is not designed as a vehicle for market timing. Accordingly, your ability to make transfers under the policy is subject to limitation if we determine, in our sole opinion, that the exercise of that privilege may disadvantage or potentially hurt the rights or interests of other policyowners. We have limitations and restrictions on transfer activity, which we apply to all owners of the policy without exception. (See "THE POLICIES-Limits on Transfers" for more information.) We cannot guarantee that these limitations and restrictions will be effective in detecting and preventing all transfer activity that could potentially disadvantage or hurt the rights or interests of other policyowners. Potentially harmful transfer activity could result in reduced performance results for one or more Investment Divisions, due to among other things:
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Portfolio management decisions driven by the need to maintain higher than normal liquidity or the inability to sustain an investment objective;
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Increased administrative and Fund brokerage expenses; and/or
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Dilution of the interests of long-term investors.
A Portfolio may reject any order from us if it suspects potentially harmful transfer activity, thereby preventing us from implementing your Request for a transfer. (See "THE POLICIES-Limits on Transfers" for more information on the risks of frequent trading.)
Change in Fees and Charges Risk. Deduction of policy fees and charges (including surrender charges), and optional benefit fees, may result in loss of principal. We reserve the right to increase the fees and charges under the policy and optional benefits up to the maximum guaranteed fees and charges stated on your Policy Data Page.
The amount of premium-based M&E Charges assessed to your policy will be unaffected by fluctuations in market performance. In a rising market, the premium-based M&E Charge structure will benefit the policyowner because the premium-based M&E Charge, when calculated as a percentage of separate account assets, will be reduced. In a flat or declining market, the premium-based M&E Charge structure will result in an increase in the charge when calculated against 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 and disadvantageous in a rising market.
Change in Rates Risk. The rate we declare for the Fixed Account may be lower than you would find acceptable. The crediting rate that we declare for the DCA Advantage Account may be lower than what you would find acceptable.
Adverse Tax Consequences. There are a number of tax risks that may arise in connection with purchasing the policy. These risks include: (1) the possibility that the Internal Revenue Service ("IRS") may interpret the rules that apply to variable annuities in a manner that could result in you being treated as the owner of your policy's pro rata
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portion of the assets of the Separate Account; (2) the possibility that the IRS may take the position that the policy does not qualify as an annuity for federal tax purposes resulting in the loss of favorable tax treatment accorded your policy; and (3) the possibility of a change in the present federal income tax laws that apply to your policy, or of the current interpretations by the IRS, which may change from time to time without notice, and could have retroactive effects regardless of the date of enactment or publication, as the case may be.
Insurance Company Risks. Any obligations (including those of the Fixed Account), guarantees, and benefits of the policy are subject to the claims-paying ability of NYLIAC. If NYLIAC experiences financial distress, it may not be able to meet its obligations to you. More information about NYLIAC is available upon request from NYLIAC by calling the New York Life Annuities Service Center at 1-800-762-6212.
Risks Affecting our Administration of Your Policy. NYLIAC's business activity and operations, and/or the activities and operations of our service providers and business partners, are subject to certain risks, including, those resulting from information systems failures, cyberattack/ransomware, or current or future outbreaks of infectious diseases, viruses (including COVID-19), epidemics or pandemics ("serious infectious disease outbreaks"). These risks are common to all insurers and financial service providers and may materially impact our ability to administer the policy (and to keep policyowner information confidential). (See the SAI "ADDITIONAL INFORMATION ABOUT RISKS (Non-Principal Risks)" for more information.)
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Contacting NYLIAC
Where do I send written service requests?
Certain service requests, including but not limited to death benefit claims and surrenders, are required to be in writing.
All written service requests and subsequent premium payments must be sent to the New York Life Annuities Service Center at one of the following addresses: 
Regular Mail
NYL Annuities - TPD
Mail Code 7390
P.O. Box 7247
Philadelphia, PA 19170-7390
Express Mail
NYL Annuities - TPD
400 White Clay Center Drive
Attn: LOCKBOX #7390
Newark, DE 19711
Written service requests will be effective as of the Business Day they are received in Good Order at the New York Life Annuities Service Center at one of the addresses listed above.
E-mailed requests are not currently accepted; however, we reserve the right to accept them at our discretion. All service requests must be in Good Order. Please review all service request forms carefully and provide all required information that is applicable to the transaction. If your request is not in Good Order, we will not be able to process it. We will make every reasonable attempt to notify you in writing of this situation. It is important that you inform NYLIAC of an address change so that you can receive important policy statements.
How do I contact NYLIAC or Submit Service Requests by Telephone or Online?
a. By Telephone:
Certain service requests, including but not limited to obtaining current unit values and speaking to a customer service representative may be made by telephone. You may reach our Customer Service Representatives by contacting the New York Life Annuities Service Center toll-free by calling: (800) 762-6212.
b. Online:
Certain service requests, including but not limited to transferring assets between Allocation Options and e-mailing your registered representative, may be made Online. For online requests please visit www.newyorklifeannuities.com and enter your user-name and password and follow the login instructions. (See "THE POLICIES - Online Service at www.newyorklifeannuities.com.")
You may authorize us to accept telephone/internet instructions from you or other individuals you designate for the following types of transactions: premium allocations, transfers among Allocation Options, and/or the DCA Advantage Account, partial withdrawals, periodic partial withdrawals, traditional Dollar Cost Averaging, Automatic Asset Rebalancing, Interest Sweep, or any other transactions that we determine in our sole discretion. To authorize other individuals to access your policy information and to make transfers, allocation changes and other permitted transactions, you must send to the New York Life Annuities Service Center a Telephone/Web Authorization Form completed in a form acceptable to us to one of the addresses listed above. We may revoke Telephone/Web Authorization privileges for certain policyowners (See "THE POLICIES-Limits on Transfers"). Telephone/Web Authorization may be elected, changed or canceled at any time. You, or other individuals you designate, may make transactions by telephone and speaking with a service representative at (800) 762-6212 or on the internet. Furthermore, we will confirm all telephone/internet transactions in writing. Not all transactions are available on the internet.
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We make telephone/internet services available at our discretion. In addition, availability of telephone/internet services may be interrupted temporarily at certain times. We do not assume responsibility for any loss if telephone/internet services should become unavailable.
NYLIAC is not liable for any loss, cost or expense for action on instructions from authorized third parties which are believed to be genuine in accordance with our procedures. (See "THE POLICIES - Third Party and Registered Representative Actions"). You are responsible for and bear the consequence of their instructions and other actions, including any limits on transfers, provided to us by parties acting on your behalf. Transfer requests received after the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time, or received on a non-Business Day, will be priced as of the next Business Day.
NYLIAC And The Separate Accounts
New York Life Insurance and Annuity Corporation
The obligations under the policies (including Fixed Account and DCA Advantage Account obligations, death benefits, living benefits, or other benefits available under the policy) are obligations of NYLIAC and are subject to NYLIAC's claims-paying ability and financial strength. NYLIAC's business address is 51 Madison Avenue, New York, NY 10010.
The Separate Accounts
Separate Account III and Separate Account IV are segregated asset accounts we established to receive and invest premium payments paid under the policies and allocated to the Investment Divisions. The Investment Divisions, in turn, purchase shares of Portfolios.
Although the assets of the Separate Accounts belong to NYLIAC, these assets are held separately from our other assets. The Separate Accounts' assets may not be used to pay any liabilities of NYLIAC (except to the extent that assets in the Separate Accounts exceed the reserves and other liabilities of that Separate Account). The income, capital gains, and capital losses credited to, or charged against the Separate Accounts reflect the Separate Account's own investment experience and not the investment experience of NYLIAC's other assets. Therefore, the investment performance of the Separate Accounts is entirely independent of the investment performance of the Fixed Account, the DCA Advantage Account and any other separate account of NYLIAC.
NYLIAC is obligated to pay all amounts promised to investors under the policies.
Separate Account III and Separate Account IV are each divided into Investment Divisions, some of which may not be available under your policy. Premium payments allocated to the Investment Divisions are invested solely in the corresponding Portfolios of the relevant Fund. The Portfolios in which the Investment Divisions currently invest are listed in APPENDIX 1A of this Prospectus.
The Portfolios
The assets of each Portfolio are separate from the others, and each Portfolio has different investment objectives and policies. As a result, each Portfolio operates as a separate investment fund, and the investment performance of one Portfolio has no effect on the investment performance of any other Portfolio. You can make or lose money in any of the Investment Divisions. Accumulation Value allocated to the Investment Divisions (including the Asset Allocation) will vary based on the investment experience of the corresponding Portfolio in which the Investment Division invests. There is a risk of loss of the entire amount invested. Portfolios described in this Prospectus are different from portfolios that may have similar names but are available directly to the general public. The funds available directly to the general public may have the same adviser, same name, same investment objectives and policies, and substantially similar portfolio securities, but the investment performance may not be the same.
We offer no assurance that any of the Portfolios will attain their respective stated objectives.
The Portfolios also may make their shares available to certain other separate accounts funding variable life insurance policies offered by NYLIAC. This is called "mixed funding." The Portfolios also may make their shares available to separate accounts of insurance companies unaffiliated with NYLIAC. This is called "shared funding." Although we do not anticipate any inherent difficulties arising from mixed and shared funding, it is theoretically
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possible that, due to differences in tax treatment or other considerations, the interests of owners of various policies participating in a certain Portfolio might at some time be in conflict. In the event that any material conflicts arise from the use of the Portfolios for mixed and shared funding, we could be required to withdraw from a Portfolio. For more information about the risks of mixed and shared funding, please refer to the relevant Portfolio prospectus.
The Portfolios offered through this product are selected by NYLIAC based on several criteria, including asset class coverage, the strength of the manager's reputation and tenure, brand recognition, performance, and the capability and qualification of each sponsoring investment firm. An affiliate of NYLIAC manages the NYLIM VP Funds Trust and that was a factor in its selection. Another factor that NYLIAC considers during the selection process is whether the Portfolio or an affiliate of the Fund will compensate NYLIAC for providing administrative, marketing, and support services that would otherwise be provided by the Portfolio, the Portfolio's investment adviser, or its distributor.
We may receive payments or compensation from the Portfolios or their investment advisers, or from other service providers of the Portfolios (who may be affiliates of NYLIAC) in connection with administration, distribution, and other services we provide with respect to the Portfolios and their availability through the policies. These payments may be derived, in whole or in part, from the advisory fee charged by the Portfolio and deducted from Portfolio assets and/or from "Rule 12b-1" fees charged by the Portfolio and deducted from Portfolio assets. These payments are also a factor in our selection of Portfolios. NYLIAC may use these payments for any corporate purpose, including payment of expenses that NYLIAC and/or its affiliates incur in promoting, marketing, and administering the policies, and in its role as an intermediary of the Portfolios. Policyowners, through their indirect investment in the Portfolios, bear the costs of these fees.
The amounts we receive may be substantial, may vary by Portfolio, and may depend on how much policy value is invested in the particular Portfolio or Fund. NYLIAC and its affiliates may profit from these payments. Currently, we receive payments or revenue under various arrangements in amounts up to 0.40% annually of the aggregate net asset value of the shares of some of the Portfolios held by the Investment Divisions. We also receive compensation under various 12b-1 distribution services arrangements in amounts up to 0.25% annually of the aggregate net asset value of the shares of some of the Portfolios held by the Investment Divisions. The compensation that your registered representative receives remains the same regardless of which Investment Divisions you choose or the particular arrangements applicable to those Investment Divisions.
NYLIAC's parent company, New York Life Insurance Company ("New York Life"), may also receive fixed dollar payments for marketing and education support services and for the participation of investment advisers and sub-advisers in training and educational meetings which includes the opportunity to discuss and promote their Funds.
The Portfolios, along with their respective name, type (e.g., large cap equity fund, bond fund, asset allocation fund), investment adviser (and any sub-adviser(s)), current expenses, and performance are listed in APPENDIX 1A. More detailed information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at https://dfinview.com/NewYorkLife/TAHD/premier-fpseries. You can also request this information at no cost by contacting your Registered Representative, calling the New York Life Annuities Service Center at 800-762-6212 or by sending an email with your name and mailing address to [email protected]. You should read the Portfolios' prospectuses before deciding how to allocate premium payments to an Investment Division corresponding to a Portfolio.
Asset Allocation Models
The Asset Allocation Model program was discontinued as of May 1, 2020. As of May 1, 2020, you may not select an Asset Allocation Model or transfer from one Asset Allocation Model to another Asset Allocation Model. If any portion of your Accumulation Value is currently allocated to an Asset Allocation Model, you may continue to allocate all or a portion of your premium payments to such model. We will not reallocate your Accumulation Value or change your premium allocation instructions in response to these changes unless you direct us to do so. If, however, you transfer your entire allocation out of an Asset Allocation Model, you will not be able to transfer back into that model or transfer to any other Asset Allocation Model.
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Information for Policyowners Currently Allocated to an Asset Allocation Model
Each Asset Allocation Model was designed to seek to achieve a different investment objective. The Asset Allocation Models are general in nature and are not tailored or personalized for you. The Asset Allocation Models are static but gains and/or losses from the Portfolios in a model will cause the model's original percentages to shift. However, amounts allocated to a model will be rebalanced to reflect the model's original percentages using the policy's Automatic Asset Rebalancing ("AAR") feature, unless you opted not to have AAR applied to your policy. (See "DESCRIPTION OF BENEFITS-Automatic Asset Rebalancing" for more information.) If you purchased the IPR, and have opted to allocate your premium payments to one of the available Asset Allocation Models, you cannot opt out of rebalancing, and your allocations to an Asset Allocation Model will be rebalanced quarterly to reflect the model's original percentages.
In addition, the Investment Divisions and allocation percentages for your model could change due to events such as mergers, substitutions, liquidations or closures. We will notify you in writing of any such events and seek your instructions on how you want your Accumulation Value or premium payments reallocated.
If you wish to keep your policy's Accumulation Value allocated to an Asset Allocation Model, you should consult with your registered representative, who can help you evaluate whether it continues to be suitable and appropriate for you in light of your financial situation, risk tolerance, time horizon and investment objectives. While the Asset Allocation Models can facilitate asset allocation discussions and decisions between you and your registered representative, we have no discretionary authority or control over your investment decisions.
Rebalancing can cause the Investment Divisions that make up a model to need to undertake efforts to raise cash for money flowing out of the Portfolios or vice versa. In order to raise cash, those Portfolios may need to sell assets at prices lower than otherwise expected, which can hurt Portfolio share prices. Moreover, large outflows of money from the Portfolios may increase the expenses attributable to the assets remaining in the Portfolios. These transactions and expenses can adversely affect the performance of the relevant Portfolios and of the Asset Allocation Models. In addition, these inflows and outflows may cause a Portfolio to hold a large portion of its assets in cash, which could detract from the achievement of the Portfolio's investment objective, particularly in periods of rising market prices. For additional information regarding the risks of investing in a particular Portfolio, see that Portfolio's prospectus.
Asset allocation does not guarantee that your Accumulation Value will increase or protect against losses in a declining market. Tools used to assess your risk tolerance, such as the Client Profile, could be less effective if your circumstances change over time. In addition, an Asset Allocation Model may not perform as intended. Therefore, it may not achieve its investment objective or reduce volatility. When considering whether to remain in an Asset Allocation Model, you should consider your other assets, income and investments in addition to this policy. An Asset Allocation Model may perform better or worse than any single investment option or any other combination of investment options. In addition, the timing of your investment and any rebalancing may affect performance. For additional information regarding the risks of investing in a particular Portfolio within the Asset Allocation Model, see that Portfolio's prospectus.
Conflicts of Interest Relating to the Asset Allocation Models
The Asset Allocation Models were designed in 2018 on our behalf by an unaffiliated third-party investment adviser, Franklin Templeton Fund Adviser, LLC ("FTFA"), an indirect, wholly-owned subsidiary of Franklin Resources, Inc. ("Franklin Resources"). FTFA's affiliated subadviser, Franklin Advisers, Inc. (successor by merger to QS Investors, LLC ("QS")), selected the initial composition of each Model Portfolio. The models are referred to herein as the "QS Models." The QS Models are no longer available for new investment. Earlier versions of the models were designed by New York Life Investment Management LLC, an affiliate of NYLIAC and the Investment Advisor to the NYLIM VP Funds Trust (the "NYL Models"). You can get information about each of the Asset Allocation Models by contacting your registered representative.
QS received a fee from NYLIAC to design the QS Models. While the QS Models were designed to offer you a convenient way to work with your registered representative in making allocation decisions, you should be aware that QS was subject to competing interests that may have influenced its design of the QS Models. For example, because QS and FTFA were affiliated with the LVIP ClearBridge Appreciation Fund, QS and FTFA may have benefited from including the LVIP ClearBridge Appreciation Fund in one or more of the QS Models. Payments from NYLIAC to FTFA and QS to design the QS Models may have also influenced QS in its selection of Investment Divisions affiliated with
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NYLIAC for inclusion in the models. QS considered many factors in selecting Investment Divisions for the QS Models, including, but not limited to, risk and return profile, prior investment performance and underlying fund fees.
New York Life Investment Management LLC ("New York Life Investments") was also subject to competing interests that impacted the composition of the QS Models as well as its design of the NYL Models. For example, because New York Life Investments receives fees for advising the NYLIM VP Funds Trust, it benefits from the inclusion of a significant percentage of these Investment Divisions in the QS Models and NYL Models. NYLIM VP Investment Divisions represent such a significant percentage of the QS Models and the NYL Models because they constitute the majority of Investment Divisions offered with the policy and are prevalent among the low - and moderate - risk Investment Divisions that make up those models.
In addition, New York Life Investments may not have included certain non-proprietary Investment Divisions in the NYL Models because their investment profile (e.g., sector-specific concentration or shifting asset composition) was determined to be incompatible with the risk and return profile of those models. Finally, New York Life Investments may have included Investment Divisions in a NYL Model based on asset class exposure and they may have also been selected over Investment Divisions with better past investment performance or lower fees.
As noted above, we receive payments or compensation from the Portfolios or their Investment Advisers, or from other service providers of the Portfolios (who may be affiliates of NYLIAC) in connection with administration, distribution and other services that we provide with respect to the Portfolios and their availability through the policies. The amount of this revenue and how it is computed varies by Portfolio, may be significant, and may create conflicts of interest in the design of the QS Models and the NYL Models.
NYLIAC does not provide investment advice and does not recommend or endorse any Portfolios. NYLIAC is not responsible for choosing the Investment Divisions or the amounts allocated to each. You are responsible for determining that these decisions are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. Decisions regarding investment allocations should be carefully considered. You bear the risk of any decline in the value of your policy resulting from the performance of the Portfolios you have chosen.
You should consult with your registered representative to determine which combination of investment options is most appropriate for you, and periodically review your choices.
Certain portfolios, generally referred to as "funds of funds" or "master-feeder arrangements," may invest all or substantially all their assets in portfolios of other funds. In such case, you will indirectly pay fees and expenses at both portfolio levels, which would reduce your investment return.
Hedging strategies may be employed by certain portfolios to attempt to provide downside protection during sharp downward movements in equity markets. The cost of these strategies could limit the upside participation of the portfolio in rising equity markets relative to other portfolios.
So-called "alternative" investment strategies may also be used by certain portfolios, which may involve non-traditional asset classes. These alternative investment strategies may be riskier than more traditional investment strategies and may involve leverage or use complex hedging techniques, such as options and derivatives. These may offer potential diversification benefits beyond traditional investment strategies.
Investment decisions should be based on a thorough investigation of all the information regarding the Portfolios that are available to you, including each Portfolio's prospectus, statement of additional information, and annual and semi-annual reports. Other sources, such as the Portfolio's website, provide more current information, including information about any regulatory actions or investigations relating to a Fund or Portfolio. After you select Portfolios for your initial premium, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.
Money Market Fund Fees
The SEC has adopted rules that provide that all money market funds can impose liquidity fees under certain circumstances. All government money market funds are permitted to impose discretionary liquidity fees, up to 2% of the amount redeemed, under circumstances where mandatory liquidity fees do not apply and the fund board determines that the fee is in the best interest of the fund. These discretionary fees can be imposed based on the
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liquidity of the fund's assets, redemptions, and other factors. Liquidity fees could be applied to all policy transfers, surrenders, partial withdrawals and benefit payments from that portfolio.
All types of money market funds can impose these fees, but government money market funds (that invest at least 99.5% of their assets in cash, U.S. government securities and/or repurchase agreements that are secured by cash or government securities) are less likely to impose fees. Nevertheless, there remains a possibility that a government money market fund such as the NYLIM VP U.S. Government Money Market Portfolio could impose such fees, which could be applied to all policy transfers, surrenders, withdrawals and benefit payments from the portfolio.
The Franklin Templeton Model Portfolios - Conflicts of Interest
The Franklin Templeton Model Portfolio Funds (the "Model Portfolios") were created on our behalf by an unaffiliated third-party investment manager, Franklin Templeton Fund Adviser, LLC ("FTFA"). FTFA, an indirect wholly-owned subsidiary of Franklin Resources, Inc., created the Model Portfolios for the exclusive use of NYLIAC's variable annuity and variable life insurance policyowners. Each Model Portfolio, itself an eligible Portfolio, will actively invest in multiple other funds of various asset classes and strategies (the "Underlying Funds"), to seek to achieve a different investment objective depending on the risk tolerance for the particular Model Portfolio.
The Underlying Funds available to the Model Portfolios for investment are comprised primarily of the initial class or similar shares of the Portfolios available under your policy (except for (i) Portfolios that are themselves, funds of funds, and (ii) Portfolios that did not agree to sell their shares to the Model Portfolios). However, the Model Portfolios may also invest in noninsurance-dedicated mutual funds and ETFs.
FTFA's affiliated subadviser, Franklin Advisers, Inc. ("Franklin Advisers"), selected the initial composition of each Model Portfolio. Thereafter, Franklin Advisers manages the Model Portfolios, evaluating assets on a frequent basis and making changes to the investments of the Model Portfolios as deemed necessary. To the extent that NYLIAC adds, deletes, closes or substitutes the Portfolios available under your policy, the composition of the Underlying Funds available to the Model Portfolios for investment will likewise change. FTFA and Franklin Advisers have sole discretion relating to investment by the Model Portfolios in the Underlying Funds. Neither NYLIAC, nor its parent company, affiliates, or subsidiaries have input into the investment decisions of FTFA and/or Franklin Advisers. For additional information regarding the risks of investing in a Model Portfolio, see that Model Portfolio's prospectus.
For providing certain administrative support to FTFA and Franklin Advisers, Franklin Distributors, LLC ("Franklin Distributors"), the distributor of the Model Portfolios, compensates NYLIAC based on the aggregate net asset value of the shares of the Model Portfolios held by the Separate Account and other NYLIAC separate accounts (the "NYLIAC Separate Accounts"). NYLIAC also receives Rule 12b-1 fees from Franklin Distributors, which are deducted from the assets of certain share classes of the Model Portfolios. For administrative services that NYLIAC performs with respect to NYLIAC Separate Account assets invested in the Model Portfolios and allocated to the Underlying Funds, NYLIAC receives compensation from the Underlying Funds or their investment advisers, or from other service providers of the Underlying Funds based on the aggregate net asset value of the Underlying Fund shares held by the Model Portfolios and attributable to investment by the NYLIAC Separate Accounts. The fees paid by the Underlying Funds for such services are paid at the same annual rate and fee schedule as the fees paid by the Underlying Funds for administrative services with respect to net assets of the Portfolios held directly by the NYLIAC Separate Accounts. (See "NYLIAC AND THE SEPARATE ACCOUNTS-The Portfolios" for more information about these payments).
The payments described above are a factor in our selection of the Portfolios, which in turn, are available to the Model Portfolios for investment. Policyowners, through their direct investment in the Model Portfolios and their indirect investment in the Underlying Funds, bear the costs of these fees. However, only FTFA and Franklin Advisers will determine the portion of the Model Portfolios' assets, if any, that are invested in particular Underlying Funds. FTFA and Franklin Advisers receive no payments from the Underlying Funds in connection with an investment by the Model Portfolios (except to the extent described below), nor do they know the terms of the payment arrangements (if any) between the unaffiliated Underlying Funds and NYLIAC.
FTFA and Franklin Advisers are also subject to competing interests that may influence their investment decisions with respect to the Model Portfolios. For example, FTFA is the investment manager for both the Model Portfolios and certain of the available Underlying Funds, and receives a management fee from those funds. FTFA and Franklin Advisers, therefore, have an incentive to allocate a greater portion of a Model Portfolio's assets to those funds rather than to unaffiliated funds.
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As noted above, we receive payments or compensation from the Underlying Funds or their investment advisers, or from other service providers of the Underlying Funds (who may be affiliates of NYLIAC) in connection with administration, distribution and other services that we provide with respect to such Underlying Fund and their availability through the Model Portfolios. The amount of this revenue and how it is computed varies by each Underlying Fund, may be significant, and may create conflicts of interest in the selection of the Portfolios that are available to the Model Portfolios for investment.
Additions, Deletions, or Substitutions of Investments
NYLIAC retains the right, subject to any applicable law (including any required regulatory approval), to make additions to, deletions from, or substitutions for the Portfolio shares held by any Investment Division. NYLIAC reserves the right to eliminate the shares of any of the Portfolios and to substitute shares of another portfolio of a Fund, or of another registered open-end management investment company.
To the extent required by law, we will not make substitutions of shares attributable to your interest in an Investment Division until you have been notified of the change. This does not prevent the Separate Account from purchasing other securities for other series or classes of policies, or from processing a conversion between series or classes of policies on the basis of requests made by policyowners.
We may establish new Investment Divisions when we determine, in our sole discretion, that marketing, tax, investment, or other conditions so warrant. We will make any new Investment Divisions available to existing policyowners on a basis we determine. We may also eliminate one or more Investment Divisions, if we determine, in our sole discretion, that marketing, tax, investment, or other conditions warrant. Please note that any such changes could affect the performance of your investments.
In the event of any substitution or change in Investment Divisions, NYLIAC may, by appropriate endorsement, change the policies to reflect such substitution or change. We also reserve the right to: (a) operate the Separate Account as a management company under the Investment Company Act of 1940, (b) deregister it under such Act in the event such registration is no longer required, (c) combine it with one or more other separate accounts, and (d) restrict or eliminate the voting rights of persons having voting rights as to the Separate Account as permitted by law.
Reinvestment
We automatically reinvest all dividends and capital gain distributions from Portfolios in shares of the distributing Portfolio at their net asset value on the payable date.
The Policies
This is a flexible premium policy, which means additional premium payments can be made. The policy is issued based on the lives of individual Annuitants.
The policies are variable. This means that the Accumulation Value will fluctuate based on the investment experience of the Investment Divisions or available Asset Allocation Model you select, as well as the interest credited on the Fixed Account Accumulation Value and the DCA Advantage Account Accumulation Value. NYLIAC does not guarantee the investment performance of the Separate Account or of the Portfolios. You bear the entire investment risk with respect to amounts allocated to the Investment Divisions of the Separate Account or an Asset Allocation Model. We offer no assurance that the investment objectives of the Investment Divisions or an Asset Allocation Model will be achieved. Accordingly, amounts allocated to the Investment Divisions of the Separate Account or an Asset Allocation Model are subject to the risks inherent in the securities markets and, specifically, to price fluctuations in the Portfolios' investments.
As the Owner of the policy, you have the right to (a) change a revocable Beneficiary, (b) name a new Owner (on Non-Qualified Policies only), (c) receive Income Payments, (d) name a Payee to receive Income Payments, and (e) transfer funds among the Investment Divisions. You cannot lose these rights. However, all rights of ownership cease upon your death. For Inherited IRA policies, Inherited Roth IRA policies and Inherited Non-Qualified policies, ownership changes are not permitted.
The current policyowner of a Non-Qualified Policy (other than an Inherited Non-Qualified policy) has the right to transfer ownership to another person(s) or entity. To transfer ownership, the policyowner must complete our approved
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"Transfer of Ownership" form in effect at the time of the request. This change, unless otherwise specified by you, will take effect as of the date you signed the form, subject to any payment we made or action we took before we received the form in Good Order. When this change takes effect, all rights of ownership in the Policy will pass to the new Owner. Changing the Owner of the Policy does not change an Annuitant or any Beneficiary. Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that becomes the Owner of an existing policy. This means the new policyowner(s) will be required to provide their name, address, date of birth, and other identifying information. To complete a transfer of ownership, the new policyowner(s) may also be required to submit financial and suitability information to conform to our Sales Standards.
Certain provisions of the policies may be different than the general description in this Prospectus, and certain riders and options may not be available, because of legal requirements or restrictions in your state. See your policy for specific variations because any such state variations will be included in your policy or in riders or endorsements attached to your policy. See also "APPENDIX 2 - State Variations" for specific information that may be applicable for your state.
Qualified and Non-Qualified Policies
We designed the policies primarily for the accumulation of retirement savings, and to provide income at a future date We issue both Qualified and Non-Qualified Policies. Both types of policies offer tax-deferred accumulation. You may purchase a Non-Qualified Policy to provide for retirement income other than through a tax-qualified plan. You may purchase a Qualified Policy for use with Section 408 or 408A Individual Retirement Annuities (IRAs), including: IRAs, Roth IRAs, Inherited IRAs, Inherited Roth IRAs and SEP IRAs. Other tax-qualified plan types may be made available in the future. For more information, contact your registered representative.
Please see "FEDERAL TAX MATTERS" for a detailed description of these plans.
If you are considering the purchase of a Qualified Policy or a Non-Qualified Policy to fund another type of tax- qualified retirement plan, such as a plan qualifying under Section 401(a) of the Code, you should be aware that this policy will fund a retirement plan that already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in other types of investments. Therefore, the tax deferral of the annuity does not provide additional benefits. However, this annuity is designed to provide certain payment guarantees and features other than tax deferral, some of which may not be available in other investments. These additional features and benefits include:
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A Standard Death Benefit, as explained in this Prospectus.
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The option for you to receive a guaranteed stream of Income Payments for life after you have owned the policy for one year.
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A Fixed Account that features a guaranteed fixed interest rate.
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An optional Interest Sweep feature that automatically transfers interest earned on monies in the Fixed Account to Investment Divisions offered under the policy.
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The flexibility to easily transfer money among Investment Divisions in the annuity managed by different investment managers and to have your investment mix automatically rebalanced periodically.
These features are explained in detail in this Prospectus. You should purchase this annuity with tax-qualified money because of the additional features the annuity provides and not for the tax deferral to which the tax-qualified plan is already entitled. You should consult with your tax or legal adviser to determine if the policy is suitable for your tax qualified plan. See APPENDIX 2 for more information about when the policy can be issued under certain types of qualified plans.
Policy Application and Premium Payments
To purchase a policy, you must complete an application. Your registered representative will submit your application, along with your initial premium payment, to us at our New York Life Annuities Service Center. If the application is in Good Order, we will credit the initial premium payment to the Allocation Options you have selected within two Business Days after we receive it. If we cannot credit the initial premium payment within five Business Days after we receive it because the application is not in Good Order, we will contact you and explain the reason for the delay.
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Unless you consent to NYLIAC's retaining the initial premium payment and crediting it as soon as the necessary requirements are fulfilled, we will refund the initial premium payment immediately; however, if you paid the initial premium by check, we can delay that refund payment until your check has cleared.
Acceptance of applications is subject to NYLIAC's rules. We reserve the right to reject any application or initial premium payment. Generally, only one policyowner is named. If we issue a jointly owned policy, ownership rights and privileges under the policy must be exercised jointly and benefits under the policy will be paid upon the death of any joint owner. Acceptance of premium payments is subject to our Sales Standards.
You may allocate premium payments in up to 18 of the Investment Divisions, some of which may not be available under your policy, as well as the DCA Advantage Account and the Fixed Account. If in Good Order, we will credit subsequent premium payments to the policy at the close of the Business Day on which they are received by NYLIAC. You may increase or decrease the percentages of the premium payments (which must be in whole number percentages) allocated to each Allocation Option or the DCA Advantage Account at the time a premium payment is made.
If your application is not in Good Order, we will contact you to get the missing information. We will not issue your policy until your application is in Good Order and you give us complete instructions about how to allocate your premium payment, including information about how to allocate the premium payment among the Allocation Options. We will apply any later premium payments according to the allocation instructions we have on file at the time of the premium payment.
Unless we permit otherwise, the minimum initial premium payment is $5,000. 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. For policies issued to persons age 85 or younger, 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 IPR Holding Period End Date.
Acceptance of subsequent premium payments is subject to our Sales Standards.
We reserve the right to reject any application. When you are purchasing a policy by exchanging another annuity contract or life insurance policy, or if your premium payment will be paid from different sources, your policy will be issued on the date we first receive proceeds from your existing annuity contract or life insurance policy, or from any other source. The date we issue your policy is the Policy Date.
Accumulation (Savings) Phase
Crediting of Premium Payments
When you purchase your policy, you tell us how to allocate your premium payments. You can allocate a portion of each premium payment to one or more Investment Divisions, one Asset Allocation Model (if you are already allocated to such Model), the DCA Advantage Account, and/or the Fixed Account (if available). The minimum amount that you may allocate to any one Investment Division or the Fixed Account is $25. The minimum amount that you can allocate to an available Asset Allocation Model is $25 per Investment Division. You may also allocate all or a portion of each premium payment to the DCA Advantage Account. The minimum amount that you may allocate to the DCA Advantage Account is $2,000. If you select the DCA Advantage Account, any additional premium payment you make that is $2,000 or more will be allocated automatically to the DCA Advantage Account unless you instruct us otherwise. Any additional premium payment you make that is less than $2,000 will be allocated directly to your Allocation Options in accordance with the instructions we have on file and will not be allocated to the DCA Advantage Account. (See
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"THE DCA ADVANTAGE ACCOUNT.") We will allocate additional premium payments to the Allocation Options and/or the DCA Advantage Account at the close of the Business Day on which they are received by NYLIAC in Good Order.
We will credit that portion of each premium payment that you allocate to an Investment Division (or to each of the Investment Divisions that make up an Asset Allocation Model), including from a premium payment or transfer, in the form of Accumulation Units. We cancel such Accumulation Units when we remove amounts from that Investment Division, including as a result of a withdrawal, transfer, policy surrender, and certain charges we may deduct. We determine the number of Accumulation Units we credit to a policy or cancel by dividing the dollar amount allocated to or removed from each Investment Division by the Accumulation Unit value for that Investment Division as of the close of the Business Day as of which we are making the credit or removal. The value of an Accumulation Unit will increase or decrease depending on the investment experience of the Portfolio in which the Investment Division invests (including Portfolio expenses), and the deduction of the Accumulation Value-based M&E Charge. We assess all policy and rider fees and charges applicable to Separate Account assets (other than Accumulation Value-based M&E Charges) by reducing the number of Accumulation Units credited to your policy. The number of Accumulation Units we credit to a policy will not, however, change as a result of any fluctuations in the value of an Accumulation Unit. (See "THE FIXED ACCOUNT" for a description of interest crediting.)
Valuation of Accumulation Units
The value of Accumulation Units in each Investment Division will change daily to reflect the investment experience of the corresponding Portfolio (including Portfolio expenses) as well as the deduction of the Accumulation Value-based M&E Charge. The Statement of Additional Information contains a detailed description of how we determine the Accumulation Unit values.
Tax-Free Section 1035 Exchanges
Subject to certain restrictions, you can make a tax-free exchange under Section 1035 of the Code of all or a portion of one annuity contract, or all of a life insurance policy for an annuity contract. Section 1035 also provides that an annuity contract may be exchanged in a tax-free transaction for a long-term care insurance policy. Before making an exchange, you should compare both contracts carefully. Remember that if you exchange a life insurance policy or annuity contract for the policy described in this Prospectus:
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you might have to pay a withdrawal charge on your previous policy or contract,
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there will be a new withdrawal charge period for this policy,
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other charges under this policy may be higher (or lower),
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the benefits may be different,
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you will no longer have access to any benefits from your previous policy (or the benefits may be different), and
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access to your cash value following a partial exchange may be subject to tax-related limitations.
If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax, including a 10% federal penalty tax, on the exchange. You should not exchange an existing life insurance policy or another annuity contract for this policy unless you determine that the exchange is in your best interest. NYLIAC may accept electronically transmitted instructions from your registered representative or from another insurance carrier for the purpose of effecting a 1035 exchange. If you contemplate such an exchange, you should consult a tax advisor to discuss the potential tax effects of such a transaction.
Your Right to Cancel ("Free Look")
You can cancel the policy within 10 days of delivery of the policy or such longer period as required under state law. To cancel your policy, you must return it and/or provide a written request for cancellation to NYLIAC at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus or to the registered representative through whom you purchased it. Unless otherwise required by state law you will receive back your Accumulation Value, calculated as of the Business Day we receive your written request for cancellation in Good Order, but without any deduction for premium taxes or a surrender charge. This amount may be more or less than your premium payments depending upon the performance of the Allocation Options you have chosen to invest in during the Free Look period
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(including any interest credited by the Fixed Account, if applicable). This means that you bear the risk of any decline in the value of your policy due to investment performance during the Free Look period. In certain states, we are required to give you back your premium payments less any prior partial withdrawals. We will set forth the provision in your policy. See "APPENDIX 2 - State Variations" for more information about free look provisions in particular states (including California, Florida, New York and North Dakota).
If you are entitled to receive the total of premium payments less any prior withdrawals, but your Accumulation Value is higher than that amount as of the date your written request for cancellation is received in Good Order, we will return the Accumulation Value, calculated as set forth above and without deductions for premium taxes or surrender charges.
Issue Ages
To purchase a Non-Qualified Policy you must not be older than age 85 (oldest Owner, if the policy is jointly owned). The Owner, or if the policy is owned by an entity, the Annuitant must not be older than age 85 (oldest Annuitant, if the policy has joint Annuitants). For Inherited Non-Qualified policies, the Owner and the Annuitant must be the same individual.
For IRA, Roth IRA, Inherited IRA, Inherited Roth IRA and SEP plans, you must also be the Annuitant. We can issue Qualified Policies if you are between the ages of 18 and 85 (between 0-85 for Inherited IRAs and Inherited Roth IRAs).
If your policy was issued on or after May 1, 2022, we will accept additional premium payments until 12 months after you reach age 85, unless otherwise limited by the terms of a particular plan. If your policy was issued before May 1, 2022, we will accept additional premium payments until 12 months after you reach age 80.
To qualify for the above referenced maximum age limits to purchase a policy, the policy application must be signed and received at the New York Life Annuities Service Center prior to the day the Owner, or if the policy is owned by an entity, the Annuitant, becomes age 86. In addition, all funds must be received by the New York Life Annuities Service Center no later than 60 days from the date the Owner or Annuitant, as applicable, becomes age 86, whichever occurs first. Any funds received after such time will be returned.
Transfers
You may transfer amounts among Investment Divisions of the Separate Account, an Asset Allocation Model if you are already allocated to such model, or to the Fixed Account any time prior to 30 days before the Annuity Commencement Date, although certain restrictions may apply with respect to transfers into the Fixed Account if your M&E Charges are based on premium payments, or if you have an investment preservation rider. You may not make transfers into the DCA Advantage Account. If you transfer all of your Accumulation Value out of an Asset Allocation Model, you cannot transfer back into that Asset Allocation Model in the future. Transfers made from the DCA Advantage Account to the Investment Divisions are subject to different limitations (See "THE DCA ADVANTAGE ACCOUNT"). No transfers are allowed from the DCA Advantage Account to the Fixed Account. Except in connection with transfers made pursuant to traditional Dollar Cost Averaging, Automatic Asset Rebalancing, Interest Sweep and the DCA Advantage Account, the minimum amount that you may transfer from one Investment Division to other Investment Divisions, an available Asset Allocation Model or to the Fixed Account is $500. Except for traditional Dollar Cost Averaging, Automatic Asset Rebalancing, Interest Sweep and the DCA Advantage Account, if the value of the remaining Accumulation Units in an Investment Division would be less than $500 or the Fixed Account would be less than $25 after you make a transfer, we will transfer the entire value unless NYLIAC in its discretion determines otherwise. The amount(s) transferred to other Investment Divisions must be a minimum of $25 for each Investment Division.
Currently, we do not charge for transfers under the policy. However, we reserve the right to charge up to $30 for each transfer after the first 12 in a given Policy Year, subject to any applicable state insurance law requirements. Any transfer into or out of an available Asset Allocation Model counts as one transfer. Any transfer made in connection with traditional Dollar Cost Averaging, Automatic Asset Rebalancing, Interest Sweep or the DCA Advantage Account will not count as a transfer toward the twelve-transfer limit. You may make transfers from the Fixed Account to the Investment Divisions in connection with Interest Sweep and in certain other situations. (See "THE FIXED ACCOUNT").
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You can request a transfer by any of the three methods listed below. Transfer requests are subject to limitations and must be made in accordance with our established procedures. (See "THE POLICIES-Online Service at www.newyorklifeannuities.com").
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submit your request in writing on a form we approve to New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this prospectus (or any other address we indicate to you in writing);
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speak to a Customer Service Representative at 800-762-6212 on Business Days between the hours of 8:30 a.m. and 5:30 p.m. (Eastern Time); or
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make your request through www.newyorklifeannuities.com.
We do not currently accept faxed or e-mailed transfer requests, however, we reserve the right to accept them at our discretion. NYLIAC is not liable for any loss, cost or expense for action based on telephone or electronic instructions which are believed to be genuine in accordance with these procedures. Transfer requests received after the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time or received on a non-Business Day, will be priced as of the next Business Day.
Limits on Transfers
Procedures Designed to Limit Potentially Harmful Transfers-This policy is not intended as a vehicle for market timing. Accordingly, your ability to make transfers under the policy is subject to limitation if we determine, in our sole opinion, that the exercise of that privilege may disadvantage or potentially hurt the rights or interests of other policyowners.
Any modification of the transfer privilege could be applied to transfers to or from some or all of the Investment Divisions. If not expressly prohibited by the policy, we may, for example:
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reject a transfer request from you or from any person acting on your behalf;
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restrict the method of making a transfer;
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charge you for any redemption fee imposed by an underlying fund; or
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limit the dollar amount, frequency, or number of transfers.
Currently, if you or someone acting on your behalf requests by telephone and/or electronically transfers into or out of one or more Investment Divisions or an available Asset Allocation Model on three or more days within any 60-day period, we will send you a letter notifying you that the transfer limitation has been exceeded. If we receive an additional transfer request that would result in transfers into or out of one or more Investment Divisions or an Asset Allocation Model on three or more days within any 60-day period, we will process the transfer request. Thereafter, we will immediately suspend your ability to make transfers electronically and by telephone, regardless of whether you have received the warning letter. All subsequent transfer requests for your policy must then be made in writing through the U.S. mail or an overnight courier and received by the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. We will provide you with written notice when we take this action.
We currently do not include the following transfers in these limitations, although we reserve the right to include them in the future: transfers to and from the Fixed Account, the first transfer out of the NYLIM VP U.S. Government Money Market Investment Division within six months of the issuance of a policy, and transfers made pursuant to traditional Dollar Cost Averaging, the DCA Advantage Account, Interest Sweep, and Automatic Asset Rebalancing.
We may change these limitations or restrictions or add new ones at any time without prior notice; your policy will be subject to these changes regardless of the issue date of your policy. All transfers are subject to the limits set forth in this Prospectus in effect on the date of the transfer request, regardless of when your policy was issued. Note, also, that any applicable transfer rules, either as indicated above or that we may utilize in the future, will be applied even if we cannot identify any specific harmful effect from any particular transfer.
We apply our limits on transfers procedures to all owners of this policy without exception.
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Orders for the purchase of Eligible Portfolio shares are subject to acceptance by the relevant Portfolio. We will reject or reverse, without prior notice, any transfer request into an Investment Division if the purchase of shares in the corresponding Portfolio is not accepted by the Portfolio for any reason. For transfers into multiple Investment Divisions and/or an available Asset Allocation Model, the entire transfer request will be rejected or reversed if any part of it is not accepted by any one of the Portfolios or is restricted for any reason. Standing allocation instructions into a Portfolio that has been restricted will also be rejected, reversed or modified until further allocation instructions are received from you. For transfers through the Dollar Cost Averaging programs, the restricted portion of the transfer will be temporarily allocated to the Money Market investment division. For other programs, including Automatic Asset Rebalancing and Interest Sweep, the whole program may be terminated or suspended if any portion of the transfer is to a restricted Portfolio. We will provide you with written notice of any transfer request we reject, reverse or modify. You should read the Portfolio prospectuses for more details regarding their ability to refuse or restrict purchases or redemptions of their shares. In addition, a Portfolio may require us to share specific policyowner transactional data with them, such as taxpayer identification numbers and transfer information.
Risks Associated with Potentially Harmful Transfers-Our procedures are designed to limit potentially harmful transfers. However, we cannot guarantee that our procedures will be effective in detecting and preventing all transfer activity that could disadvantage or potentially hurt the rights or interests of other policyowners. The risks described below apply to policyowners and other persons having material rights under the policies.
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We do not currently impose redemption fees on transfers or expressly limit the number or size of transfers in a given period. Redemption fees, transfer limits, and other procedures or restrictions may be more or less successful than our procedures in deterring or preventing potentially harmful transfer activity.
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Our ability to detect and deter potentially harmful transfer activity may be limited by policy provisions.
(1)
The underlying Portfolios may have adopted their own policies and procedures with respect to trading of their respective shares. The prospectuses for the underlying Portfolios, in effect at the time of any trade, describe any such policies and procedures. The trading policies and procedures of an underlying Portfolio may vary from ours and be more or less effective at preventing harm. Accordingly, the sole protection you may have against potentially harmful frequent transfers is the protection provided by the procedures described in this prospectus.
(2)
The purchase and redemption orders received by the Portfolios reflect the aggregation and netting of multiple orders from owners of this policy and other variable policies issued by us. The nature of these combined orders may limit the underlying Portfolios' ability to apply their respective trading policies and procedures. In addition, if an underlying Portfolio believes that a combined order we submit may reflect one or more transfer requests from owners engaged in potentially harmful transfer activity, the underlying fund portfolio may reject the entire order and thereby prevent us from implementing any transfers that day. We do not generally expect this to happen. Alternatively, Portfolios may request information on individual policyowner transactions and may impose restrictions on individual policyowner transfer activity.
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Other insurance companies that invest in the Portfolios underlying this policy, may have adopted their own policies and procedures to detect and prevent potentially harmful transfer activity. The policies and procedures of other insurance companies may vary from ours and be more or less effective at preventing harm. If their policies and procedures fail to successfully discourage potentially harmful transfer activity, there could be a negative effect on the owners of all of the variable policies, including ours, whose Investment Divisions correspond to the affected Portfolios.
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Potentially harmful transfer activity could result in reduced performance results for one or more Investment Divisions, due to among other things:
(1)
an adverse effect on portfolio management, such as:
a)
impeding a portfolio manager's ability to sustain an investment objective;
b)
causing the Portfolio to maintain a higher level of cash than would otherwise be the case; or
c)
causing a Portfolio to liquidate investments prematurely (or at an otherwise inopportune time) in order to pay withdrawals or transfers out of the Portfolio.
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(2)
increased administrative and Fund brokerage expenses.
(3)
dilution of the interests of long-term investors in an Investment Division if purchases or redemptions into or out of a Portfolio are made when, and if, the Portfolio's investments do not reflect an accurate value (sometimes referred to as "time-zone arbitrage" and "liquidity arbitrage").
Speculative Investing
Do not purchase the policy if you plan to use it, or any of its riders, for speculation, arbitrage, viatication or any other type of collective investment scheme. Your policy may not be traded on any stock exchange or secondary market. By purchasing the policy, you represent and warrant that you are not using the policy, or any of its riders, for speculation, arbitrage, viatication or any other type of collective investment scheme.
Online Service at newyorklifeannuities.com
The online service at www.newyorklifeannuities.com enables you to sign up to receive future prospectuses and policyowner annual and semi-annual reports electronically. Electronic delivery is not available for policies that are owned by corporations, trusts or organizations at this time.
Through www.newyorklifeannuities.com you can get up-to-date information about your policy and request transfers and allocation changes. Policies that are jointly owned may not request transactions through www.newyorklifeannuities.com. We may revoke online service privileges for certain policyowners (see "THE POLICIES-Limits on Transfers").
In order to obtain policy information online at www.newyorklifeannuities.com, you are required to register for access. Visit www.newyorklifeannuities.com and then click the "Register Now" button to enroll. You will be required to register a unique User Name and Password to gain access.
We will use reasonable procedures to make sure that the instructions we receive through www.newyorklifeannuities.com are genuine. We are not responsible for any loss, cost, or expense for any actions we take based on instructions received online at www.newyorklifeannuities.com that we believe are genuine. We will confirm all transactions.
Financial requests received after 4:00 p.m. (Eastern Time) or on non-Business Days will be processed as of the next Business Day.
Currently, online service at www.newyorklifeannuities.com is open Monday through Friday, from 7 a.m. until 4 a.m., Saturday, from 7 a.m. until 10 p.m. and Sunday from 7 a.m. until 8 p.m. (Eastern Time).
Currently, after login at www.newyorklifeannuities.com, you can:
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e-mail the New York Life Annuities Service Center;
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obtain current policy values;
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transfer assets between Investment Divisions;
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request partial withdrawals;
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change the allocation of future premium payments;
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reset your password;
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change your address;
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download service forms;
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upload documents and forms;
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view and download policy statements;
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change your phone number or e-mail address;
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view and update beneficiary information; and
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enroll in electronic delivery of select policy materials.
We make the online service at www.newyorklifeannuities.com available at our discretion. In addition, availability of online service may temporarily be interrupted at certain times. We do not assume responsibility for any loss while online service at www.newyorklifeannuities.com is unavailable. If you are experiencing problems, you can send service requests to us at one of the addresses in the "CONTACTING NYLIAC" section of this Prospectus.
Telephone Transactions
Certain service requests may be made by telephone. We will use reasonable procedures to make sure that the instructions we receive by telephone are genuine. For jointly owned policies, requests must be exercised jointly. We are not responsible for any loss, cost, or expense or any actions we take based on instructions we receive by telephone that we believe are genuine. We will confirm all transactions in writing.
Currently, you can reach our customer service representatives at 1-800-762-6212 on Business Days between the hours of 8:30 a.m. and 5:30 p.m. (Eastern Time).
Financial requests received after 4:00 p.m. (Eastern Time) or on non-Business Days will be processed as of the next Business Day.
Currently, subject to certain limitations, you can do the following by calling one of our customer service representatives:
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obtain current policy values;
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transfer assets between Investment Divisions;
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request or modify partial withdrawals;
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request a stop and reissue check on an outgoing payment;
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set up one-time electronic funds transfer for incoming payments
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change the allocation of future premium payments;
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establish a new or modify an existing automatic transfer arrangement;
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change your address, phone number or email address;
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review and update beneficiary information;
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revoke an authorized Third-Party caller from a policy; and
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request a fax of policy-related documents
If you experience any problems reaching us by telephone, you can access the online service or send service requests to us at one of the addresses listed in the "CONTACTING NYLIAC" section of the prospectus.
Third Party and Registered Representative Actions
You may authorize a third party, including a joint policyowner, to have access to your policy information and to independently make transfers among Investment Divisions and/or the Fixed Account, allocation changes and other permitted transactions by telephone. To do so, you must send the New York Life Annuities Service Center a Telephone Authorization Form in Good Order to one of the addresses noted in the "CONTACTING NYLIAC" section of this Prospectus. We will require certain identifying information (e.g., Social Security Number, address of record, date of birth) before taking any requests or providing any information to ensure that the individual giving instructions is authorized. See "THE POLICIES-Transfers" for information on how to transfer assets between Investment Divisions and/or an available Asset Allocation Model.
You may authorize us to accept electronic instructions from a registered representative or a registered service assistant assigned to your policy in order to make premium allocation updates, transfers among investment options,
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Automatic Asset Rebalancing (AAR), partial withdrawals and changes to your investment objective and/or risk tolerance. (Your AAR may be cancelled if a premium allocation change or fund transfer is submitted on your behalf and the AAR is not also modified at that time to be consistent with your investment option transfer and premium allocation changes). You may also authorize us to accept telephone instructions from a registered representative to make transfers among investment options as well as updates to premium allocations, take partial withdrawals, cease a periodic partial withdrawal, and update Dollar Cost Averaging (DCA), DCA Advantage (DCAA) and Interest Sweep. Any partial withdrawal is subject to dollar amount limits that we establish. Not all periodic partial withdrawals can be ceased by your registered representative or their registered service assistant. We may revoke trading authorization privileges for certain policyowners (See "THE POLICIES-Limits on Transfers"). Trading authorization may be elected, changed or canceled at any time. We will confirm all transactions in writing. Not all transactions are available on the Internet.
NYLIAC is not liable for any loss, cost or expense for action on instructions which are believed to be genuine in accordance with the procedures. As these parties act on your behalf, you are responsible for and bear the consequences of their instructions and other actions, including any limits on transfers.
We may choose to accept forms you have completed that your registered representative transmits to us electronically via our internal secured network. We will accept electronically-transmitted service forms only. For information on how to initiate a transfer between Investment Divisions, or request a withdrawal, please refer to "THE POLICIES--Transfers" or "DISTRIBUTIONS UNDER THE POLICY--Surrenders and Withdrawals--Partial Withdrawals." We do not currently accept faxed or e-mailed requests for transactions affecting your investments under the policy, but reserve the right to accept them at our discretion.
If you purchase the IPR, there will be limitations on the ability of your registered representative to make certain of the transactions described in the sections that follow.
Electronic Delivery
We are required to send you, free of charge, an Initial Summary Prospectus and an Updating Summary Prospectus (as applicable), and any updates to such Summary Prospectus documents. You can sign up to receive those documents, as well as this prospectus, in electronic form on newyorklifeannuities.com. If you selected e-delivery, we will still provide you, free of charge, paper copies of these documents upon request.
Paper copies of a Portfolio's annual and semi-annual shareholder reports will not be sent by mail unless you specifically request paper copies of the reports from NYLIAC. Instead, the shareholder reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive the Portfolios' annual and semi-annual reports electronically, you need not take any action. You may elect to receive any other communications from NYLIAC electronically by contacting the New York Life Annuities Service Center.
You may elect to receive all future annual and semi-annual financial reports in paper free of charge. You can inform NYLIAC that you wish to receive paper copies of those reports by contacting NYLIAC, as described in the "CONTACTING NYLIAC" section of this Prospectus. Your election to receive annual and semi-annual shareholder reports will apply to all Portfolios described herein.
Records and Reports
NYLIAC will mail to you at your last known address of record, at least semi-annually after the first Policy Year, reports (or, if permitted, notice of online availability of reports; see "THE POLICIES--Electronic Delivery," above) containing information required under the federal securities laws or by any other applicable law or regulation. Generally, NYLIAC will promptly mail to you confirmation of any transactions involving the Separate Account. However, when we (i) process automatic rebalancing transactions through AAR, (ii) process automatic transfers from the DCA Advantage Account, (iii) receive premium payments on your behalf involving the Separate Account initiated through pre-authorized monthly deductions from banks, (iv) receive payments forwarded by your employer, or (v) receive other payments made by pre-authorized deductions to which we agree, a summary of these policy transactions will only appear on your quarterly statement and you will not receive an immediate confirmation
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statement after each such transaction. If you believe that a transaction has been processed incorrectly, it is your responsibility to contact us in writing and provide us with all relevant details. You must provide us with the nature of the error, the date of the error and any other relevant details. It is important that you review your confirmation and quarterly statements carefully and promptly report any errors and discrepancies to us, preferably, within fifteen (15) days of the date of the statement in question. It is important that you inform NYLIAC of an address change so that you can receive these policy statements (See "CONTACTING NYLIAC"). In the event your statement is returned from the U.S. Postal Service as undeliverable, we reserve the right to suspend mailing future correspondence and also suspend current transaction processing until an accurate address is obtained. In addition, no new service requests can be processed until a valid current address is provided.
Designation of Beneficiary
You may select one or more Beneficiaries and name them in the application. Thereafter, before the Annuity Commencement Date and while the Annuitant(s) is living, you may change the Beneficiary by written notice in Good Order sent to one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus, at www.newyorklifeannuities.com, or you can utilize any other method we make available. If, before the Annuity Commencement Date, the Annuitant dies while you are still living, you will become the new Annuitant under the policy. If you are the Annuitant, the proceeds pass to your Beneficiary.
If no Beneficiary for any amount payable, or for a stated share, survives you, the right to this amount or this share will pass to your estate. Payment of the proceeds will be made in a single sum to your estate. If any Beneficiary dies at the same time as you, or within fifteen (15) days after your death, but before we receive proof of death and all claim information in Good Order, we will pay any amount payable as though the Beneficiary died before you did. If you have designated only one Beneficiary, this could mean that the proceeds will be payable to your estate.
Every state has unclaimed property laws, which generally declare an annuity policy to be abandoned after a period of inactivity of three to five years from the policy's Annuity Commencement Date or the date the death benefit is due and payable. If, after a thorough search, we are unable to locate you after your policy's Annuity Commencement Date, or if we are unable to locate your Beneficiary if you die before the Annuity Commencement Date, or you or the Beneficiary do not come forward to claim the policy proceeds or death benefit in a timely manner, the proceeds or death benefit may be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or the Annuitant last resided, as shown on our books and records, or to Delaware (our state of domicile). This escheatment is revocable, however, and the state is obligated to pay back the escheated amount if you or your beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you update your Beneficiary designation, including addresses, if and as they change. Please contact us at the New York Life Annuities Service Center at 800-762-6212 or send written notice to one of the addresses in the "CONTACTING NYLIAC" section of this Prospectus.
Delay of Payments
We will pay any amounts due from the Separate Account under the policy within seven (7) days of the date the New York Life Annuities Service Center receives all documents (including documents necessary to comply with federal and state tax law) in connection with a payment request in Good Order at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus.
Situations where payments may be delayed:
1.
We may delay payment of any amounts due from the Separate Account under the policy and transfers among Investment Divisions during any period that:
(a)
The New York Stock Exchange ("NYSE") is closed, for other than usual weekends or holidays; trading is restricted by the Securities and Exchange Commission ("SEC"); or the SEC declares that an emergency exists as a result of which it is not reasonably practical to dispose of securities in a Portfolio or to fairly determine the value of the assets of a Portfolio;
(b)
The SEC, by order, permits us to delay payment in order to protect our policyowners; or
35
(c)
The check used to pay the premium has not cleared through the banking system. This may take up to fifteen (15) days.
2.
We may delay payment of any amounts due from the Fixed Account and/or the DCA Advantage Account. When permitted by law, we may defer payment of any partial withdrawal or full surrender request for up to six months from the date of surrender from the Fixed Account and/or the DCA Advantage Account. In most jurisdictions, we will pay interest on any amount deferred for thirty days or more. If we defer payments, we will pay interest at the rate specified by the insurance department of the state where your policy is issued from the Business Day that we receive your partial withdrawal or surrender request in Good Order. This rate will be at least 1.0% per year. For more information about when interest is payable for policies issued in New York, see APPENDIX 2.
3.
Federal laws enacted to combat terrorism and prevent money laundering by criminals might, in certain circumstances, require us to reject a premium payment and/or "freeze" a policy. If these laws apply to a particular policy(ies), we would not be allowed to pay any request for transfers, partial withdrawals, surrenders or death benefits. If a policy or an account is frozen, the Accumulation Value would be moved to a special segregated interest-bearing account and held in that account until we receive instructions from the appropriate federal regulator.
36
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) 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.
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).
37
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
•You cannot cancel the rider
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.
•The IPR Death Benefit that
is payable under the IPR
may require that the Owner
hold the policy for a
minimum waiting period
before the IPR Death
Benefit equals the
Guaranteed Amount under
the IPR. If the Owner dies
prior to the end of that
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 - FP
Series for more information
on IPR Death Benefit
calculations.)
•Similarly, if an IPR Reset is
elected, a new waiting
period, as applicable, will
begin before the
Guaranteed Amount is
payable as the IPR Death
Benefit. If the Owner dies
prior to the end of the new
applicable waiting period,
the IPR Death Benefit will
be equal to the
Accumulation Value as of
the Rider Reset Effective
Date less any proportional
withdrawals.
•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
38
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
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.
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
an IPR Death Benefit which
is payable upon the death of
the Owner if the Owner dies
before the end of the Holding
Period.
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
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
39
NAME OF BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
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
days.
•If the Owner(s) is not a
natural person, all
restrictions and benefits of
the rider are based on the
Annuitant.
•Rider benefits and
requirements to qualify for
the rider benefits may not
be the same in all
jurisdictions.
40
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Automatic Asset
Rebalancing
Automatically rebalances
your Variable Accumulation
Value (either quarterly,
semi-annually, or annually)
to maintain the percentage
allocated to each Investment
Division at a pre-set level.
None
•Cannot be used with the
traditional Dollar Cost
Averaging option.
•You must have a minimum
Accumulation Value of
$2,500 to elect this option,
and a minimum of $2,500
to continue it as scheduled.
Traditional Dollar
Cost Averaging
Automatically transfers a
specific amount of money
from any Investment Division
to any combination of
Investment Divisions and/or
Fixed Account at set
intervals.
None
•Cannot be used with the
Automatic Asset
Rebalancing option, or with
IPR.
•For premium based M&E
Charge policies, amounts
cannot be transferred to
the Fixed Account (if
applicable).
•You must have a minimum
Accumulation Value of
$2,500 to elect this option,
and a minimum of $2,000
to continue as scheduled.
The DCA
Advantage Account
Allows you to set up
automatic dollar cost
averaging using the DCA
Advantage Account when an
initial premium payment or a
subsequent premium
payment is made. The DCA
Advantage Account transfers
amounts automatically to the
Investment Divisions you
choose in six monthly
increments and pays you
interest on amounts
remaining in the DCA
Advantage Account.
None
•DCA Advantage Account
duration may not extend
beyond the Annuity
Commencement Date.
•You may not have more
than one DCA Advantage
Account open at the same
time.
•You must allocate a
minimum of $2,000 to the
DCA Advantage Account;
any premium payment less
than $2,000 will be
allocated directly to the
Investment Divisions in
accordance with the
instructions we have on
file.
•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
41
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
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.
Description of Benefits
The Standard Death Benefit - Death Before Annuity Commencement
Unless amended by any rider attached to the policy, if the Owner dies prior to the Annuity Commencement Date, we will pay the Standard Death Benefit amount as proceeds to the designated Beneficiary(ies), as of the date the New York Life Annuities Service Center receives proof of death and all other required information in Good Order at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. With a jointly owned policy, ownership rights and privileges under the policy must be exercised jointly and benefits under the policy will be paid upon the death of any joint owner, unless the surviving spouse has been designated the sole primary beneficiary. In that case, the surviving spouse can choose to continue the policy as discussed below. (See FEDERAL TAX MATTERS-Taxation of Annuities in General.") For policies purchased before February 13, 2023 and owned by a grantor trust, benefits will be paid upon the death of any grantor. For policies owned by grantor trusts and purchased after February 13, 2023, benefits will be paid upon the death of the Annuitant. The Standard Death Benefit amount will be the greatest of:
(a)
the Accumulation Value; or
(b)
the Return of Premium Death Benefit; or
(c)
the Step-up Death Benefit (for policies applied for 5/1/2020 and after, if you were Age 80 or less when the policy was issued).
For policyowners who are age 81 to 85 on the Policy Date, the Standard Death Benefit amount will be the greater of:
(a)
the Accumulation Value; or
(b)
the Return of Premium Death Benefit
If more than one Beneficiary is named, each Beneficiary will be paid a pro rata portion from each Investment Division, the Fixed Account and the DCA Advantage Account in which the policy is invested as of the date we receive proof of death and all requirements necessary to make the payment to that Beneficiary. The remaining balance in the policy after paying each Beneficiary will remain in each Allocation Option in which the policy was invested as of the
42
date we received proof of death in Good Order. We will keep the remaining balance in the policy to pay the other Beneficiaries. Due to market fluctuations, the remaining Accumulation Value may increase or decrease and we may pay subsequent Beneficiaries a different amount. Beneficiary(ies) may not make transfers between Investment Divisions of the Separate Account, the Fixed Account or any other investment option that we may offer at any time.
We will make payments in a lump sum to the Beneficiary unless you have elected or the Beneficiary elects otherwise in a signed written notice in Good Order. If such an election is properly made, we will apply all or part of these proceeds:
(i)
under a Life Income Payment option to provide an immediate annuity for the Beneficiary who will be the policyowner and Annuitant; or
(ii)
under another Income Payment option we may offer at the time.
Payments under the annuity or under any other method of payment we make available must be for the life of the Beneficiary, or for a number of years that is not more than the life expectancy of the Beneficiary at the time of the policyowner's death (as determined for federal tax purposes), and must begin within one year after the policyowner's death. (See "ANNUITY PAYMENTS (THE INCOME PHASE)-Income Payments.")
If your spouse (as defined under Federal law) is designated as the sole primary Beneficiary, we can pay the proceeds to the surviving spouse if you die before the Annuity Commencement Date or the policy can continue with the surviving spouse as (a) the new policyowner and, (b) the Annuitant, if you were the Annuitant. Please note: if your spouse is not designated as the sole primary beneficiary, when you die, the death benefit will be paid to the beneficiary(ies) you named, even if your spouse was the joint owner of the policy. For policies with one Annuitant, if the Annuitant is not an Owner and the Annuitant dies before the Annuity Commencement Date, when we receive proof of death for the Annuitant, the Owner will become the Annuitant, and the policy will continue. If the policy is jointly owned, the first Owner named will become the Annuitant. For more information about spousal continuance for policies issued in New Jersey, see "APPENDIX 2 -State Variations."
We will make any distribution or application of policy proceeds within 7 days after the New York Life Annuities Service Center receives all documents (including documents necessary to comply with federal and state tax law) in connection with the event or election that causes the distribution to take place at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus in Good Order, subject to postponement in certain circumstances. (See "The POLICIES-Delay of Payments.")
How the Standard Death Benefit is Calculated
Here is an example of how the Standard Death Benefit is calculated for policies issued to policyowners aged 80 or younger.
Assume that:
(1)
You purchase this policy with a $200,000 premium payment;
(2)
A $20,000 withdrawal is made at the end of the second Policy Year, and the Accumulation Value immediately preceding the withdrawal is $240,000;
(3)
The Accumulation Value as of the seventh Policy Anniversary is $225,000; and
(4)
You die in the eighth Policy Year, and the Accumulation Value upon death is $175,000
At issue, the Adjusted Death Benefit Premium Payments are equal to $200,000
Due to the $20,000 withdrawal at the end of the second Policy Year, the Adjusted Death Benefit Premium Payments were reduced by $16,666.67, calculated as follows: ($20,000 / $240,000) * $200,000 = $16,666.67.
Upon death in the eighth policy year, the Standard Death Benefit is $225,000, which is the greater of:
a)
the Accumulation Value upon death
= $175,000, or
43
b)
Premium payments less any Return of Premium Death Benefit Proportional Withdrawal;
= $183,333.33 (calculated as follows: $200,000 - $16,666.67 = $183,333.33), or
c)
the Step-Up Death Benefit (for policies applied for 5/1/2020 and after, if you were Age 80 or less when the policy was issued)
= $225,000
In this example, for policies issued to policyowners aged 80 or younger, your Beneficiary would receive $225,000.
For policies issued to policyowners aged 81-85, the Step-Up Death Benefit is not available. Accordingly, your beneficiaries would receive the greater of (a) or (b) above. In this case, it would be $183,333.33 as calculated in (b).
Annual Death Benefit Reset Rider
You may enhance your Policy's Standard Death Benefit by purchasing the optional ADBR Rider. The ADBR Rider is available only at the time of application, in jurisdictions where approved, to policyowners aged 75 or younger. You cannot cancel this Rider without surrendering your policy. The rider is not available for Inherited Non-Qualified polices. If you purchase this rider and you die prior to the Annuity Commencement Date, we will pay an amount as proceeds to the designated Beneficiary, as of the date we receive proof of death and all requirements necessary to make the payment at the New York Life Annuities Service Center. For policies owned by a grantor trust, all of whose grantors are individuals, benefits will be paid upon the death of any grantor. With this rider, your death benefit will be the greater of:
(a)
the Standard Death Benefit payable under the policy (See "DESCRIPTION OF BENEFITS -The Standard Death Benefit-Death Before Annuity Commencement"); or
(b)
the "ADBR Reset Value", as defined in the next paragraph, plus any additional premium payments made since the most recent "Reset Anniversary," less proportional withdrawals ("ADBR Reset Value Proportional Reductions") made since the most recent Reset Anniversary; or
(c)
any death benefit available under any other rider attached to the policy.
We automatically calculate the ADBR Reset Value, with respect to any policy, every year from the Policy Date ("Reset Anniversary") until, for Policies applied for on or after May 1, 2019, you reach age 85 and, for Policies applied for before May 1, 2019, until you reach age 80 (or the Annuitant if the Owner is not a natural person). For policies owned by a grantor trust applied for on or after May 1, 2019, the ADBR Reset Value will be calculated until any grantor reaches age 85, and for Policies applied for before May 1, 2019, reaches age 80. On the First Policy Anniversary, the ADBR Reset Value is defined as the greater of (a) the Accumulation Value on the first Policy Anniversary; and (b) the Return of Premium Death Benefit. The ADBR Reset Value on the second and each subsequent Reset Anniversary is defined as the greatest of (a) the Accumulation Value on the current Reset Anniversary; and (b) the ADBR 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.
The rider benefit will no longer reset after the Owner's death or for grantor trust owned policies, the death of any grantor. The only exception is if the policy remains in-force under the spousal option provision of the Policy, if available. If the Owner is not a natural person, or a grantor trust, the rider benefit will no longer reset after the death of the Annuitant. In addition, in jurisdictions where approved, if an ownership change or assignment of the policy is made, other than as explicitly described in the rider, the rider will terminate and no ADBR Reset Value will be payable. If the rider is terminated, the death benefit payable will be the benefit provided in the "DESCRIPTION OF BENEFITS - The Standard Death Benefit-Death Before Annuity Commencement" section of this Prospectus.
An ADBR Reset Value Proportional Reduction is 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.
44
We have set forth below an example of how the ADBR Rider works for an owner who is age 63. The current annual rider charge is 0.25% (for policies applied for on and after May 1, 2016) of the ADBR Reset Value as of the last Policy Anniversary, deducted quarterly. In this example, we have assumed the following:
(1)
you purchase this policy with a $200,000 initial premium payment (no additional premium payments are made)
(2)
the Accumulation Value as of the first Policy Anniversary is $250,000 (this is the Policy Year 1 ADBR Reset Value)
(3)
the current Accumulation Value is $240,000
(4)
you make a withdrawal of $15,000 in the Policy Year 2 (no surrender charges are applicable)
(5)
you die at the beginning of the second policy quarter of Policy Year 2 after the withdrawal
(6)
the Accumulation Value on the date we receive the necessary requirements to pay the death benefit is $225,000 ($240,000 - $15,000)
(7)
the charge for the ADBR Rider is assessed (for policies applied for on and after May 1, 2016): 0.25% annually (0.0625% per quarter)
(8)
the Death Benefit is the greatest of:
a)
the Accumulation Value
= $225,000
b)
the Return of Premium Death Benefit
= $187, 500 calculated as described below:
To calculate the Return of Premium Death Benefit, you must first determine the value of any Return of Premium Death Benefit Proportional Withdrawal. The Return of Premium Death Benefit Proportional Withdrawal equals the amount of partial withdrawals ($15,000) divided by the policy's Accumulation Value immediately preceding the withdrawal ($240,000), multiplied by the Return of Premium Death Benefit immediately preceding the withdrawal ($200,000):
•
($15,000/$240,000) x $200,000 = $12,500 is the proportional reduction.
The total amount of premium payments made under the policy ($200,000) minus the Return of Premium Death Benefit Proportional Withdrawal ($12,500) equals the Return of Premium Death Benefit ($187,500).
c)
the Policy Year 2 ADBR Reset Value, which is the greatest of:
1.
the Accumulation Value
= $225,000
2.
the prior ADBR Reset Value as of the last Reset Anniversary ($250,000), plus any premium payments made since the prior Reset Anniversary ($0), less ADBR Reset Value Proportional Reductions since the prior Reset Anniversary ($15,625).
= $234,375 calculated as described below:
To calculate the ADBR Reset Value, you must first determine the value of any ADBR Reset Value Proportional Reduction. The ADBR Reset Value Proportional Reduction is an amount equal to the amount withdrawn from the policy, after the first Policy Anniversary, ($15,000), divided by the policy's Accumulation Value immediately preceding the withdrawal ($240,000), multiplied by the ADBR Reset Value immediately preceding the withdrawal ($250,000).
•
($15,000/$240,000) x $250,000 = $15,625.
45
The prior ADBR Reset Value as of the last Reset Anniversary ($250,000), plus any premium payments since the prior Reset Anniversary ($0), less ADBR Reset Value Proportional Reductions since the prior Reset Anniversary ($15,625) equals $234,375.00
In this example, your Beneficiary would receive $234,375.00.
The ADBR Rider ends upon the earliest of the following:
1)
the Annuity Commencement Date,
2)
the date you surrender the policy,
3)
an ownership change or assignment of the policy, other than as described in the rider, or
4)
the date we terminate the policy.
Notwithstanding the foregoing, if your spouse, as the sole primary Beneficiary, elects to continue the policy as the new Owner upon your death, the Rider will not end and all of the Rider's provisions and quarterly charges will continue to be deducted as if the new Owner had purchased the policy on the original Policy Date.
You cannot cancel this Rider without surrendering your policy.
Investment Preservation Rider - FP Series
The Investment Preservation Rider - FP Series ("IPR") is available only at the time of application and your right to cancel the IPR is limited as described below.
The IPR is available with all Non-Qualified, IRA, SEP IRA and Roth IRA policies if the Owner (oldest Owner, if the policy is jointly owned) and the Annuitant (oldest Annuitant, if the policy has joint Annuitants) are age 75 or younger (70 or younger for the 20-year Holding Period) on the Rider Effective Date. The rider is not available on Inherited IRA, Inherited Roth IRA and Inherited Non-Qualified policies.
While IPR is in effect, you may only make premium payments to the policy (a) in the first Policy Year or (b) after the IPR Holding Period End Date. The IPR allows you to choose among eight (8) different Holding Periods. If you purchase the IPR, you will be eligible to receive a one-time adjustment to your Accumulation Value in the event that your Accumulation Value is less than the amount guaranteed under the IPR on the applicable policy anniversary of the Rider Effective Date (or most recent reset date) for the Holding Period you choose. You may request to reset the guaranteed amount (an "IPR Reset") under certain circumstances, as described below. Certain features of the IPR may not be available in all jurisdictions; contact your registered representative or see "APPENDIX 2 - State Variations" for more information.
The IPR ends on the applicable policy anniversary of the Rider Effective Date (or most recent reset date) for the Holding Period you choose (See "IPR DEATH BENEFIT" regarding the terms under which such death benefit may continue after the IPR ends). The applicable policy anniversary depends on the Holding Period you choose. While the IPR is in effect and prior to the IPR Holding Period End Date, we will deduct a charge from your Accumulation Value on each policy quarter. (See "CHARGES AND DEDUCTIONS- Optional Benefit Expenses-Charge for the Investment Preservation Rider - FP Series" and the Rate Sheet Prospectus Supplement for current charges). When you make a partial withdrawal (including required minimum distributions from IRAs), we will reduce the amount that is guaranteed (the "Guaranteed Amount") under the IPR proportionally ("Guaranteed Amount Proportional Reduction"). A Guaranteed Amount Proportional Reduction is equal to the amount withdrawn from the policy (including any amount withdrawn for the surrender charge) divided by the Accumulation Value immediately preceding the withdrawal, multiplied by the Guaranteed Amount immediately preceding the withdrawal. For example, if you withdrew 10% of the Accumulation Value, your Guaranteed Amount will be reduced by 10%.
Please note that benefits payable under the IPR are payable from NYLIAC's general account and are subject to the claims paying ability of NYLIAC. No third-party guarantees are involved.
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The IPR Guaranteed Amount
For policies with applications signed before May 1, 2023, the Guaranteed Amount under the IPR is as follows:
(i)
For the 10, 11, 12, 13, 14, or 15 year Holding Periods: The Guaranteed Amount will equal 100% of the sum of all premium payments made in the first Policy Year, less all Guaranteed Amount Proportional Reductions made during the rider Holding Period.
(ii)
For the 20 year Holding Period: The Guaranteed Amount will equal 150% of the sum of all premium payments made in the first Policy Year, less all Guaranteed Amount Proportional Reductions made during the rider Holding Period.
For policies with applications signed on or after May 1, 2023, the 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. The IPR Guarantee Percentage used to determine the IPR Guaranteed Amount is subject to change and will depend on when you purchase your policy. Once you purchase the policy, however, the IPR Guarantee Percentage will not change for the life of the IPR. For current percentages applicable to new purchases, see the Rate Sheet Prospectus Supplement. See APPENDIX 3 for the IPR Guarantee Percentages that applied to historical purchases.
IPR Reset:
You can decide to reset to increase the Guaranteed Amount under the IPR. You may request to reset the Guaranteed Amount at any time while the IPR is in effect as long as (a) the Owner (oldest Owner, if the policy is jointly owned) and the Annuitant (oldest Annuitant, if the Policy has joint Annuitants) are age 75 or younger (for the 7, 10, 11, 12, 13, 14 and 15 year Holding Periods), or age 70 or younger (for the 20 year Holding Period) and (b) prior to the reset, the Accumulation Value multiplied by the IPR Guarantee Percentage is greater than the Guaranteed Amount. For an IPR Reset, you must send a written request in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. The reset will take effect on the Policy Anniversary immediately following the date we receive your request to reset (the "Rider Reset Effective Date") and, at such time, the IPR Guaranteed Amount will be increased to the IPR Guarantee Percentage of your Accumulation Value as of the Rider Reset Effective Date. After the reset(s), Guaranteed Amount Proportional Reductions still apply during the new Holding Period. Additionally, upon reset of policies purchased on or before November 12, 2023, the terms of the IPR Death Benefit for the 20 year Holding Period are also reset so that the Owner must hold the rider for the new minimum waiting period (within two years of the new Holding Period End Date), for the IPR Death Benefit to equal the Guaranteed Amount; if the death of the Owner is earlier than within two years of the new Holding Period End Date, the IPR Death Benefit will be the Accumulation Value as of the Rider Reset Effective Date less any proportional withdrawals. For resets under policies purchased on or after November 13, 2023, for any Holding Period selected, where the Guarantee Percentage under the IPR is 101% or more, the terms of the IPR Death Benefit are also reset so that the death of the Owner must be within or after the last two years of the new Holding Period End Date in order for the IPR Death Benefit to equal the Guaranteed Amount; if the death of the Owner is earlier than within two years of the new Holding Period End Date, the IPR Death Benefit will be the Accumulation Value as of the Rider Reset Effective Date less any proportional withdrawals. We may also set a new charge for the IPR on that Policy Anniversary (not to exceed the guaranteed maximum charge in the "FEE TABLE") Please see the Rate Sheet Prospectus Supplement that is in effect as of your Rider Reset Effective Date for the charges that will apply to your IPR after reset. In addition, upon reset, allocation restrictions may change.
When you reset, a new rider Holding Period with the same duration as the original rider Holding Period will begin as of the Rider Reset Effective Date. That means, for example, if you purchase IPR with a 12 year Holding Period, and you elect to reset in policy year four (4), a new 12 year Holding Period will begin on the Policy Anniversary immediately following the date we receive your request to reset. You will not be eligible to receive a one-time adjustment to your Accumulation Value until the Policy Anniversary following the end of the new rider Holding Period. We can suspend or discontinue the ability to reset the Guaranteed Amount at any time in our sole discretion on a nondiscriminatory basis. If we decide to suspend or discontinue the ability to reset the Guaranteed Amount, we will promptly notify you in writing. Please contact your registered representative for more information.
A policyowner may cancel an IPR Reset at any time prior to or within thirty (30) days after the Rider Reset Effective Date. If you cancel your request to reset, no change will be made to the IPR Guaranteed Amount, IPR Holding Period,
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IPR Holding Period End Date, (if previously reset, the Rider Reset Effective Date), allocation restrictions, or the IPR Charge, if applicable.
Example of an IPR Reset
In this example, we have assumed the following:
(1)
IPR with a 10-year Holding Period is purchased at the time of application:
(2)
An initial premium payment of $100,000 is made;
(3)
Your IPR Guarantee Percentage is 100%; therefore, the Guaranteed Amount equals 100% of the sum of all premium payments that we receive in the first Policy Year, less all Guaranteed Amount Proportional Reductions made during the rider Holding Period;
(4)
No additional premium payments are made;
(5)
On Policy Year 4, after deduction of all cumulative policy fees and charges, your Accumulation Value increases due to market gain to $130,000;
(6)
Because you have experienced market gains by Policy Year 4, you decide to request an IPR Reset as of the 4th Policy Anniversary;
(7)
After the reset, your new Guaranteed Amount is $130,000; and
(8)
Your Holding Period End Date is extended an additional 10 years (Policy Year 14).
IPR Investment Restrictions
If you purchase IPR, you will be allowed to allocate your premium payments to the Investment Divisions, an available Asset Allocation Model and the DCA Advantage Account subject to the restrictions set forth in APPENDIX 1B.
The Fixed Account is not available while the IPR is in effect and prior to the IPR Holding Period End Date. Upon any termination of the IPR, the Fixed Account will be an available investment option. If you purchase the IPR, there will be limitations on how you allocate to the Investment Divisions. You may allocate your premium payment to Investment Divisions in the Asset Allocation Categories in accordance with the specified thresholds or to one of the available Asset Allocation Models. Individual transfers between Investment Divisions, the DCA Advantage Account and/or Asset Allocation Models are not allowed. If you wish to complete an individual transfer between the Investment Divisions or change to a different Asset Allocation Model (if available), you must send a reallocation form to the New York Life Annuities Service Center at one of the addresses in the "CONTACTING NYLIAC" section of this Prospectus. Each policy quarter, we will automatically rebalance your current allocations to conform to your most recent allocation instructions. The Investment Division restrictions associated with the IPR seek to moderate overall volatility or hedge against down-market volatility, and may limit your participation in positive investment performance. Other investment options that are available if you do not purchase the IPR may offer the potential for higher returns. You should consult with your registered representative and carefully consider whether the Investment Division restrictions associated with the IPR meet your investment objectives and risk tolerance. The Asset Allocation Categories and the Asset Allocation Models available with IPR are set forth in Appendix 1B.
If you choose an IPR Reset, the restrictions on investment allocations may change. These changes could include, without limitation, changes to the Investment Divisions available under each Asset Allocation Category, adding or removing Asset Allocation Categories, an adjustment to the minimum and/or maximum allocation percentages available under the Asset Allocation Categories, adding or removing Asset Allocation Models and/or discontinuing the availability of the DCA Advantage Account.
With the IPR, you do not have to surrender the policy to receive any applicable benefit. You will be eligible to receive any benefit payable on the Policy Anniversary for the Holding Period you chose after the later of the Policy Date or the most recent reset date. You do not need to take any action. We will inform you in writing if you are eligible to receive the one-time adjustment to your Accumulation Value under the IPR. We will also inform you of your options in the event that such one-time adjustment is made to your Accumulation Value which are to (i) surrender the policy
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and receive the adjusted Accumulation Value (which may be subject to surrender charges), or (ii) continue the policy at the adjusted Accumulation Value, which is subject to market fluctuation. If you are eligible to receive an adjustment, we will credit an amount to your Accumulation Value pro rata in accordance with your allocations currently on file. If you surrender the policy, amounts paid to you under the IPR may be taxable and you may be subject to a 10% penalty tax if such amounts are paid before you reach age 59½.
The Effects of Surrendering the Policy or Cancelling the IPR
You may cancel the IPR within thirty (30) days after delivery of the policy. To cancel, you must return the IPR to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus or to the registered representative through whom you purchased it with a written request for cancellation. Upon receipt of this request, we will promptly cancel the IPR and refund any IPR charges which may have been deducted. After the 30-day period, you may only cancel the IPR if we suspend your right to reset the Guaranteed Amount at any time.
The IPR will provide no benefit if you surrender the policy before the Policy Anniversary on which you are eligible to receive a potential one-time adjustment to your Accumulation Value. Therefore, you should purchase the IPR only if you intend to keep the policy for at least the rider Holding Period you choose (7, 10, 11, 12, 13, 14, 15 or 20 years).
In most jurisdictions, the IPR will terminate if an ownership change or assignment of the policy is made, other than as explicitly described in the rider.
The Effects of Withdrawals on the IPR
Any withdrawal reduces the Guaranteed Amount proportionally and the amount of charges assessed for the IPR. While the IPR is in effect, withdrawals will be deducted proportionally from the Allocation Options. However, please note that charges assessed for the IPR prior to the date of any withdrawal (including required minimum distributions from IRAs) will not be retroactively adjusted. It is important to note that if you make any withdrawals (including required minimum distributions from IRAs) while the IPR is in effect, you may not be able to receive the full value of the IPR. The reduction in the Guaranteed Amount may be significant and could be greater than the actual amount withdrawn. This may occur when you request a withdrawal at a time when your Accumulation Value is lower than the Guaranteed Amount (see example below). As a result, the IPR may not be appropriate for you if you intend to take withdrawals (including required minimum distributions from IRAs) before the end of the Holding Period you choose. You should consult your registered representative and tax advisor if you have any questions about the use of the IPR in your tax situation.
How the IPR is Calculated
We have set forth below an example of how the benefit from the IPR may be realized and how withdrawals (including required minimum distributions from IRAs) will impact the Guaranteed Amount and how we calculate the Guaranteed Amount Proportional Reduction. In this example, we have assumed the following:
(1)
IPR with a 10 year Holding Period is purchased at the time of application:
(2)
An initial premium payment of $100,000 is made;
(3)
Your IPR Guarantee Percentage is 100%; therefore the Guaranteed Amount equals 100% of the sum of all premium payments that we receive in the first Policy Year, less all Guaranteed Amount Proportional Reductions made during the rider Holding Period;
(4)
No additional premium payments are made;
(5)
A withdrawal of $20,000 is made in the eighth policy year;
(6)
The Accumulation Value immediately preceding the withdrawal has decreased to $80,000; and
(7)
As of the Holding Period End Date, the Accumulation Value on the Policy Anniversary corresponding to the Holding Period you chose has decreased to $50,000.
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The Guaranteed Amount when we issued the policy was $100,000. When the withdrawal was made in the eighth Policy Year, we reduced the Guaranteed Amount by the amount of the Guaranteed Amount Proportional Reduction. We calculated the amount of the Guaranteed Amount Proportional Reduction by taking the requested withdrawal amount, dividing it by the Accumulation Value immediately preceding the withdrawal, and then multiplying that number by the Guaranteed Amount immediately preceding the withdrawal.
Guaranteed Amount Proportional Reduction = ($20,000/$80,000) x $100,000 = $25,000
To determine the new Guaranteed Amount after the withdrawal, we subtracted the amount of the Guaranteed Amount Proportional Reduction from the initial Guaranteed Amount: ($100,000 - $25,000) = $75,000.
On the Policy Anniversary for the Holding Period, the Accumulation Value ($50,000) is less than the Guaranteed Amount of $75,000. Therefore, you are eligible to receive a one-time adjustment to your Accumulation Value of $25,000.
If you had chosen the 20 year Holding Period, assuming an IPR Guarantee Percentage of 150%, the Guaranteed Amount when we issued the policy would have been $150,000. Then the Guaranteed Amount Proportional reduction in year eight would have been ($20,000/$80,000) x $150,000 = $37,500 and the Guaranteed Amount after the Guaranteed Amount Proportional Reduction would have been $112,500. On the Policy Anniversary for the 20 year Holding Period, the Accumulation Value ($50,000) is less than the Guaranteed Amount of $112,500. Therefore, you would have been able to receive a one-time adjustment of $62,500.
After the adjustment is paid, the rider will end (See "DESCRIPTION OF BENEFITS-Investment Preservation Rider-IPR Death Benefit" regarding the terms under which such death benefit may continue after the IPR ends). You would not have been eligible to receive this adjustment to your Accumulation Value if you had not purchased the IPR Rider.
Upon your death, the IPR and the policy will terminate unless your spouse chooses to continue the policy. Your spouse must be the sole primary beneficiary to continue the IPR and the policy. If your spouse chooses to continue the IPR and the policy, no death benefit proceeds will be paid upon your death.
IPR Death Benefit
The IPR Death Benefit is available in jurisdictions where approved (see "APPENDIX 2 - State Variations" for more information).
If you purchased your policy on or prior to November 12, 2023:
For the 10, 11, 12, 13, 14 and 15-year Holding Periods:
If the Owner dies on or before the Holding Period End Date and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(a).
If the Owner dies after the Holding Period End Date and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(b).
(1)
The amount of the death benefit payable under the policy. (See "DESCRIPTION OF BENEFITS - The Standard Death Benefit-Death Before Annuity Commencement".)
(2)
Any death benefit available under any other rider attached to the policy.
(3)
The IPR Death Benefit, which is:
(a)
The Guaranteed Amount; or
(b)
The Guaranteed Amount on the Holding Period End Date, increased by any premium payments received after the Holding Period End Date and reduced proportionally for withdrawals taken after the Holding Period End Date.
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For the IPR Death Benefit in (b) above, the proportional reduction for withdrawals is equal to the amount withdrawn (including any Surrender Charges that you may incur as a result of the withdrawal), divided by the policy's Accumulation Value immediately preceding the withdrawal, multiplied by the IPR Death Benefit immediately preceding the withdrawal.
For the 20 year Holding Period:
If the Owner dies within the last two (2) years of the rider Holding Period and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(a).
If the Owner dies before the last two (2) years of the rider Holding Period and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(b).
If the Owner dies after the Holding Period End Date and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(c).
(1)
The amount of the death benefit payable under the policy. (See "DESCRIPTION OF BENEFITS - The Standard Death Benefit-Death Before Annuity Commencement".)
(2)
Any death benefit available under any other rider attached to the policy.
(3)
The IPR Death Benefit, which is:
(a)
The Guaranteed Amount; or
(b)
A portion of the Guaranteed Amount which is determined by dividing the Guaranteed Amount by 150%; or
(c)
The Guaranteed Amount on the Holding Period End Date, increased by any premium payments received after the Holding Period End Date and reduced proportionally for withdrawals taken after the Holding Period End Date.
For the IPR Death Benefit in (c) above, the proportional reduction for withdrawals is equal to the amount withdrawn (including any Surrender Charges that you may incur as a result of the withdrawal), divided by the policy's Accumulation Value immediately preceding the withdrawal, multiplied by the IPR Death Benefit immediately preceding the withdrawal.
If you purchased your policy on or after November 13, 2023:
For policies where the IPR Guarantee Percentage is 100% or less:
If the Owner dies on or before the Holding Period End Date and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(a).
If the Owner dies after the Holding Period End Date and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(b).
(1)
The amount of the death benefit payable under the policy. (See "DESCRIPTION OF BENEFITS - The Standard Death Benefit-Death Before Annuity Commencement".)
(2)
Any death benefit available under any other rider attached to the policy.
(3)
The IPR Death Benefit, which is:
(a)
The Guaranteed Amount; or
(b)
The Guaranteed Amount on the Holding Period End Date, increased by any premium payments received after the Holding Period End Date and reduced proportionally for withdrawals taken after the Holding Period End Date.
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For the IPR Death Benefit in (b) above, the proportional reduction for withdrawals is equal to the amount withdrawn (including any Surrender Charges that you may incur as a result of the withdrawal), divided by the policy's Accumulation Value immediately preceding the withdrawal, multiplied by the IPR Death Benefit immediately preceding the withdrawal
For policies where the IPR Guarantee Percentage is 101% or more:
If the Owner dies within the last two (2) years of the rider Holding Period and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(a).
If the Owner dies before the last two (2) years of the rider Holding Period and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(b).
If the Owner dies after the Holding Period End Date and the Owner's spouse does not continue the policy pursuant to the policy's death benefit provisions, the death benefit will be equal to the greatest of 1, 2 and 3(c).
(1)
The amount of the death benefit payable under the policy. (See "DESCRIPTION OF BENEFITS - The Standard Death Benefit-Death Before Annuity Commencement".)
(2)
Any death benefit available under any other rider attached to the policy.
(3)
The IPR Death Benefit, which is:
(a)
The Guaranteed Amount; or
(b)
A portion of the Guaranteed Amount which is determined by dividing the Guaranteed Amount by the applicable IPR Percentage as reflected on your IPR rider data page (See rate Sheet Prospectus Supplement for the IPR Guaranteed Amount Percentage applicable for new purchases); or
(c)
The Guaranteed Amount on the Holding Period End Date, increased by any premium payments received after the Holding Period End Date and reduced proportionally for withdrawals taken after the Holding Period End Date.
For the IPR Death Benefit in (c) above, the proportional reduction for withdrawals is equal to the amount withdrawn (including any Surrender Charges that you may incur as a result of the withdrawal), divided by the policy's Accumulation Value immediately preceding the withdrawal, multiplied by the IPR Death Benefit immediately preceding the withdrawal.
Payment of a death benefit terminates the IPR.
It is important to note that for purposes of calculating the IPR Guaranteed Amount under the IPR Death Benefit, Partial Withdrawals (including required minimum distributions) proportionally reduce the Guaranteed Amount while additional premium payments increase the Guaranteed Amount dollar for dollar. This means that under certain market conditions, a partial withdrawal will cause a greater decrease to the IPR Guaranteed Amount than the increase to the IPR Guaranteed Amount from a premium payment of the same amount as the withdrawal.
For example, assume that you are in your first Policy Year. You made an initial premium payment of $100,000. Assuming that the IPR Guarantee Percentage is 100%, your IPR Guaranteed Amount will be 100% of the sum of all premium payments that we receive in the first Policy Year (i.e., $100,000). Assume further, however, that your Accumulation Value immediately dropped due to negative market performance and is now only $80,000. If you requested a withdrawal of $20,000 at a time where your Accumulation Value was less than the IPR Guaranteed Amount, the IPR Guaranteed Amount Proportional Reduction would operate to lower the IPR Guaranteed Amount by $25,000. Your IPR Guaranteed Amount after the withdrawal would be $75,000. See the above "How the IPR is Calculated" to see how this would occur. Although you only requested a withdrawal of $20,000, it resulted in a $25,000 reduction of the benefit guaranteed by the IPR. If, however, there had been no negative market performance and you made a premium payment of $20,000 instead of a withdrawal, the effect on your IPR Guarantee would be to increase your IPR Guaranteed Amount by $20,000 so that it is now $120,000. A withdrawal, therefore, may have a greater impact on the value of the benefit than would a payment made in the same amount. Please consult your investment adviser representative before making a withdrawal to discuss its impact on your IPR benefit.
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Calculation of the IPR Death Benefit:
Here is an example of how the IPR Death is calculated:
(1)
IPR with a 10 year Holding Period is purchased at the time of application;
(2)
You made an initial premium payment of $100,000;
(3)
No additional premiums are made;
(4)
The IPR Guarantee Percentage is 100%; therefore, the Guaranteed Amount is 100% of the sum of all premium payments that we receive in the first Policy Year, less all the Guaranteed Amount Proportional Reductions made during the rider Holding Period;
(5)
As of the fourth Policy Anniversary, an IPR Reset is requested because the Accumulation Value has increased to $150,000. After the reset, the new Guaranteed Amount is increased to $150,000 and a new 10 year Holding Period has begun;
(6)
You die in the fifth Policy Year, and the Accumulation Value upon death is now $140,000 due to market fluctuations;
Upon death in the fifth Policy Year, the death benefit payable is the greater of:
(1) The Standard Death Benefit, which is
a)
the Accumulation Value upon death
= $140,000
or
b)
the Return of Premium Death Benefit
= $100,000
(2) The IPR Death Benefit, which is
c)
the IPR Guaranteed Amount
= $150,000
In this example, your beneficiary would receive the IPR Death Benefit amount of $150,000.
For this example, assume:
(1)
IPR with a 10 year Holding Period is purchased at the time of application on or after November 13, 2023;
(2)
You made an initial premium payment of $100,000;
(3)
Your IPR Guarantee Percentage is 105%; therefore, the Guaranteed Amount is 105% of the sum of all premium payments that we receive in the first Policy Year, less all Guaranteed Amount Proportional Reductions made during the rider Holding Period;
(4)
No additional premiums are made;
(5)
As of the fourth Policy Anniversary, an IPR Reset is requested because the Accumulation Value has increased to $150,000. After the reset, the new Guaranteed Amount is increased to $157,500 and a new Holding Period has begun;
(6)
You die in the fifth Policy Year, and the Accumulation Value upon death is now $140,000 due to market fluctuations;
Upon death in the fifth Policy Year, the death benefit payable is the greater of:
(1)
The Standard Death Benefit, which is the Accumulation Value upon death = $140,000 or;
(2)
The Return of Premium Death Benefit = $100,000 or;
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(3)
The IPR Death Benefit = $150,000 (calculated as follows $157,500 / 105% = $150,000) (the Guaranteed Amount is not payable because death occurred prior to the minimum waiting period)
In this example, your beneficiary would receive the IPR Death Benefit amount of $150,000. If death occurred within the last two years of the new Holding Period End Date or after the new Holding Period End Date, the IPR Death Benefit would have been $157,500.
Spousal Continuance with the IPR
Using the first death benefit calculation example, assume that instead of electing the IPR Death Benefit when the policyowner died in Policy Year 5, the surviving spouse elected to continue the policy as the new Owner. All of the values that existed at the time of the original policyowner's death would simply continue as though the spouse as the new Owner had purchased the policy on the original Policy Date. For example:
(1)
The IPR Guaranteed Amount would be $150,000 because the deceased spouse reset in Policy Year 4. Since a new 10 year Holding Period began upon the reset, there are 9 years left in the IPR Holding Period.
(2)
The Accumulation Value in Policy Year 5 at the time of death is still $140,000 and the policy will continue. The surviving spouse has all the rights under the policy, including the ability to make transfers, premium payments and withdrawals. The surviving spouse may also elect to reset the IPR Guaranteed Amount if he or she chooses.
Please note that for jointly-owned policies, a spouse can only elect to continue the policy if the surviving spouse has been designated the sole primary beneficiary of the policy. If someone other than the surviving spouse is designated as a beneficiary, the spousal continuance option is not available.
Information for Policies issued with the IPR before May 1, 2018
For policies issued with the IPR before May 1, 2018, the following difference applies: The Investment Division restrictions associated with the IPR set forth in APPENDIX 1B do not apply to your IPR.
Living Needs Benefit/Unemployment Rider
This rider is available at no additional cost. Rider benefits and requirements to qualify for the rider benefits may not be the same in all jurisdictions. We include a Living Needs Benefit/Unemployment Rider for all types of policies. In Connecticut, the rider is named the "Living Needs Benefit Rider" and the Unemployment and Disability portions of the rider are not available. In New York, the rider is named "Waiver Of Surrender Charges For Living Needs Qualifying Events" and the Unemployment portion of the rider is not available. In New Jersey, the rider is named the "Living Needs Benefit Rider" and the Unemployment portion of the rider is not available.
The Living Needs Benefit/Unemployment Rider will waive all surrender charges (or a portion of surrender charges in the case of Unemployment), if you provide satisfactory proof that the Owner has experienced a Qualifying Event (as defined below). In order to receive the benefit associated with this rider, your policy must have been in force for at least one year and have a minimum Accumulation Value of $5,000 and the Qualifying Event must occur on or after 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. For the Unemployment portion of the rider, we will waive surrender charges on a one-time withdrawal of up to 50% of your Accumulation Value. Surrender charges will apply on amounts withdrawn in excess of that amount and on subsequent withdrawals. In addition, none of the benefits of this rider are available for policies where any Owner(s) has attained their 86th birthday on the Policy Date. If the Owner(s) is not a natural person, all restrictions and benefits of the rider are based on the Annuitant.
The types of Qualifying Events are defined as follows:
(a)
Health Care Facility (defined as a state licensed/certified nursing home/assisted living facility): The Owner is enrolled and living in a Health Care Facility for 60 consecutive days. A Health Care Facility is defined as a state licensed/certified nursing home/assisted living facility. In addition, we may also require proof of continued disability as of the date of the withdrawal.
(b)
Terminal Illness: A determination by a licensed physician that the Owner has a life expectancy of 12 months or less.
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(c)
Disability: A determination by a licensed physician that the Owner has a disability that prevents them from performing any work for pay or profit for at least 12 consecutive months. We may require proof of continued disability as of the date of the withdrawal.
(d)
Unemployment: A determination letter from the applicable state's Department of Labor that the Owner qualifies for and has been receiving state unemployment benefits for 60 consecutive days.
A Health Care Facility is defined as a state licensed/certified nursing home/assisted living facility. In addition, we may also require proof of continued disability as of the date of the withdrawal.
For example, if an Owner with $100,000 in Accumulation Value experiences one of the Qualifying Events described in (a) - (c) above in Policy Year 3, he or she will be able to take withdrawals from his or her policy without having to pay a surrender charge on such withdrawals for as long as the Owner satisfies the conditions of eligibility. If the Owner were to experience the Qualifying Event of Unemployment in (d) in Policy Year 3, he or she would be able to make a one-time withdrawal of up to $50,000 without having to pay a surrender charge on such withdrawal. If he or she were to withdraw in excess of $50,000, he or she would pay a surrender charge on the amount exceeding $50,000 and on any subsequent withdrawals.
You will be able to receive benefits under this rider the later of the date you meet the above requirements or the date we receive your documentation in Good Order at the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus.
Automatic Asset Rebalancing
This policy feature, which is available at no additional cost, allows you to automatically maintain the percentage of your Variable Accumulation Value allocated to each Investment Division at a pre-set level. Unless you opt out of AAR on your application or in a subsequent notice, your policy will be subject to AAR.
AAR works as follows:
You might specify that 50% of the Variable Accumulation Value of your policy be allocated to the NYLIM VP MacKay Convertible Investment Division and 50% of the Variable Accumulation Value be allocated to the NYLIM VP PineStone International Equity Investment Division. Over time, the fluctuations in returns from each of these Investment Divisions will shift the percentages of your Variable Accumulation Value in each Investment Division. Using AAR, NYLIAC will automatically transfer your Variable Accumulation Value back to the percentages you specify.
AAR also applies if your Variable Accumulation Value is allocated to an Asset Allocation Model.
You can choose to have AAR transfers made on your quarterly, semi-annual, or annual Policy Anniversary.
If at any time you elect not to use the AAR feature and then change your mind, you must send a completed AAR request form to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus or by any other method we make available. The New York Life Annuities Service Center must receive the completed AAR request form at least five Business Days before the date that the rebalancing is scheduled to begin. If we receive your completed AAR request form for this option less than five Business Days prior to the date you request rebalancing to begin, the reallocation will begin on the next rebalancing date based on the rebalancing frequency you selected. Faxed and e-mailed AAR requests are not currently accepted; however, we reserve the right to accept them at our discretion. You may modify an existing AAR by contacting us by phone at the number provided in the "CONTACTING NYLIAC" section of this Prospectus. We will suspend AAR automatically if the Variable Accumulation Value is less than $2,500 on a reallocation date. Once the Variable Accumulation Value equals or exceeds this amount, AAR will resume automatically as scheduled. There is no minimum amount that you must allocate among the Investment Divisions under this option. AAR may be cancelled if a premium allocation change or transfer is submitted on your behalf that is inconsistent with your current AAR arrangement. You may prevent this cancellation if a conforming AAR change is processed within one Business Day of the inconsistent premium allocation change or transfer.
You may cancel the AAR feature at any time by sending a written cancellation request in Good Order to the New York Life Annuities Service Center or by contacting us by phone or online as described in the "CONTACTING NYLIAC" section of this Prospectus. You may not elect the AAR feature if you have selected the traditional Dollar Cost Averaging option. However, you have the option of alternating between these two features.
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Dollar Cost Averaging Programs
The main objective of dollar cost averaging is to achieve an average cost per Accumulation Unit that is lower than the average price per Accumulation Unit during volatile market conditions. Since you transfer the same dollar amount to an Investment Division with each transfer, you purchase more units in an Investment Division if the value per unit is low and fewer units if the value per unit is high. Therefore, you may achieve a lower-than-average cost per unit if prices fluctuate over the long term. Similarly, for each transfer out of an Investment Division, you sell more units in an Investment Division if the value per unit is low and fewer units if the value per unit is high. Dollar cost averaging does not assure a profit in rising markets or protect against a loss in declining markets. Because it involves continuous investing regardless of price levels, you should consider your financial ability to continue to make purchases during periods of varying price levels. We do not count transfers under dollar cost averaging as part of your 12 free transfers each Policy Year. There is no charge imposed for either of the Dollar Cost Averaging programs.
We have set forth below an example of how dollar cost averaging works. In the example, we have assumed that you want to transfer $100 from the NYLIM VP U.S. Government Money Market Investment Division to the NYLIM VP Dimensional U.S. Equity-Service Class Investment Division each month. Assuming the Accumulation Unit values below, you would purchase the following number of Accumulation Units: 
Month
Amount
Transferred
Accumulation
Unit Value
Accumulation Units
Purchased
1
$100
$10.00
10.00
2
$100
$8.00
12.50
3
$100
$12.50
8.00
4
$100
$7.50
13.33
Total
$400
$38.00
43.83
The average unit price is calculated as follows: 
Total unit price
=
$38.00
=
$9.50
Number of months
4
The average unit cost is calculated as follows: 
Total amount transferred
=
$400.00
=
$9.13
Total units purchased
43.83
In this example, with dollar cost averaging you would have paid an average of $9.13 per unit while the average price per unit during the purchase period was $9.50. Keep in mind that it is also possible for dollar cost averaging to result in a loss. For example, if Accumulation Unit Values had increased rapidly over the four-month period used in the example above, you would have achieved a lower average unit cost by making the entire purchase in the first month.
Traditional Dollar Cost Averaging (not available with IPR)
This option, which is available at no additional cost, permits systematic investing to be made in equal installments over various market cycles to help reduce risk. You may specify, prior to the Annuity Commencement Date, a specific dollar amount to be transferred from any Investment Division to any combination of Investment Divisions and/or the Fixed Account. Please note that for Premium-Based Base Contract Charge policies, amounts cannot be transferred to the Fixed Account (if applicable) You will specify the Investment Divisions to transfer money from, the Investment Divisions and/or Fixed Account to transfer money to, the amounts to be transferred, the date on which transfers will be made, subject to our rules, and the frequency of the transfers (monthly, quarterly, semi-annually or annually). You may not use traditional dollar cost averaging to make transfers into or from an Asset Allocation Model. You may not make transfers from the Fixed Account, but you may make transfers into the Fixed Account. Each transfer from an Investment Division must be at least $100. You must have a minimum Accumulation Value of $2,500 to elect this option. Once all money has been allocated to the Investment Divisions of your choice or the balance in the Investment
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Division you are transferring from is less than $100, the Dollar Cost Averaging option will cease. A new request must be submitted to reactivate this feature. NYLIAC may reduce the minimum transfer amount and minimum Accumulation Value at its discretion.
NYLIAC will make all Dollar Cost Averaging transfers on the day of each calendar month that you specify or on the next Business Day (if the day you have specified is not a Business Day). You may specify any day of the month except the 29th, 30th, or 31st. In order to process transfers under the Dollar Cost Averaging Option, the New York Life Annuities Service Center must have received a completed Dollar Cost Averaging request form in Good Order at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus no later than five Business Days prior to the date transfers are to begin. You may also process a Dollar Cost Averaging transfer by any other method we make available. If your Dollar Cost Averaging request form for this option is received less than five Business Days prior to the date you request it to begin, the transfers will begin on the day of the month you specify in the month following the receipt of your request. All completed Dollar Cost Averaging request forms must be sent to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. Faxed and e-mailed requests are not currently accepted, however, we reserve the right to accept them at our discretion.
You may cancel the Dollar Cost Averaging option at any time. To cancel the Dollar Cost Averaging option, you must send a written cancellation request in Good Order to the New York Life Annuities Service Center or contact us by phone at the number provided in the "CONTACTING NYLIAC" section of this Prospectus. NYLIAC may also cancel this option if the Accumulation Value is less than $2,000, or such lower amount as we may determine. You may not elect the Dollar Cost Averaging option if you have selected the Automatic Asset Rebalancing option. However, you have the option of alternating between these two features.
The DCA Advantage Account
This feature, which is available at no additional cost, permits you to set up automatic dollar cost averaging using the DCA Advantage Account when an initial premium payment or a subsequent premium payment is made. The DCA Advantage Account transfers amounts automatically to the Investment Divisions you choose in six monthly increments, as described below. We credit amounts in the DCA Advantage Account with interest. You can request the DCA Advantage Account in addition to traditional Dollar Cost Averaging, Automatic Asset Rebalancing or Interest Sweep. To set up a DCA Advantage Account you must send a completed DCA Advantage Account request form in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus.
If you wish to allocate to the DCA Advantage Account, each premium payment you allocate to it must be at least $2,000. If your payment is less than the $2,000 minimum, it will not be allocated to the DCA Advantage Account. Instead, it will be automatically applied to the Investment Divisions that you have specified to receive transfers from the DCA Advantage Account. You must specify the Investment Divisions or available Asset Allocation Model into which transfers from the DCA Advantage Account are to be made. However, you may not select the DCA Advantage Account if its duration would extend beyond the Annuity Commencement Date. You may not make transfers from the DCA Advantage Account into the Fixed Account. We do not count transfers out of the DCA Advantage Account as part of your 12 free transfers each Policy Year. Dollar cost averaging will begin one month from the date NYLIAC receives the premium payment and transfers will be made on the same day (on the next Business Day if the day is not a Business Day) each subsequent month for the duration of the DCA Advantage Account. If a transfer is scheduled to occur on a day that does not exist in a month, it will be processed on the last day of that month or on the next Business Day if the last day of that month is not a Business Day. The amount of each transfer will be calculated at the time of the transfer based on the number of remaining monthly transfers and the remaining value in the DCA Advantage Account. For example, the amount of the first monthly transfer out of the DCA Advantage Account will equal 1/6 of the value of the DCA Advantage Account on the date of the transfer. The amount of each of the five remaining transfers will equal 1/5, 1/4, 1/3, 1/2 and the remainder of the balance, respectively, of the value of the DCA Advantage Account on the date of each transfer.
You may not have more than one DCA Advantage Account open at the same time. Accordingly, any subsequent premium payment we receive for a DCA Advantage Account that is already open will be allocated to that same DCA Advantage Account and will earn the same interest rate. The entire value of the DCA Advantage Account will be completely transferred to the Investment Divisions or Asset Allocation Model within the duration specified. For example, if you allocate an initial premium payment to the DCA Advantage Account under which the 6-month term will
57
end on December 31 and you make a subsequent premium payment to the 6-month DCA Advantage Account before December 31, we will allocate the subsequent premium payment to the same 6-month DCA Advantage Account already opened and transfer the entire value of the 6-month DCA Advantage Account to the Investment Divisions or Asset Allocation Model by December 31 even though a portion of the money was not in that DCA Advantage Account for the entire 6-month period. If an additional premium payment of $2,000 or more is allocated to the DCA Advantage Account after the duration has expired, the DCA Advantage Account will be re-activated and will earn the interest rate in effect on the Business Day the new premium payment is received at the New York Life Annuities Service Center.
You can make partial withdrawals and transfers (in addition to the automatic transfers described above) from the DCA Advantage Account. We will make partial withdrawals and transfers first from the DCA Advantage Account Accumulation Value attributed to the initial premium payment and then from the DCA Advantage Account Accumulation Value attributed to subsequent allocations in the order received.
You cannot make transfers into the DCA Advantage Account from any Allocation Option.
Interest Sweep
This optional benefit, which is available at no additional cost, allows the interest earned on monies allocated to the Fixed Account to be transferred from the Fixed Account to one or any combination of Investment Divisions or an available Asset Allocation Model. You must specify the Investment Divisions and/or Asset Allocation Model, the frequency of the transfers (monthly, quarterly, semi-annually, or annually), and the day of each calendar month to make the transfers (except the 29th, 30th, and 31st of a month). NYLIAC will make all Interest Sweep transfers on the day of each calendar month you have specified or on the next Business Day (if the day you have specified is not a Business Day). To request an Interest Sweep transfer, you must send an Interest Sweep request form in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. The New York Life Annuities Service Center must receive a completed Interest Sweep request form at least five Business Days prior to the date transfers are scheduled to begin. If the New York Life Annuities Service Center does not receive a completed Interest Sweep request form within the five Business Days prior to the date you request it to begin, the transfer will begin on the day of the month you specify in the month following the receipt of your request.
The Interest Sweep option may be utilized in addition to traditional Dollar Cost Averaging, Automatic Asset Rebalancing, or the DCA Advantage Account. With an Asset Allocation Model, the Interest Sweep option may be utilized with Automatic Asset Rebalancing and the DCA Advantage Account. If an Interest Sweep transfer is scheduled for the same day as a transfer related to the traditional Dollar Cost Averaging option, the Automatic Asset Rebalancing option or the DCA Advantage Account, we will process the Interest Sweep transfer first.
You may cancel the Interest Sweep option at any time. To cancel the Interest Sweep Option, you must send a written cancellation request in Good Order to the New York Life Annuities Service Center or contact us by telephone as described in the "CONTACTING NYLIAC" section of this Prospectus. We may also cancel this option if the Fixed Account Accumulation Value is less than $2,000, or such a lower amount as we may determine.
To establish a new Interest Sweep transfer after the option has been cancelled, you must send an Interest Sweep request form in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. You may also process an Interest Sweep transfer by any other method we make available. The New York Life Annuities Service Center must receive an Interest Sweep request form in Good Order at least five Business Days prior to the date transfers are scheduled to begin. If the New York Life Annuities Service Center does not receive an Interest Sweep request form in Good Order at least five Business Days prior to the date you request it to begin, transfers will begin on the day of the month you specify in the month following the receipt of your request. Faxed and e-mailed requests are not currently accepted, however, we reserve the right to accept them at our discretion. The minimum Fixed Account Accumulation Value required to elect this option is $2,500, but this amount may be reduced at our discretion.
Rate Sheet Prospectus Supplement for the IPR
We use a Rate Sheet Prospectus Supplement to describe (i) the current charges and IPR Guarantee Percentages applicable to new purchases; (ii) the current charges for resets of the IPR; and (iii) the addition or removal of Holding Periods available with the IPR. Please see the Rate Sheet Prospectus Supplement for the current charges, IPR
58
Guarantee Percentages and Holding Periods applicable to new purchases and for the current charges for resets of the IPR Rider. For all historical charges and IPR Guarantee Percentages applicable to purchases and IPR Resets, please see APPENDIX 3.
We may issue new Rate Sheet Prospectus Supplements in the future that will reflect (i) revised current charges and IPR Guarantee Percentages for new purchases, (ii) revised current charges for IPR Resets, and (iii) revised Holding Periods under the IPR available for new purchases. It is important that you know the current charge and current IPR Guarantee Percentages as of the date you apply for a policy. In the event we publish a new Rate Sheet Prospectus Supplement after the date your application is signed but before we issue your policy, we will apply the charge and IPR Guarantee Percentage in effect on the date of your signed application.
For IPR Resets, if we issue a new Rate Sheet Prospectus Supplement after the date you send in your written request to reset your IPR but before the Rider Reset Effective Date, we will apply the charge in effect on the Rider Reset Effective Date. Please be advised that the charges you pay for the IPR after you elect to reset may be different than the charges you paid prior to the Rider Reset Effective date and could be more or less than the current charge reflected in the Rate Sheet Supplement at the time of your election to reset, provided, however, that such charges will never exceed the guaranteed maximum charge set forth in the "FEE TABLE." If you are not satisfied with the new charges you pay for the IPR after you elect to reset, you may cancel the reset at any time prior to or within thirty (30) days after the Rider Reset Effective Date with no penalty.
The charges and guaranteed amount percentages set forth in the Rate Sheet Prospectus Supplement may not be superseded or changed until a new Rate Sheet Prospectus Supplement is filed at least 10 Business Days prior to the effective date of the new Rate Sheet Prospectus Supplement. All Rate Sheet Prospectus Supplements are available on the EDGAR system at sec.gov (File Nos. 333-219399 and 333-219400) and can also be obtained online at https://dfinview.com/NewYorkLife/TAHD/premier-fpseries or at no cost by calling our New York Life Annuities Service Center at 1-800-762-6212.
Charges And Deductions
Transaction Expenses
Surrender Charges
Since no deduction for a sales charge is made from each premium payment, we impose a surrender charge on certain partial withdrawals and surrenders of the policies. The surrender charge covers certain expenses relating to the sale of the policies, including commissions to registered representatives and other promotional expenses. We measure the surrender charge as a percentage of the amount withdrawn or surrendered. The surrender charge applies to certain amounts applied under certain Income Payment options.
If you surrender your policy, we deduct the surrender charge from the amount paid to you. If you make a partial withdrawal, you can direct NYLIAC to take surrender charges either from the remaining value of the Allocation Options from which the partial withdrawals are made, or from the amount paid to you. If you specify the Allocation Options from which to make the withdrawal, we will deduct the surrender charge pro-rata according to your instructions. If you do not specify the Allocation Options from which to make the withdrawal, we will deduct the surrender charge pro-rata from each Allocation Option. If the remaining value in an Allocation Option and/or the DCA Advantage Account, is less than the necessary surrender charge, we will not process the withdrawal. However, you can withdraw any investment gains under your policy without a surrender charge (see "CHARGES AND DEDUCTIONS-Transaction Expenses-Exceptions to Surrender Charges," below).
The guaranteed maximum surrender charge will be 8% of the amount withdrawn. The percentage of the surrender charge varies, depending upon the length of time a premium payment is in your policy before it is withdrawn. For purposes of calculating the applicable surrender charge, we deem premium payments to be withdrawn on a first-in, first-out basis. Unless required otherwise by state law, the surrender charge for amounts withdrawn or surrendered during the first Payment Year(s) following the premium payment to which such withdrawal or surrender is 8% of the amount withdrawn or surrendered. This charge then declines by 1% per year for each additional Payment Year, until the seventh Payment Year, after which no charge is made, as shown in the following chart:
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Amount of Surrender Charge 
Payment Year
Surrender
Charge
1
8%
2
7%
3
6%
4
5%
5
4%
6
3%
7
2%
8
0%
In no event will the aggregate surrender charge applied under the policy exceed nine percent (9.0%) of the total premium payments.
Exceptions to Surrender Charges
We will not assess a surrender charge:
(a)
on amounts you withdraw in any Policy Year that are less than or equal to the greatest of (i) ten percent (10%) of the Accumulation Value at the beginning of the Policy Year (or ten percent (10%) of the premium payment if the withdrawal is made in the first Policy Year) less any prior partial withdrawals made during the Policy Year that were free of Surrender Charges; (ii) ten percent (10%) of the current Accumulation Value, less any prior partial withdrawals made during the Policy Year that were free of Surrender Charges; or (iii) that portion of the Accumulation Value at the time of the withdrawal that exceeds the premium payments.
(b)
if NYLIAC cancels the policy;
(c)
when we pay proceeds upon the death of the policyowner;
(d)
if you exercise your right to cancel your policy during the Free Look period;
(e)
when you select an Income Payment option involving life income in any Policy Year after the first Policy Anniversary;
(f)
when a required minimum distribution calculated based on the value of this policy is made under a Qualified Policy (this amount will, however, count against the first exception);
(g)
on withdrawals you make under the Living Needs Benefit/Unemployment Rider;
(h)
on monthly or quarterly periodic partial withdrawals made pursuant to Section 72(t)(2)(A)(iv) of the Code;
and
(i)
when the aggregate surrender charges under a policy exceed 9.0% of the total premium payments.
Transfer Fees
Currently, we do not charge for transfers under the policy. However, we reserve the right to charge up to $30 for each transfer after the first 12 in a given Policy Year, subject to any applicable state insurance law requirements. The charge is to compensate us for the expense of processing the transfer. The transfer charge, if applicable, will be assessed at the time that the transfer is processed and will be deducted from your Accumulation Value and taken pro rata from each Allocation Option. Each time you request a transfer, we will assess the transfer charge, if applicable. Separate requests submitted on the same day will each be treated as separate transfers. Transfers made under traditional Dollar Cost Averaging, Interest Sweep, the DCA Advantage Account, and Automatic Asset Rebalancing do not count toward this transfer limit.
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Payments Returned for Insufficient Funds
If your premium payment is returned for insufficient funds, we reserve the right to reverse your allocation(s) and charge you a $20 fee for each returned payment. The charge is to compensate us for the expense of processing the returned payment. This charge, if applicable, will be assessed at the time the payment is reversed and will be deducted from your Accumulation Value and taken pro rata from each Allocation Option. In addition, the Portfolio may also redeem shares to cover any losses it incurs as result of a returned payment. If a payment is returned for insufficient funds for two consecutive periods, the privileges to pay by check or electronically will be suspended until the New York Life Annuities Service Center receives a written request to reinstate it in Good Order at one of the addresses noted in the "CONTACTING NYLIAC" section of the Prospectus, and we agree.
Annual Policy Expenses
Base Contract Charges (M&E Charge)
Prior to the Annuity Commencement Date, we deduct a charge from the assets of the Separate Account to compensate us for certain mortality and expense risks and administrative costs (M&E Charge) we assume under the policies and for providing policy administration services. You may choose to have the M&E Charge assessed based on either the Accumulation Value of the policy or the Adjusted Premium Payments.
We reduce the M&E Charge at the end of the period during which a surrender charge applies to the initial premium payment (the "Surrender Charge Period").
For policies whose M&E Charges are based on your policy's Accumulation Value, we assess the following M&E Charges daily:
●
During the Surrender Charge Period for the initial premium, the M&E Charge is 1.20% (annualized) of the daily average Variable Accumulation Value.
●
After the end of the Surrender Charge Period for the initial premium, the M&E Charge is 1.00% (annualized) of the daily average Variable Accumulation Value.
For policies whose M&E Charges are based on the amount of your Adjusted Premium Payments, we assess the following M&E Charges, which are deducted from the Investment Divisions through a reduction in Accumulation Units each policy quarter (excluding premiums allocated to the Fixed Account that are not transferred to the Investment Divisions):
●
During the Surrender Charge Period for the initial premium, the M&E Charge is 1.30% (annualized) of the Adjusted Premium Payments.
●
After the end of the Surrender Charge Period for the initial premium, the M&E Charge is 1.10% (annualized) of the Adjusted Premium Payments.
For Accumulation Value based M&E Charge policies, the M&E Charge will vary based on the Accumulation Value of the policy when the M&E Charge is deducted. For Premium-based M&E Charge policies, the M&E Charge is assessed based on the Adjusted Premium Payments and will not vary with fluctuations in the policy's Accumulation Value. We guarantee that this charge will not increase. If the charge is insufficient to cover actual costs and assumed risks, the loss will fall on NYLIAC. We expect to profit from this charge. We may use these proceeds for any corporate purpose, including expenses relating to the sale of the policies, to the extent that surrender charges do not adequately cover sales expenses.
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 the policyowner because the Premium based M&E Charge, when measured as a percentage of separate account assets, will be reduced. In a flat or declining market, the Premium based M&E Charge structure will result in an increase in the charge when measured against 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.
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The mortality risk assumed is the risk that Annuitants as a group will live for a longer time than our actuarial tables predict. As a result, we would be paying more Income Payments than we planned. We also assume a risk that the mortality assumptions reflected in our guaranteed annuity payment tables, shown in each policy, will differ from actual mortality experience. Lastly, we assume a mortality risk that, at the time of death, the guaranteed minimum death benefit will exceed the policy's Accumulation Value. The expense risk assumed is the risk that the cost of issuing and administering the policies will exceed the amount we charge for these services. We expect to make a profit from this charge, which we may use for any purpose.
Please confirm with your registered representative that both M&E Charge options are available.
Administrative Expense - Policy Service Charge
We deduct an annual policy service charge of $30 each Policy Year on the Policy Anniversary and upon surrender of the policy. However, we will waive the annual policy service charge if your policy has $100,000 or more of Accumulation Value on a given Policy Anniversary.
We deduct the annual policy service charge from each Allocation Option and the DCA Advantage Account, if applicable, in proportion to its percentage of the Accumulation Value in each option on the Policy Anniversary or date of surrender. This charge is designed to cover the costs for providing services under the policy such as collecting, processing, and confirming premium payments and establishing and maintaining the available methods of payment.
Optional Benefit Expenses
Charge for the Investment Preservation Rider - FP Series
The IPR is available only at the time of application in jurisdictions where approved. If you purchase the IPR we deduct a charge each policy quarter that the rider is in effect based on the amount that is guaranteed. The charge varies depending on the Holding Period selected. This charge is to compensate NYLIAC for the risk of the underlying guarantee provided by the rider. We deduct this charge beginning with the first policy quarter after the Rider Effective Date. (See "FEE TABLE." See also the Rate Sheet Prospectus Supplement for current charges.) Usually, we deduct the charge from each Allocation Option in proportion to its percentage of the Accumulation Value on the first Business Day of the applicable policy quarter. See APPENDIX 2 - State Variations for information about how this charge will be deducted for policies issued in New York.
The guaranteed maximum annual charge ranges from 1.50% to 2.00% of the amount that is guaranteed, depending on the Holding Period you choose. We may set a lower charge at our sole discretion.
The current charge is a percentage of the amount that is guaranteed, applied on a quarterly basis and varies, depending on the Holding Period you choose. The current charge for the IPR is subject to change and will depend on the date your application is signed. See the Rate Sheet Prospectus Supplement for the current charge applicable to new purchases of the IPR.
If you reset the amount that is guaranteed, a new charge for the IPR may apply. This charge may be more or less than the charge currently in effect on your policy, but will never exceed the stated guaranteed maximum. The charge in effect on the Rider Effective Date or on the Rider Reset Effective Date of any reset will not change after the date the rider (or any reset) becomes effective, unless you again reset the amount that is guaranteed. After a reset, we will continue to deduct the current charge until the first policy quarter following the Rider Reset Effective Date.
Annual Death Benefit Reset (ADBR) Rider Charge
If you purchase the ADBR Rider, we will deduct a charge each policy quarter that the Rider is in effect based on the amount that is guaranteed as of the last Reset Anniversary, less any Reset Value Proportional Reductions. In most jurisdictions, this charge will be deducted from each Investment Division, the DCA Advantage Account and the Fixed Account, in proportion to its percentage of the Accumulation Value of the applicable quarter and will not reduce your Adjusted Premium Payments. However, for policies issued in New York, this charge will be deducted only from the Variable Accumulation Value. This charge will continue to be deducted while the policy remains in-force.
The current charge for the ADBR Rider, for policyholders of all ages, is 0.25% per year (0.0625% per quarter).
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Annual Portfolio Expenses
Portfolio fees and expenses are deducted from and paid out of the assets of the Portfolios. The value of the assets of the Separate Account will indirectly reflect the Portfolios' total fees and expenses. The Portfolios' total fees and expenses are not part of the policy. They may vary in amount from year to year. These fees and expenses are described in detail in the relevant Portfolio's prospectus and/or SAI. A complete list of Portfolios available under the policy, including their annual expenses, may be found in APPENDIX 1A.
Certain Portfolios may also impose liquidity or redemption fees on withdrawals (including transfers) pursuant to SEC rules, including Rules 2a-7 or 22c-2 under the Investment Company Act of 1940. In such cases, we would administer the Portfolio fees and deduct them from your Accumulation Value or transaction proceeds.
Group and Sponsored Arrangements
For certain group or sponsored arrangements, we may reduce the surrender charge and the policy service charge or change the minimum initial and additional premium payment requirements. Group arrangements include those in which a trustee or an employer, for example, purchases policies covering a group of individuals on a group basis. Sponsored arrangements include those in which an employer allows us to sell policies to its employees or retirees on an individual basis.
Our costs for sales, administration, and mortality generally vary with the size and stability of the group among other factors. We take all these factors into account when reducing charges. To qualify for reduced charges, a group or sponsored arrangement must meet certain requirements, including our requirements for size and number of years in existence. Group or sponsored arrangements that have been set up solely to buy policies or that have been in existence less than six months will not qualify for reduced charges.
We will make any reductions according to our rules in effect when an application or enrollment form for a policy is approved. We may change these rules from time to time. Any variation in the surrender charge or policy service charge will reflect differences in costs or services and will not be unfairly discriminatory.
Taxes
NYLIAC may, where premium taxes are imposed by state law, deduct such taxes from your policy either: (i) when a surrender or cancellation occurs, or (ii) at the Annuity Commencement Date. Applicable premium tax rates depend upon such factors as your current state of residency, and the insurance laws and NYLIAC's status in states where premium taxes are incurred. Current premium tax rates range from 0% to 3.5%. Applicable premium tax rates are subject to change by legislation, administrative interpretations or judicial acts.
We may in the future seek to amend the policies to deduct premium taxes when a premium payment is received.
Under present laws, NYLIAC will also incur state and local taxes (in addition to the premium taxes described above) in several states. NYLIAC may assess charges for such taxes.
NYLIAC does not expect to incur any federal income tax liability attributable to investment income or capital gains retained as part of the Separate Account reserves under the policies. (See "FEDERAL TAX MATTERS.") Based upon these expectations, no charge is being made currently for corporate federal income taxes which may be attributable to the Separate Account. Such a charge may be made in future years for any federal income taxes NYLIAC incurs.
Distributions Under The Policy
Surrenders and Withdrawals
You can make partial withdrawals, periodic partial withdrawals, hardship withdrawals, or surrender the policy to receive part or all of the Accumulation Value at any time before the Annuity Commencement Date and while the Annuitant is living. To request a surrender or withdrawal, you can send a written request in Good Order to the New York Life Annuities Service Center at one of the addresses listed on the "CONTACTING NYLIAC" section of this Prospectus or utilize any other method we make available. Faxed and e-mailed requests are not currently accepted, however, we reserve the right to accept them at our discretion. If the request is in Good Order, the amount available for withdrawal is the Accumulation Value at the end of the Business Day that the New York Life Annuities Service
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Center receives the written request, less any surrender charges, taxes that we may deduct, and the annual policy service charge, if applicable. If you have not provided us with a written election not to withhold federal income taxes at the time you make a withdrawal or surrender request, NYLIAC must by law withhold such taxes from the taxable portion of any surrender or withdrawal. We will remit that amount to the federal government. In addition, some states have enacted legislation requiring withholding. You can also request a partial withdrawal online at www.newyorklifeannuities.com. NYLIAC will pay all surrenders or withdrawals within seven days of receipt of all required information in Good Order (including documents necessary to comply with federal and state tax law), subject to postponement in certain circumstances. (See "THE POLICIES-Delay of Payments").
Since you assume the investment risk with respect to amounts allocated to the Separate Account and because certain surrenders or withdrawals are subject to a surrender charge and premium tax deduction, the total amount paid upon surrender of the policy (taking into account any prior withdrawals) may be more or less than the total premium payments made.
Surrenders and withdrawals may be taxable transactions, and the Code provides that a 10% penalty tax may be imposed on certain early surrenders or withdrawals made before the Owner attains age 59½ (See "FEDERAL TAX MATTERS-Taxation of Annuities in General.") In addition, taxable surrenders and withdrawals may be subject to an additional 3.8 percent tax on net investment income. (See "FEDERAL TAX MATTERS-3.8 Percent Tax on Certain Investment Income.")
Surrenders
We may deduct a surrender charge, any state premium tax and if applicable, the annual policy service charge, from the amount paid. For surrender requests over $50,000, we may require additional verification of your identity before the request can be deemed in Good Order. For surrender requests of any size, if your address or bank account information has been on file with us for less than thirty (30) days, we may require additional verification of your identity before we will process a request to send surrender proceeds electronically to that bank account or through the mail to that address. (See "ANNUITY PAYMENTS (THE INCOME PHASE)-Income Payments.") Surrenders may be taxable transactions and a 10% penalty tax may be applicable if the surrender is made before the Owner attains age 59½. (See "FEDERAL TAX MATTERS-Taxation of Annuities in General.")
Partial Withdrawals
The minimum amount that can be withdrawn is $500 unless we agree otherwise. We will withdraw the amount from the Allocation Options in accordance with your request. However, if you do not specify how to allocate a partial withdrawal among the Allocation Options or if the IPR is in effect, we will deduct the partial withdrawal on a pro-rata basis. Your requested partial withdrawal will be effective on the date we receive your request in Good Order at the New York Life Annuities Service Center or online at www.newyorklifeannuities.com. However, if that day is not a Business Day or if your request is received after the close of the NYSE, then the requested partial withdrawal will be effective on the next Business Day. Generally, we will pay the partial withdrawal within seven days of that date. Partial withdrawals may be taxable transactions and the 10% penalty tax provisions may be applicable. (See "FEDERAL TAX MATTERS-Taxation of Annuities in General.")
If a surrender charge applies to your partial withdrawal, surrender charges will be deducted from the amount paid to you unless you instruct us otherwise. You may, however, request to have the surrender charges taken from the remaining value of the Allocation Options from which partial withdrawals are made. If you specify the Allocation Options from which to make the withdrawal, we will deduct the surrender charge pro-rata according to your instructions. If you do not specify the Allocation Options from which to make the withdrawal, we will deduct the surrender charge pro-rata from each Allocation Option.
If the requested partial withdrawal is equal to the value in any of the Allocation Options from which the partial withdrawal is being made, we will pay the entire value of that Allocation Option and/or the DCA Advantage Account, less any surrender charge that may apply to you. If honoring a partial withdrawal request would result in an Accumulation Value that would provide Income Payments of less than $20 per month on the Annuity Commencement Date, we reserve the right to terminate your policy and pay you the Accumulation Value in a single sum, subject to any applicable state insurance law or regulation. We will notify you of our intention to exercise this right and give you 90 days to make a premium payment. If we terminate your policy, we will pay you the Accumulation Value of your policy in one lump sum.
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Currently, online withdrawals cannot exceed $250,000. We may require additional verification of your identity for written or telephone partial withdrawal requests for amounts greater than $50,000 before the request can be deemed in Good Order. For withdrawal requests of any size, if your address or bank account information has been on file with us for less than 30 days, we may require the request in writing or require additional verification of your identity, in a means acceptable to us, before we will process a request to send partial withdrawal proceeds electronically to that bank account or through the mail to that address. In addition, partial withdrawal requests made from policies that are less than 90 days old or that had an ownership change within 30 days of such partial withdrawal request must be made in writing and sent to the New York Life Annuities Service Center at one of the addresses noted in the "CONTACTING NYLIAC" section of this Prospectus. Faxed and e-mailed requests are not currently accepted; however, we reserve the right to accept them at our discretion.
It is important to note that any withdrawal may reduce the Guaranteed Amount and death benefit proportionally.
Periodic Partial Withdrawals
You may elect to receive regularly scheduled partial withdrawals from the policy. These periodic partial withdrawals may be paid on a monthly, quarterly, semi-annual, or annual basis. You will elect the frequency of the withdrawals and the day of the month for the withdrawals to be made (may not be the 29th, 30th, or 31st of a month). We will make all withdrawals on the day of each calendar month you specify, or on the next Business Day (if the day you have specified is not a Business Day). To process Periodic Partial Withdrawals, you must send a written request in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus, or utilize any other method we make available. NYLIAC must receive a request no later than five Business Days prior to the date the withdrawals are to begin. If we receive your request less than five Business Days prior to the date you request withdrawals to begin, the withdrawals will begin on the day of the month you specify in the month following the receipt of your request. Faxed and e-mailed requests are not currently accepted; however, we reserve the right to accept them at our discretion. You may specify the Allocation Options from which the periodic partial withdrawals will be made. The minimum amount is $100, or such lower amount as we may permit. Periodic partial withdrawals may be taxable transactions and the 10% penalty tax provisions may be applicable. (See "FEDERAL TAX MATTERS-Taxation of Annuities in General.") If you do not specify otherwise, we will withdraw money on a pro-rata basis from each Investment Division and/or the Fixed Account. You may not make periodic partial withdrawals from the DCA Advantage Account. You can elect to receive "Interest Only" periodic partial withdrawals for the interest earned on monies allocated to the Fixed Account. If this option is chosen, the $100 minimum for periodic partial withdrawals will be waived. However, you must have at least $5,000 in the Fixed Account at the time of each periodic partial withdrawal, unless we agree otherwise.
It is important to note that any withdrawal may reduce the Guaranteed Amount and death benefit proportionally.
Hardship Withdrawals
Under certain Qualified Policies, the Plan Administrator (as defined in Code Section 414(g)) may allow, in its sole discretion, certain withdrawals it determines to be "Hardship Withdrawals." The surrender charge and 10% penalty tax, if applicable, and provisions applicable to partial withdrawals apply to Hardship Withdrawals.
Required Minimum Distributions
The age when required minimum distributions must begin for IRAs and SEP IRAs is based on your "applicable age" as defined in the Code.
If you were born prior to July 1,1949, your applicable age was 70½. If you were born on or after July 1, 1949, and before January 1, 1951, your applicable age was 72. If you were born on or after January 1,1951 and before January 1, 1960, your applicable age is 73. If you were born on or after January 1, 1960, your applicable age is 75.
For IRAs and SEP IRAs, the policyowner is generally not required to start taking required minimum distributions until April 1st of the year following the calendar year he or she attains their applicable age. For Inherited IRAs and Inherited Roth IRAs, a policyowner is generally required to take the first required minimum distribution on or before December 31 of the calendar year following the year of the original owner's death. For Inherited Non-Qualified
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policies, the policyowner is generally required to take the first required minimum distribution prior to the first anniversary of the original owner's death.
Our Right to Cancel
In most jurisdictions, if we do not receive any premium payments for a period of two years, and the Accumulation Value of your policy would provide Income Payments of less than $20 per month on the Annuity Commencement Date, we reserve the right to terminate your policy subject to any applicable state insurance law or regulation. We will notify you of our intention to exercise this right and, provided that you are not older than the maximum age for making a premium payment as stated on the Policy Data Page, give you 90 days to make a premium payment. If we terminate your policy, we will pay you the Accumulation Value of your policy in one lump sum. For more information about our right to cancel policies issued in New York, see APPENDIX 2 - State Variations.
Annuity Payments (The Income Phase)
Annuity Commencement Date
The income phase of your policy occurs when you begin receiving regular payments from us (Income Payments). The Annuity Commencement Date is the day those Income Payments begin (sometimes referred to as annuitization of the policy) unless the policy has been surrendered or an amount has been paid as proceeds to the designated Beneficiary prior to that date. The Annuity Commencement Date is the date specified on the Policy Data Page, but is usually the date you attain age 95. The earliest possible Annuity Commencement Date is the first Policy Anniversary. If we agree, you may change the Annuity Commencement Date to an earlier date. If we agree, you may also defer the Annuity Commencement Date to a later date, which could be as late as the date you attain age 115, provided that we receive notice of the request in Good Order at least one month before the last selected Annuity Commencement Date, and that applicable state law permits a deferral to such date. To request to change or defer the Annuity Commencement Date to a later date, subject to the constraints noted above, you must provide notice in a form acceptable to us (or as required under state law) in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus. You may not withdraw any Accumulation Value from your policy after the Annuity Commencement Date. Any request for a partial withdrawal must be received at least 30 days prior to the Annuity Commencement Date.
The Annuity Commencement Date and Income Payment method for Qualified Policies and Inherited Non-Qualified policies may also be controlled by endorsements, the plan, or applicable law.
Income Payments
Election of Income Payment Options
On the Annuity Commencement Date, the Accumulation Value will be applied to provide a monthly Income Payment. For most policies, Income Payments will not be less than those that we would provide to the same class of Annuitants if the Accumulation Value, less any applicable Surrender Charges, was used to purchase any single premium immediate annuity offered by NYLIAC on the Annuity Commencement Date. For more information about policies issued in New York, California, Delaware, Florida, North Dakota, South Dakota, and Washington DC, see APPENDIX 2, State Variations.
Unless you instruct us otherwise, we will make Income Payments under the Life Income - Guaranteed Period Payment Option, under which we will make equal Income Payments for your lifetime or for ten (10) years, if you die before receiving ten (10) years of Income Payments. (See "ANNUITY PAYMENTS" in the Statement of Additional Information.) However, on or before the Annuity Commencement Date, you can elect to receive Income Payments under such other option we may offer at that time where permitted by state laws. We will require that a lump sum payment be made if the Accumulation Value is an amount that would provide Income Payments of less than $20 a month on the Annuity Commencement Date. If the Life Income - Guaranteed Period Payment Option is not chosen, you may change the Income Payment option or request any other method of payment we agree to at any time before the Annuity Commencement Date. To change the Income Payment option or to request another method of payment prior to the Annuity Commencement Date, you must send a written request in Good Order to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus.
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However, once payments begin, you may not change the option. If a life Income Payment option is chosen, we may require proof of birth date before Income Payments begin. For Income Payment options involving life income, the actual age of the Annuitant(s) will affect the amount of each payment. Since payments based on older Annuitants are expected to be fewer in number, the amount of each annuity payment should be greater. We will make payments under the Life Income Guaranteed Period Payment Option in the same specified amount and over the life of the Annuitant(s) with a guarantee of ten (10) years of payments, even if an Annuitant dies sooner. NYLIAC does not currently offer variable Income Payment options.
A policyowner may elect to apply a portion of the Accumulation Value toward one of the Income Payment options we may offer, while the remainder of the policy continues to accumulate income on a tax-deferred basis. This is called a partial annuitization. A partial annuitization will reduce the benefits provided under the policy. The Accumulation Value will be reduced by the amount placed under one of the Income Payment options we may offer. Under a partial annuitization, the policy's Accumulation Value, any riders under the policy and any charges assessed will be treated the same as they would under any other withdrawal from the policy's Accumulation Value, except that surrender charges will not be assessed. (See "FEDERAL TAX MATTERS.") Partial annuitization is not available for Inherited Non-Qualified or Inherited Roth IRA policies.
It is important to note that partial annuitizations will reduce the Standard Death Benefit and any optional benefit proportionally.
Under Income Payment options involving life income, the Payee may not receive Income Payments equal to the total premium payments made under the policy if the Annuitant dies before the actuarially predicted date of death. We base Income Payment options involving life income on annuity tables that vary on the basis of gender, unless the policy was issued under an employer sponsored plan or in a state which requires unisex rates.
Taxable Income Payments may be subject to an additional 3.8 percent tax on net investment income. (See "FEDERAL TAX MATTERS-3.8 Percent Tax on Certain Investment Income.")
Proof of Survivorship
We may require satisfactory proof of survival from time to time, before we pay any Income Payments or other benefits. We will request the proof at least 30 days prior to the next scheduled Payment Date.
The Fixed Account
The Fixed Account is backed by assets in NYLIAC's general account, which includes all of NYLIAC's assets except those assets specifically allocated to NYLIAC's separate accounts. NYLIAC has sole discretion to invest the assets of the Fixed Account subject to applicable law. The Fixed Account is not registered under the federal securities laws and is generally not subject to their provisions. Therefore, generally you do not have the benefits and protections of these statutes for amounts allocated to the Fixed Account. These disclosures regarding the Fixed Account may be subject to certain applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. If the five-year Constant Maturity Treasury Rate, less 125 basis points, is below 3%, we may refuse the allocation of all or a portion of your Premium Payment to the Fixed Account.
Interest Crediting
NYLIAC guarantees that it will credit interest at an annual effective rate of at least the minimum guaranteed interest rate stated on the Policy Data Page of your policy, to amounts allocated or transferred to the Fixed Account under the policies. The guaranteed minimum interest rate will never be lower than 0.05% and as of the date of this Prospectus, the guaranteed minimum interest rate is 0.05%. Please contact your registered representative for the current guaranteed minimum interest rate. We credit interest on a daily basis. NYLIAC may, at its sole discretion, credit a higher rate or rates of interest to amounts allocated or transferred to the Fixed Account.
Interest rates will be set on the anniversary of each premium payment or transfer. All premium payments, and additional amounts (including transfers from other Investment Divisions) allocated to the Fixed Account, plus prior interest earned on such amounts, will receive their applicable interest rate for one-year periods from the anniversary on which the allocation or transfer was made. The Fixed Account Accumulation Value will never be less than the Fixed Account portion of the Nonforfeiture Value.
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Information regarding the features of the Fixed Account, including (i) its name and (ii) its guaranteed minimum interest rate, is available in an appendix to the prospectus. See Appendix 1A - Investment Options Available Under the Policy.
Transfers Between the Fixed Account and Investment Divisions or an Asset Allocation Model
Generally, you may transfer amounts from the Fixed Account (if applicable) to the Investment Divisions or an available Asset Allocation Model up to 30 days prior to the Annuity Commencement Date, subject to the following conditions.
1.
The maximum amount you are allowed to transfer from the Fixed Account to the Investment Divisions or an available Asset Allocation Model, including Interest Sweep transfers, during any Policy Year while the Surrender Charge Period for the initial premium payment is in effect is 25% of the highest attained Fixed Account Accumulation Value as of the beginning of each Policy Year. When the Surrender Charge Period for the initial premium payment is no longer in effect, the maximum amount that you are allowed to transfer from the Fixed Account to the Investment Divisions or an Asset Allocation Model may not exceed 50% of the highest attained Fixed Account Accumulation Value as of the beginning of each Policy Year, regardless of any new Surrender Charge Periods applicable to additional premium payments. The highest attained Fixed Account Accumulation Value will decrease by the amount of any withdrawals made from the Fixed Account and increase by the amount of any additional premium payments made to the Fixed Account. When the Fixed Account Accumulation Value is zero, all previous Fixed Account Accumulation values are disregarded, and the next Premium Payment to the Fixed Account will then be considered the highest attained Fixed Account Accumulation Value until a subsequent anniversary results in a higher balance.
2.
The remaining value in the Fixed Account after a transfer from the Fixed Account to the Investment Divisions or an available Asset Allocation Model must be at least $25. If, after a contemplated transfer, the remaining values in the Fixed Account would be less than $25, that amount must be included in the transfer, unless NYLIAC in its discretion permits otherwise. We determine amounts transferred from the Fixed Account on a first-in, first-out (FIFO) basis, for purposes of determining the rate at which we credit interest on amounts remaining in the Fixed Account.
3.
For Premium Based M&E Charge policies, transfers are not allowed into the Fixed Account.
4.
For Account Value based M&E Charge policies, transfers from the Investment Divisions to the Fixed Account must be at least $500.
For Premium based M&E Charge policies, premium payments transferred from the Fixed Account to the Investment Divisions or an Asset Allocation Model are subject to a Mortality and Expense Risk and Administrative Costs Charge.
Except as part of an existing request relating to the traditional Dollar Cost Averaging, the DCA Advantage Account, if applicable, or the Interest Sweep option, you may not transfer money into the Fixed Account if you made a transfer out of the Fixed Account during the previous six-month period.
You must make transfer requests in writing in Good Order and send them to the New York Life Annuities Service Center at one of the addresses listed in the "CONTACTING NYLIAC" section of this Prospectus, by telephone in accordance with established procedures, or through our online service at www.newyorklifeannuities.com. Faxed and e-mailed requests are not currently accepted, however, we reserve the right to accept them at our discretion.
We will deduct partial withdrawals and apply any surrender charges to the Fixed Account on a FIFO basis (i.e., from any value in the Fixed Account attributable to premium payments or transfers from Investment Divisions or an Asset Allocation Model in the same order in which you allocated such payments or transfers to the Fixed Account during the life of the policy).
The DCA Advantage Account
Like the Fixed Account, the DCA Advantage Account is also held in NYLIAC's general account. The DCA Advantage Account is not registered under the federal securities laws. The information contained in the first paragraph under "THE FIXED ACCOUNT" applies equally to the DCA Advantage Account.
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Information regarding the features of the DCA Advantage Account, including (i) its name, (ii) its term, and (iii) its guaranteed minimum interest rate, is available in an appendix to the prospectus. See Appendix 1A: Investment Options Available Under the Policy.
NYLIAC will set interest rates in advance for each date on which we may receive a premium payment to the DCA Advantage Account. We will never declare less than the minimum guaranteed interest rate stated on the Policy Data Page of your policy. The guaranteed minimum interest rate will never be lower than 0.05% and as of the date of this Prospectus, the guaranteed minimum interest rate is 0.05%. If you choose to allocate your initial premium payment to the DCA Advantage Account, the initial premium, and any subsequent premium payments we receive for an initial DCA Advantage Account that is already open, will earn interest at the rate in effect on the date you signed your application. If an additional premium payment is allocated to the DCA Account after the duration of the initial account has expired, the DCA Advantage Account will be re-activated and will earn interest at the rate in effect on the Business Day we receive the premium payment.
Interest rates for subsequent premium payments made into the DCA Advantage Account may be different from the rate applied to prior premium payments made into the DCA Advantage Account. The DCA Advantage Account Accumulation Value will never be less than the DCA Advantage Account portion of the Nonforfeiture Value.
The annual effective rate that we declare is credited only to amounts remaining in the DCA Advantage Account. We credit the interest on a daily basis. Because money is periodically transferred out of the DCA Advantage Account, amounts in the DCA Advantage Account will not achieve the declared annual effective rate. Please note that interest credited under the DCA Advantage Account will exceed the actual investment earnings of NYLIAC less appropriate risk and expense adjustments. Excess interest amounts credited to the DCA Advantage Account will be recovered by fees and charges associated with the Investment Divisions in later Policy Years. The interest credited in later Policy Years may be less than that for the first Policy Year.
Federal Tax Matters
Introduction
The following discussion is general and is not intended as tax advice. We issue both Qualified and Non-Qualified Policies. Both types of policies offer tax-deferred accumulation. A Non-Qualified Policy can provide for retirement income other than through a tax-qualified plan. Qualified Policies are designed for use by individuals in retirement plans which are intended to qualify as plans qualified for special income tax treatment under Sections 219, 408, or 408A of the Code. The ultimate effect of federal income taxes on the Accumulation Value, on Income Payments, and on the economic benefit to you, the Annuitant or the Beneficiary depends on the type of retirement plan for which the Qualified Policy is purchased, on the tax and employment status of the individual concerned and on NYLIAC's tax status. The following discussion assumes that Qualified Policies are used in retirement plans that qualify for the special federal income tax treatment described above. This discussion is not intended to address the tax consequences resulting from all of the situations in which a person may be entitled to or may receive a distribution under a policy. Any person concerned about these tax implications should consult a tax adviser before making a premium payment. This discussion is based upon NYLIAC's understanding of the present federal income tax laws as they are currently interpreted by the Internal Revenue Service. We cannot predict the likelihood of continuation of the present federal income tax laws or of the current interpretations by the Internal Revenue Service, which may change from time to time without notice. Any such change could have retroactive effects regardless of the date of enactment. Moreover, this discussion does not take into consideration any applicable state or other tax laws except with respect to the imposition of any state premium taxes. We suggest you consult with your tax adviser.
Taxation of Annuities in General
The following discussion assumes that the policies will qualify as annuity contracts for federal income tax purposes. The Statement of Additional Information discusses such qualifications.
Section 72 of the Code governs taxation of annuities in general. NYLIAC believes that an annuity policyowner generally is not taxed on increases in the value of a policy until distribution occurs either in the form of a lump sum received by withdrawing all or part of the Accumulation Value (i.e., surrenders or partial withdrawals) or as Income Payments under the Income Payment option elected. The exception to this rule is that generally, a policyowner of any deferred annuity policy who is not a natural person must include in income any increase in the excess of the
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policyowner's Accumulation Value over the policyowner's investment in the contract during the taxable year. However, there are some exceptions to this exception. You may wish to discuss these with your tax advisor. The taxable portion of a distribution (in the form of an annuity or lump sum payment) is generally taxed as ordinary income. For this purpose, the assignment, pledge, or agreement to assign or pledge any portion of the Accumulation Value generally will be treated as a distribution.
In the case of a withdrawal or surrender distributed to a participant or Beneficiary under a Qualified Policy, a ratable portion of the amount received is taxable, generally based on the ratio of the investment in the contract to the total policy value. The "investment in the contract" generally equals the portion, if any, of any premium payments paid by or on behalf of an individual under a policy which is not excluded from the individual's gross income. For policies issued in connection with qualified plans, the "investment in the contract" can be zero.
Generally, in the case of a withdrawal under a Non-Qualified Policy before the Annuity Commencement Date, amounts received are first treated as taxable income to the extent that the Accumulation Value immediately before the withdrawal exceeds the "investment in the contract" at that time. Any additional amount withdrawn is not taxable. On the other hand, upon a full surrender of a Non-Qualified Policy, if the "investment in the contract" exceeds the Accumulation Value (less any surrender charges), the loss is treated as an ordinary loss for federal income tax purposes. However, limitations may apply to the amount of the loss that may be deductible.
Although the tax consequences may vary depending on the Income Payment option elected under the policy, in general, only the portion of the Income Payment that represents the amount by which the Accumulation Value exceeds the "investment in the contract" will be taxed. After the investment in the Policy is recovered, the full amount of any additional Income Payments is taxable. For fixed Income Payments, in general, there is no tax on the portion of each payment which represents the same ratio that the "investment in the contract" bears to the total expected value of the Income Payments for the term of the payments. However, the remainder of each Income Payment is taxable until the recovery of the investment in the contract, and thereafter the full amount of each annuity payment is taxable. If death occurs before full recovery of the investment in the contract, the unrecovered amount may be deducted on the Annuitant's final tax return.
A policyowner may elect to apply a portion of the Accumulation Value towards one of the Income Payment options we may offer, while the remainder of the policy continues to accumulate income on a tax-deferred basis. This is called a partial annuitization. If a policyowner chooses to partially annuitize a policy, the resulting payments will be taxed as fixed Income Payments described above, only if such payments are received for one of the following periods: (1) the Annuitant's life (or the lives of the joint Annuitants, if applicable), or (2) a period of 10 years or more. Provided such requirements are met, the "investment in the contract" will be allocated pro rata between each portion of the policy from which amounts are received as an annuity and the portion of the policy from which amounts are not received as an annuity.
In the case of a distribution, a penalty tax equal to 10% of the amount treated as taxable income may be imposed. The penalty tax is not imposed in certain circumstances, including, generally, distributions: (1) made on or after the date on which the policyowner attains age 59½, (2) made as a result of the policyowner's (or, where the policyowner is not an individual, the Annuitant's) death, (3) made as a result of the policyowner's disability, (4) which are part of a series of substantially equal periodic payments (at least annually) made for the life (or life expectancy) of the policyowner or the joint lives (or joint life expectancies) of the policyowner and his or her designated beneficiary, or (5) received from an Inherited IRA. Other tax penalties may apply to certain distributions pursuant to a Qualified Policy. For more details regarding this penalty tax and other exemptions that may be applicable, please consult a tax adviser.
All non-qualified, deferred annuity contracts issued by NYLIAC (or its affiliates) to the same policyowner during any calendar year are to be treated as one annuity contract for purposes of determining the extent to which an amount not received as an annuity is includible in an individual's gross income. In addition, there may be other situations in which the Treasury Department may conclude (under its authority to issue regulations) that it would be appropriate to aggregate two or more annuity contracts purchased by the same policyowner. Accordingly, a policyowner should consult a tax adviser before purchasing more than one policy or other annuity contract.
A transfer of ownership of a policy, or designation of an Annuitant or other Beneficiary who is not also the policyowner, may result in certain income or gift tax consequences to the policyowner. A policyowner contemplating any transfer or assignment of a policy should consult a tax adviser with respect to the potential tax effects of such a transaction.
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3.8 Percent Tax on Certain Investment Income
In general, a tax of 3.8 percent will apply to net investment income ("NII") received by an individual taxpayer to the extent his or her modified adjusted gross income ("MAGI") exceeds certain thresholds (e.g., $250,000 in the case of taxpayers filing jointly, $125,000 in the case of a married taxpayer filing separately and $200,000 in the case of other individual taxpayers). For this purpose, NII includes (i) gross income from various investments, including gross income received with respect to annuities that are not held through a tax-qualified plan (e.g., an IRA) and (ii) net gain attributable to the disposition of property. Such NII (as well as gross income from tax qualified plans) will also increase a taxpayer's MAGI for purposes of the taxable thresholds described above. This tax also applies to trusts and estates under a special set of rules. In 2012, the IRS and the Treasury Department issued guidance regarding this new tax in the form of proposed regulations, which were finalized in 2013. You should consult your tax advisor to determine the applicability of this tax in your individual circumstances and with respect to any amount received in connection with the surrender of the policy, distributions or withdrawals from the policy, or the exercise of other rights and features under this annuity contract.
Partial Section 1035 Exchanges
Section 1035 of the Code provides that an annuity contract may be exchanged in a tax-free transaction for another annuity contract or a long-term care insurance policy. The IRS has issued guidance which provides that the direct transfer of a portion of an annuity contract into another annuity contract can qualify as a tax-free exchange, provided that no amounts (other than annuity payments made for life or for a term of at least 10 years) are distributed from either contract involved in the exchange for 180 days following the date of the transfer. If a taxpayer takes a distribution during this 180-day waiting period, the IRS guidance provides that the IRS will apply general tax principles to determine the tax treatment of the transfer and/or the distribution (e.g., in appropriate circumstances, as taxable "boot" or as a taxable distribution, effectively negating the tax-free exchange).
This IRS guidance, however, does not address the tax treatment of a partial exchange of an annuity contract for a long-term care insurance policy. Although we believe that taking a distribution or withdrawal from the Contract described in this Prospectus within 180 days of a partial exchange of such Contract for a long-term care insurance policy should not cause such prior partial exchange to be treated as taxable, there can be no assurance that the IRS will not expand the 180-day rule described above to partial exchanges of an annuity contract for a long-term care insurance policy, or that the IRS will not provide other guidance with respect to such partial exchanges. If you contemplate such an exchange, you should consult a tax advisor to discuss the potential tax effects of such a transaction.
Inherited Non-Qualified Policies
An Inherited Non-Qualified Annuity is an annuity contract that is held for the benefit of the beneficiary of a deceased annuity contract owner in order to distribute death proceeds of a non-qualified annuity to the beneficiary over that beneficiary's life expectancy in accordance with the required distribution rules of IRC Section 72(s).
The source of the funds used to purchase an Inherited Non-Qualified Annuity must be a 1035 exchange of (i) death benefit proceeds payable to the beneficiary under a non-qualified annuity contract, or (ii) an Inherited Non-Qualified Annuity contract under which the beneficiary is currently taking required distributions based upon his or her life expectancy in accordance with IRC Section 72(s)(2).
In order to exchange the original contract, the original owner of the contract must have died before the Annuity Commencement Date. The death benefit proceeds of the original contract must be transferred directly to NYLIAC. Payments under this Policy will be calculated using the required minimum distribution method described in IRS Revenue Ruling 2002-62, as updated by IRS Notice 2022-6. The Annuitant must irrevocably elect and commence payments of his or her required distributions under the Policy no later than one year after the death of the owner of the original contract and the Annuitant must receive the entire required distribution by December 31st of the year in which payments under the Policy commence. If more than one year has elapsed since the original owner's death, you are eligible for a NYLIAC Inherited Non-Qualified Annuity only if you started to receive required distributions under IRC Section 72(s) from the original contract or from another Inherited Non-Qualified Annuity within one year of the original owner's death and you have taken the required distribution for the current and, if applicable, all prior years.
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The Policy will be titled in the beneficiary's name as beneficiary of the deceased owner and cannot be transferred. The beneficiary must be the Annuitant, and the Annuitant cannot be changed. Additional Purchase Payments cannot be applied to the Policy. Additional special rules apply to an Inherited Non-Qualified Annuity.
Qualified Policies
Qualified Policies are designed for use with retirement plans that qualify for special federal income tax treatment under Sections 219, 408, and 408A of the Code. The tax rules applicable to participants and beneficiaries in these plans vary according to the type of plan and the terms and conditions of the plan itself. Special favorable tax treatment may be available for certain types of contributions and distributions (including special rules for certain lump sum distributions to individuals who attained the age of 50 by January 1, 1986). Adverse tax consequences may result from contributions in excess of specified limits, distributions prior to age 59½ (subject to certain exceptions), distributions that do not conform to specified minimum distribution rules and in certain other circumstances. Therefore, this discussion only provides general information about the use of Qualified Policies with the plans described below. Policyowners and participants under these plans, as well as Annuitants and Beneficiaries are cautioned that the rights of any person to any benefits under the plans may be subject to the terms and conditions of the plans themselves, regardless of the terms and conditions of the policy issued in connection with the plan. Purchasers of Qualified Policies should seek legal and tax advice regarding the suitability of the policy.
(a) Individual Retirement Annuities.
Sections 219 and 408 of the Code permit individuals or their employers to contribute to an individual retirement program known as an "Individual Retirement Annuity" or "IRA," including an employer-sponsored Simplified Employee Pension or "SEP." Individual Retirement Annuities are subject to limitations on the amount which may be contributed and deducted and the time when distributions may commence. In addition, distributions from certain other types of qualified plans may be placed into IRAs on a tax-deferred basis.
(b) Roth Individual Retirement Annuities.
Section 408A of the Code permits individuals with incomes below a certain level to contribute to an individual retirement program known as a "Roth Individual Retirement Annuity" or "Roth IRA." Roth IRAs are subject to limitations on the amount that may be contributed. Contributions to Roth IRAs are not deductible, but distributions from Roth IRAs that meet certain requirements are not included in gross income. Individuals generally may convert their existing non-Roth IRAs into Roth IRAs. A direct rollover may also be made from an eligible retirement plan other than a non-Roth IRA (such as a qualified retirement plan, or eligible governmental section 457 plan) to a Roth IRA provided applicable requirements are met. Such conversions and rollovers will be subject to income tax at the time of conversion or rollover.
(c) Inherited Roth IRAs.
This policy may also be issued as an Inherited Roth IRA if, after the death of the owner of a Roth IRA who has satisfied his or her 5-year Holding Period requirement, the named Beneficiary (other than the Roth IRA owner's spouse) directs that the Roth IRA death proceeds be transferred to a new policy issued as an Inherited Roth IRA.
(d) Inherited IRAs.
This policy may also be issued as an inherited IRA if, after the death of the owner of an IRA, the named Beneficiary directs that the IRA death proceeds be transferred to a new policy issued as an Inherited IRA. Beginning in 2007, a non-spouse beneficiary of an eligible retirement plan (such as a qualified retirement plan, or eligible governmental section 457 plan) may, if all applicable requirements are met, directly rollover a distribution from such plan into an Inherited IRA. The named Beneficiary of the original IRA policy or eligible retirement plan (as the case may be) will become the Annuitant under the Inherited IRA and may generally exercise all rights under the Inherited IRA policy, including the right to name his or her own Beneficiary in the event of death.
Special tax rules apply to Inherited IRAs and Inherited Roth IRAs. The tax law does not permit additional premiums to be contributed to Inherited IRA and Inherited Roth IRA policies. Also, in order to avoid certain income tax penalties, a Required Minimum Distribution ("RMD") generally must be withdrawn each year from inherited IRA and Inherited Roth IRA policies. The first RMD generally must be taken on or before December 31 of the calendar year following the
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year of the original IRA or Roth IRA owner's or eligible retirement plan participants' death. As of January 1, 2023, the penalty tax equals 25% of the excess of the RMD amount over the amounts, if any, actually withdrawn from the Inherited IRA or Inherited Roth IRA during the calendar year. If a failure to take an RMD is corrected in a timely manner, as prescribed under the Code, the excise tax is reduced to 10%.
With respect to IRA and Roth IRA owners and defined contribution plan participants who die on or after January 1, 2020, any individual policyowner who is not an "Eligible Designated Beneficiary" must withdraw the entire account value by the end of the tenth year following the year of death (if the original IRA owner or plan participant died before required minimum distributions were required to begin, an individual policyowner who is not an Eligible Designated Beneficiary is not required to withdraw any amount until the end of the tenth year following the year of death, at which time the entire account value must be withdrawn). Eligible Designated Beneficiaries may withdraw the account value over their lives or a period not exceeding their life expectancies. Eligible Designated Beneficiaries include spouses, minor children (until they reach age 21), someone who is disabled or chronically ill (including certain trusts for the disabled or chronically ill), or an individual not more than 10 years younger than the original IRA owner or plan participant.
The Qualified Policies (other than Roth IRAs during the owner's life) are subject to the RMD rules under Code section 401(a)(9) and the regulations issued thereunder. Under these rules, generally, distributions under your Qualified Policy must begin no later than the beginning date required by the Internal Revenue Service ("IRS"). The beginning date is determined by the type of Qualified Policy that you own. As of January 1, 2023, for each calendar year that an RMD is not timely made, a 25% excise tax is imposed on the amount that should have been distributed but was not. If a failure to take an RMD is corrected in a timely manner, as prescribed under the Code, the excise tax is reduced to 10 percent.
Unless the distributions are made in the form of an annuity that complies with Code section 401(a)(9) and the regulations issued thereunder, the minimum amount required to be distributed for each calendar year is generally determined by dividing the value of the Qualified Policy as of the end of the prior calendar year by the applicable distribution period (determined under IRS tables).
Beginning in 2006, regulations under Code section 401(a)(9) provide a new method for calculating the amount of RMDs from Qualified Policies. Under these regulations, during the accumulation phase of the Qualified Policy, the actuarial present value of certain additional benefits provided under the policy (such as guaranteed death benefits) must be taken into account in calculating the value of the Qualified Policy for purposes of determining the annual RMD for the Qualified Policy. As a result, under these regulations, it is possible that, after taking account of the value of such benefits, there may not be sufficient Accumulation Value to satisfy the applicable RMD requirement. This generally will depend on the investment performance of your policy. You may need to satisfy such RMD from other tax-qualified plans that you own. You should consult with your tax advisor regarding these requirements and the implications of purchasing any riders or other benefits in connection with your Qualified Policy.
Effective as of December 29, 2022, if distributions from your IRA are made in the form of an annuity, and the annuity payments in a year exceed the amount that would be required to be distributed for the year under the rules for non-annuitized accounts (determined by treating the IRA's account balance as including the value of the annuity), the excess can be counted towards satisfying the required minimum distribution with respect to any non-annuitized account balance in your IRA(s). You should consult your tax advisor if you want to use this special rule.
Taxation of Death Benefits
The tax treatment of amounts distributed from your contract upon the death of the policyowner or Annuitant depends on whether the policyowner or Annuitant dies before or after the Annuity Commencement Date. If death occurs prior to the Annuity Commencement Date, and the Beneficiary receives payments under an annuity payout option, the benefits are generally taxed in the manner described above for annuity payouts. If the benefits are received in a lump sum, they are taxed to the extent they exceed the remaining investment in the contract. If death occurs after the Annuity Commencement Date, amounts received by the Beneficiary are not taxed until they exceed the remaining investment in the contract.
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Distribution and Compensation Arrangements
NYLIFE Distributors LLC ("NYLIFE Distributors"), the underwriter and distributor of the policies, is registered with the SEC and the Financial Industry Regulatory Authority, Inc. (FINRA) as a broker-dealer. The firm is an indirect wholly-owned subsidiary of New York Life, and an affiliate of NYLIAC. Its principal business address is 30 Hudson Street, Jersey City, New Jersey 07302. We pay sales commissions to selling firms, a portion of which is then paid to registered representatives.
The policies are sold by registered representatives of broker-dealers that have selling agreements with NYLIFE Distributors and NYLIAC. Your registered representative may be qualified to offer many forms of life insurance, annuities, and other investment products which may include products of New York Life or its affiliates and products of other companies.
The selling broker-dealer, and in turn your registered representative, receive compensation for selling you the policy described in this Prospectus, which may differ from the compensation paid by other companies for sales of their products. Differences in compensation have the potential to influence the recommendation made by your registered representative or broker-dealer. The amount of compensation received by your registered representative will vary depending on the policy that he or she sells and on the specific payment arrangements of the relevant broker-dealer. The average commissions we pay to broker-dealers for sales of the policy described in this Prospectus is not expected to exceed 8% of all premiums received.
The total commissions paid for New York Life Premier Variable Annuity - FP Series policies during the fiscal years ended December 31, 2025, 2024 and 2023 were $12,748,195, 10,904,898 and $4,413,285, respectively.
Certain New York Life employees involved in the sales process may receive compensation related to the sale of products manufactured and issued by New York Life or its affiliates.
Additional Information about Risks
Information System Failures and Cybersecurity Risks
We rely on technology, including digital communications and data storage networks and systems, to conduct our variable product business activities. Because our business, including our variable product business, is highly dependent upon the effective operation of our computer systems (including online service at www.newyorklifeannuities.com, and other systems) and those of our service providers and business partners, our business is vulnerable to disruptions from utility outages and susceptible to operational and information security risks resulting from information system failures and cyber-attacks/ransomware. These risks also apply to other insurance and financial services companies and businesses. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites, and other operational disruption, and unauthorized use, abuse, and/or release of confidential customer information. We have established administrative and technical controls and cybersecurity plans, including a business continuity plan, to identify and protect our operations against system failures and cybersecurity breaches. Despite these controls and plans, systems failures and cyber-attacks/ransomware affecting New York Life and any of its affiliates and other affiliated or unaffiliated third-party administrators, underlying funds, intermediaries, and other service providers and business partners may have a material, negative impact on us and your policy Accumulation Value. For instance, system failures and cyber-attacks/ransomware may (i) interfere with our processing of policy transactions (including surrenders, withdrawals, loans, and transfers) and the processing of orders from www.newyorklifeannuities.com, or with the underlying funds or cause other operations issues; (ii) impact our ability to calculate Accumulation Unit Values and your policy's Accumulation Values; (iii) cause the release, loss, and/or possible destruction of confidential customer and/or business information; (iv) subject us and/or our service providers, business partners, and intermediaries to regulatory fines, litigation, and financial losses, and/or cause us reputational damage. System failures and cybersecurity breaches may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your policy to lose value. There can be no assurance that we, or the underlying funds or our service providers and business partners, will be able to avoid these risks at all times or avoid losses affecting your policy due to information systems failures or cyber-attacks/ransomware.
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Risks from Serious Infectious Disease Outbreaks
Our ability to administer your policy is subject to certain risks - common to all insurers and financial service providers - that could result from current or future outbreaks of infectious diseases, viruses (including COVID-19), epidemics, or pandemics ("serious infectious disease outbreaks"). Serious infectious diseases may spread rapidly. Serious infectious disease outbreaks - and general concerns about the course and effects of such outbreaks - not only raise serious health concerns, but may significantly disrupt economic activity in the U.S. and globally. The effects of a serious infectious disease outbreak may be short-term or last for extended time periods.
Our business activity and operations, and/or the activities and operations of our service providers and business partners, could be adversely affected or interrupted by serious infectious disease outbreaks. In order to mitigate the possible effects of these types of events, NYLIAC has established business continuity and disaster recovery plans. These plans may, for example, require our employees to work and access our information technology, communications, or other systems remotely. Notwithstanding these plans, a serious infectious disease outbreak and public health measures taken by government officials to combat an outbreak - may have a material, adverse effect on us, our ability to administer your policy, and your policy Accumulation Value. For example, a serious infectious disease outbreak or public health measures implemented to combat it may adversely affect our business and operations by (i) interfering with our processing of policy transactions (including surrenders, withdrawals, loans, and transfers) and the processing of orders from online service requests at www.newyorklifeannuities.com or with the underlying funds or cause other operational issues; (ii) delaying or interrupting our receipt of pricing or other services provided by third parties, thereby affecting, among other things, our ability to calculate accumulation unit values and policy cash values or to administer policy transactions dependent on systems and services provided by third parties; (iii) preventing our workforce from being able to be physically present at one or more of our worksites or from traveling to alternative worksites needed to implement our business continuity and disaster recovery plans, thereby resulting in lengthy interruptions of service; or (iv) subjecting us and/or our service providers, business partners, and intermediaries to regulatory fines, litigation, financial losses, and/or cause us reputational damage. In addition, our operations require experienced professional staff. Loss of a substantial number of such persons or an inability to provide properly equipped places for them to work may disrupt our operations and adversely affect our business. Serious infectious disease outbreaks may also affect the issuers of securities in which the underlying funds invest, which may cause the funds underlying your policy's Accumulation Value to decrease in value. Serious infectious disease outbreaks may also affect market interest rates, which may affect the interest crediting rates we may declare on the Fixed Account under your policy (subject to the guaranteed minimum interest crediting rate). There can be no assurance that we, the underlying funds, the companies in which they invest, or our services providers and business partners will be able to avoid these risks at all times or avoid losses affecting your policy due to serious infectious disease.
Legal Proceedings
NYLIAC is a defendant in lawsuits arising from its agency sales force, insurance (including variable contracts registered under the federal securities laws) and/or other operations. Some of these actions seek substantial or unspecified compensatory and punitive damages. NYLIAC is from time to time involved in various governmental, administrative, and investigative proceedings and inquiries.
Notwithstanding the uncertain nature of litigation and regulatory inquiries, the outcome of which cannot be predicted, NYLIAC believes that, after provisions made in the financial statements, the ultimate liability that could result from litigation and proceedings would not have a material adverse effect on the Separate Accounts, the ability of NYLIFE Distributors to perform its contract with the Separate Accounts, NYLIAC's financial position, or the ability of NYLIAC to meet its obligations under the Contracts; however, it is possible that settlements or adverse determinations in one or more actions or other proceedings in the future could have a material adverse effect on NYLIAC's operating results for a given year.
Voting Rights
The Portfolios are not required to and typically do not hold routine annual stockholder meetings. Special stockholder meetings will be called when necessary. Based on our current interpretation of applicable law, NYLIAC will vote the Portfolio shares held in the Investment Divisions at special shareholder meetings of the Portfolios in accordance with instructions we receive from persons having voting interests in the corresponding Investment
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Division. If, however, the federal securities laws are amended, or if NYLIAC's present interpretation should change, and as a result, NYLIAC determines that it is allowed to vote the Portfolio shares in its own right, we may elect to do so.
We may, if required by state insurance regulations, disregard voting instructions if they would require shares to be voted so as to cause a change in the sub-classification or investment objectives of one or more of the available Investment Divisions or to approve or disapprove an investment advisory contract for a Portfolio. In addition, we may disregard voting instructions that would require changes in the investment policy or investment adviser of one or more of the Portfolios associated with the available Investment Divisions, provided that we reasonably disapprove such changes in accordance with applicable federal or state regulations. If we disregard policyowner voting instructions, we will advise policyowners of our action and the reasons for such action in the next available annual or semi-annual report.
Prior to the Annuity Commencement Date, you hold a voting interest in each Investment Division to which you have money allocated. We will determine the number of votes which are available to you by dividing the Accumulation Value attributable to an Investment Division by the net asset value per share of the applicable Portfolios. We will calculate the number of votes which are available to you separately for each Investment Division. We will determine that number by applying your percentage interest, if any, in a particular Investment Division to the total number of votes attributable to the Investment Division.
We will determine the number of votes of the Portfolio which are available as of the date established by the Portfolio of the relevant Fund. Voting instructions will be solicited by written or electronic communication prior to such meeting in accordance with procedures established by the relevant Fund.
If we do not receive timely instructions, we will vote those shares in proportion to the voting instructions which are received with respect to all policies participating in that Investment Division. Any shares owned by NYLIAC and its affiliates will also be voted proportionately in accordance with those instructions. As a result, a small number of policyowners may control the outcome of the vote. Each person having a voting interest in an Investment Division will receive proxy material, reports and other materials relating to the appropriate Portfolio.
Financial Statements
The statutory statements of financial position of NYLIAC as of December 31, 2025 and 2024, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2025 (including the report of the independent registered public accounting firm) and each of the Investment Divisions of each Separate Account's statement of assets and liabilities as of December 31, 2025, and the statements of operations and of changes in net assets and the financial highlights for each of the periods indicated in the Financial Statements (including the report of the independent registered public accounting firm) are incorporated by reference in the SAI. The independent registered public accounting firm is PricewaterhouseCoopers LLP.
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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 purchased the Investment Preservation Rider, you may not be able to invest in certain Portfolios. 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%
1
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 Dimensional U.S. Equity (formerly NYLI
VP Dimensional U.S. Equity) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Dimensional Fund Advisors LP
0.79%
13.46%
12.11%
12.40%
Large Cap Equity
NYLIM VP Epoch U.S. Equity Yield (formerly NYLI
VP Epoch U.S. Equity Yield) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Epoch Investment Partners, Inc. ("Epoch")
0.93%
13.96%
11.74%
9.69%
Asset Allocation
NYLIM VP Equity Allocation (formerly NYLI VP
Equity Allocation) - Service Class
 
Adviser: New York Life Investments
0.94%
13.69%
7.90%
9.07%
Sector
NYLIM VP Fidelity Institutional AM® Utilities
(formerly NYLI VP Fidelity Institutional AM®
Utilities) - Service Class
 
Adviser: New York Life Investments / Subadviser:
FIAM LLC ("FIAM")
0.93%
13.50%
12.06%
10.69%
Non-Investment
Grade Bond
NYLIM VP Floating Rate (formerly NYLI VP
Floating Rate) - Service Class
 
Adviser: New York Life Investments / Subadviser:
NYL Investors
0.89%
4.86%
5.16%
4.74%
Asset Allocation
NYLIM VP Growth Allocation (formerly NYLI VP
Growth Allocation) - Service Class
 
Adviser: New York Life Investments
0.89%
12.24%
7.06%
8.05%
Alternatives
NYLIM VP Hedge Multi-Strategy (formerly NYLI
VP Hedge Multi-Strategy) - Service Class
 
Adviser: New York Life Investments
1.26%
7.78%
2.67%
1.81%
Asset Allocation
NYLIM VP Income Builder (formerly NYLI VP
Income Builder) - Service Class
 
Adviser: New York Life Investments / Subadvisers:
Epoch and MacKay Shields LLC ("MacKay")
0.88%
16.70%
6.29%
7.13%
Asset Allocation
NYLIM VP Janus Henderson Balanced (formerly
NYLI VP Janus Henderson Balanced) - Service
Class
 
Adviser: New York Life Investments / Subadviser:
Janus Henderson Investors US LLC ("Janus
Henderson")
0.83%
14.76%
8.30%
9.91%
2
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Non-Investment
Grade Bond
NYLIM VP MacKay Convertible (formerly NYLI VP
MacKay Convertible) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.84%
16.11%
5.34%
10.10%
Non-Investment
Grade Bond
NYLIM VP MacKay High Yield Corporate Bond
(formerly NYLI VP MacKay High Yield Corporate
Bond) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.84%
6.60%
4.18%
5.87%
Non-Investment
Grade Bond
NYLIM VP MacKay Strategic Bond (formerly NYLI
VP MacKay Strategic Bond) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.90%
8.60%
3.73%
4.14%
Investment
Grade Bond
NYLIM VP MacKay U.S. Infrastructure Bond
(formerly NYLI VP MacKay U.S. Infrastructure
Bond) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.82%
8.17%
(0.15)%
1.13%
Large Cap Equity
NYLIM VP MFS® Investors Trust (formerly NYLI
VP MFS® Investors Trust) - Service Class
 
Adviser: New York Life Investments /
Subadviser: Massachusetts Financial Services
Company ("MFS")
1.00%
N/A
N/A
N/A
Large Cap Equity
NYLIM VP MFS® Research (formerly NYLI VP
MFS® Research)- Service Class
 
Adviser: New York Life Investments / Subadviser:
MFS
1.01%
N/A
N/A
N/A
Asset Allocation
NYLIM VP Moderate Allocation (formerly NYLI VP
Moderate Allocation) - Service Class
 
Adviser: New York Life Investments
0.83%
11.02%
5.36%
6.61%
Sector
NYLIM VP Natural Resources (formerly NYLI VP
Natural Resources) - Initial Class
 
Adviser: New York Life Investments / Subadviser:
Newton Investment Management North America,
LLC ("NIMNA")
0.85%
15.20%
17.27%
10.88%
3
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Sector
NYLIM VP Newton Technology Growth (formerly
NYLI VP Newton Technology Growth) - Service
Class
 
Adviser: New York Life Investments /
Subadviser: NIMNA
1.03%
N/A
N/A
N/A
Investment
Grade Bond
NYLIM VP PIMCO Real Return (formerly NYLI VP
PIMCO Real Return) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Pacific Investment Management Company LLC
("PIMCO")
1.34%
7.89%
1.11%
3.03%
International/
Global
Equity
NYLIM VP PineStone International Equity
(formerly NYLI VP PineStone International Equity)
- Service Class
 
Adviser: New York Life Investments / Subadviser:
PineStone Asset Management Inc.
1.11%
12.01%
(0.05)%
5.18%
Large Cap Equity
NYLIM VP S&P 500 Index (formerly NYLI VP S&P
500 Index) - Service Class
 
Adviser: New York Life Investments
0.37%
17.43%
14.00%
14.34%
Small/Mid Cap
Equity
NYLIM VP Schroders Mid Cap Opportunities
(formerly NYLI VP Schroders Mid Cap
Opportunities) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Schroder Investment Management North America
Inc.
1.08%
7.00%
4.79%
7.12%
Small/Mid Cap
Equity
NYLIM VP Small Cap Growth (formerly NYLI VP
Small Cap Growth) - Service Class
 
Adviser: New York Life Investments / Subadvisers:
Brown Advisory LLC and Segall Bryant & Hamill,
LLC
1.11%
4.63%
1.38%
8.68%
Money Market
NYLIM VP U.S. Government Money Market
(formerly NYLI VP U.S. Government Money
Market) - Initial Class
 
Adviser: New York Life Investments / Subadviser:
NYL Investors
0.28%
4.05%
3.02%
1.89%
Small/Mid Cap
Equity
NYLIM VP Wellington Small Cap (formerly NYLI
VP Wellington Small Cap) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Wellington
1.00%
9.26%
5.66%
7.15%
4
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 Winslow Large Cap Growth (formerly
NYLI VP Winslow Large Cap Growth) - Service
Class
 
Adviser: New York Life Investments
/ Subadviser: Winslow Capital Management, LLC
1.00%
14.07%
12.41%
15.85%
Large Cap Equity
AB VPS Relative Value Portfolio - Class B
 
Adviser: AllianceBernstein L.P.
0.85%
10.20%
11.15%
10.30%
Asset Allocation
American Funds IS® Asset Allocation Fund -
Class 4
 
Adviser: Capital Research and Management
CompanySM ("CRMC")
0.79%
15.59%
8.70%
9.50%
Investment
Grade Bond
American Funds® IS The Bond Fund of America®
- Class 4
 
Adviser: CRMC
0.72%
6.98%
(0.38)%
2.11%
Investment
Grade Bond
American Funds® IS Capital World Bond Fund® -
Class 4
 
Adviser: CRMC
0.98%
9.03%
(2.76)%
0.97%
Large Cap Equity
American Funds® IS Growth Fund - Class 4
 
Adviser: CRMC
0.83%
19.93%
13.09%
17.67%
Large Cap Equity
American Funds® IS Growth-Income Fund -
Class 4
 
Adviser: CRMC
0.78%
17.77%
13.62%
13.63%
International/
Global
Equity
American Funds® IS New World Fund® - Class 4
 
Adviser: CRMC
1.07%
27.92%
5.06%
8.98%
International/
Global
Equity
American Funds® IS SMALLCAP World Fund®
(formerly American Funds® IS Global Small
Capitalization Fund) - Class 4
 
Adviser: CRMC
1.15%
14.33%
0.23%
6.96%
Investment
Grade Bond
American Funds® IS U.S. Government Securities
Fund® - Class 4
 
Adviser: CRMC
0.75%
7.54%
(0.49)%
1.45%
Large Cap Equity
American Funds® IS Washington Mutual Investors
Fund - Class 4
 
Adviser: CRMC
0.75%
16.19%
13.60%
12.08%
5
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Asset Allocation
BlackRock® Global Allocation V.I. Fund - Class III
 
Adviser: BlackRock Advisors, LLC ("BlackRock") /
Subadvisers: BlackRock (Singapore) Limited and
BlackRock International Limited
1.01%
19.42%
5.51%
7.33%
Non-Investment
Grade Bond
BlackRock® High Yield V.I. Fund - Class III
 
Adviser: BlackRock / Subadviser: BlackRock
International Limited
0.78%
9.09%
4.57%
6.07%
Large Cap Equity
BNY Mellon Sustainable U.S. Equity Portfolio -
Service Shares
 
Adviser: BNY Mellon Investment Adviser, Inc. /
Subadviser: Newton Investment Management
Limited
0.91%
15.67%
11.65%
13.27%
Sector
Columbia Variable Portfolio - Commodity
Strategy Fund - Class 2++
 
Adviser: Columbia Management Investment
Advisers, LLC ("Columbia") / Subadviser:
Threadneedle International Limited
1.00%
15.30%
12.44%
6.46%
Non-Investment
Grade Bond
Columbia Variable Portfolio - Emerging Markets
Bond Fund - Class 2
 
Adviser: Columbia
1.00%
12.65%
1.47%
4.03%
Investment
Grade Bond
Columbia Variable Portfolio - Intermediate Bond
Fund - Class 2
 
Adviser: Columbia
0.77%
8.84%
(0.68%)
2.52%
Small/Mid Cap
Equity
Columbia Variable Portfolio - Small Cap Value
Discovery Fund (formerly Columbia Variable
Portfolio - Small Cap Value Fund) - Class 2
 
Adviser: Columbia
1.13%
14.66%
12.19%
11.20%
Small/Mid Cap
Equity
Columbia Variable Portfolio - Small Company
Growth Fund - Class 2
 
Adviser: Columbia
1.12%
21.69%
3.32%
14.89%
Alternatives
DWS Alternative Asset Allocation VIP - Class B
 
Adviser: DWS Investment Management Americas
Inc. / Subadviser: RREEF America LLC
1.31%
10.03%
4.88%
4.52%
Investment
Grade Bond
Fidelity® VIP Bond Index Portfolio - Service Class
2
 
Adviser: Fidelity Management & Research
Company LLC ("FMR") / Subadvisers: Other
investment advisers
0.39%
6.76%
(0.81)%
N/A
6
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
Fidelity® VIP ContrafundSM Portfolio - Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.79%
21.24%
15.08%
15.49%
International/
Global
Equity
Fidelity® VIP Emerging Markets Portfolio -
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
1.12%
40.79%
5.62%
10.66%
Large Cap Equity
Fidelity® VIP Equity-Income PortfolioSM - Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.71%
18.75%
12.13%
11.32%
Small/Mid Cap
Equity
Fidelity® VIP Extended Market Index Portfolio -
Service Class 2
 
Adviser: FMR / Subadviser: Geode Capital
Management, LLC ("Geode")
0.37%
12.03%
7.75%
N/A
Asset Allocation
Fidelity® VIP FundsManager® 60% Portfolio -
Service Class
 
Adviser: FMR
0.63%
15.71%
6.67%
8.19%
Large Cap Equity
Fidelity® VIP Growth Opportunities Portfolio -
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.81%
21.73%
11.04%
19.64%
Sector
Fidelity® VIP Health Care Portfolio - Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.84%
14.10%
3.92%
N/A
International/
Global Equity
Fidelity® VIP International Capital Appreciation
Portfolio - Service Class 2
 
Adviser: FMR / Subadvisers: FIL Investment
Advisors
1.02%
18.36%
5.99%
9.53%
International/
Global
Equity
Fidelity® VIP International Index Portfolio -
Service Class 2
 
Adviser: FMR / Subadviser: Geode
0.41%
32.82%
7.76%
N/A
Investment
Grade Bond
Fidelity® VIP Investment Grade Bond Portfolio -
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.62%
6.93%
(0.21)%
2.45%
7
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Small/Mid Cap
Equity
Fidelity® VIP Mid Cap Portfolio - Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.80%
11.49%
9.83%
10.31%
Sector
Franklin Gold and Precious Metals VIP Fund -
Class 2
 
Adviser: Franklin Advisers, Inc. ("Franklin
Advisers")
0.95%
N/A
N/A
N/A
Asset Allocation
Franklin Templeton Aggressive Model Portfolio -
Class II
 
Adviser: Franklin Templeton Fund Adviser, LLC
("FTFA") / Subadviser: Franklin Advisers
0.88%
17.04%
10.14%
N/A
Asset Allocation
Franklin Templeton Moderately Aggressive Model
Portfolio - Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.82%
15.01%
7.87%
N/A
Asset Allocation
Franklin Templeton Moderate Model Portfolio -
Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.82%
13.18%
6.49%
N/A
Asset Allocation
Franklin Templeton Moderately Conservative
Model Portfolio - Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.82%
11.51%
4.91%
N/A
Asset Allocation
Franklin Templeton Conservative Model
Portfolio - Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.85%
9.04%
2.65%
N/A
International/
Global Equity
Goldman Sachs VIT International Equity Insights
Fund - Service Class
 
Adviser: Goldman Sachs Asset Management, L.P.
1.06%
38.15%
10.80%
7.96%
International/
Global
Equity
Invesco V.I. EQV International Equity Fund -
Series II Shares
 
Adviser: Invesco Advisers, Inc. ("Invesco")
1.15%
16.23%
3.42%
5.95%
Small/Mid Cap
Equity
Invesco V.I. Main Street Small Cap Fund® -
Series II Shares
 
Adviser: Invesco
1.09%
8.44%
8.07%
10.31%
Small/Mid Cap
Equity
Janus Henderson Enterprise Portfolio - Service
Shares
 
Adviser: Janus Henderson
0.97%
7.41%
7.35%
12.51%
8
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
International/
Global
Equity
Janus Henderson Global Research Portfolio -
Service Shares
 
Adviser: Janus Henderson
1.07%
20.60%
12.23%
12.64%
Investment
Grade Bond
Lord Abbett Series Fund, Inc. - Short Duration
Income Portfolio - Class VC
 
Adviser: Lord, Abbett & Co. LLC
0.72%
5.90%
2.25%
2.62%
Large Cap Equity
LVIP ClearBridge Appreciation Fund (formerly
ClearBridge Variable Appreciation Portfolio) -
Service Class
 
Adviser: Lincoln Financial Investments Corporation
/ Subadviser: ClearBridge Investments, LLC
0.95%
14.19%
12.44%
13.05%
International
Equity
MFS® International Intrinsic Equity Portfolio
(formerly MFS® International Intrinsic Value
Portfolio) - Service Class
 
Adviser: MFS
1.14%
32.96%
7.02%
9.68%
Mid Cap
Equity
MFS® Mid Cap Value Portfolio - Service Class
 
Adviser: MFS
1.04%
5.75%
9.90%
9.69%
International/
Global
Equity
MFS® Research International Portfolio - Service
Class
 
Adviser: MFS
1.15%
21.75%
5.25%
7.27%
Small/Mid Cap
Equity
Neuberger Berman AMT Mid Cap Growth
Portfolio - Class S
 
Adviser: Neuberger Berman Investment Advisers
LLC
1.11%
5.23%
4.27%
10.71%
Small/Mid Cap
Equity
Nomura VIP Small Cap Value Series (formerly
Macquarie VIP Small Cap Value Series) -
Service Class
 
Adviser: Delaware Management Company, a
series of Nomura Investment Management
Business Trust /
1.04%
7.83%
8.93%
8.84%
Investment
Grade Bond
PIMCO VIT Income Portfolio - Advisor Class
 
Adviser: PIMCO
1.02%
10.08%
3.31%
N/A
Investment
Grade Bond
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged) - Advisor Class
 
Adviser: PIMCO
1.19%
3.85%
0.93%
2.78%
9
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 Low Duration Portfolio - Advisor
Class
 
Adviser: PIMCO
0.76%
5.42%
1.47%
1.69%
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: Putnam Investments 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%
Investment
Grade Bond
Western Asset Core Plus VIT Portfolio - Class
II++
 
Adviser: FTFA / Subadvisers: Western Asset
Management Company, LLC; Western Asset
Management Company Limited in London;
Western Asset Management Company Pte. Ltd. in
Singapore; and Western Asset Management
Company Ltd. in Japan
0.79%
7.69%
(1.67)%
1.85%
+
Closed for policyowners who were not invested in the Investment Division on November 23, 2020, and closed for other policyowners if all your Accumulation Value is removed from the Investment Division on or after November 23, 2020.
*
Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are generally expected to continue through April 30, 2027 and may be terminated at any time thereafter at the option of the Fund. Annual expenses for the Portfolio for the year ended December 31, 2025 reflect temporary fee reductions under such an arrangement.
++
Closed for policyowners who were not invested in the Investment Division on May 1, 2026, and closed for other policyowners if all your Accumulation Value is removed from the Investment Division on or after May 1, 2026.
  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. 
10
Name
Term
Guaranteed
Minimum Interest
Rate
Fixed Account
N/A
0.05%
DCA Advantage
Account
6 months
0.05%
11
Appendix 1B
Model Portfolios, Investment Divisions and Asset Allocation Models available with IPR (for policies issued on or after May 1, 2018)
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 for 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
Western Asset Core Plus VIT 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
1
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
Columbia Variable Portfolio - Commodity Strategy
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
Option 4 - Asset Allocation Models (subject to availability) 
Moderately Aggressive
Moderate
10%
NYLIM VP S&P 500 Index
10%
NYLIM VP S&P 500 Index
10%
DWS Alternative Asset Allocation VIP
10%
DWS Alternative Asset Allocation VIP
7%
PIMCO VIT Total Return Portfolio
8%
NYLIM VP Bond
7%
NYLIM VP MacKay High Yield Corporate Bond
7%
PIMCO VIT Total Return Portfolio
7%
American Funds® IS Washington Mutual Investors Fund
7%
Fidelity® VIP Bond Index Portfolio
7%
NYLIM VP Schroders Mid Cap Opportunities
7%
NYLIM VP MacKay High Yield Corporate Bond
2
Moderately Aggressive
Moderate
6%
NYLIM VP Bond
6%
NYLIM VP MacKay U.S. Infrastructure Bond
6%
NYLIM VP MFS® Investors Trust
5%
NYLIM VP PIMCO Real Return
5%
NYLIM VP PIMCO Real Return
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
NYLIM VP MFS® Investors Trust
5%
NYLIM VP MFS® Research
5%
NYLIM VP MFS® Research
5%
Fidelity® VIP Equity-Income PortfolioSM
5%
Fidelity® VIP Equity-Income PortfolioSM
5%
LVIP ClearBridge Appreciation Fund
5%
American Funds® IS Washington Mutual Investors Fund
5%
NYLIM VP PineStone International Equity
5%
NYLIM VP Schroders Mid Cap Opportunities
5%
American Funds® IS New World Fund®
5%
American Funds® IS New World Fund®
5%
MFS® International Intrinsic Equity Portfolio
5%
MFS® International Intrinsic Equity Portfolio
 
Moderately Conservative
Conservative
10%
NYLIM VP Bond
14%
PIMCO VIT International Bond Port (U.S. Dollar-Hedged)
10%
PIMCO VIT Total Return Portfolio
12%
NYLIM VP Bond
10%
DWS Alternative Asset Allocation VIP
11%
PIMCO VIT Total Return Portfolio
9%
Fidelity® VIP Bond Index Portfolio
10%
NYLIM VP MacKay U.S. Infrastructure Bond
8%
NYLIM VP MacKay U.S. Infrastructure Bond
10%
Fidelity® VIP Bond Index Portfolio
7%
NYLIM VP MacKay High Yield Corporate Bond
10%
DWS Alternative Asset Allocation VIP
6%
NYLIM VP PIMCO Real Return
7%
NYLIM VP PIMCO Real Return
5%
PIMCO VIT International Bond Port (U.S. Dollar-Hedged)
7%
NYLIM VP MacKay High Yield Corporate Bond
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
NYLIM VP S&P 500 Index
4%
BlackRock® High Yield V.I. Fund
5%
NYLIM VP MFS® Investors Trust
4%
American Funds® IS Washington Mutual Investors Fund
5%
NYLIM VP MFS® Research
3%
NYLIM VP MFS® Research
5%
Fidelity® VIP Equity-Income PortfolioSM
3%
NYLIM VP Schroders Mid Cap Opportunities
5%
American Funds® IS Washington Mutual Investors Fund
5%
NYLIM VP Schroders Mid Cap Opportunities
3
Appendix 1C
Model Portfolios, Investment Divisions and Asset Allocation Models available with IPR (for policies issued before May 1, 2018)
Option 1 - Choose Your Own Investment Divisions 
Asset Allocation Categories:
Category A:
Minimum Allocation
30
%
Maximum Allocation
100
%
Category A Funds
NYLIM VP Bond
Fidelity® VIP Bond Index Portfolio
NYLIM VP Floating Rate
Fidelity® VIP Investment Grade Bond Portfolio
NYLIM VP MacKay High Yield Corporate Bond
Lord Abbett Series Fund, Inc. - Short Duration Income Port
NYLIM VP MacKay Strategic Bond
PIMCO VIT Income Portfolio
NYLIM VP MacKay U.S. Infrastructure Bond
PIMCO VIT International Bond Port (U.S. Dollar-Hedged)
NYLIM VP U.S. Government Money Market
PIMCO VIT Low Duration Portfolio
American Funds® IS The Bond Fund of America®
PIMCO VIT Short-Term Portfolio
American Funds® IS Capital World Bond Fund®
PIMCO VIT Total Return Portfolio
American Funds® IS U.S. Government Securities Fund®
Voya Intermediate Bond Portfolio
BlackRock® High Yield V.I. Fund
Western Asset Core Plus VIT Portfolio
Columbia Variable Portfolio - Emerging Markets Bond
Columbia Variable Portfolio - Intermediate Bond Fund
Category B:
Minimum Allocation
0
%
Maximum Allocation
70
%
Category B Funds
NYLIM VP American Century Large Cap Equity
AB VPS Relative Value Portfolio
NYLIM VP Balanced
American Funds® IS Asset Allocation Fund
NYLIM VP Conservative Allocation
American Funds® IS Growth Fund
NYLIM VP Dimensional U.S. Equity
American Funds® IS Growth-Income Fund
NYLIM VP Epoch U.S. Equity Yield
American Funds® IS Washington Mutual Investors Fund
NYLIM VP Equity Allocation
BlackRock® Global Allocation V.I. Fund
NYLIM VP Fidelity Institutional AM® Utilities
BNY Mellon Sustainable U.S. Equity Portfolio
NYLIM VP Growth Allocation
DWS Alternative Asset Allocation VIP
NYLIM VP Hedge Multi-Strategy
Fidelity® VIP ContrafundSM Portfolio
NYLIM VP Income Builder
Fidelity® VIP FundsManager® 60% Portfolio
NYLIM VP Janus Henderson Balanced
Fidelity® VIP Growth Opportunities Portfolio
NYLIM VP MacKay Convertible
Franklin Templeton Moderately Aggressive Model Portfolio
NYLIM VP MFS® Investors Trust
Franklin Templeton Moderate Model Portfolio
NYLIM VP MFS® Research
Franklin Templeton Moderately Conservative Model Portfolio
NYLIM VP Moderate Allocation
Franklin Templeton Conservative Model Portfolio
NYLIM VP S&P 500 Index
LVIP ClearBridge Appreciation Fund
NYLIM VP Winslow Large Cap Growth
Voya Growth and Income Portfolio
Appendix 1C-1
Category C:
Minimum Allocation
0
%
Maximum Allocation
10
%
Category C Funds
NYLIM VP CBRE Global Infrastructure
NYLIM VP Natural Resources
NYLIM VP Newton Technology Growth
NYLIM VP PineStone International Equity
NYLIM VP Schroders Mid Cap Opportunities
NYLIM VP Small Cap Growth
NYLIM VP Wellington Small Cap
American Funds® IS New World Fund®
American Funds® IS SMALLCAP World Fund®
Columbia Variable Portfolio - Commodity Strategy
Columbia Variable Portfolio - Small Cap Value Discovery
Columbia Variable Portfolio - Small Company Growth
Fidelity® VIP Emerging Markets Portfolio
Fidelity® VIP Equity-Income PortfolioSM
Fidelity® VIP Extended Market Index Portfolio
Fidelity® VIP Health Care Portfolio
Fidelity® VIP International Capital Appreciation Portfolio
Fidelity® VIP International Index Portfolio
Fidelity® VIP Mid Cap Portfolio
Franklin Gold and Precious Metals VIP Fund
Goldman Sachs VIT International Equity Insights Fund
Invesco V.I. EQV International Equity Fund
Invesco V.I. Main Street Small Cap Fund®
Janus Henderson Enterprise Portfolio
Janus Henderson Global Research Portfolio
MFS® International Intrinsic Equity Portfolio
MFS® Mid Cap Value Portfolio
MFS® Research International Portfolio
Neuberger Berman AMT Mid Cap Growth Portfolio
Nomura VIP Small Cap Value Series
Principal VC Real Estate Securities
Putnam VT International Value
Option 2 - 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 for 20-year holding period)
100%
Franklin Templeton Moderately Conservative Model
Portfolio
100%
Franklin Templeton Conservative Model Portfolio
Option 3 - Asset Allocation Models (subject to availability) 
Moderately Aggressive
Moderate
10%
NYLIM VP S&P 500 Index
10%
NYLIM VP S&P 500 Index
10%
DWS Alternative Asset Allocation VIP
10%
DWS Alternative Asset Allocation VIP
7%
PIMCO VIT Total Return Portfolio
8%
NYLIM VP Bond
7%
NYLIM VP MacKay High Yield Corporate Bond
7%
PIMCO VIT Total Return Portfolio
7%
American Funds® IS Washington Mutual Investors Fund
7%
Fidelity® VIP Bond Index Portfolio
7%
NYLIM VP Schroders Mid Cap Opportunities
7%
NYLIM VP MacKay High Yield Corporate Bond
6%
NYLIM VP Bond
6%
NYLIM VP MacKay U.S. Infrastructure Bond
6%
NYLIM VP MFS® Investors Trust
5%
NYLIM VP PIMCO Real Return
5%
NYLIM VP PIMCO Real Return
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
NYLIM VP MFS® Investors Trust
5%
NYLIM VP MFS® Research
5%
NYLIM VP MFS® Research
5%
Fidelity® VIP Equity-Income PortfolioSM
5%
Fidelity® VIP Equity-Income PortfolioSM
5%
LVIP ClearBridge Appreciation Fund
5%
American Funds® IS Washington Mutual Investors Fund
5%
NYLIM VP PineStone International Equity
5%
NYLIM VP Schroders Mid Cap Opportunities
5%
American Funds® IS New World Fund®
5%
American Funds® IS New World Fund®
5%
MFS® International Intrinsic Equity Portfolio
5%
MFS® International Intrinsic Equity Portfolio
 
Appendix 1C-2
Moderately Conservative
Conservative
10%
NYLIM VP Bond
14%
PIMCO VIT International Bond Port (U.S. Dollar-Hedged)
10%
PIMCO VIT Total Return Portfolio
12%
NYLIM VP Bond
10%
DWS Alternative Asset Allocation VIP
11%
PIMCO VIT Total Return Portfolio
9%
Fidelity® VIP Bond Index Portfolio
10%
NYLIM VP MacKay U.S. Infrastructure Bond
8%
NYLIM VP MacKay U.S. Infrastructure Bond
10%
Fidelity® VIP Bond Index Portfolio
7%
NYLIM VP MacKay High Yield Corporate Bond
10%
DWS Alternative Asset Allocation VIP
6%
NYLIM VP PIMCO Real Return
7%
NYLIM VP PIMCO Real Return
5%
PIMCO VIT International Bond Port (U.S. Dollar-Hedged)
7%
NYLIM VP MacKay High Yield Corporate Bond
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
Columbia Variable Portfolio - Emerging Markets Bond
5%
NYLIM VP S&P 500 Index
4%
BlackRock® High Yield V.I. Fund
5%
NYLIM VP MFS® Investors Trust
4%
American Funds® IS Washington Mutual Investors Fund
5%
NYLIM VP MFS® Research
3%
NYLIM VP MFS® Research
5%
Fidelity® VIP Equity-Income PortfolioSM
3%
NYLIM VP Schroders Mid Cap Opportunities
5%
American Funds® IS Washington Mutual Investors Fund
5%
NYLIM VP Schroders Mid Cap Opportunities
Appendix 1C-3
Appendix 2
State Variations 
State
Features/Benefits
State Variation
California
Your Right to Cancel ("Free Look")
If you are age 60 or older at the time the policy
is issued, you may cancel the policy within
30 days from the date you received it and
receive a refund as follows:
(a) If you do not direct the premium
payment(s) be invested in the
Investment Divisions, we will return your
(i) policy charge and (ii) premium
payment(s), less any withdrawals.
(b) If you direct the premium payment(s) be
invested in the Investment Divisions, we
will return your (i) policy charge and
(ii) Account Value, on the day we
receive your request, in Good Order,
less any withdrawals.
Income Payments
Income Payments may be less than those that
we would provide to the same class of
Annuitants if the Accumulation Value, less any
applicable Surrender Charges, was used to
purchase any single premium immediate
annuity we offer on the Annuity
Commencement Date.
Ownership changes or assignment of the
Annual Death Benefit Reset (ADBR) Rider
An ownership change or assignment of the
policy does not terminate the ADBR Rider.
Ownership changes or assignment of the
Investment Preservation Rider - FP Series
An ownership change or assignment of the
policy does not terminate the Investment
Preservation Rider - FP Series.
Connecticut
Annual Death Benefit Reset (ADBR) Rider
An ownership change of the policy terminates
the ADBR but an assignment of the policy
does not terminate the ADBR.
Ownership Change or Assignment of the
Policy and IPR
For policies with an application signed on or
after November 13, 2023, an ownership
change of the policy terminates the IPR but an
assignment of the policy does not terminate
the IPR.
Delaware
Income Payments
Income Payments may be less than those that
we would provide to the same class of
Annuitants if the Accumulation Value, less any
applicable Surrender Charges, was used to
purchase any single premium immediate
annuity we offer on the Annuity
Commencement Date.
Florida
Your Right to Cancel ("Free Look")
You may cancel the policy within 21 days from
the date you received it and receive (i) any
policy charge, (ii) and Accumulation Value.
Appendix 2-1
State
Features/Benefits
State Variation
Income Payments
Income Payments may be less than those that
we would provide to the same class of
Annuitants if the Accumulation Value, less any
applicable Surrender Charges, was used to
purchase any single premium immediate
annuity we offer on the Annuity
Commencement Date.
Ownership changes or assignment of the
Investment Preservation Rider - FP Series
An ownership change or assignment of the
policy does not terminate the IPR.
Ownership changes or assignment of the
Annual Death Benefit Reset (ADBR) Rider
An ownership change or assignment of the
policy does not terminate the ADBR Rider.
New Jersey
Civil Union Partner Endorsement
Civil Union partners are permitted to continue
the policy under the spousal continuance
provisions with the following exceptions. If your
Civil Union Partner continues the policy after
your death, your Civil Union Partner will have
all rights of ownership. However, to comply
with the Internal Revenue Code and the
applicable Treasury Regulations, the entire
proceeds of the policy must be either be:
(a) disbursed within five years of the
original Owner's death; or
(b) placed under the Life Income -
Guaranteed Period Payment Option or
any other Income Payment option that is
available at that time, provided that
such payments are made over the life of
the Civil Union Partner or over a number
of years that is not more than the life
expectancy of the Civil Union Partner
(as determined for federal tax purposes)
at the time of the original Owner's
death, and begin within one year after
the original Owner's death.
IPR Death Benefit
For policies with an application signed on or
after November 13, 2023, the IPR Death
Benefit is not available.
New York
Nonforfeiture Value
Nonforfeiture Value-The Nonforfeiture Value
is equal to 100% of the Consideration(s)
allocated to the Fixed Account and/or to the
DCA Advantage Account accumulated at the
crediting rate (which shall be no less than the
Nonforfeiture Rate) since the Payment Date or
transfer date, minus any amounts withdrawn or
transferred from the Fixed Account and/or from
the DCA Advantage Account, with the
remaining amount accumulated at the crediting
rate since the date of withdrawal or transfer.
Appendix 2-2
State
Features/Benefits
State Variation
Annual Death Benefit Reset (ADBR) Rider
(a) The name of the ADBR rider is
"Guaranteed Minimum Death Benefit
Rider".
(b) An ownership change or assignment of
the policy does not terminate the ADBR
rider.
Annual Death Benefit Reset (ADBR) Rider
Charge
The ADBR rider charge will be deducted from
each Investment Division in proportion to its
percentage of the Variable Account Value of
the applicable quarter and will not reduce your
Adjusted Premium Payments.
Income Payments
Income Payments will not be less than those
that we would provide to the same class of
Annuitants if the Accumulation Value was used
to purchase any single premium immediate
annuity offered by NYLIAC on the Annuity
Commencement Date.
Investment Preservation Riders - FP Series
(a) While a policy is in force we may not
suspend or discontinue your right to
reset the guaranteed amount.
(b) An ownership change or assignment of
the policy does not terminate the IPR.
(c) The IPR Death Benefit is not available.
(d) The name of the IPR is "Guaranteed
Minimum Account Benefit".
(e) The IPR Guaranteed Amount will not be
lower than 100% of the premium
payments made in the first Policy Year.
Deduction of Charges relating to the
Investment Preservation Rider - FP Series
The IPR charge will be deducted from each
Investment Division based on funds in each
Rider Allocation Option each policy quarter. A
charge is not deducted from the DCA
Advantage Account
Definition of Adjusted Premium Payment
The definition of "Adjusted Premium
Payment"-is the total dollar amount of
premium payments made under the policy and
allocated to the Investment Divisions of the
Separate Account reduced by any withdrawals
and applicable surrender charges in excess of
any gain in the policy.
Automatic Asset Rebalancing (AAR)
You must affirmatively elect AAR on your
application or in a subsequent notice for your
policy to be subject to AAR.
Delay of Payments
We will pay interest on deferred payments of
any partial withdrawal or full surrender request
deferred for ten (10) days or more.
Appendix 2-3
State
Features/Benefits
State Variation
Our Right to Cancel for policies with less than
$20 per month of Accumulation Value
If we do not receive premium payments for a
period of three years, and the Accumulation
Value of your policy would provide Income
Payments of less than $20 per month on the
Annuity Commencement Date, we reserve the
right to terminate your policy.
North Dakota
Your Right to Cancel ("Free Look")
You may cancel the policy within twenty (20)
days from the date you received it and receive
the Accumulation Value at the time the
cancellation request is made and any policy
charge, including rider charges.
Income Payments
Income Payments may be less than those that
we would provide to the same class of
Annuitants if the Accumulation Value, less any
applicable Surrender Charges, was used to
purchase any single premium immediate
annuity we offer on the Annuity
Commencement Date.
Oregon
IPR Holding Periods
The 7 Year Holding Period under the IPR is not
available.
South Dakota
Income Payments
Income Payments may be less than those that
we would provide to the same class of
Annuitants if the Accumulation Value, less any
applicable Surrender Charges, was used to
purchase any single premium immediate
annuity we offer on the Annuity
Commencement Date.
Washington DC
Income Payments
Income Payments may be less than those that
we would provide to the same class of
Annuitants if the Accumulation Value, less any
applicable Surrender Charges, was used to
purchase any single premium immediate
annuity we offer on the Annuity
Commencement Date.
Virginia
IPR Holding Periods
The 7 Year Holding Period under the IPR is not
available.
Washington
IPR - Annual Charge
For policies with an application signed on or
after November 13, 2023, the IPR annual
charge is a percentage of the amount that is
guaranteed including amounts allocated to the
DCA Advantage Account but the annual
charge many not be deducted from the DCA
Advantage Account.
Appendix 2-4
Appendix 3
HISTORICAL CHARGES AND VALUES FOR CERTAIN OPTIONAL BENEFITS
IPR CHARGES
Charges for Investment Preservation Rider - FP Series ("IPR") for policies with an application signed before May 1, 2019 are as follows:  
Annual Charge for IPR
(calculated as an annualized percentage of the amount that is guaranteed
under the IPR, deducted on a quarterly basis)
Guaranteed
Maximum
Charge
Current
Charge
10 Year Holding Period
2.00%
1.15%
11 Year Holding Period
2.00%
1.00%
12 Year Holding Period
1.50%
0.85%
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%
Charges for Investment Preservation Rider - FP Series ("IPR") for policies with an application signed on or after May 1, 2019 and before February 10, 2025, are as follows:  
Annual Charge for IPR
(calculated as an annualized percentage of the amount that is guaranteed
under the IPR, deducted on a quarterly basis)
Guaranteed
Maximum
Charge
Current
Charge
7 Year Holding Period
2.00%
1.10%
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%
IPR RESETS
The following applies for elections of an IPR Reset with the Rider Reset Effective Date before May 1, 2019 :  
Appendix 3-1
Annual Charge for IPR
(calculated as an annualized percentage of the amount that is guaranteed
under the IPR, deducted on a quarterly basis)
Guaranteed
Maximum
Charge
Current
Charge
10 Year Holding Period
2.00%
1.15%
11 Year Holding Period
2.00%
1.00%
12 Year Holding Period
1.50%
0.85%
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%
IPR GUARANTEE PERCENTAGES
The percentages applicable for determining the Guaranteed Amount under IPR for policies with an application signed on or before May 1, 2023 are: 
Holding Period
Percentage
10 Year Holding Period
100%
11 Year Holding Period
100%
12 Year Holding Period
100%
13 Year Holding Period
100%
14 Year Holding Period
100%
15 Year Holding Period
100%
20 Year Holding Period
150%
The percentages applicable for determining the Guaranteed Amount under IPR for policies with an application signed on or after May 1, 2023 and before February 10, 2025 are: 
Holding Period
Percentage
7 Year Holding Period
90%
10 Year Holding Period
105%
11 Year Holding Period
105%
12 Year Holding Period
110%
13 Year Holding Period
110%
14 Year Holding Period
110%
15 Year Holding Period
110%
20 Year Holding Period
150%
Appendix 3-2
Back Cover Page
The Statement of Additional Information (SAI) dated May 1, 2026 contains more information about the policies and the Separate Accounts. The SAI has been filed with the SEC and is incorporated by reference into this Summary Prospectus. The SAI is posted on our website, https://dfinview.com/NewYorkLife/TAHD/premier-fpseries. For a free paper copy of the SAI, to request other information about the policies, and to make investor inquiries call us at (800) 598-2019 or write to us at NYLIAC Variable Product Service Center, Madison Square Station, P.O. Box 922, New York, NY 10159.
Reports and other information about the Separate Accounts are available on the SEC's website at https://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Separate Account III EDGAR contract identifier #C000193957
 
Separate Account IV EDGAR contract identifier #C000193958
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