Updating Summary Prospectus - Form 497VPU

Table of Contents

	Page
Contacting NYLIAC	1
Definitions	2
Updated Information About Your Policy	4
Important Information You Should Consider About The Policy	5
Appendix 1	1 -1

Contacting NYLIAC

Certain service requests, including but not limited to, death benefit claims and surrenders, are required to be in writing. All written service requests (except for subsequent premium payments and loan repayments) must be sent to the NYLIAC Variable Products Service Center (VPSC) at one of the following addresses:

	Regular Mail	Express Mail
All written service requests (except for payments)	NYLIAC Variable Products Service Center Madison Square Station P.O. Box 922 New York, NY 10159	NYLIAC Variable Products Service Center 51 Madison Avenue Floor 3B, Room 0304 New York, NY 10010
Death Claim forms may also be submitted to	Regular Mail
New York Life P.O. Box 130539 Dallas, TX 75313-0539

Premium payments and loan repayments should be sent to the VPSC at one of the following addresses (acceptance of subsequent premium payments is subject to the sales standards we use to evaluate whether a recommended transaction related to your policy complies with applicable standards of conduct):

	Regular Mail	Express Mail
Premium Payments and Loan Repayments	NYLIAC 75 Remittance Drive Suite 3021 Chicago, IL 60675-3021	NYLIAC 5450 N Cumberland Avenue Suite 100 Chicago, IL 60656-1422

Written service requests will be effective as of the Business Day they are received in Good Order at our service center at one of the addresses listed above. We consider a transaction to be in "Good Order" if it complies with our administrative procedures and all relevant laws and regulations, and the required information is complete and correct. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing (or, if permitted, by telephone or electronically), along with all forms and other information or documentation necessary to complete the request. Faxed and e-mailed requests are not currently accepted.

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 Unitvalue.

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.

Adjusted Premium Payment-The total dollar amount of premium payments made under the policy and allocated to the Investment Divisions 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 and the Fixed Account.

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 95.

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

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

Code-The Internal Revenue Code of 1986, as amended.

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.

Fund-A mutual fund that has multiple series or Portfolios.

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

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, who is entitled to exercise all rights under the policy.

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 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.

Separate Account-NYLIAC Variable Annuity Separate Account-III and NYLIAC Variable Annuity Separate Account-IV, 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.

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 the last Policy Anniversary (10% of the premium payment if the withdrawal is made in the first Policy Year) less any prior surrender charge free withdrawals during the Policy Year; (ii) 10% of your Accumulation Value at the time of withdrawal, less any prior surrender charge free withdrawals during the Policy Year; or (iii) your Accumulation Value less accumulated premium payments.

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.

Updated Information About Your Policy

The Information in this Updating Summary Prospectus is a summary of certain policy features that have changed since May 1, 2023. This may not reflect all changes that have occurred since you purchased your policy.
Change of Express Mailing Address	A new mailing address is provided for mailing subsequent premium payments and, if applicable, loan repayments.
The following Portfolios are added as available Investment Divisions under the policy	American Funds IS Capital World Bond Fund®-Class 4
American Funds IS U.S. Government Securities Fund®-Class 4
Fidelity® VIP Extended Market Index Portfolio-Service Class 2
PIMCO VIT Short-Term Portfolio-Advisor Class
Principal VC Real Estate Securities Account-Class 2
Putnam VT International Value Fund-Class IB
Voya Growth and Income Portfolio-Class S
The names of the following Portfolios have been changed:	MainStay VP Hedge Multi-Strategy (formerly known as MainStay VP IQ Hedge Multi-Strategy)
Mainstay VP MacKay U.S. Infrastructure Bond (formerly known as MainStay VP MacKay Government)
MainStay VP PineStone International Equity (formerly known as MainStay VP MacKay International Equity)
Macquarie VIP Small Cap Value Series (formerly known as Delaware VIP® Small Cap Value Series)
Portfolio Performance and Expenses	For updated Portfolio performance and expense information, see the Appendix for the Portfolios Available Under the Policy.

Important Information You Should Consider About The Policy

	FEES AND EXPENSES	LOCATION IN PROSPECTUS
Charges for Early Withdrawal	If you withdraw more than the Surrender Charge Free Amount within the first nine Policy Years, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first three Policy Years, declining to 0% over that nine-year period. For example, if you make an early withdrawal within the first three Policy Years, you could pay a surrender charge of up to $7,000 on a $100,000 investment.	CHARGES AND DEDUCTIONS - Transaction Expenses -Surrender Charges
Transaction 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. A loan processing fee may apply if you take a policy loan. 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
Ongoing Fees and Expenses (annual charges)	The table below describes the fees and expenses that you may pay each year, depending on the options 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

	ANNUAL FEE	MINIMUM	MAXIMUM
	Base contract1	1.40%	1.60%	CHARGES AND DEDUCTIONS - Annual Policy Expenses
	Investment options (Portfolio fees and expenses)2	0.38%	1.42%	CHARGES AND DEDUCTIONS - Annual Portfolio Expenses
	Optional benefits available for an additional charge (for a single optional benefit, if elected)3	0.30%	0.35%	CHARGES AND DEDUCTIONS - Optional Benefit Expenses
	1 As an annualized percentage of daily Variable Accumulation Value (Minimum Base Contract Charge) and as a percentage of Adjusted Premium Payments (Maximum Base Contract Charge). 2 As a percentage of average net Portfolio assets. The range in fees and expenses is for the year ended December 31, 2023 and will change from year to year. 3 As a percentage of the ADBR Reset Value.

	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 eachyear, 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: $1,643.98	HIGHEST ANNUAL COST $2,988.30
	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
Risk of Loss	You can lose money by investing in this policy.	PRINCIPAL RISKS
Not a Short-Term Investment	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 the first nine Policy Years. They will reduce the value of your policy if you withdraw money during that time. The benefits of tax deferral and living benefit protections also mean the policy is more beneficial to investors with a long time horizon.	PRINCIPAL RISKS
Risks Associated with 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) you choose. •Each investment option has its own unique risks. •You should review the prospectuses for the available Portfolios before making an investment decision.	PRINCIPAL RISKS
Insurance Company Risks	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 VPSC at 1-800-598-2019.	PRINCIPAL RISKS

Appendix 1

Portfolios 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. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/flex-ii. You can also request this information at no cost by calling the VPSC at 1-800-598-2019 or by sending an email request with your name and mailing address to [email protected].

You may allocate your premium payments or other Accumulation Value to up to 18 different Investment Divisions at any one time in addition to the Fixed Account.

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.

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/23)
1 year	5 year	10 year
Large Cap Equity	MainStay VP American Century Sustainable Equity - Service Class Adviser: New York Life Investment Management LLC ("New York Life Investments")/ Subadviser: American Century Investment Management, Inc.	0.92%	24.08%	12.66%	8.46%
Asset Allocation	MainStay VP Balanced - Service Class Adviser: New York Life Investments / Subadviser: NYL Investors LLC ("NYL Investors") and Wellington Management Company LLP ("Wellington")	0.95%	7.28%	8.15%	5.90%
Investment Grade Bond	MainStay VP Bond - Service Class Adviser: New York Life Investments / Subadviser: NYL Investors	0.77%	5.31%	0.71%	1.45%
International/Global Equity	MainStay VP Candriam Emerging Markets Equity - Service Class+ Adviser: New York Life Investments / Subadviser: Candriam	1.39%	6.98%	2.24%	(0.17)%
Sector	MainStay VP CBRE Global Infrastructure - Service Class Adviser: New York Life Investments / Subadviser: CBRE Investment Management Listed Real Assets LLC	1.20%	3.80%	0.46%	(2.84)%
Asset Allocation	MainStay VP Conservative Allocation - Service Class Adviser: New York Life Investments	0.73%	10.02%	5.38%	3.82%

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/23)
1 year	5 year	10 year
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	0.76%	6.44%	0.98%	N/A

This Summary Prospectus incorporates by reference the New York Life Flexible Premium Variable Annuity II full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2024, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, https://dfinview.com/NewYorkLife/TAHD/flex-ii. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.

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 #C000099458

Separate Account IV EDGAR contract identifier #C000099457

Table of Contents

	Page
Contacting NYLIAC	1
Definitions	2
Updated Information About Your Policy	3
Important Information You Should Consider About The Policy	4
Appendix 1	1 -1

Contacting NYLIAC

Certain service requests, including but not limited to, death benefit claims and surrenders, are required to be in writing. All written service requests (except for subsequent premium payments and loan repayments) must be sent to the NYLIAC Variable Products Service Center (VPSC) at one of the following addresses:

	Regular Mail	Express Mail
All written service requests (except for payments)	NYLIAC Variable Products Service Center Madison Square Station P.O. Box 922 New York, NY 10159	NYLIAC Variable Products Service Center 51 Madison Avenue Floor 3B, Room 0304 New York, NY 10010
Death Claim forms may also be submitted to	Regular Mail
New York Life P.O. Box 130539 Dallas, TX 75313-0539

Premium payments and loan repayments should be sent to the VPSC at one of the following addresses (acceptance of subsequent premium payments is subject to the sales standards we use to evaluate whether a recommended transaction related to your policy complies with applicable standards of conduct):

	Regular Mail	Express Mail
Premium Payments and Loan Repayments	NYLIAC 75 Remittance Drive Suite 3021 Chicago, IL 60675-3021	NYLIAC 5450 N Cumberland Avenue Suite 100 Chicago, IL 60656-1422

Written service requests will be effective as of the Business Day they are received in Good Order at our service center at one of the addresses listed above. We consider a transaction to be in "Good Order" if it complies with our administrative procedures and all relevant laws and regulations, and the required information is complete and correct. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing (or, if permitted, by telephone or electronically), along with all forms and other information or documentation necessary to complete the request. Faxed and e-mailed requests are not currently accepted.

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 Unitvalue.

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.

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 non-variable Allocation Option to which you may allocate Premium Payments, subject to the limitations described on the Policy Data Page, and from which amounts are transferred to the Investment Divisions proportionally on a monthly basis. The DCA Advantage Account duration is shown on the Policy Data Page. We credit the DCA Advantage Account with a fixed interest rate. The benefits payable under the DCA Advantage Account (including principal and interest) are payable from NYLIAC's general account and are subject to the claims-paying ability of NYLIAC.

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

Fixed Account Accumulation Value-The sum of premium payments and, if allowable, transfers allocated to the Fixed Account, plus interest credited on those premium payments and, if allowable, transfers, less any transfers and partial withdrawals from the Fixed Account, and less any surrender charges, policy service charges and rider charges assessed on and deducted from the Fixed Account. The Fixed Account Accumulation Value will never be less than the Fixed Account portion of the Nonforfeiture Value.

Fund-A mutual fund that has multiple series or Portfolios.

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

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.

Policy Anniversary-An anniversary of the Policy Date 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.

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.

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.

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.

Updated Information About Your Policy

The Information in this Updating Summary Prospectus is a summary of certain policy features that have changed since May 1, 2023. This may not reflect all changes that have occurred since you purchased your policy.
Change of Express Mailing Address	A new mailing address is provided for mailing subsequent premium payments and, if applicable, loan repayments.
The following Portfolios are added as available Investment Divisions under the policy	American Funds IS Capital World Bond Fund®-Class 4
American Funds IS U.S. Government Securities Fund®-Class 4
Fidelity® VIP Extended Market Index Portfolio-Service Class 2
PIMCO VIT Short-Term Portfolio-Advisor Class
Principal VC Real Estate Securities Account-Class 2
Putnam VT International Value Fund-Class IB
Voya Growth and Income Portfolio-Class S
The names of the following Portfolios have been changed:	MainStay VP Hedge Multi-Strategy (formerly known as MainStay VP IQ Hedge Multi-Strategy)
Mainstay VP MacKay U.S. Infrastructure Bond (formerly known as MainStay VP MacKay Government)
MainStay VP PineStone International Equity (formerly known as MainStay VP MacKay International Equity)
Macquarie VIP Small Cap Value Series (formerly known as Delaware VIP® Small Cap Value Series)
Portfolio Performance and Expenses	For updated Portfolio performance and expense information, see the Appendix for the Portfolios Available Under the Policy.

Important Information You Should Consider About The Policy

	FEES AND EXPENSES	LOCATION IN PROSPECTUS
Charges for Early Withdrawal	In most jurisdictions,* if you withdraw more than the Surrender Charge Free Amount within the first nine Policy Years, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first three Policy Years, declining to 0% over that nine-year period. For example, if you make an early withdrawal within the first three Policy Years, you could pay a surrender charge of up to $7,000 on a $100,000 investment. *Policies issued in New York with an application date signed on or after November 13, 2023 are subject to a different surrender charge schedule. For those New York policies, if you withdraw more than the Surrender Charge Free Amount from your policy within the first seven Policy Years, you will be assessed a surrender charge. The maximum surrender charge is 8% of the amount withdrawn during the first two Policy Years declining to 0% over that seven-year period.	CHARGES AND DEDUCTIONS - Transaction Expenses -Surrender Charges
Transaction 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. A loan processing fee may apply if you take a policy loan. 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
Ongoing Fees and Expenses (annual charges)	The table below describes the fees and expenses that you may pay each year, depending on the options 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

	ANNUAL FEE (for policies applied for on or after May 1, 2016)	MINIMUM	MAXIMUM
	Base contract1	1.10%	1.40%	CHARGES AND DEDUCTIONS - Annual Policy Expenses
	Investment options (Portfolio fees and expenses)2	0.38%	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%	0.25%	CHARGES AND DEDUCTIONS - Optional Benefit Expenses

	1As a percentage of Accumulation Value (Minimum Base Contract Charge) and as a percentage of Adjusted Premium Payments (Maximum Base Contract Charge). 2As a percentage of average net Portfolio assets. The range in fees and expenses is for the year ended December 31, 2023 and will change from year to year. 3As an annualized percentage of the ADBR Reset Value.
	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 $1,422.41	HIGHEST ANNUAL COST $2,578.58
	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 FEE (for policies applied for before May 1, 2016)	MINIMUM	MAXIMUM
	Base contract1	1.15%	1.55%	Charges and Deductions - Annual Policy Expenses
	Investment options (Portfolio fees and expenses)2	0.38%	1.42%	Charges and Deductions - Annual Portfolio Expenses
	Optional benefits available for an additional charge (for a single optional benefit, if elected)3	0.30%	0.35%	Charges and Deductions - Optional Benefit Expense
	1 As a percentage of Accumulation Value (Minimum Base Contract Charge) and as a percentage of Adjusted Premium Payments (Maximum Base Contract Charge). 2 As a percentage of average net Portfolio assets. The range in fees and expenses is for the year ended December 31, 2023 and will change from year to year. 3 As an annualized percentage of the ADBR Reset Value.

	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 $1,584.26	HIGHEST ANNUAL COST $2,707.88
	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
Risk of Loss	You can lose money by investing in this policy.	PRINCIPAL RISKS
Not a Short-Term Investment	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 the first nine Policy Years. They will reduce the value of your policy if you withdraw money during that time. The benefits of tax deferral and living benefit protections also mean the policy is more beneficial to investors with a long time horizon.	PRINCIPAL RISKS
Risks Associated with 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 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
Insurance Company Risks	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 VPSC at 1-800-598-2019.	PRINCIPAL RISKS

Appendix 1

Portfolios 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/flex-iii. You can also request this information at no cost by calling the VPSC at 1-800-598-2019 or by sending an email request with your name and mailing address to [email protected].

You may allocate your premium payments or other Accumulation Value to up to 18 different Investment Divisions at any one time in addition to the Fixed Account or the DCA Advantage Account.

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.

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/23)
1 year	5 year	10 year
Large Cap Equity	MainStay VP American Century Sustainable Equity - Service Class Adviser: New York Life Investment Management LLC ("New York Life Investments")/ Subadviser: American Century Investment Management, Inc.	0.92%	24.08%	12.66%	8.46%
Asset Allocation	MainStay VP Balanced - Service Class Adviser: New York Life Investments / Subadviser: NYL Investors LLC ("NYL Investors") and Wellington Management Company LLP ("Wellington")	0.95%	7.28%	8.15%	5.90%
Investment Grade Bond	MainStay VP Bond - Service Class Adviser: New York Life Investments / Subadviser: NYL Investors	0.77%	5.31%	0.71%	1.45%
International/Global Equity	MainStay VP Candriam Emerging Markets Equity - Service Class+ Adviser: New York Life Investments / Subadviser: Candriam	1.39%	6.98%	2.24%	(0.17)%
Sector	MainStay VP CBRE Global Infrastructure - Service Class Adviser: New York Life Investments / Subadviser: CBRE Investment Management Listed Real Assets LLC	1.20%	3.80%	0.46%	(2.84)%
Asset Allocation	MainStay VP Conservative Allocation - Service Class Adviser: New York Life Investments	0.73%	10.02%	5.38%	3.82%

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/23)
1 year	5 year	10 year
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	0.76%	6.44%	0.98%	N/A

This Summary Prospectus incorporates by reference the New York Life Flexible Premium Variable Annuity III full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2024, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, https://dfinview.com/NewYorkLife/TAHD/flex-iii. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.

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 #C000154618

Separate Account IV EDGAR contract identifier #C000154619