Updating Summary Prospectus - Form 497VPU

Updating Summary Prospectus for Existing Investors

May 1, 2024

This Updating Summary Prospectus describes the Schwab Advisor Choice Variable Annuity (the "Contract"), an individual flexible premium variable annuity contract. You should read this Updating Summary Prospectus carefully, particularly the section titled Important Information You Should Consider About the Contract.

The prospectus for the Schwab Advisory Choice Variable Annuity Contract (the "Prospectus") contains more information about the Contract, including its features, benefits, and risks. You can find the Prospectus and other information about the Contract online at www.protective.com/productprospectus. You can also obtain this information at no cost by calling 1 (800) 838-0650 or by sending an email request to [email protected].

Additional 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 SEC has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminial offense.

​	SPECIAL TERMS	​	​	3	​
​	UPDATED INFORMATION ABOUT YOUR CONTRACT	​	​	5	​
​	IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT	​	​	5	​

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APPENDIX A - FUNDS AVAILABLE UNDER THE CONTRACT

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A-1

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SPECIAL TERMS

"We", "us", "our", "Empower", and "Company"  Refer to Empower Annuity Insurance Company of America. "You", "your" and "Owner" refer to the person(s) who has been issued a Contract.

Annuity Account An account we establish in your name that reflects the Owner's interests in the Sub-Accounts in both the Investment Segment and the Income Segment.

Annuity Account Value The sum of the value of each Sub-Account you have selected in both the Investment Segment and Income Segment. The Annuity Account Value is credited with a return based upon the investment experience of the Sub-Account(s) selected by you and will increase and decrease accordingly.

Annuity Commencement Date The date annuity payouts begin, which is either the Payout Election Date or the Annuitant's 99th birthday if no Payout Election Date has been established. You may change the Annuity Commencement Date if annuity payouts have not already begun. Upon death of the Owner, the Beneficiary may change the Annuity Commencement Date only if the Beneficiary is the Owner's surviving Spouse and elects to continue the Contract. The Annuity Commencement Date must occur prior to or on the Annuitant's 99th birthday.

Benefit Base For purposes of the GLWB Rider, the amount that is multiplied by the Guaranteed Annual Withdrawal Percentage to calculate the Guaranteed Annual Withdrawal. The Benefit Base increases dollar-for-dollar upon any GLWB Rider Contribution and is reduced proportionately for any Excess Withdrawal. The Benefit Base can also increase with positive Covered Fund performance on the Ratchet Date and may also be adjusted on the Ratchet Date. The Benefit Base may not exceed $5 million. Any Covered Fund Value over $5 million will be considered excess Covered Fund Value and will not be used to calculate Guaranteed Annual Withdrawals.

Consultant Your designated investment manager or financial advisor.

Contributions Amounts of money you invest or deposit into your Annuity Account.

Covered Funds Interests in Sub-Account(s) designated for the Income Segment.

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Empower Conservative Profile Fund - Investor Class Shares

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Empower Moderate Profile Fund - Investor Class Shares

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Empower Moderately-Conservative Profile Fund - Investor Class Shares

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Empower SecureFoundation® Balanced Fund - Investor Class Shares

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Any other Portfolio we approve for the GLWB

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Covered Fund Value The aggregate value of each Covered Fund.

Death Benefit The amount payable to the Beneficiary when the Owner or the Annuitant dies, as applicable.

Excess Withdrawal An amount either distributed or transferred from the Covered Funds during the GLWB Accumulation Phase or any amount combined with all other amounts that exceed the annual GAW during the GAW Phase that reduces your Benefit Base. The Guarantee Benefit Fee, the M&E Charge, and up to 1.5% annually of Covered Fund Value to pay for Consultant Fees shall not be treated as a Distribution or Excess Withdrawal for this purpose. Withdrawals from the Covered Funds in the Income Segment to pay Consultant fees up to 1.5% annually of the Covered Fund Value will not be considered an Excess Withdrawal; withdrawals to pay Consultant fees will be considered an Excess Withdrawal to the extent they exceed 1.5% annually of the Covered Fund Value, and would reduce your Benefit Base and GAWs under the GLWB Rider. Withdrawals to pay Consultant fees may be taken from assets held in the Investment Segment or from other assets managed by your Consultant, if any, rather than from assets held in the Income Segment to avoid being considered an Excess Withdrawal thus reducing your benefits under the GLWB Rider. You should consult a competent tax advisor prior to authorizing a withdrawal from your Annuity Account to pay Consultant fees.

Guaranteed Lifetime Withdrawal Benefit (GLWB) A payment option offered by the GLWB Rider that pays Installments during the life of the Covered Person(s). The Covered Person(s) will receive periodic payments in either monthly, quarterly, semiannual, or annual Installments that in total over a 12-month period equal the GAW, without causing an Excess Withdrawal.

GLWB Rider The Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider issued to the Owner which specifies the benefits, rights, privileges, and obligations of the Owner and Empower in the Income Segment, as modified by the Rate

Sheet Supplement applicable on the date you signed the application to purchase the Contract. The GLWB Rider is initiated by allocating Contributions to the Income Segment Covered Funds. All guarantees are subject to the claims paying ability of Empower. The GAW% and Joint GAW% are disclosed in a Rate Sheet Supplement to the Prospectus applicable on the date you signed the application to purchase the Contract. For the GAW% and Joint GAW% applicable to you, please see the Appendix entitled "Guaranteed Annual Withdrawal Percentages from Rate Sheet Supplements" at the end of the Prospectus.

GLWB Rider Contributions Owner-directed amounts received and allocated to the Owner's Covered Funds in the Income Segment, including but not limited to Transfers from other assets in the Contract. If this Contract is a Qualified Annuity Contract, GLWB Rider Contributions may also include rollovers as defined under Section 402(c), 403(b)(8), 408(d)(3) and 457(e)(16) of the Code. Reinvested dividends, capital gains, and settlements arising from the Covered Funds will not be considered GLWB Rider Contributions for the purpose of calculating the Benefit Base but will affect the Covered Fund Value. We reserve the right to stop accepting GLWB Rider Contributions at any time and will provide the Owner with a 30 day notice.

Income Segment Assets allocated to the Sub-Account(s) associated with the optional GLWB Rider attached to the Contract.

Installments Periodic payments of the GAW that in total over a year can equal up to the GAW without causing an Excess Withdrawal.

Investment Segment Assets allocated to the Sub-Accounts not associated with the optional GLWB Rider attached to the Contract.

Mortality and Expense Risk Charge (M&E Charge) An amount deducted from your Annuity Account Value at the end of each valuation period to compensate Empower for bearing certain mortality and expense risks under the Contract.

Owner (Joint Owner) or You The person(s) named in the application who is entitled to exercise all rights and privileges under the Contract, while the Annuitant is living. Joint Owners must be one another's Spouse as of the Effective Date and must both be natural persons. The Annuitant will be the Owner unless otherwise indicated in the application. If the Contract is intended to be held as a Qualified Annuity Contract, the Owner must be the Annuitant and a Joint Owner is not permitted. The Owner must be either a natural person, a Grantor Trust, or a Non-Grantor Trust. If the Owner is a Grantor Trust, all references to the life, age or death of the Owner shall pertain to the life, age or death of the Grantor(s). If the Owner is a Non-Grantor Trust, all references to the life, age, or death of the Owner pertain to the life, age, or death of the Annuitant, and where there are Joint Annuitants, shall pertain to the older Joint Annuitant. If there is a change of ownership of the Contract from a Non-Grantor Trust to a natural person, the original Annuitant and/or Joint Annuitant shall continue to determine any benefits under the Contract and GLWB Riders.

Portfolio A registered management investment company, or portfolio or series thereof, in which the assets of the Series Account may be invested.

Qualified Annuity Contract An annuity contract that is intended to qualify under Sections 408(b) (IRAs) or 408A (Roth IRAs) of the Code. We may issue this Contract as a Qualified Annuity Contract, in which case, under the Code, assignment of the Contract and GLWB Rider is not permitted.

Request Any written, telephoned, electronic or computerized instruction in a form satisfactory to Empower that the Service Center receives from you, your designee (as specified in a form acceptable to Empower) or the Beneficiary (as applicable) as required by any provision of the Contract. The Request is subject to any action taken or payment made by Empower before it is processed.

Series Account Variable Annuity-1 Series Account, the segregated asset account established by Empower under Colorado law and registered as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act").

Service Center You may write to us at our administrative office at P.O. Box 1854 Birmingham, Alabama 35201-1854 (Regular Mail); 2801 Highway 280 South, Birmingham, Alabama 35223 (Overnight Mail); or call us toll free at (800) 838-0650.

Sub-Account A division of the Series Account containing the shares of a Portfolio in the Investment Segment, the Income Segment, or both. There is a Sub-Account for each Portfolio. We may also refer to a Sub-Account as an "investment option" in the Prospectus, SAI, or Series Account financial statements, or a "subaccount" in marketing materials.

Transfer Moving amounts from and among the Sub-Account(s).

UPDATED INFORMATION ABOUT YOUR CONTRACT

The information in this section of the Updating Summary Prospectus is a summary of certain Contract features that have changed since the Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.

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The AB Variable Products Series Fund, Inc. Sustainable International Thematic Portfolio was liquidated.

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All funds of American Century Variable Portfolios, Inc. were reorganized into new portfolios of the Lincoln Variable Insurance Portfolios. You can find a complete list of Funds available in the Fund appendix.

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The Empower Bond Index Fund added sub-advisers. You can find information in the Fund appendix.

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The Delaware VIP International Series was reorganized into the Delaware Ivy VIP International Core Equity.

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The LVIP Delaware SMID Cap Core Fund changed its name to the LVIP Macquarie SMID Cap Core Fund and the LVIP Delaware Value Fund changes its name to the LVIP Macquarie Value Fund.

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For updated Fund performance and fee information please see APPENDIX A: PORTFOLIOS AVAILABLE UNDER THE CONTRACT.

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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

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(1)

We calculate the Base Contract fee by dividing the total amount we receive from the Mortality and Expense Risk Charge for the last fiscal year by the total average net assets attributable to the Contracts for that year.

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(2)

As a percentage of Portfolio Assets.

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(3)

Charges are assessed quarterly, as a percentage of the current Covered Fund Value.

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(4)

Charges are assessed quarterly, as a percentage of the current Benefit Base.

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Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand that 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.

APPENDIX A

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.protective.com/eprospectus. You can also request this information at no cost by calling 855-920-9713 or by sending an email request to [email protected]. Depending on the optional benefits you choose, you may not be able to invest in certain Portfolios.

The current expenses and performance information below reflects fee and expenses of the Portfolios, but do not reflect the other fees and expenses that your Contract may charge. 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.

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(1)

These Portfolios and their investment advisers have entered into contractual fee waivers or expense reimbursement arrangements. These temporary fee reductions are reflected in their annual expenses. Those contractual arrangements are designed to reduce total annual Portfolio operating expenses for Owners and will continue past the current year.

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(2)

The Sub-Accounts investing in these Portfolios are closed to new Contributions and incoming Transfers.

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