Symetra Resource Variable Account B

04/29/2024 | Press release | Distributed by Public on 04/29/2024 13:03

Notice Document by Insurance Company - Form N-VP

Document

Notice Document
Dated: May 1, 2024
Spinnaker® Plus Variable Annuity
Issued By: Symetra Life Insurance Company

The prospectus for the Spinnaker® Plus Variable Annuity contains more information about the Contract, including its features, benefits, and risks. You can find the prospectus and other information about Spinnaker® Plus Variable Annuity online at www.symetra.com/regulatoryreports. You can also obtain this information at no cost by calling 1-800-796-3872 or by sending an email request to [email protected].

Additional general information about certain investment products, including variable annuities has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

The Spinnaker® Plus Variable Annuity Prospectus and Statement of Additional Information dated December 1, 2004 as supplemented, are incorporated herein by reference.

UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Notice Document is a summary of certain Contract features that have changed since the May 1, 2023 Notice Document. This may not reflect all of the changes that have occurred since you entered into your Spinnaker® Plus Variable Annuity Contract.

Please note the following Portfolio change:

•Effective on or about April 26, 2024, Lincoln Financial adopted certain American Century Variable Portfolios. As a result, the following American Century Portfolios have changed their names as noted below.

Old Name New Name
American Century VP Balanced Class I LVIP American Century Balanced Fund Standard Class II
American Century VP International Fund Class I LVIP American Century International Fund Standard Class II
American Century VP Value Fund Class I LVIP American Century Value Fund Standard Class II
Reminder:

Effective November 1, 2023, the communications address for Symetra Life Insurance Company changed. All communications to Symetra Life should be directed as follows:

For general correspondence, all written communications, including additional Purchase Payments, and other transactional inquiries, please contact us at:

Symetra Life Insurance Company
PO Box 674423
Houston, TX 77267-4423

For overnight mail:
Symetra Life Insurance Company
14710 John F Kennedy Blvd, Suite 140
Houston, TX 77032-3725
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KEY INFORMATION
Important information you should consider about the Contract. For more information, see the Spinnaker® Plus Variable Annuity prospectus dated May 1, 2004, as supplemented.

FEES AND EXPENSES
Charges for Early Withdrawals
A Withdrawal Charge of $25 or 2% of the amount withdrawn, whichever is less, will apply to each withdrawal after the first withdrawal each Contract Year.

Transaction Charges
A Transfer Charge of $10 or 2% of the amount transferred, whichever is less, will apply upon each transfer in excess of 12 transfers in a Contract Year.



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 Contract data page for information about the specific fees you will pay each year based on the options you have elected.
Annual Fee Minimum Maximum
Base Contract (1) 1.72% 2.85%
Investment options (Portfolio fees and expenses) (2) 0.47% 1.60%
(1) Base Contract fees are expressed as a percentage of Separate Account assets, and include mortality and expense risk fees, which are charged as a percentage of Contract Value, and the annual Contract fee, which is a fixed dollar amount.

(2) Portfolio fees and expenses are expressed as a percentage of the Portfolio's net asset value and include management fees, distribution and/or service 12b-1 fees, and other expenses (before any waivers or expense reimbursement).
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, 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 Contract, which could add charges that substantially increase costs.

Lowest Annual Cost:
$1,566.33
Highest Annual Cost:
$2,420.02
The Lowest Annual Cost shown above assumes the following:

•Investment of $100,000
•5% annual appreciation
•Least expensive combination of Contract Classes and Portfolio Company fees and expenses
•No sales charges
•No additional purchase payments, transfers or withdrawals


The Highest Annual Cost shown above assumes the following:

•Investment of $100,000
•5% annual appreciation
•Most expensive combination of Contract Classes and Portfolio Company fees and expenses
•No sales charges
•No additional purchase payments, transfers or withdrawals
RISKS
Risk of Loss
You may lose money by investing in the Contract.

Not a Short-Term Investment
The Contract is not a short-term investment and is not appropriate if you need ready access to cash. Withdrawal charges will reduce the value of your Contract if you withdraw money during the Accumulation Phase. The benefits of tax deferral and living benefit protections also mean the Contract is more beneficial to investors with a long time horizon. Tax penalties may apply to withdrawals taken before age 59 ½. Transfer limits and fees designed to deter marketing timing may apply under policies designed to deter frequent trading and market timing.

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RISKS
Risks Associated with Investment Options
Investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Portfolios available under the Contract. Each Portfolio has its own unique risks. You should review these Portfolios before making an investment decision.

Insurance Company Risks
Investment in the Contract is subject to the risks related to Symetra Life Insurance Company. Any obligations, including obligations related to the Symetra Fixed Account, guarantees, and benefits provided for under the Contract are subject to our financial strength and claims-paying ability. More information about us, including our financial strength ratings, is available upon request by calling 1-800-796-3872, or visiting us at www.symetra.com/regulatoryreports.
RESTRICTIONS
Investments
You may allocate amounts under the Contract to one or more of the Sub-accounts available to you. Certain Sub-accounts are closed to new investors and only available to Contract Owners who have been continuously invested in them as of a certain date. Once a Contract Owner has transferred the entire value out of one of these closed Sub-accounts, the Sub-account is no longer available to the Contract Owner for investment. A transfer charge may apply for each transfer in excess of 12 transfers in a Contract Year. You may also allocate money to the Symetra Fixed Account, which credits guaranteed interest rates. We reserve the right to add, combine, restrict or remove any Sub-account available as an investment option under your Contract. We further reserve the right to restrict or remove the Symetra Fixed Account as an investment option available under the Contract.

TAXES
Tax Implications
You should consult a competent tax professional about your individual circumstances to determine the tax implications of an investment in and purchase payments received under the Contract. There is no additional tax benefit if you purchased the Contract through a tax-qualified plan or individual retirement account (IRA). Access to amounts held in a qualified Contract may be restricted or prohibited.
All distributions other than death benefits, including surrenders, withdrawals and loans taken or secured by the Contract will be subject to ordinary income tax, and may be subject to tax penalties.
CONFLICTS OF INTEREST
Investment Professional Compensation
Investment professionals who solicited sales of the Contracts receive a portion of the commission payable to the broker-dealer firm, depending on the agreement between the broker-dealer and the investment professional. We pay commissions as a percentage of Purchase Payments invested in the Contract.

An investment professional may receive different compensation for selling different investment products and may have a financial incentive to offer or recommend one investment product over another.
Exchanges
An investment professional may have a financial incentive to offer you a new contract in the place of a contract you already own.

You should not exchange this Contract for a new one unless you determine, after comparing the features fees and risks of both contracts, that the exchange is preferable for you.


EDGAR Contract Identifier: C000003376
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APPENDIX: PORTFOLIOS AVAILABLE UNDER THE CONTRACT
The following is a list of Portfolios available under the Contract. More 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 www.symetra.com/regulatoryreports. You can also request this information at no cost by calling 1-800-796-3872 or by sending an email request to [email protected].

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

TYPE PORTFOLIO NAME AND ADVISOR
CURRENT EXPENSES(As of 12/31/2023)
AVERAGE ANNUAL TOTAL RETURN
(As of 12/31/2023)
1 Year 5 Year 10 Year
Asset Allocation
LVIP American Century Balanced Fund Standard Class II
American Century Investment Management, Inc.
0.77%** 16.12% 8.20% NA
International Equity
LVIP American Century International Fund Standard Class II
American Century Investment Management, Inc.
0.95%** 12.43% 8.12% 3.91%
U.S. Equity
LVIP American Century Value Fund Standard Class II
American Century Investment Management, Inc.
0.71%** 9.02% 11.71% 8.36%
U.S. Equity
BNY Mellon Investment Portfolios MidCap Stock Portfolio - Initial Shares (1)
BNY Mellon Investment Advisors, Inc.
0.80%** 18.31% 10.70% 7.44%
Sector Equity
BNY Mellon Investment Portfolios Technology Growth Portfolio - Initial Shares
BNY Mellon Investment Advisors, Inc.
0.78% 59.42% 15.59% 13.22%
U.S. Equity
BNY Mellon Stock Index Fund, Inc. - Service Shares
BNY Mellon Investment Advisors, Inc.
0.52% 25.60% 15.09% 11.47%
U.S. Equity
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares
BNY Mellon Investment Advisors, Inc.
0.67% 23.82% 15.13% 10.46%
U.S. Equity
BNY Mellon Variable Investment Fund Appreciation Portfolio - Initial Shares (1)
BNY Mellon Investment Advisors, Inc.
0.85% 20.97% 16.23% 11.09%
International Equity
DWS CROCI® International VIP - Class A (4)
DWS Investment Management Americas, Inc.
0.84%** 18.94% 7.10% 2.14%
Asset Allocation
DWS Global Income Builder VIP - Class A (4)
DWS Investment Management Americas, Inc.
0.65% 14.89% 7.11% 5.19%
Taxable Bond
Federated Hermes High Income Bond Fund II - Primary Shares (1)
Federated Investment Management Company
0.81%** 12.71% 4.75% 4.13%
Asset Allocation
Federated Hermes Managed Volatility Fund II - Primary Shares (1)
Federated Global Investment Management Corp. ("Fed Global")Federated Investment Management Company ("FIMCO") and Federated Equity Management Company of Pennsylvania ("FEMCOPA")
0.97%** 8.68% 6.15% 4.19%
U.S. Equity
Fidelity® VIP ContrafundSM Portfolio - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
0.56% 33.45% 16.65% 11.61%
U.S. Equity
Fidelity® VIP Equity-Income Portfolio℠ - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
0.47% 10.65% 12.30% 8.58%
Money Market
Fidelity® VIP Government Money Market Portfolio - Service Class 2
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
0.52% 4.63% 1.57% 0.97%
U.S. Equity
Fidelity® VIP Growth Opportunities Portfolio - Initial Class (4)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
0.59% 45.65% 19.09% 15.73%
U.S. Equity
Fidelity® VIP Growth Portfolio - Initial Class (1)
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
0.58% 36.24% 19.64% 14.80%
U.S. Equity
Fidelity® VIP Growth & Income Portfolio - Initial Class
Fidelity Management & Research Company (FMR) is the fund's Investment Advisor. FMR UK, FMR HK and FMR Japan serve as sub-advisers for the fund. (*)
0.58% 18.72% 14.79% 10.27%
Asset Allocation
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc.
0.71%** 8.62% 6.98% 5.01%
Asset Allocation
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC
0.93% 13.46% 7.82% 5.43%
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TYPE PORTFOLIO NAME AND ADVISOR
CURRENT EXPENSES(As of 12/31/2023)
AVERAGE ANNUAL TOTAL RETURN
(As of 12/31/2023)
1 Year 5 Year 10 Year
U.S. Equity
Franklin Small-Mid Cap Growth VIP Fund - Class 2
Franklin Advisers, Inc.
1.08%** 26.74% 13.51% 8.96%
Taxable Bond
Franklin U.S. Government Securities VIP Fund - Class 2
Franklin Advisers, Inc.
0.77% 4.47% 0.22% 0.73%
International Equity
Templeton Developing Markets VIP Fund - Class 2
Templeton Asset Management Ltd. Sub-advised by Franklin Templeton Investment Management Limited
1.35%** 12.62% 4.22% 2.32%
International Equity
Templeton Growth VIP Fund - Class 2
Templeton Global Advisors Limited
1.12%** 21.01% 6.47% 3.24%
U.S. Equity
Invesco V.I. American Franchise Fund - Series I (1)
Invesco Advisers, Inc.
0.86% 40.93% 16.16% 11.70%
Sector Equity
Invesco V.I. Global Real Estate Fund - Series I (1)
Invesco Advisers, Inc. Sub-advised by Invesco Asset Management Limited
1.02% 9.05% 2.11% 3.10%
International Equity
Invesco V.I. EQV International Equity Fund - Series II
Invesco Advisers, Inc.
1.15% 18.15% 8.42% 4.33%
U.S. Equity
LVIP JPMorgan Mid Cap Value Fund - Standard Class
Lincoln Investment Advisors Corporation Sub-advised by J.P. Morgan Investment Management Inc.
0.74% 10.91% 10.98% 8.05%
U.S. Equity
LVIP JPMorgan U.S. Equity Fund - Standard Class (4)
Lincoln Investment Advisors Corporation Sub-advised by J.P. Morgan Investment Management Inc.
0.69% 27.16% 17.15% 12.44%
Bond
Pioneer Bond VCT Portfolio - Class I Shares (3)
Amundi Asset Management US, Inc.
0.64% 6.51% 1.84% 2.26%
U.S. Equity
Pioneer Equity Income VCT Portfolio - Class II Shares
Amundi Asset Management US, Inc.
1.08% 6.76% 9.25% 8.21%
U.S. Equity
Pioneer Fund VCT Portfolio - Class I Shares (3)
Amundi Asset Management US, Inc.
0.80% 28.54% 16.93% 12.26%
Taxable Bond
Pioneer High Yield VCT Portfolio - Class II Shares
Amundi Asset Management US, Inc.
1.20%** 11.44% 3.86% 3.06%
U.S. Equity
Pioneer Mid Cap Value VCT Portfolio - Class I Shares (3)
Amundi Asset Management US, Inc.
0.80% 12.16% 12.74% 7.64%
U.S. Equity
Pioneer Select Mid Cap Growth VCT Portfolio - Class I Shares (3)
Amundi Asset Management US, Inc.
0.92% 18.13% 10.66% 8.77%
Taxable Bond
Pioneer Strategic Income VCT Portfolio - Class II Shares
Amundi Asset Management US, Inc.
1.06%** 7.81% 2.46% 2.42%
International Equity
VY JPMorgan Emerging Markets Equity Portfolio - Class I (2)
Voya Investments, LLC Sub-Advised by J.P. Morgan Investment Management, Inc.
1.19%** 6.81% 4.75% 3.84%
We do not guarantee that each Portfolio will be available for investment through the Contract.

1.The Portfolio is only available if you have been continuously invested in it since April 30, 2007.
2.The Portfolio is only available if you have been continuously invested in it since April 30, 2000.
3.The Portfolio is only available if you have been continuously invested in it since November 30, 2004.
4.The Portfolio is only available if you have been continuously invested in it since April 30, 2003.


* Fidelity, the Fidelity Investments Logo, Contrafund, and Equity-Income are registered service marks of FMR LLC. Used with permission.
** Annual Expenses reflect a temporary fee reduction.
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