04/16/2024 | Press release | Distributed by Public on 04/16/2024 08:55
Page
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Definitions
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2
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Important Information You Should Consider About The Policy
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4
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Overview Of The Policy
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8
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Benefits Available Under The Policies
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10
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Buying The Policy
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11
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Making Withdrawals: Accessing Money In Your Policy
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12
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Additional Information about Fees
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13
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Appendix 1
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1
-1
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FEES AND EXPENSES
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LOCATION IN
PROSPECTUS
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Charges for Early
Withdrawal
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If you withdraw more than the Surrender Charge Free Amount within 7
years following your premium payment, you will be assessed a
surrender charge. The maximum surrender charge is 7% of the amount
withdrawn during the first two Policy Year(s) declining to 0% over that
seven-year period. For example, if you make an early withdrawal within
the first two Policy Years, you could pay a surrender charge of up to
$7,000 on a $100,000 investment.
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CHARGES AND
DEDUCTIONS -
Transaction
Expenses -
Surrender Charges
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Transaction
Charges
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In addition to surrender charges, you may also be charged for other
transactions, such as when you transfer cash value between
investment options more than 12 times a year, or if a premium payment
is returned for insufficient funds. Although we do not currently charge
for such transactions, we reserve the right to charge up to $30 per
transaction. Currently, the policy offers only one Investment Division. In
the future we may make additional Investment Divisions available.
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CHARGES AND
DEDUCTIONS -
Transaction
Expenses
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Ongoing Fees
and Expenses
(annual charges)
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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.
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CHARGES AND
DEDUCTIONS -
Annual Policy
Expenses; Annual
Portfolio Expenses
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ANNUAL FEE
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Minimum
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Maximum
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Base contract1
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1.00%
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1.20%
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CHARGES AND
DEDUCTIONS -
Annual Policy
Expenses
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Investment options (Portfolio fees
and expenses)2
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0.76%
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0.76%
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CHARGES AND
DEDUCTIONS -
Annual Portfolio
Expenses
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Investment Preservation Rider - P
Series (IPR)3
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0.70%
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0.70%
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CHARGES AND
DEDUCTIONS -
Charge for the
Investment
Preservation Rider
- P Series
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1 As an annualized percentage of daily Accumulation Value.
2 As a percentage of average net Portfolio assets. Fees and expenses
are for the year ended December 31, 2023 and will change from year to
year. The minimum will be lower for California residents over 60 who
choose to allocate to the Fidelity VIP Government Money Market
Portfolio during the Free Look period.
3 As an annualized percentage of daily Accumulation Value. The IPR is
included with all policies.
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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.
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LOWEST ANNUAL COST:
$2,264.05
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HIGHEST ANNUAL COST
$2,264.05
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Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive combination of
Base Contract Charges and
Portfolio fees and expenses
•No sales charges
•No additional purchase
payments, transfers or
withdrawals
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Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
Base Contract Charges, and
Portfolio fees and expenses
•No sales charges
•No additional purchase
payments, transfers or
withdrawals
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RISKS
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LOCATION IN
PROSPECTUS
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Risk of Loss
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You can lose money by investing in this policy.
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PRINCIPAL RISKS
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Not a Short-Term
Investment
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This policy is not designed for short-term investing and is not
appropriate for an investor who readily needs access to cash.
Surrender charges apply for up to 7 years following your premium
payment. 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. You will not receive a benefit under the IPR rider
unless you hold the policy for at least the specified Holding Period
applicable to the rider.
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PRINCIPAL RISKS
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Risks Associated
with Investment
Options
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•An investment in this policy is subject to the risk of poor investment
performance and can vary depending on the performance of
available Portfolios.
•Each investment option has its own unique risks.
•You should review the prospectuses for the available Portfolios before
making an investment decision.
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PRINCIPAL RISKS
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Insurance
Company
Risks
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An investment in the policy is subject to the risks related to the
Depositor, including that any obligations, guarantees, and benefits of
the policy are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its obligations
to you. More information about NYLIAC is available upon request from
NYLIAC by calling the New York Life Annuities Service Center at
800-762-6212.
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PRINCIPAL RISKS
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RESTRICTIONS
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LOCATION IN
PROSPECTUS
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Investments
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•The policy invests exclusively in the Fidelity VIP FundsManager 60%
Portfolio, except that investors in California who are Age 60 and over
can invest in the Fidelity VIP Government Money Market Portfolio
during the Free Look period. If you are not satisfied with the
performance of the available Portfolios, there are no alternative
investments within the Policy.
•We may choose to add Investment Divisions in the future. If we do,
we reserve the right to charge $30 for each transfer when you
transfer money between Investment Divisions in excess of 12 times in
a Policy Year.
•We reserve the right to limit transfers in circumstances of frequent
transfers or to prevent market timing.
•We reserve the right to remove, close or substitute for the current
available Portfolios as investment options that are available under the
policy.
•If we substitute shares of the current available Portfolios with shares
of a replacement portfolio, the replacement portfolio may or may not
be substantially similar. The effect of any substitution on the value of
your policy and the IPR will depend on a variety of factors, such as
the relative performance of the replaced and replacement portfolios,
which we cannot predict. A substitution to another portfolio could
have a materially negative effect on the value of your policy.
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PRINCIPAL RISKS
THE
POLICIES-Policy
Application and
Premium Payments,
Transfers and
Limits on Transfers
NYLIAC AND THE
SEPARATE
ACCOUNT-
Additions,
Deletions, or
Substitutions of
Investments
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Investment
Preservation
Rider - P Series
(IPR)
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•The IPR is included with all policies; you cannot purchase the policy
without the IPR.
•The IPR may be cancelled only under certain limited circumstances.
•The IPR provides no benefits if you surrender the Policy before the
Policy Anniversary when you are eligible to receive a potential
one-time adjustment to your Accumulation Value.
•A withdrawal could reduce the value of the potential benefit under the
IPR by more than the dollar amount of the withdrawal.
•Where the IPR Guarantee Percentage is 101% or more, the amount
of the IPR Death Benefit will depend on whether you die during the
first eight or last two years of the 10 year Holding Period. Additionally,
if you elect an IPR Reset where the IPR Guarantee Percentage is
101% or more, the amount of the IPR Death Benefit will depend on
whether you die during the first eight or last two years of the new
Holding Period. The Guaranteed Amount becomes payable as the
IPR Death Benefit only if you die during the last two years of the rider
Holding Period.
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DESCRIPTION OF
BENEFITS
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TAXES
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LOCATION IN
PROSPECTUS
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Tax
Implications
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•Consult with a tax professional to determine the tax implications of
an investment in, withdrawals from and surrenders of this policy.
•If you purchase the policy through a tax-qualified plan or individual
retirement account (IRA), such plan or IRA already provides tax
deferral under the Code and there are fees and charges in an annuity
that may not be included in such other investments. Therefore, the
tax deferral of the annuity does not provide additional benefits.
•A premium payment made on a pre-tax basis as well as earnings on
your policy will be taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a 10% penalty tax if you
take a withdrawal before age 59½.
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FEDERAL TAX
MATTERS
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CONFLICTS OF INTEREST
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LOCATION IN
PROSPECTUS
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Investment
Professional
Compensation
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Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset-based
compensation, allowances for expenses, and other compensation
programs. The amount of compensation will vary depending on the
specific payment arrangements of the broker-dealer for whom your
registered representative works. This compensation may differ from the
compensation paid by other companies for sales of their products.
Differences in compensation have the potential to influence the
recommendation made by your registered representative or
broker-dealer. Your registered representative may have a financial
incentive to offer or recommend this policy over another investment.
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DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS
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Exchanges
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Your registered representatives may have a financial incentive to offer
you a new policy in place of the one you own. You should consider
exchanging your policy if you determine, after comparing the features,
fees, and risks of both policies, that it is in your best interest to
purchase the new policy rather than continue to own your existing
policy.
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THE POLICIES -
Tax-Free
Section 1035
Exchanges
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NAME OF
BENEFIT
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PURPOSE
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MAXIMUM FEE
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BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
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Standard Death
Benefit
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Guarantees your
beneficiaries will receive a
benefit at least equal to the
greatest of: (i) your
Accumulation Value; (ii) the
Return of Premium Death
Benefit; (iii) the Step-up
Death Benefit; or (iv) the IPR
Death Benefit.
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No additional charge
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•Withdrawals could
significantly reduce the
benefit, possibly by an
amount substantially
greater than the amount
withdrawn.
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NAME OF BENEFIT
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PURPOSE
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MAXIMUM FEE
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BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
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Investment
Preservation Rider
- P Series (IPR)
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Protects your investment
from loss for a 10-year
Holding Period. If, after the
Holding Period, your
Accumulation Value is less
than the amount guaranteed,
we will make a one-time
increase to your
Accumulation Value to make
it equal to the guaranteed
amount.
You may request to reset the
guaranteed amount (an IPR
Reset) under certain
circumstances.
Includes an IPR Death
Benefit which is payable
upon the death of the Owner.
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1.80% (of daily average
accumulation value)
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•Included with all policies.
•Can be cancelled only if
NYLIAC suspends the right
to reset.
•Withdrawals could
significantly reduce the
benefit (possibly by an
amount greater than the
actual amount withdrawn).
•Where the IPR Guarantee
Percentage is 101% or
more, and you die during
the first 8 years of the
10-year Holding Period, the
IPR Death Benefit will be
equal to the first year policy
premiums less any
proportional withdrawals. If
you die in the last two
years of the IPR Holding
Period, the IPR Death
Benefit will be equal to the
Guaranteed Amount.
•An IPR Reset starts a new
Holding Period. New
annual charges may apply
after you elect an IPR
Reset.
•If you elect an IPR Reset
where the IPR Guarantee
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NAME OF BENEFIT
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PURPOSE
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MAXIMUM FEE
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BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
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Percentage is 101% or
more, a new Holding
Period will begin as of the
Rider Reset Effective Date.
If you die before the last
two years of the new
Holding Period, the IPR
Death Benefit will be equal
to the Accumulation Value
as of the Rider Reset
Effective Date less any
proportional withdrawals. If
you die in the last two
years of the new Holding
Period, the IPR Death
Benefit will be equal to the
Guaranteed Amount.
•IPR Reset rights may be
suspended or discontinued
and are subject to age
limits.
•The IPR Death Benefit is
only payable if the Owner's
spouse does not elect to
continue the policy
pursuant to its spousal
continuance option. If the
Owner's spouse elects to
continue the policy, the
rider will continue and the
IPR Death Benefit will not
be paid.
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Limitations on withdrawal amounts
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The minimum amount you can withdraw is $500,
unless we agree otherwise. Currently, online
withdrawals cannot exceed $250,000. If you request a
withdrawal for amounts greater than $50,000 in writing
we may require additional verification of your identity.
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Surrender charges and taxes
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As described above, there may be surrender charges
and tax consequences when you take out money.
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Negative impact of withdrawal on benefits and
guarantees of your policy
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A withdrawal may have a negative impact on certain
standard benefits under the policy. It may significantly
reduce the value of the IPR by more than the amount
of the withdrawal, if your Accumulation Value is greater
than the guaranteed amount under the IPR at the time
of the withdrawal. A withdrawal may also be a taxable
transaction and a 10% penalty tax could be applicable.
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Regular Mail
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Express Mail
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Surrender or Withdrawal
Requests
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NYL Annuities - TPD
Mail Code 7390
P.O. Box 7247
Philadelphia, PA 19170-7390
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NYL Annuities - TPD
400 White Clay Center Drive
Attention: LOCKBOX 7390
Newark, DE 19711
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Policy Year
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1
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2
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3
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4
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5
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6
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7
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8+
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Surrender Charge
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7.00%
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7.00%
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6.00%
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5.00%
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4.00%
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3.00%
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2.00%
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0.00%
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Other Transaction Charges
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Guaranteed
maximum charge
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Current
charge
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Transfer Fee (charged for transfers in excess of 12 in a Policy Year)*
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$30
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$0
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Payments Returned for Insufficient Funds
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$30
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$0
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Guaranteed
Maximum Charge
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Current Charge
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Base Contract Expenses (M&E Charges)1
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1.20%
(During the
Surrender Charge
Period)
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1.20%
(During the
Surrender Charge
Period)
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1.00%
(After the
Surrender Charge
Period)
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1.00%
(After the
Surrender Charge
Period)
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Annual Charge for IPR-P Series (IPR)2
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1.80%
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0.70%
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Minimum
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Maximum
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Expenses that are deducted from the Portfolio assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses.1
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Before fee waivers and expense reimbursements
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0.76%
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0.76%
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After fee waivers and expense reimbursements2
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0.71%
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0.71%
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Years
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1 yr
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3 yr
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5 yr
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10 yr
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If you surrender your policy at the end of the applicable time
period:
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$9,232.04
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$14,284.75
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$18,432.76
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$29,403.11
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If you annuitize at the end of the applicable time period:
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$9,232.04
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$8,516.60
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$14,432.76
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$29,403.11
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If you do not surrender your policy:
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$2,793.00
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$8,516.60
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$14,432.76
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$29,403.11
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Type
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Portfolio
Adviser/Sub-adviser
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Current
Expenses*
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Average Annual Total Returns
(as of 12/31/23)
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1 year
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5 year
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10 year
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|||
Asset Allocation
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Fidelity® VIP FundsManager® 60% Portfolio -
Investor Class
Adviser: Fidelity Management & Research
Company LLC ("FMR")
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0.71%
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14.17%
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8.61%
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6.26%
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Money Market
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Fidelity® VIP Government Money Market Portfolio -
Investor Class
Adviser: FMR / Subadvisers: Other investment
advisers
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0.30%
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4.87%
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1.71%
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1.10%
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