Genworth Life & Annuity VA Separate Account 1
05/01/2024 | Press release | Distributed by Public on 05/01/2024 07:33
Updating Summary Prospectus - Form 497VPU
Choice Pre
Table of Contents
Updating Summary Prospectus
May 1, 2024
RetireReadySM Choice
Flexible Premium Variable Deferred Annuity Contracts
for contracts issued prior to May 1, 2003, or prior to the date on which state insurance authorities approved applicable contract modifications
Genworth Life & Annuity VA Separate Account 1
Issued by:
Genworth Life and Annuity Insurance Company
This Updating Summary Prospectus provides certain updating information about RetireReadySM Choice, a flexible premium variable deferred annuity contract (the "contract" or "contracts") issued by Genworth Life and Annuity Insurance Company (the "Company," "we," "us" or "our). This Updating Summary Prospectus applies to RetireReadySM Choice contracts issued prior to May 1, 2003, or prior to the date on which state insurance authorities approved applicable contract modifications. The contract is no longer offered or sold.
The statutory prospectus for the contract contains more information about the contract, including features, benefits, and risks. You can find the current prospectus and other information about the contract online at www.genworth.com/RetireReadyChoicePre. You can also obtain this information at no cost by calling our Home Office at (800) 352-9910.
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 Securities and Exchange Commission has not approved or disapproved the contract or determined that this prospectus is adequate or complete. Any representation to the contrary is a criminal offense.
17528USP 05/01/24
Table of Contents
TABLEOF CONTENTS
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Updated Information About Your Contract |
1 | |||
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Important Information You Should Consider About the Contract |
2 | |||
|
Asset Allocation Program - Model Update |
6 | |||
|
Definitions |
9 | |||
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Appendix A - Portfolios Available Under the Contract |
A-1 |
Table of Contents
UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Updating Summary Prospectus is a summary of certain contract features that have changed since you last received the prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your contract:
| • | The Invesco V.I. Conservative Balanced Fund - Series II shares merged into the Invesco V.I. Equity and Income Fund - Series II shares effective on or about April 29, 2024. |
| • | VP Inflation Protection Fund - Class II reorganized into LVIP American Century Inflation Protection Fund - Service Class effective on or about April 26, 2024. |
| • | ClearBridge Variable Aggressive Growth Portfolio - Class II changed its name to ClearBridge Variable Growth Portfolio - Class II. |
| • | The PSF PGIM Jennison Focused Blend Portfolio --Class II Shares merged into the PSF PGIM Jennison Blend Portfolio - Class II Shares effective December 8, 2023. |
| • | For changes in the names of certain Portfolios, please refer to "Appendix A - Portfolios Available Under the Contract." |
| • | For updated Portfolio expense information, please refer to "Important Information You Should Consider About the Contract" and "Appendix A - Portfolios Available Under the Contract." |
| • | For updated Portfolio performance information, please refer to "Appendix A - Portfolios Available Under the Contract." |
| • | For updates to the Asset Allocation Models available under your contract, please refer to "Asset Allocation Program - Model Update." |
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUTTHE CONTRACT
| Fees and Expenses | Location in Prospectus | |||
| Charges for Early Withdrawals |
If you withdraw money from your contract within six years following your last premium payment, you may be assessed a surrender charge of up to 6% of the value of the premium payment withdrawn. For example, if you purchased the contract and withdrew a $100,000 initial premium payment sooner than one complete year after making the payment, you could be assessed a surrender charge of up to $6,000 on the premium payment withdrawn. |
Fee Tables Charges and Other Deductions - Surrender Charge |
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| Transaction Charges | In addition to surrender charges, the investor may also be charged for other transactions. We currently do not assess a transfer charge. However, we reserve the right to assess a transfer charge of $10 for each transfer among the Subaccounts after the first transfer in the calendar month. |
Fee Tables Charges and Other Deductions - Other Charges |
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|
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. |
Fee Tables Charges and Other Deductions |
|
Annual Fee |
Minimum | Maximum | ||
|
Base contract1 |
1.50% | 1.70% | ||
|
Investment options (Portfolio fees and expenses)2 |
0.31% | 2.375% | ||
|
Optional benefits available for an additional charge (for a single optional benefit, if elected)3 |
0.20% | 0.25% |
| 1 | The minimum base contract expense consists of a mortality and expense risk charge of 1.35% that is assessed if the Annuitant (and Joint Annuitant, if any) is age 70 or younger at issue, and an administrative expense charge of 0.15%. Each of these charges is assessed as a percentage of average daily net assets in the Separate Account. The maximum base contract expense consists of a mortality and expense risk charge of 1.55% that is assessed if either Annuitant is over age 70 at issue, and an administrative expense charge of 0.15%. Each of these charges is assessed as a percentage of average daily net assets in the Separate Account. |
| 2 | As a percentage of Portfolio assets. These expenses are as of December 31, 2023, and will vary from year to year. |
| 3 | The minimum fee is the current fee for the Optional Enhanced Death Benefit Rider, which is assessed as a percentage of the average Contract Value for the prior contract year. The maximum fee is the current fee for the Optional Death Benefit Rider, which is assessed as a percentage of the Contract Value at the time of the deduction. |
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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 surrender charges that substantially increase costs. |
| Lowest Annual Cost: | Highest Annual Cost: | |
| $1,963 | $4,058 | |
|
Assumes: |
Assumes: |
|
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• Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract classes and Portfolio fees and expenses • No optional benefits • No sales charges • No additional premium payments, transfers, or withdrawals |
• Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract classes, optional benefits and Portfolio fees and expenses • No sales charges • No additional premium payments, transfers, or withdrawals |
| Risks | Location in Prospectus | |||
|
Risk of Loss |
• You can lose money by investing in this contract. |
Principal Risks of Investing in the Contract The Contract - Valuation of Accumulation Units |
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|
Not a Short-Term Investment |
• This contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. • A surrender charge can apply whenever you make a withdrawal of premium payments less than six completed years after we received the premium payment. • The benefits of tax deferral mean that the contract is more beneficial to investors with a long time horizon. |
Principal Risks of Investing in the Contract Charges and Other Deductions |
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|
Risks Associated with Investment Options |
• An investment in this contract is subject to the risk of poor investment performance, which can vary depending on the performance of the investment options available under the contract (e.g., the Portfolios). • Each Portfolio (and the Guarantee Account) has its own unique risks. • You should review the prospectuses for the Portfolios and the section of this prospectus concerning the Guarantee Account before making an investment decision. |
Principal Risks of Investing in the Contract The Guarantee Account Appendix A - Portfolios Available Under the Contract |
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| Risks | Location in Prospectus | |||
|
Insurance Company Risks |
• An investment in the contract is subject to the risks related to the Company, including that any obligations (including under the Guarantee Account), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, can be obtained by calling our Home Office at (800) 352-9910 or writing to us at 11011 West Broad Street, Glen Allen, Virginia 23060. |
Principal Risks of Investing in the Contract The Company |
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| Restrictions | Location in Prospectus | |||
|
Investments |
• We reserve the right, subject to applicable law, to make additions, deletions, and substitutions for the Portfolios of the Funds. • For contracts issued on or after the later of September 2, 2003, or the date on which state insurance authorities approve applicable contract modifications, we may limit the amount that may be allocated to the Guarantee Account. Currently, for such contracts, no more than 25% of your Contract Value, as determined at the time of allocation, may be allocated to the Guarantee Account. In addition, where permitted by state law, we will refuse new purchase payments or transfers into the Guarantee Account when your assets in the Guarantee Account are equal to or greater than 25% of your Contract Value at the time of allocation. • We reserve the right to limit transfers if frequent or large transfers occur, and to limit transfers from the Subaccounts to the Guarantee Account. |
The Separate Account - Subaccounts The Guarantee Account Transfers |
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|
Optional Benefits |
• We reserve the right to modify certain of our optional benefits. For example, we reserve the right to discontinue the Portfolio Balancing program or new Dollar Cost Averaging programs, or to modify such programs at any time and for any reason. |
Transfers |
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| Taxes | Location in Prospectus | |||
|
Tax Implications |
• You should consult with a tax professional to determine the tax implications of an investment in and payments received under the contract. |
Tax Matters |
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| Taxes | Location in Prospectus | |||
|
• If you purchase the contract through a qualified retirement plan or individual retirement account (IRA), you do not receive any additional tax benefit. • Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. |
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| Conflicts of Interest | Location in Prospectus | |||
|
Investment Professional Compensation |
• Your registered representative may receive compensation for selling this contract to you in the form of cash compensation (e.g., commissions), non-cash compensation (e.g., conferences, trips, prizes, and awards), and special marketing allowances. • The prospect of receiving such compensation may create an incentive for selling firms and/or their registered representative to sell you this contract versus another product with respect with which a selling firm does not receive additional compensation, or a lower level of additional compensation. You may wish to take such compensation arrangements into account when considering and evaluating any recommendation relating to the contracts. |
Sale of the Contracts |
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|
Exchanges |
• Some investment professionals may have a financial incentive to offer you the contract in place of the one you own. Similarly, some investment professionals may have a financial incentive to offer you a different contract in place of this one. You should only exchange your current contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract. |
Sale of the Contracts |
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Table of Contents
ASSET ALLOCATION PROGRAM-MODEL UPDATE
Effective after the close of business July 26, 2024, Asset Allocation Models A, B, C, D and E under the Asset Allocation Program will be updated. Tables disclosing the Model percentage allocations and Portfolio selections for Asset Allocation Models A, B, C, D and E, before and after the update, are provided on the following pages.
Please refer to your contract and, specifically, the "Asset Allocation Program" section of your variable annuity prospectus for more information about the Asset Allocation Program and your options regarding updates to the Asset Allocation Models. In addition, if you have invested in an optional living benefit rider, please refer to your contract and your variable annuity prospectus for information regarding the Investment Strategy required for your living benefit rider.
The current Asset Allocation Models and the updated Asset Allocation Models are provided in the tables that follow.
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Table of Contents
BIMODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Current through July 26, 2024
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
|
Equities |
||||||||||||||||||||||
| Large Cap Blend | Columbia Variable Portfolio - Overseas Core Fund - Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| PSF Natural Resource Portfolio - Class II Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Large Cap Growth | CTIVP® - Principal Blue Chip Growth Fund - Class 1 | 6.0% | 9.0% | 15.0% | 21.0% | 24.0% | ||||||||||||||||
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Janus Henderson Forty Portfolio - Service Shares | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | |||||||||||||||||
| Large Cap Value | AB VPS International Value Portfolio - Class B | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| BlackRock Basic Value V.I. Fund - Class III Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Franklin Mutual Shares VIP Fund - Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Invesco V.I. Comstock Fund - Series II shares | 1.0% | 3.0% | 4.0% | 5.0% | 7.0% | |||||||||||||||||
| Mid Cap Growth | State Street Real Estate Securities V.I.S. Fund - Class 1 Shares | 2.0% | 5.0% | 7.0% | 9.0% | 12.0% | ||||||||||||||||
|
Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| PIMCO VIT Total Return Portfolio - Administrative Class Shares | 20.0% | 14.0% | 10.0% | 4.0% | 0.0% | |||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | LVIP American Century Inflation Protection Fund - Service Class | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio - Administrative Class Shares | 14.0% | 10.0% | 7.0% | 3.0% | 0.0% | ||||||||||||||||
| Long Duration | PIMCO VIT Long-Term U.S. Government Portfolio - Administrative Class Shares | 22.0% | 16.0% | 11.0% | 5.0% | 0.0% | ||||||||||||||||
| Floating Rate | Eaton Vance VT Floating-Rate Income Fund | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
|
Total % Fixed Income |
80% | 60% | 40% | 20% | 0% |
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Table of Contents
MODEL PERCENTAGE ALLOCATIONS AND PORTFOLIO SELECTIONS
Effective after the close of business on July 26, 2024
| Portfolios | Model A | Model B | Model C | Model D | Model E | |||||||||||||||||
|
Equities |
||||||||||||||||||||||
| Large Cap Blend | Invesco V.I. Core Equity Fund - Series I shares | 4.0% | 8.0% | 12.0% | 16.0% | 20.0% | ||||||||||||||||
| Invesco V.I. Main Street Fund® - Series II shares | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | |||||||||||||||||
| Large Cap Growth | Fidelity VIP Contrafund® Portfolio - Service Class 2 | 5.0% | 10.0% | 15.0% | 20.0% | 25.0% | ||||||||||||||||
| Invesco V.I. EQV International Equity Fund - Series II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Large Cap Value | Franklin Mutual Shares VIP Fund - Class 2 Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Invesco V.I. Comstock Fund - Service II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | |||||||||||||||||
| Mid Cap Blend | Fidelity VIP Mid Cap Portfolio - Service Class 2 | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Mid Cap Growth | Federated Hermes Kaufmann Fund II - Service Shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
| Small Cap Blend | Invesco V.I. Main Street Small Cap Fund® - Service II shares | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | ||||||||||||||||
|
Total % Equities |
20% | 40% | 60% | 80% | 100% | |||||||||||||||||
| Fixed Income | ||||||||||||||||||||||
| Medium Duration | Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | 22.0% | 16.0% | 11.0% | 5.0% | 0.0% | ||||||||||||||||
| PIMCO VIT Total Return Portfolio - Administrative Class Shares | 24.0% | 17.0% | 12.0% | 5.0% | 0.0% | |||||||||||||||||
| High Yield | PIMCO VIT High Yield Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Treasury Inflation Protected Securities | LVIP American Century Inflation Protection Fund - Service Class | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Short Duration | PIMCO VIT Low Duration Portfolio - Administrative Class Shares | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
| Long Duration | PIMCO VIT Long-Term U.S. Government Portfolio - Administrative Class Shares | 10.0% | 7.0% | 5.0% | 2.0% | 0.0% | ||||||||||||||||
| Floating Rate | Eaton Vance VT Floating-Rate Income Fund | 6.0% | 5.0% | 3.0% | 2.0% | 0.0% | ||||||||||||||||
|
Total % Fixed Income |
80% | 60% | 40% | 20% | 0% |
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Table of Contents
DEFINITIONS
Accumulation Unit - An accounting unit of measure we use to calculate the value in the Separate Account before the income payments commence.
Annuitant/Joint Annuitant - The person(s) named in the contract upon whose age and, where appropriate, gender, we determine monthly income benefits.
Contract Value - The total value of all your Accumulation Units in the Subaccounts and any amounts you hold in the Guarantee Account.
Fund - Any open-end management investment company or any unit investment trust in which the Separate Account invests.
Guarantee Account - Part of our General Account that provides a guaranteed interest rate for a specified interest rate guarantee period. The Guarantee Account is not part of and does not depend on the investment performance of the Separate Account.
Home Office - Our office located at 11011 West Broad Street, Glen Allen, Virginia 23060.
Portfolio - A division of a Fund, the assets of which are separate from other Portfolios that may be available in the Fund. Each Portfolio has its own investment objective.
Separate Account - Genworth Life & Annuity VA Separate Account 1, a separate investment account we established to receive Subaccount allocations. The Separate Account is divided into Subaccounts, each of which invests in shares of a separate Portfolio.
Subaccount - A division of the Separate Account which invests exclusively in shares of a designated Portfolio. A Subaccount may be referred to as an Investment Subdivision in your contract and/or marketing materials.
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Table of Contents
APPENDIX A - PORTFOLIOS AVAILABLE UNDERTHE CONTRACT
The following is a list of Portfolios currently 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.genworth.com/RetireReadyChoicePre. You can also request this information at no cost by calling (800) 352-9910. 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 fees and expenses of the Portfolios, but does not reflect the other fees and expenses that your contract 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. You may obtain updated Portfolio performance information by calling (800) 352-9910.
|
Average Annual Total (as of 12/31/2023) |
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| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||||
| Moderate Allocation |
AB VPS Balanced Hedged Allocation Portfolio - Class B AllianceBernstein, L.P. |
0.98 | %* | 12.66% | 5.92% | 5.04% | ||||||
|
Global Equity Large Cap |
AB VPS International Value Portfolio - Class B AllianceBernstein, L.P. |
1.15 | % | 14.83% | 5.55% | 1.83% | ||||||
|
US Equity Large Cap Growth |
AB VPS Large Cap Growth Portfolio - Class B AllianceBernstein, L.P. |
0.91 | %* | 34.78% | 17.56% | 14.60% | ||||||
|
US Equity Large Cap Value |
AB VPS Relative Value Portfolio - Class B AllianceBernstein, L.P. |
0.86 | %* | 11.72% | 11.57% | 9.05% | ||||||
|
US Equity Small Cap |
AB VPS Small Cap Growth Portfolio - Class B AllianceBernstein, L.P. |
1.15 | %* | 17.72% | 10.29% | 8.26% | ||||||
|
Global Equity Large Cap |
AB VPS Sustainable Global Thematic Portfolio - Class B AllianceBernstein, L.P. |
1.17 | %* | 15.70% | 13.27% | 9.33% | ||||||
| US Equity Large Cap Growth |
Invesco V.I. American Franchise Fund - Series I shares Invesco Advisers, Inc. |
0.86 | % | 40.93% | 16.16% | 11.70% | ||||||
| US Equity Mid Cap |
Invesco V.I. American Value Fund - Series II shares Invesco Advisers, Inc. |
1.14 | % | 15.29% | 12.45% | 6.98% | ||||||
| US Equity Large Cap Growth |
Invesco V.I. Capital Appreciation Fund - Series II shares Invesco Advisers, Inc. |
1.05 | %* | 35.03% | 16.10% | 11.28% | ||||||
| US Equity Large Cap Value |
Invesco V.I. Comstock Fund - Series II shares Invesco Advisers, Inc. |
1.00 | % | 12.10% | 13.20% | 8.65% | ||||||
| US Equity Large Cap Blend |
Invesco V.I. Core Equity Fund - Series I shares Invesco Advisers, Inc. |
0.80 | % | 23.36% | 12.95% | 7.79% | ||||||
| US Equity Mid Cap |
Invesco V.I. Discovery Mid Cap Growth Fund - Series II shares Invesco Advisers, Inc. |
1.12 | % | 12.85% | 12.47% | 9.52% | ||||||
| Moderate Allocation |
Invesco V.I. Equity and Income Fund - Series II shares Invesco Advisers, Inc.1 |
0.82 | % | 10.24% | 9.64% | 6.78% | ||||||
| Global Equity Large Cap |
Invesco V.I. EQV International Equity Fund - Series II shares Invesco Advisers, Inc. |
1.15 | % | 17.86% | 8.15% | 4.07% | ||||||
| Global Equity Large Cap |
Invesco V.I. Global Fund - Series II shares Invesco Advisers, Inc. |
1.07 | % | 34.45% | 12.02% | 8.21% |
| 1 | The Invesco V.I. Conservative Balanced Fund - Series II shares merged into the Invesco V.I. Equity and Income Fund - Series II shares effective on or about April 29, 2024. |
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|
Average Annual Total (as of 12/31/2023) |
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| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||||
| US Equity Large Cap Blend |
Invesco V.I. Main Street Fund® - Series II shares Invesco Advisers, Inc. |
1.05 | %* | 22.83% | 13.28% | 9.74% | ||||||
| US Equity Small Cap |
Invesco V.I. Main Street Small Cap Fund® -Series II shares Invesco Advisers, Inc. |
1.13 | % |
17.82% |
12.79% |
8.66% |
||||||
| US Equity Large Cap Growth |
Allspring VT Discovery All Cap Growth Fund - Class 2 Allspring Funds Management, LLC (subadvised by Allspring Global Investments, LLC) |
1.00 | %* | 33.17% | 13.54% | 10.42% | ||||||
| US Fixed Income |
LVIP American Century Inflation Protection Fund - Service Class (formerly, VP Inflation Protection Fund - Class II)1 American Century Investment Management, Inc. |
0.77 | %* |
3.40% |
2.65% |
1.90% |
||||||
| US Equity Mid Cap |
BlackRock Advantage SMID Cap V.I. Fund - Class III Shares BlackRock Advisors, LLC |
0.80 | %* | 18.63% | 11.52% | 8.28% | ||||||
| US Equity Large Cap Value |
BlackRock Basic Value V.I. Fund - Class III Shares BlackRock Advisors, LLC |
1.01 | %* | 16.24% | 11.26% | 7.44% | ||||||
| Global Allocation |
BlackRock Global Allocation V.I. Fund - Class III Shares BlackRock Advisors, LLC (subadvised by BlackRock (Singapore) Limited and BlackRock International Limited) |
1.00 | %* | 12.49% | 7.39% | 4.63% | ||||||
| US Equity Large Cap Growth |
BlackRock Large Cap Focus Growth V.I. Fund - Class III Shares BlackRock Advisors, LLC |
1.04 | %* |
52.47% |
16.05% |
13.38% |
||||||
| Global Equity Large Cap |
Columbia Variable Portfolio - Overseas Core Fund - Class 2 Columbia Management Investment Advisers, LLC |
1.04 | % | 15.32% | 7.96% | 3.37% | ||||||
| US Equity Large Cap Growth |
CTIVP® - Principal Blue Chip Growth Fund - Class 1 Columbia Management Investment Advisers, LLC (subadvised by Principal Global Investors, LLC) |
0.70 | % |
39.54% |
15.67% |
13.48% |
||||||
| US Fixed Income |
VT Floating-Rate Income Fund Eaton Vance Management |
1.17 | % |
11.21% |
4.13% |
3.22% |
||||||
| US Fixed Income |
Federated Hermes High Income Bond Fund II - Service Shares Federated Investment Management Company |
0.81 | %* | 12.71% | 4.75% | 4.13% | ||||||
|
US Equity Mid Cap |
Federated Hermes Kaufmann Fund II - Service Shares Federated Equity Management Company of Pennsylvania (subadvised by Federated Global Investment Management Corp.) |
1.80 | %* |
14.86% |
7.04% |
8.39% |
||||||
|
Moderate Allocation |
VIP Balanced Portfolio - Service Class 2 Fidelity Management & Research Company (FMR) (subadvised by FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR HK), and Fidelity Management & Research (Japan) Limited (FMR Japan)) |
0.69 | % |
21.29% |
12.16% |
8.81% |
||||||
| US Equity Large Cap Growth |
VIP Contrafund® Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.81 | % | 33.12% | 16.36% | 11.33% | ||||||
|
US Equity Large Cap Growth |
VIP Dynamic Capital Appreciation Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.87 | % | 28.72% | 16.93% | 11.38% | ||||||
|
US Equity Large Cap Value |
VIP Equity-Income PortfolioSM - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.72 | % | 10.38% | 12.01% | 8.31% | ||||||
|
US Equity Large Cap Growth |
VIP Growth Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.83 | % | 35.89% | 19.34% | 14.51% |
| 1 | VP Inflation Protection Fund - Class II reorganized into LVIP American Century Inflation Protection Fund - Service Class effective on or about April 26, 2024. |
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|
Average Annual Total (as of 12/31/2023) |
||||||||||||
| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||||
|
US Equity Large Cap Value |
VIP Growth & Income Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.74 | % | 18.41% | 14.50% | 10.00% | ||||||
|
US Equity Large Cap Growth |
VIP Growth Opportunities Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.84 | % | 45.30% | 18.79% | 15.44% | ||||||
|
US Fixed Income |
VIP Investment Grade Bond Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.63 | % | 6.00% | 1.72% | 2.08% | ||||||
|
US Equity Mid Cap |
VIP Mid Cap Portfolio -Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.82 | % | 14.80% | 12.17% | 7.85% | ||||||
|
US Equity Mid Cap |
VIP Value Strategies Portfolio - Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.85 | % | 20.61% | 16.63% | 9.10% | ||||||
| Moderate Allocation |
Franklin Allocation VIP Fund - Class 2 Shares Franklin Advisers, Inc. (subadvised by Franklin Templeton Institutional, LLC, Templeton Global Advisors Limited, Brandywine Global Investment Management, LLC, ClearBridge Investments, LLC, Western Asset Management Company, LLC, and Western Asset Management Company Limited) |
0.82 | %* | 14.61% | 7.57% | 4.75% | ||||||
| Cautious Allocation |
Franklin Income VIP Fund - Class 2 Shares Franklin Advisers, Inc. |
0.71 | %* | 8.62% | 6.98% | 5.01% | ||||||
| Aggressive Allocation |
Franklin Mutual Shares VIP Fund - Class 2 Shares Franklin Mutual Advisers, LLC |
0.93 | % | 13.46% | 7.82% | 5.43% | ||||||
| Global Equity Large Cap |
Templeton Growth VIP Fund - Class 2 Shares Templeton Global Advisors Limited (subadvised by Templeton Asset Management Ltd) |
1.12 | %* | 21.01% | 6.47% | 3.24% | ||||||
| US Money Market |
Goldman Sachs Government Money Market Fund - Service Shares Goldman Sachs Asset Management, L.P. |
0.43 | %* |
4.79% |
1.64% |
1.02% |
||||||
| Moderate Allocation |
Janus Henderson Balanced Portfolio - Service Shares Janus Henderson Investors US LLC |
0.87 | % |
15.13% |
9.37% |
7.73% |
||||||
| US Equity Large Cap Growth |
Janus Henderson Forty Portfolio - Service Shares Janus Henderson Investors US LLC |
0.80 | % |
39.65% |
16.64% |
13.45% |
||||||
| US Equity Large Cap Blend |
ClearBridge Variable Growth Portfolio - Class II (formerly, ClearBridge Variable Aggressive Growth Portfolio - Class II) Franklin Templeton Fund Advisor, LLC (subadvised by ClearBridge Investments, LLC) |
1.10 | % |
24.13% |
8.05% |
6.38% |
||||||
| US Equity Large Cap Value |
ClearBridge Variable Large Cap Value Portfolio - Class I Franklin Templeton Fund Advisor, LLC (subadvised by ClearBridge Investments, LLC) |
0.72 | % |
15.09% |
13.02% | 8.99% | ||||||
| US Equity Large Cap Blend |
MFS® Investors Trust Series - Service Class Shares Massachusetts Financial Services Company |
1.03 | %* | 18.66% | 13.27% | 10.00% | ||||||
| US Equity Large Cap Growth |
MFS® Massachusetts Investors Growth Stock Portfolio - Service Class Shares Massachusetts Financial Services Company |
0.98 | %* | 23.70% | 16.39% | 12.44% | ||||||
| Moderate Allocation |
MFS® Total Return Series - Service Class Shares Massachusetts Financial Services Company |
0.86 | %* | 10.22% | 8.27% | 6.27% | ||||||
| Utilities Sector Equity |
MFS® Utilities Series - Service Class Shares Massachusetts Financial Services Company |
1.04 | %* | -2.33% | 8.05% | 6.13% |
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|
Average Annual Total (as of 12/31/2023) |
||||||||||||
| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||||
|
Moderate Allocation |
All Asset Portfolio - Advisor Class Shares Pacific Investment Management Company LLC (subadvised by Research Affiliates) |
2.285 | %* | 8.02% | 5.90% | 3.93% | ||||||
|
US Fixed Income |
High Yield Portfolio - Administrative Class Shares Pacific Investment Management Company LLC |
0.77 | % | 12.22% | 4.83% | 4.15% | ||||||
|
US Fixed Income |
Long-Term U.S. Government Portfolio - Administrative Class Shares Pacific Investment Management Company LLC |
2.005 | % | 3.99% | -1.03% | 2.06% | ||||||
|
US Fixed Income |
Low Duration Portfolio - Administrative Class Shares Pacific Investment Management Company LLC |
0.69 | % | 4.97% | 0.99% | 0.92% | ||||||
|
US Fixed Income |
Total Return Portfolio - Administrative Class Shares Pacific Investment Management Company LLC |
0.75 | % | 5.93% | 1.08% | 1.71% | ||||||
|
Natural Resources Sector Equity |
PSF Natural Resources Portfolio - Class II Shares PGIM Investments LLC (subadvised by T. Rowe Price Associates, Inc.) |
0.91 | % | 1.58% | 13.73% | 0.96% | ||||||
|
US Equity Large Cap Growth |
PSF PGIM Jennison Blend Portfolio - Class II Shares (formerly, PSF PGIM Jennison Focused Blend Portfolio - Class II Shares)1 PGIM Investments LLC (subadvised by Jennison Associates LLC) |
0.86 | % | 31.98% | 14.25% | 10.08% | ||||||
|
US Equity Large Cap Growth |
PSF PGIM Jennison Growth Portfolio - Class II Shares PGIM Investments LLC (subadvised by Jennison Associates LLC) |
1.02 | % | 52.89% | 17.81% | 13.87% | ||||||
| US Equity Large Cap Growth |
NASDAQ - 100® Fund Security Investors, LLC known as Guggenheim Investments |
1.77 | %* |
53.22% |
20.24% |
15.86% |
||||||
| US Fixed Income |
Income V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. |
1.38 | %* | 4.68% | 0.46% | 1.16% | ||||||
| US Equity Large Cap Growth |
Premier Growth Equity V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. |
0.91 | % | 46.28% | 18.47% | 13.41% | ||||||
|
Real Estate Sector Equity |
Real Estate Securities V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. (subadvised by CenterSquare Investment Management LLC) |
1.00 | % | 13.50% | 7.63% | 7.94% | ||||||
| US Equity Large Cap Blend |
S&P 500® Index V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. |
0.31 | % |
25.96% |
15.32% |
11.68% |
||||||
|
US Equity Small Cap |
Small-Cap Equity V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. (sub-advised by Champlain Investment Partners, LLC, Kennedy Capital Management LLC, Palisade Capital Management, LP, SouthernSun Asset Management, LLC, and Westfield Capital Management, L.P.) |
1.28 | % |
13.55% |
10.84% |
7.68% |
||||||
| Moderate Allocation |
Total Return V.I.S. Fund2 - Class 3 Shares SSGA Funds Management, Inc. |
0.90 | % |
15.21% |
5.90% |
4.66% |
||||||
| US Equity Large Cap Growth |
U.S. Equity V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. |
0.91 | % |
27.91% |
16.03% |
11.37% |
| 1 | The PSF PGIM Jennison Focused Blend Portfolio - Class II Shares merged into the PSF PGIM Jennison Blend Portfolio - Class II Shares effective December 8, 2023. |
| 2 | For contracts issued on or after May 1, 2006, only Class 3 Shares of the Total Return V.I.S. Fund will be available. If your contract was issued prior to May 1, 2006, Class 1 Shares of the Total Return V.I.S. Fund are available. |
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The following Portfolios are not available to contracts issued on or after May 1, 2003.
|
Average Annual Total |
||||||||||
| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| US Equity Large Cap Blend |
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares BNY Mellon Investment Adviser, Inc. (subadvised by Newton Investment Management Limited) |
0.67% |
23.82% |
15.13% |
10.46% |
|||||
| US Equity Mid Cap |
Janus Henderson Enterprise Portfolio - Service Shares Janus Henderson Investors US LLC |
0.97% |
17.78% |
13.14% |
11.82% |
|||||
| Global Equity Large Cap |
Janus Henderson Global Research Portfolio - Service Shares Janus Henderson Investors US LLC |
0.86% |
26.47% |
13.05% |
8.74% |
|||||
| Technology Sector Equity |
Janus Henderson Global Technology and Innovation Portfolio - Service Shares Janus Henderson Investors US LLC |
0.97%* |
54.27% |
20.05% |
16.86% |
|||||
| US Equity Large Cap Growth |
Janus Henderson Research Portfolio - Service Shares Janus Henderson Investors US LLC |
0.82% |
42.81% |
16.54% |
12.21% |
|||||
| Global Fixed Income |
International Bond Portfolio (U.S. Dollar Hedged) - Administrative Class Shares Pacific Investment Management Company LLC |
1.28% |
9.02% |
1.64% |
3.06% |
The following Portfolio is not available for new purchase payments or transfers or for new contracts issued on or after November 15, 2004:
|
Average Annual Total (as of 12/31/2023) |
||||||||||
| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| Global Equity Large Cap |
Janus Henderson Overseas Portfolio - Service Shares Janus Capital Management LLC |
1.14% |
10.58% |
10.92% |
3.38% |
The following Portfolios are not available to contracts issued on or after May 1, 2006:
|
Average Annual Total (as of 12/31/2023) |
||||||||||
| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| Moderate Allocation |
VIP Asset Manager Portfolio -Service Class 2 FMR (subadvised by FMR UK, FMR HK, and FMR Japan) |
0.78% |
12.65% |
7.22% |
5.14% |
|||||
| US Equity Mid Cap |
Goldman Sachs Mid Cap Value Fund - Institutional Shares Goldman Sachs Asset Management, L.P. |
0.84%* |
11.42% |
13.36% |
8.10% |
|||||
| US Equity Small Cap |
MFS® New Discovery Series - Service Class Shares Massachusetts Financial Services Company |
1.12%* |
14.25% |
10.81% |
7.41% |
|||||
| Moderate Allocation |
Total Return V.I.S. Fund - Class 1 Shares SSGA Funds Management, Inc. |
0.65% |
15.48% |
6.16% |
4.92% |
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The following Portfolios are not available to contracts issued on or after May 1, 2007:
|
Average Annual Total (as of 12/31/2023) |
||||||||||
| Type | Portfolio Company and Adviser/Subadviser |
Current Expenses |
1-Year | 5-Year | 10-Year | |||||
| US Equity Large Cap Growth |
Invesco V.I. American Franchise Fund - Series II shares Invesco Advisers, Inc. |
1.11% |
40.60% |
15.88% |
11.42% |
|||||
| US Equity Large Cap Blend |
ClearBridge Variable Dividend Strategy Portfolio - Class II Franklin Templeton Fund Advisor, LLC (subadvised by ClearBridge Investments, LLC) |
1.00% |
14.01% |
13.35% |
10.17% |
* The Portfolio is subject to an expense reimbursement or fee waiver arrangement. The annual expenses shown reflect temporary fee reductions.
A-6
Table of Contents
This Updating Summary Prospectus incorporates by reference all of the information contained in the statutory prospectus and the Statement of Additional Information, both dated May 1, 2024, as amended and supplemented. You can view copies of the prospectus and Statement of Additional Information online at www.genworth.com/RetireReadyChoicePre, or you can obtain paper copies of those documents without charge by calling our Home Office at (800) 352-9910.
EDGAR Contract No. C000026711