Form 485BPOS Minnesota Life Insurance
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E-mailFile Number 333-282641
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
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Post-Effective Amendment No. 1
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Minnesota Life Insurance Company (RILA)
(Name of Insurance Company)
400 Robert Street North, St. Paul, Minnesota 55101-2098
(Address of Insurance Company’s Principal Executive Offices) (Zip Code)
651-665-3500
(Insurance Company’s Telephone Number, including Area Code)
Renee D. Montz, Esq.
Senior Vice President, General Counsel and Secretary
Minnesota Life Insurance Company
400 Robert Street North
St. Paul, Minnesota 55101-2098
Senior Vice President, General Counsel and Secretary
Minnesota Life Insurance Company
400 Robert Street North
St. Paul, Minnesota 55101-2098
(Name and Address of Agent for Service)
Approximate date of Proposed Public Offering: As soon after the effective date of the registration statement as is practicable.
It is proposed that this filing will become effective (check the appropriate box):
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immediately upon filing pursuant to paragraph (b)
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on May 1, 2026 pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1) of Rule 485 under the Securities Act of 1933 (“Securities Act”)
If appropriate, check the following:
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This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Check each box that appropriately characterizes the Registrant:
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New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)
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Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”))
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If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act
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Insurance Company relying on Rule 12h-7 under the Exchange Act
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Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)
AccumuLinkTM Advance
Registered Index-Linked Annuity Contract
Minnesota Life Insurance Company
Registered Index-Linked Annuity Contract
Minnesota Life Insurance Company
Minnesota Life
400 Robert Street North ● St. Paul, Minnesota 55101-2098 ● Telephone: 844-878-2199 ● http://www.securian.com
This Prospectus describes an individual, single payment, registered indexed-linked annuity contract (“the Contract”) offered by the Minnesota Life Insurance Company. This Contract is designed for long term investors. It may be used in connection with Roth or Traditional Individual Retirement Annuity (IRA) arrangements or independent of a retirement plan.
You may invest your Contract Values in any of the Indexed Accounts or Guaranteed Interest Accounts that we make available. A complete listing of the available account options can be found in Appendix A to this Prospectus,“Account Options Available Under the Contract.”
This Contract is a complex investment and involves risks, including the potential loss of principal. If the performance for an Index is negative at the end of a Crediting Period, you could experience a loss of Account Value ranging from 0 to 99%, depending on the account options you select.
We will always offer a Default Account investment option with a Floor that limits losses to 0% when the Account Value is held for the duration of the Crediting Period. We do not guarantee that we will always offer an Indexed Account option with a Buffer or a Shift. If we do offer an Indexed Account option with a Buffer or Shift, the minimum Buffer will be 1% and the minimum Shift will be 5%. In the future, we may offer other Indexed Account options that do not provide any downside protection, which would mean a risk of loss of the entire amount of money in such an Indexed Account.
Indexed Accounts have Caps or Participation Rates that will limit the amount of potential investment earnings. The lowest guaranteed minimum Cap for any Indexed Account option is 1% and the lowest guaranteed minimum Participation Rate for any Indexed Account option is 10%. With Participation Rates, the Index return calculated for the Indexed Account at the end of a Crediting Period, if positive, is multiplied by the Participation Rate to calculate the rate used in determining the Index Credit. For example, assuming an Indexed Account with a 10% Buffer and a 10% Participation Rate that experiences an Index return of 10%, the resulting Index Credit would be equal to 1% of the Crediting Base.
The Contract is not designed as a short-term investment and is not appropriate for investors who may need ready access to cash from the Contract. Withdrawals could result in surrender charges, negative Interim Value Adjustments, taxes, and tax penalties. An Interim Value Adjustment could cause up to a 100% loss of Account Value in extreme market conditions.
This Contract provides certain optional benefits for a fee that, when elected, will result in periodic deductions from your Contract Value. These deductions may be made prior to the end of a Crediting Period either in the case of multi-year Crediting Periods, or if you surrender the Contract prior to the end of a Crediting Period. These ongoing deductions will have adverse effects to the values under the Contract. If you intend to elect an optional benefit for a fee, you should consult with your financial professional to determine if it is appropriate for your needs.
All obligations owed under this Contract by the Insurance Company are subject to the financial strength and claims-paying ability of the Insurance Company.
Additional information about certain investment products, including registered indexed-linked annuities, has been prepared by the SEC’s staff and is available at www.investor.gov.
Please note: we reserve the right to change or discontinue any Indexed Account, except for the Default Account. If an Index is discontinued, Index values are unavailable to us, we lose our license or
permission to use an Index, we are unable to hedge risks associated with an Index, or if the calculation of an Index is changed substantially, we may substitute a comparable Index subject to approval by the Interstate Insurance Compact or applicable state Department of Insurance. Before a substitute Index is used, we will notify you of the substitution.
This Prospectus includes the information you should know before purchasing a contract. You should read it and keep it for future reference.
If you are a new investor in the Contract, you may cancel your Contract within 20 days of receiving it without paying fees or penalties. In some states this cancellation period may be longer. Upon cancellation, you will receive a full refund of the amount you paid with your application. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
The contracts involve risks, including potential loss of principal invested. The contracts are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not federally insured by the FDIC, the Federal Reserve Board, or any other agency.
The date of this Prospectus and of the Statement of Additional Information is: May 1, 2026.
Table of Contents
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Special Terms
As used in this Prospectus, the following terms have the indicated meanings:
Account Value: the value of a given Indexed Account or Guaranteed Interest Account.
Activities of Daily Living (ADL): The activities of daily living refer to basic functional abilities that ensure the ability for self-care and ability to live independently without substantial assistance from another individual. The six activities of daily living are:
(1)
Bathing: Washing oneself by sponge bath; or in either a tub or shower, including the task of getting into or out of the tub or shower.
(2)
Continence: The ability to maintain control of bowel and bladder function or, when unable to maintain control of bowel or bladder function, the ability to perform associated personal hygiene (including caring for a catheter or colostomy bag).
(3)
Dressing: Putting on and taking off all items of clothing and any necessary braces, fasteners or artificial limbs.
(4)
Eating: Feeding oneself by getting food into the body from a receptacle (such as a plate, cup or table) or by a feeding tube or intravenously.
(5)
Toileting: Getting to and from the toilet, getting on and off the toilet and performing associated personal hygiene.
(6)
Transferring: Moving into or out of a bed, chair or wheelchair.
Annuitant: the natural person(s) named as Annuitant upon whose lifetime Annuity Payment benefits will be determined under this Contract. An Annuitant’s life may also be used to determine the value of death benefits and to determine the Maturity Date. If the Annuitant is not the Owner and dies prior to the Annuity Commencement Date, the Owner may name a new Annuitant if the Owner is a natural person. If a new Annuitant is not named, the youngest Owner will become the Annuitant. If the Owner is not a natural person and the Annuitant dies prior to the Annuity Commencement Date, the death will be treated as the death of the Owner.
Annuity Commencement Date: the date on which Annuity Payments are elected to begin. This may be the Maturity Date or a date you select prior to the Maturity Date.
Annuity Payments: a series of income payments for one of the following periods of time: the life of the Annuitant; the life of the Annuitant with a minimum number of income payments; joint lifetime of the Joint Annuitants and thereafter during the lifetime of the survivor; or, income payments for a designated period. Annuity Payments made at regular intervals are due and payable on dates agreed to between you and us.
Annuity Service Center: the service center that is responsible for administration of this annuity product. The contact information for the Annuity Service Center is listed on the Contract’s schedule page. Updated contact information may be provided by us to you from time to time.
Beneficiary: The person, persons or entity designated to receive any death benefit proceeds payable on the death of any Owner prior to the Annuity Commencement Date; or to receive any remaining annuity benefits payable on the death of the Annuitant after the Annuity Commencement Date. The Beneficiary will be the first person on the following list who is alive on the date of death: a surviving Owner (if any), the primary (class 1) Beneficiary, the secondary (class 2) Beneficiary or, if none of the above is alive, your estate.
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Business Day: generally, any day on which the New York Stock Exchange (NYSE) is open for trading. The Company’s Business Day ends at 3:00 p.m. (Central Time) or the close of regular trading of the NYSE, if earlier.
Code: the Internal Revenue Code of 1986, as amended.
Commuted Value: the present value of any remaining period certain payments payable in a lump sum. The value will be based upon the then current dollar amount of one payment and the same interest rate that served as a basis for the annuity.
Contract Anniversary: The same day and month as the Contract Date for each succeeding year of your Contract.
Contract Date: The effective date of your Contract. It is also the date we use to determine Contract Anniversaries and Contract Years.
Contract Value: The sum of your Account Values in the Guaranteed Interest Accounts and Indexed Accounts on any date prior to the Annuity Commencement Date. Account Values in the Indexed Accounts are part of a non-unitized separate account. The assets in the non-unitized separate account are ours and are not subject to claims arising out of any other business of ours. Account Values in the Guaranteed Interest Accounts are part of our General Account.
Contract Year: A period of one year beginning with the Contract Date or a Contract Anniversary.
Crediting Base: The tracking value used to determine the Account Value of each Indexed Account in each Crediting Period. It is also used in the determination of the Index Credit at the end of the Crediting Period. The Crediting Base is equal to the value allocated to an Indexed Account at the beginning of a Crediting Period and is adjusted for withdrawals in the same proportion as the withdrawal bears on the Account Value of the Indexed Account. The Crediting Base is tracked separately for each Indexed Account.
Crediting Period: For an Indexed Account, the Crediting Period is the term over which Index changes are measured in calculating the Index Credit. For a Guaranteed Interest Account, the Crediting Period is the period for which the interest rate is guaranteed. The Crediting Period for each account option is shown on the Contract’s schedule page.
Default Account: An Indexed Account that is available for the life of this Contract. The Default Account will always offer a one-year point-to-point Crediting Period with a 0% Floor. Please see the section of this Prospectus entitled Description of the Insurance Company and Account Options for additional information about the Default Account.
Fixed Account: A type of Guaranteed Interest Account that may be available for allocation of your Purchase Payment and transfers. The interest rate for the Fixed Account will not be changed more than once per year. The Fixed Account is also used as the receiving account for proceeds from a Performance Lock and receiving the value of any death benefit payable under the Contract from the time we receive due proof of death until the death benefit is paid.
Fixed Annuity: an annuity providing for payments of guaranteed amounts throughout the payment period.
Guaranteed Interest Account: An account option that provides a fixed interest rate guaranteed for a Crediting Period.
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Guaranteed Minimum Surrender Value (“GMSV”): The minimum amount available to you upon surrender, death, or annuitization of this Contract. For each Guaranteed Interest Account, the GMSV is equal to the GMSV Purchase Payment Percentage multiplied by the Purchase Payment allocated to that account, accumulated at the applicable GMSV Rate, and adjusted for any amounts withdrawn or transferred. Interest is credited to the GMSV daily. For each Indexed Account, the GMSV is equal to zero.
Index: A benchmark designed to track the performance of a defined portfolio of securities used to calculate the Index Credit and Interim Value Adjustment. The Index for each Indexed Account is shown in Appendix A – Account Options Available Under the Contract of this Prospectus.
Index Credit: The amount of interest credited to the Crediting Base of an Indexed Account at the end of a Crediting Period. The calculation of the Index Credit is determined by the applicable Indexed Crediting Method. For some Indexed Accounts, the Index Credit may be negative if an Index declines in value.
Indexed Account: An account option for which the Account Value is determined based upon the change of an Index according to an Indexed Crediting Method.
Indexed Crediting Method: The method used to compute the Index Credit and Interim Value Adjustment. We issue an endorsement for each Indexed Crediting Method we make available for the Contract.
Interim Value Adjustment: A positive or negative adjustment added to the Crediting Base to calculate the Account Value of an Indexed Account. The Interim Value Adjustment reflects the change in the value of the hypothetical portfolio of assets that support the Indexed Account.
Joint Annuitant: The person named as Joint Annuitant upon whose life, together with the Annuitant, Annuity Payments may be determined. If Joint Annuitants are named, all references to Annuitant shall mean the Joint Annuitants.
Joint Owner: If more than one Owner has been designated, each Owner shall be a Joint Owner of the Contract. Joint Owners have equal ownership rights and must both authorize any exercising of those ownership rights unless otherwise permitted by us. When two people are named as Joint Owners, the term “Owner” means the Joint Owners or the survivor. Joint Owners are not permitted if the Owner is not a natural person.
Maturity Date: The date the Contract matures. The Maturity Date will be the first of the month following the Annuitant’s 100th birthday.
Minnesota Life (“we,” “our,” “us”): Minnesota Life Insurance Company.
Non-Qualified Contract: a contract other than a Qualified Contract.
Owner (“you,” “your,” “yours”): The person(s) who has (have) all rights under this Contract. This Contract may be owned by natural persons, or by a trust or custodial account that holds this Contract as agent for the sole benefit of a natural person(s).
Performance Lock: A feature that allows you to “lock” the Account Value of an Indexed Account during a Crediting Period and move the Account Value to the Fixed Account.
Pro-rata Basis: values adjusted on a Pro-rata Basis means that the value being adjusted will be reduced by an amount equal to (a) multiplied by (b) divided by (c) where:
(a)
is the value that is being adjusted immediately prior to the withdrawal,
(b)
is the total amount withdrawn, including any applicable charges, and
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(c)
is the Contract Value immediately prior to the withdrawal.
Purchase Payment: Amounts paid to us as consideration for benefits provided by this Contract.
Qualified Contract: A contract issued to a retirement plan or arrangement that received favorable tax treatment under Section 408 and 408A of the Internal Revenue Code, as amended.
Surrender Value: The amount payable to you upon surrender of this Contract. The Surrender Value is equal to the Contract Value reduced by any applicable surrender charge.
Valuation Date: Any date on which the New York Stock Exchange is open for trading.
Written Request: A written notice, signed by you, in a form approved by or acceptable to us. In some cases, we may require a copy of the Contract be sent in with your Written Request.
An Overview of Contract Features
Purpose of the Contract
The purpose of the Contract is to help you with your long-term retirement planning or other long-term needs. During the accumulation phase, it offers a variety of Indexed Account options that have varying levels of loss protections in exchange for limits on potential gains in addition to Guaranteed Interest Accounts. The Contract also offers death benefits to protect your designated beneficiaries. Through the annuity feature, the Contract can supplement your retirement income by providing a stream of annuity payments. You also have the option to purchase death benefit riders that may increase benefits upon death. This Contract may be appropriate if you have a long investment time horizon and seek some downside protection. It is not intended for people who may need to make early or frequent withdrawals.
Contract Phases and Investment Options
The Contract has two principal phases: an accumulation phase and an annuity payment phase.
Accumulation Phase
The accumulation phase is the period between the date the Contract became effective (the “Contract Date”) and the date you start receiving annuity payments under your Contract (the “Annuity Commencement Date”);
During the accumulation phase, your Contract Value may increase or decrease depending on the performance of the account options you have selected; and
During the accumulation phase, you may allocate your Contract Value among the various account options which include Guaranteed Interest Accounts offering a fixed rate of return or Indexed Account options, each of which tracks an underlying Index and will provide a credit that is either positive, negative, or equal to zero at the end of each Crediting Period.
Additional information about each account option is provided in Appendix A — Account Options Available Under the Contract.
Annuity Payment Phase
The annuity payment phase, sometimes called the payout phase, begins on the Annuity Commencement Date and is the period during which you receive regular annuity payments from your Contract according to the annuity option you choose; and
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Once you begin receiving annuity payments, you may no longer be able to take additional withdrawals subject to certain exceptions, and the Contract’s death benefits will terminate except as may be provided under the annuity option selected.
Contract Features
Below is a summary of certain contract features and expenses. Please see the corresponding section of the Prospectus for complete details, restrictions or limitations that may apply.
State variations of certain features may exist and the Contract may not be available in every state. The state in which your Contract is issued governs whether or not certain features, riders, charges or fees are available or will vary under your Contract. These variations are reflected in your Contract and in riders or endorsements to your Contract. In addition, we may offer other annuity contracts which could be more or less expensive, or have different benefits from this Contract.
Please see the section of this Prospectus entitled Material Contract Variations by State for more information. See your registered representative for more information and to help determine if this product is right for you.
Purchase Payments:
| Initial Minimum* |
$25,000 |
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| Subsequent Purchase Payments |
This Contract does not permit subsequent purchase payments |
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| Maximum Purchase Payment (without our prior consent) |
$2,000,000 |
*
Please note: If this is a Qualified Contract, the Internal Revenue Service may have contribution minimums or maximums that are different than those that apply to this Contract. In addition, you will receive no additional benefit from the tax deferral feature of the annuity since the Qualified Contract is already tax deferred. You should consult your tax advisor to ensure that you meet all of the requirements and limitations, and to be sure this Contract is appropriate to your situation.
Investment Options:
| Guaranteed Interest Accounts |
| Indexed Accounts |
Guaranteed Interest Accounts
Investors may allocate a portion of the Purchase Payment and transfer Account Value at the end of a Crediting Period to any Guaranteed Interest Accounts we make available. Guaranteed Interest Accounts offer a fixed rate of interest for the length of the Crediting Period for that account. The rate for each Guaranteed Interest Account is declared at each Contract Anniversary, which will never be below 1%.
Indexed Accounts
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Limitations on Losses. For each Indexed Account we may limit the amount of loss you could experience if an underlying Index declines in value. These methods of limiting loss currently include:
The listed Buffer for an Indexed Account will not change for as long as we make the Indexed Account available as an allocation option, and the minimum Buffer we will offer is 1 %. We reserve the right to discontinue any Indexed Accounts with a Buffer.
We guarantee that we will always offer an Indexed Account option with a Floor of 0 % for the life of the Contract.
The listed Shift for an Indexed Account will not change for as long as we make the Indexed Account available as an allocation option, and the minimum Shift we will offer is 5 %. We reserve the right to discontinue any Indexed Accounts with a Shift.
In the future, we may offer other Indexed Account Options that do not provide any downside protection, which would present a risk of loss of the entire amount invested in such an Indexed Account.
Limitations on Gains. For each Indexed Account we may limit the amount of positive interest credited to you. These methods of limiting gains include:
We guarantee that we will always offer an Indexed Account with a minimum of a 1 % Cap for the life of the Contract.
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If we do offer an Indexed Account option with a Participation Rate, the minimum Participation Rate will not be less than 10 %. We reserve the right to discontinue any Indexed Account option with a Participation Rate.
Withdrawal Options
Until you annuitize, you have full access to your money. You can choose to withdraw your Contract Value at any time (although if you withdraw early, you may have to pay a surrender charge and/or taxes, including tax penalties). Under the Contract, withdrawals must meet certain minimum amounts ($250) and may be subject to charges. The Interim Value Adjustment will affect an Indexed Account’s Account Value available for withdrawal prior to the end of a Crediting Period, and a withdrawal prior to the end of a Crediting Period will cause a reduction in the Crediting Base. In certain cases, we waive the surrender charge on withdrawal or surrender. If you select certain optional riders, withdrawals will reduce the guarantees provided under those riders.
Death Benefit and Optional Death Benefits
Your Contract provides a standard death benefit equal to your Contract Value. Certain optional death benefits may also be selected for an additional charge and may provide the opportunity for a larger death benefit. The optional death benefits include:
●
Accelerated Death Benefit (ADB Rider)
●
Return of Purchase Payments Death Benefit (ROPP DB)
Once you elect an optional rider, you may not cancel it. Please refer to the section entitled Optional Death Benefit Riders later in the Prospectus for a complete description of each rider, its benefits, limitations, restrictions and availability with other riders. You will incur an additional fee if you select any optional death benefits. Please also refer to the section entitled Optional Rider Charges later in the Prospectus for a complete description of the rider charges.
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Key Information
Important Information You Should Consider About the Contract
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Fees, Expenses, and Adjustments |
Location in Prospectus | |||
| Are There Charges or Adjustments for Early Withdrawals? |
Yes, if you withdraw funds from the Contract within contract issue, you will be assessed a surrender charge up to a maximum of Contract Value of $100,000, you could pay a surrender charge of up to $ penalties, and may reflect a negative Interim Value Adjustment. |
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Your losses will be greater if you also have to pay a surrender charge, taxes, or tax penalties on any amounts withdrawn from the Contract.The Contract does provide for an annual “free withdrawal amount” that is not subject to a surrender charge. | ||||
| Are There Transaction Charges? |
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| Are There Ongoing Fees and Expenses? |
Yes, there are ongoing fees and expenses depending upon the options you select. |
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The table below describes the fees and expenses that you may pay each year, depending on the Investment Options and optional benefits you choose. Please refer to your Contract Schedule for information about the specific fees you will pay each year based on the options you have elected. | ||||
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Annual Fee Base Contract |
Minimum |
Maximum |
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Fees, Expenses, and Adjustments |
Location in Prospectus | |||
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Optional Benefits available for an additional charge (for a single optional benefit, if elected)1 |
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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 and negative Interim Value Adjustments that substantially increase costs. | |||||
| Highest and Lowest Annual Cost |
Lowest Annual Cost: $ |
Highest Annual Cost: $ |
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Assumes: |
Assumes: |
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●Investment of $100,000 |
●Investment of $100,000 |
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●5% annual appreciation |
●5% annual appreciation |
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●Least expensive combination of fees and expenses |
●Most expensive combination of optional benefits and expenses |
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●No optional benefits |
●No sales charges |
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●No sales charges ●No additional purchase payments, transfers or withdrawals |
●No additional purchase payments, transfers or withdrawals |
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●0% Interim Value Adjustment |
●0%Interim Value Adjustment |
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Risks |
Location in Prospectus |
| Is There a Risk of Loss from Poor Performance? |
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Risks |
Location in Prospectus |
| Is this a Short-Term Investment? |
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| What Are the Risks Associated with the Investment Options? |
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Risks |
Location in Prospectus |
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| What are the Risks Related to the Insurance Company? |
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Restrictions |
Location in Prospectus |
| Are There Limits on the Investment Options? |
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| Are There any Restrictions on Contract Benefits? |
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Taxes |
Location in Prospectus |
| What Are the Contract’s Tax Implications? |
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Conflicts of Interest |
Location in Prospectus |
| How Are Investment Professionals Compensated? |
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| Should I Exchange My Contract? |
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| (as a percentage of Purchase Payments) |
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the amount surrendered.
| Maximum of 8%1 |
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| Beginning of Contract Year |
Percentage |
| 1 |
% |
| 2 |
8 % |
| 3 |
7 % |
| 4 |
6 % |
| 5 |
5 % |
| 6 |
4 % |
| 7 |
0 % |
| Transfer Fee |
$ |
| Request for Duplicate Contracts |
$ 2 |
| Overnight Delivery of Documents |
$ 2 |
| Interim Value Adjustment Maximum Potential Loss (as a percentage of Contract Value) |
%3 |
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| Administrative Expenses |
$ |
| Base Contract Expenses (as a percentage of Contract Value) |
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| Optional Rider |
Current Benefit Expense Annual Percentage |
| Accelerated Death Benefit |
Annual charge of and older) of the death benefit deducted from the Contract Value on an annual basis |
| Return of Purchase Payments Death Benefit Charge |
Annual charge of and older) of the ROPP DB deducted from the Contract Value on an annual basis |
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| Previous 1-day Return |
Previous 5-day Return |
Allocation |
| Negative |
Negative |
200% |
| Positive |
Negative |
150% |
| Negative |
Positive |
100% |
| Positive |
Positive |
50% |
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Description of the Insurance Company and Account Options
The Company — Minnesota Life Insurance Company
We are Minnesota Life Insurance Company (“Minnesota Life”), a life insurance company organized under the laws of Minnesota. Our home office is at 400 Robert Street North, St. Paul, Minnesota 55101-2098. Minnesota Life was formerly known as The Minnesota Mutual Life Insurance Company (“Minnesota Mutual”), a mutual life insurance company organized in 1880 under the laws of Minnesota. Effective October 1, 1998, Minnesota Mutual reorganized by forming a mutual insurance holding company named “Minnesota Mutual Companies, Inc.” Minnesota Mutual continued its
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corporate existence following conversion to a Minnesota stock life insurance company named “Minnesota Life Insurance Company” (“Minnesota Life”). All of the shares of the voting stock of Minnesota Life are owned by a second tier intermediate stock holding company named “Securian Financial Group, Inc.”, which in turn is a wholly-owned subsidiary of a first tier intermediate stock holding company named “Securian Holding Company”, which in turn is a wholly-owned subsidiary of the ultimate parent, Minnesota Mutual Companies, Inc. Our telephone and internet address are shown on the cover page of this Prospectus. We are licensed to engage in the life insurance business in all states of the United States (except New York), the District of Columbia and Puerto Rico.
We are obligated to pay any amounts promised under the Contract, including any riders or endorsements. The payment of any promised amount is subject to our financial strength and claims paying ability.
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| Previous 1-day Return |
Previous 5-day Return |
Allocation |
| Negative |
Negative |
200% |
| Positive |
Negative |
150% |
| Negative |
Positive |
100% |
| Positive |
Positive |
50% |
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| Name |
Type of Limit on Index Loss |
Current Limit on Index Loss |
| S&P 500 Index 1-Year Point-to-Point with 0% Floor and Cap (the “Default Account”) |
Floor |
0% |
| S&P 500 Index 1-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| MSCI EAFE Index 1-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| NASDAQ 100 Index 1-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| JEDI Index 1-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| S&P 500 Index 1-Year Point-to-Point with 10% Buffer and Cap |
Buffer |
10% |
| MSCI EAFE Index 1-Year Point-to-Point with 10% Buffer and Cap |
Buffer |
10% |
| NASDAQ 100 Index 1-Year Point-to-Point with 10% Buffer and Cap |
Buffer |
10% |
| S&P 500 Index 1-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
| MSCI EAFE Index 1-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
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| Name |
Type of Limit on Index Loss |
Current Limit on Index Loss |
| NASDAQ 100 Index 1-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
| JEDI Index 1-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
| S&P 500 Index 1-Year Point-to-Point with 20% Buffer and Cap |
Buffer |
20% |
| S&P 500 Index 1-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| MSCI EAFE Index 1-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| NASDAQ 100 Index 1-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| JEDI Index 1-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| S&P 500 Index 1-Year Point-to-Point with 10% Shift and Participation Rate |
Shift |
10% |
| S&P 500 Index 6-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| MSCI EAFE Index 6-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| NASDAQ 100 Index 6-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| JEDI Index 6-Year Point-to-Point with 1% Buffer and Participation Rate |
Buffer |
1% |
| S&P 500 Index 6-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
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| Name |
Type of Limit on Index Loss |
Current Limit on Index Loss |
| MSCI EAFE Index 6-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
| NASDAQ 100 Index 6-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
| JEDI Index 6-Year Point-to-Point with 10% Buffer and Participation Rate |
Buffer |
10% |
| S&P 500 Index 6-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| MSCI EAFE Index 6-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| NASDAQ 100 Index 6-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
| JEDI Index 6-Year Point-to-Point with 20% Buffer and Participation Rate |
Buffer |
20% |
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Contract Charges, Adjustments and Fees
Surrender Charge
No sales charge is deducted from a Purchase Payment made for this Contract at the time of its receipt. However, when a Contract’s value is reduced by a withdrawal or a surrender, a surrender charge may be deducted. The surrender charge applies to the total amount withdrawn, including the surrender charge itself (see example below). A surrender charge of up to 8% may apply to partial withdrawals and surrenders. The surrender charge will be deducted pro rata from the Indexed Accounts and Guaranteed Interest Accounts from which withdrawals are made. This is designed to compensate us for the distribution expenses of the Contract. To the extent the sales expenses are not recovered from the surrender charge, we will recover them from our other assets or surplus.
The schedule in the table is applied to your Contract Value withdrawal. The applicable surrender charge percentage is as shown in the table below:
| Contract Year |
Surrender Charge |
| 1 |
8% |
| 2 |
8% |
| 3 |
7% |
| 4 |
6% |
| 5 |
5% |
| 6 |
4% |
| 7 and later |
0% |
The amount of the surrender charge is determined by multiplying the Contract Value withdrawn by the appropriate surrender charge percentage in the table. This amount is then deducted from your Contract Value.
Example Assume the “free withdrawal amount” (described below) has already been exhausted in the current Contract Year. If the Owner requests a withdrawal of $1,000, and the applicable sales charge is 8% (because the Contract was issued within the last 2 years), the Owner will receive $1,000, the surrender charge will be $86.96 (which represents the surrender charge applied to the total amount withdrawn, including the sales charge) and the total withdrawal amount deducted from the Contract Value will equal $1,086.96.
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The surrender charge will not apply to:
●
Amounts withdrawn in any Contract Year that are less than or equal to the annual “free withdrawal amount”. The free withdrawal amount is equal to 10% of the Contract Value as of the most recent Contract Anniversary (in the first year, 10% of the Purchase Payment). The free withdrawal amount does not apply to full surrenders.
●
The excess, in any Contract Year, of a required minimum distribution due (according to Internal Revenue Service (IRS) rules) on this Contract for a single calendar year over any annual “free withdrawal amount” allowed. However, if you withdraw the required minimum distribution for two calendar years in a single Contract Year, surrender charges may apply. Amounts withdrawn to satisfy the required minimum distribution will reduce the free withdrawal amount available for the Contract Year. We may modify or eliminate this right if there is any change to the Code or regulations regarding required minimum distributions, including guidance issued by the IRS.
●
Amounts deducted as optional rider charges.
●
Amounts payable as a death benefit upon the death of the Owner or the Annuitant, if applicable.
●
Amounts applied to provide Annuity Payments under an annuity option.
●
A surrender or withdrawal requested any time after the first Contract Anniversary and if you meet the requirements of a qualifying confinement in a hospital or medical care facility as described below.
●
A surrender or withdrawal requested any time after the first Contract Anniversary and in the event that you are diagnosed with a terminal condition as described below.
●
A surrender or withdrawal requested during the Acceleration Period if you have purchased the Accelerated Death Benefit rider.
Hospital, Medical Care, and Terminal Condition Waiver Endorsement
A surrender or withdrawal request made any time after the first Contract Anniversary due to the Owner’s confinement in a hospital or medical care facility for at least 90 consecutive days will not be subject to a surrender charge (Hospital and Medical Care Waiver). The request must be made while the Owner is still confined or within 90 days after the discharge from a hospital or medical care facility after a confinement of at least 90 consecutive days. A medical care facility for this purpose means a facility operated pursuant to law or any state licensed facility providing medically necessary inpatient care which is:
●
prescribed by a licensed Physician (defined further below) in writing; and
●
based on physical limitations which prohibit daily living in a non-institutional setting.
A surrender or withdrawal request made any time after the first Contract Anniversary in the event the Owner is diagnosed with a terminal condition will also not be subject to a surrender charge (Terminal Condition Waiver). A terminal condition for this purpose is a condition which:
●
is diagnosed by a licensed Physician; and
●
is expected to result in death within 12 months.
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For purposes of these provisions, we must receive due proof, satisfactory to us, of the Owner’s confinement or terminal condition in writing. Physician for this purpose means a licensed medical doctor (MD) or a licensed doctor of osteopathy (DO) practicing within the scope of his or her license; and not the Owner, the Annuitant or a member of either the Owner’s or the Annuitant’s immediate families.
If the Owner of this Contract is other than a natural person, such as a trust or other similar entity, benefits payable due to hospital or medical care confinement or terminal condition will be based upon the Annuitant.
If the Owner, or Annuitant in the case of a contract owned by a non-natural person, is changed in accordance with the provisions of this Contract, a one-year waiting period will apply after the date of the change before the new Owner or Annuitant is eligible for these waivers.
The Hospital, Medical Care, and Terminal Condition Waiver Endorsement may not be available in every state and the provisions may vary based on the state where the Contract is issued.
Optional Rider Charges
If you elect one of the optional death benefits, the charge described below will apply to your Contract in exchange for the benefit provided. A complete description of each optional rider can be found under the corresponding section of the Prospectus. If these deductions are insufficient to cover our actual costs of providing the benefits guaranteed under a rider, then we will absorb the resulting losses. If the deductions are more than sufficient after the establishment of any contingency reserves deemed prudent or required by law, any excess will be profit to us.
We reserve the right to change the current charges for optional riders that are issued in the future. Any changes in the charges will not exceed the maximum charges listed in the section of this Prospectus entitled “Contract Charges and Expenses — Other Optional Benefit Charges.” If we change the current charges, they will only apply to the optional riders sold on or after the effective date of the change. We may decide to change the rider charge in our sole discretion.
Optional rider charges can have a negative effect on the values under the Contract. If a charge is deducted during a Crediting Period, which will occur if the Contract is surrendered outside of a Contract Anniversary or during a multi-year Crediting Period, the amount deducted will also be subject to the Interim Value Adjustment. You should consult with a financial professional on whether or not any optional benefits available under the Contract are appropriate for you before electing one.
Accelerated Death Benefit Option — Charge
●
If you purchase the Accelerated Death Benefit option, we will deduct a charge on an annual basis in arrears for expenses related to this optional benefit. The annual rider charge is based on the issue age of the oldest Owner and will not change for the life of the Contract. If the Owner is not a natural person, the Annuitant will be treated as the Owner for the purposes of determining the rider charge. The current annual Accelerated Death Benefit charge is equal to 0.75% (1.15% for ages 71-80) of the death benefit. The charge is calculated on each Contract Anniversary and deducted proportionally from each account option. The charge does not apply after annuitization, or in the case of a partial annuitization, to the portion of your Contract annuitized. Additionally, the charge does not apply during the Acceleration Period. See the section of this Prospectus entitled Optional Death Benefit Riders for details on the Acceleration Period. At rider termination, a portion of the charge for the period of time between the last annual charge and the date of termination will be deducted from the Contract Value.
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Return of Purchase Payments Death Benefit (ROPP DB) Option — Charge
●
If you purchase the ROPP DB optional death benefit, we will deduct an ROPP DB charge on an annual basis in arrears for expenses related to this optional benefit. The annual rider charge is based on the issue age of the oldest Owner and will not change for the life of the Contract. If the Owner is not a natural person, the Annuitant will be treated as the Owner for the purposes of determining the rider charge. The current annual ROPP DB charge is equal to 0.15% (0.40% for ages 71-80) of the ROPP DB. The charge is calculated on each Contract Anniversary and deducted proportionally each account option. See the section of this Prospectus entitled Optional Death Benefit Riders for details on how the ROPP DB is determined. The charge does not apply after annuitization, or in the case of a partial annuitization, to the portion of your Contract annuitized. In the event that the rider terminates prior to the charge being taken for the period, a proportionate amount of the charge will be taken for the period.
Deduction for any applicable state premium taxes may be made from the Purchase Payment or when Annuity Payments begin. Currently such taxes range from 0% to 3.5%, depending on applicable law. Any amount withdrawn from the Contract may be reduced by any premium taxes not previously deducted.
Transfer Charges
We do not assess a charge for transfers between account options. Transfers values between accounts are only permitted at the end of a Crediting of a Crediting Period. See the section of this Prospectus entitled Transfers for additional information.
Commissions
Commissions paid to broker-dealers, and indirectly to registered representatives will vary depending on a number of different factors, including the charge structure of the selected contract, the age of the Owner at the time the Purchase Payment generating the commission is paid, and whether Annuity Payments will begin within 12 months of the date a contract is issued. Subject to these factors, broker-dealers are typically paid base commissions for the sale of contracts pursuant to a standard schedule of broker-dealer commissions. These base commissions may be paid in the form of a front-end commission calculated as a percentage of Purchase Payments, an asset-based (or “trail”) commission that is paid annually and calculated as a percentage of Contract Value, or a combination of both. The maximum front-end base commission is not expected to exceed 6% of the Purchase Payment. The maximum annual trail commission will not exceed 1% of the Contract Value. We do not pay any additional compensation on the sale or exercise of any of the Contract’s optional benefit riders offered.
In addition to commissions, we may pay broker-dealers additional compensation, to promote the sale of the contracts, as permitted by applicable laws and regulations. We generally, but are not required to, offer additional compensation to broker-dealers in exchange for marketing support of the contracts within the broker-dealer and the ability for us to participate in conferences and educational events that the broker-dealer may host. This additional compensation may be determined as a flat fee or based on a percentage of overall sales or assets attributable to the Contract.
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Description of the Contract
Your Contract may be purchased either as a Roth or Traditional individual retirement annuity (IRA) or as a non-qualified annuity not in conjunction with an IRA. The Contract provides for a Fixed Annuity to begin at some future date, but no later than the Maturity Date.
You must complete an application and submit it to us. We will review your application form for compliance with our issue criteria, and if it is accepted, we will issue the Contract to you. We currently require each Owner and Annuitant to be 85 years old or less at the time the Contract is issued.
Ownership, Annuitants, and Beneficiaries
Owner
You, as the Owner, have all the rights under the Contract, both before and after the Annuity Commencement Date. The Owner is designated on the Contract Date. You may change the Owner at any time, but the new Owner must meet our issue requirements in effect on the date we receive your Written Request to change the Owner. If the Owner, who is not also the Annuitant, dies on or after the Annuity Commencement Date, the Beneficiary will become the new Owner.
Qualified Contracts can only have one Owner. Non-Qualified Contracts can be owned by up to two natural Owners. If a contract has Joint Owners, the Joint Owners have equal ownership rights and both must authorize any exercising of those ownership rights unless otherwise permitted by us.
Annuitant
The Annuitant is the natural person(s) upon whose life Annuity Payment benefits will be determined under the Contract. The Annuitant’s life may also be used to determine the value of death benefits and to determine the Maturity Date. You can change the Annuitant on an individually owned Non-Qualified Contract at any time before the Annuity Commencement Date, but you cannot change the Annuitant if the Owner is not a natural person, such as a trust, corporation or similar entity. If the Annuitant is not the Owner and dies prior to the Annuity Commencement Date, the Owner may name a new Annuitant if the Owner is a natural person. If a new Annuitant is not named, the youngest Owner will become the Annuitant. If the Owner is not a natural person and the Annuitant dies prior to the Annuity Commencement Date, the death will be treated as the death of the Owner, as further described in the section of this Prospectus entitled Death Benefits.
You may name a joint Annuitant, whose life, together with the Annuitant’s, Annuity Payment benefits will be determined under the Contract.
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Designating different persons as Owner(s) and Annuitant(s) can have important impacts on whether a death benefit is paid, and on who receives it. For more information, please see the section of this Prospectus entitled Death Benefits. You should consult your financial professional for assistance in designating and changing Owners and Annuitants.
Beneficiary
The person, persons or entity designated by you to receive any death benefit proceeds payable on the death of any Owner prior to the Annuity Commencement Date; or to receive any remaining Annuity Payments payable on the death of the Annuitant after the Annuity Commencement Date. The Beneficiary will be the first person on the following list who is alive on the date of death: a surviving Owner (if any), the primary (class 1) Beneficiary, the secondary (class 2) Beneficiary or, if none of the above is alive, your estate.
If the Owner dies on or after the Annuity Commencement Date, the Beneficiary will become the new Owner.
Minimum Contract Value Requirements
The minimum Purchase Payment amount required to establish this Contract is $25,000. If any withdrawal from the Contract reduces the Contract Value below $2,000, we will treat the transaction as a complete surrender of the Contract and send you the proceeds.
1035 Exchanges or Replacements
If you are considering the purchase of this Contract with the proceeds of another annuity or life insurance contract, also referred to as a “Section 1035 Exchange” or “Replacement”, it may or may not be advantageous to replace your existing contract with this Contract. You should compare both contracts carefully. You may have to pay surrender charges on your old contract and there is a surrender charge for this Contract. In addition, the charges for this Contract may be higher (or lower) and the benefits or investment options may be different from your old contract. You should not exchange another contract for this one unless you determine, after knowing all of the facts, that the exchange is in your best interest. For additional information regarding the tax impact in Section 1035 Exchanges, see Federal Tax Status — Section 1035 Exchanges.
Purchase Payment Allocation Options
Your Purchase Payment may be allocated to any Indexed Account or a Guaranteed Interest Account we make available at Contract issue. There is no minimum amount which must be allocated to any of the allocation options.
Transfers
Transfers from one account option to another are only permitted at the end of an account’s Crediting Period, unless you are exercising a Performance Lock for an Indexed Account, which permits a transfer of the Account Value from an Indexed Account to the Fixed Account. At the end of an account’s Crediting Period, you can transfer to any account option we offer at the time of the transfer, provided that (1) you either do not already have funds in the destination account option, or (2) the destination account option is beginning a new Crediting Period. We do not permit transfers to account options that you already have funds in if a Crediting Period is in progress.
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All transfers will be made effective as of the Contract Anniversary that coincides with the end of the Crediting Period of the source account. Any Index Credits applied to the source account will be credited on the Contract Anniversary and then reflected in the proceeds transferred into the receiving account option.
You may submit transfer requests by a Written Request to us or by any other means made available by us, including by telephone or online accounts. Transfer requests must be received by us no later than one Business Day prior to the end of the Crediting Period of the source account. Unless stated otherwise, the same conditions and procedures that apply to Written Requests apply to telephone requests including any faxed requests. We have procedures designed to provide reasonable assurance that telephone or faxed authorizations are genuine. We require Owners or persons authorized by them to provide identifying information to us, we record telephone instruction conversations and we provide you with written confirmations of your telephone or faxed transactions.
During periods of marked economic or market changes, you may experience difficulty making a telephone request due to the volume of telephone calls. If that occurs, you should consider submitting a Written Request while continuing to attempt your transaction request.
Indexed Account options with 6-year Crediting Period are only available for allocation at contract issue and are not available as an investment option you can transfer to after contract issuance.
We reserve the right to make the Fixed Account unavailable as an allocation option upon prior written notice to you. If we do make the Fixed Account unavailable for allocations, any subsequent events described in the Contract, or any rider or endorsement to the Contract, (e.g., a Performance Lock) will continue to operate as described in the Contract. Any funds allocated to the Fixed Account pursuant to such provisions, will remain in the Fixed Account until the next Contract Anniversary when funds will be reallocated to the Default Account unless a different Indexed Account option is selected by you.
We do not impose limits on the dollar amount of transfers between account options. There are no charges for transfers between account options.
The General Account
All obligations arising under this Contract and any accompanying riders or endorsements, including the payment of Index Credits and/or optional death benefit amounts, are obligations of Minnesota Life Insurance Company and backed by our General Account. We have the sole discretion in determining how the assets in our General Account are invested, subject to any limitations imposed by state law on the investments of insurance companies. We issue other types of annuity and insurance contracts whose obligations may also be satisfied by the assets of our General Account. Our General Account is not insulated or otherwise segregated from the claims of our creditors. The payment of any amount from our General Account is subject to our financial strength and claims-paying ability.
The reserves we specifically maintain for supporting our obligations for the Indexed Account portions of the Contract are maintained within a non-unitized separate account established by us under the laws of the State of Minnesota. The assets maintained in the separate account are not chargeable with liabilities arising out of any other business we may conduct.
You do not share in our investment gains or losses or have any ownership interest in the assets we hold within our General Account or the separate account.
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Minnesota Life reserves the right to defer payment of amounts withdrawn from for up to 6 months from the date it receives the written withdrawal request (if a withdrawal is deferred for more than 30 days pursuant to this right, Minnesota Life will pay interest on the amount deferred at a rate not less than the minimum guaranteed interest rate as stated in your Contract).
Assignment
If the Contract is sold in connection with a tax-qualified program (including individual retirement annuities), then:
●
your interest may not be assigned, sold, transferred, discounted or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose, and
●
to the maximum extent permitted by law, benefits payable under the Contract shall be exempt from the claims of creditors.
If the Contract is not issued in connection with a tax-qualified program, any person’s interest in the Contract may be assigned. You should discuss the tax consequences with your tax advisor.
We will not be bound by any assignment until we have recorded your Written Request for assignment and it has been accepted by us. We reserve the right to refuse any assignment of this Contract in connection with our compliance with applicable laws or regulations, including our reliance on Rule 12h-7 under the Securities Act of 1934, or any successor regulations. We are not responsible for the validity of any assignment. An assignment will not apply to any payment or action made by us before it was recorded and accepted by us. Any payments to an assignee will be paid in a single sum. Any claim made by an assignee will be subject to proof of the assignee’s interest and the extent of the assignment.
Deferment of Payment
We will generally make all payments (including withdrawals, surrenders, Annuity Payments, and death benefits) and transfers within 7 days after the date the transaction request is received by us in good order. We may postpone payments for a period of up to 6 months when permitted, or when necessary, approved by the insurance regulatory authority in the issue state of the Contract.
Confirmation Statements and Reports
You will receive confirmation statements for any transfer, withdrawal, surrender, or payment of any death benefit. Quarterly statements will be made available to you with certain contract information. However, we may not deliver a quarterly statement if you do not have any transactions during that quarter. Statements will reflect transactional activity that took place during the statement period. Statements will also reflect the value of any Interim Value Adjustments and the amount of any interest and Index Credits applied to your account options during the statement period.
Material Contract Variations by State
| State |
Rider or Feature |
Availability or Variation |
| California |
Accelerated Death Benefit Option |
The Waiting Period is 30 days in California. |
| Connecticut |
Accelerated Death Benefit Option |
There is no one year waiting period required in Connecticut for purposes of determining benefit eligibility. |
| Florida |
Accelerated Death Benefit Option |
There is no elimination period for terminal illness required in Florida for purposes of determining benefit eligibility. |
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| State |
Rider or Feature |
Availability or Variation |
| Illinois |
Accelerated Death Benefit Option |
In Illinois, this optional benefit is called Roll-up Death Benefit with Enhanced Surrender Value. |
| Kansas |
Accelerated Death Benefit Option |
There is no one year waiting period required in Kansas for purposes of determining benefit eligibility. Terminal illness is defined as a diagnosis expected to result in death within 24 months. |
| Massachusetts |
Accelerated Death Benefit |
The Accelerated Death Benefit Option is not available in Massachusetts. |
| Montana |
Annuitization Rates |
The Contract is issued on a unisex basis and all annuitization rates will be calculated on a unisex basis. |
| New Jersey |
Accelerated Death Benefit Option |
There is no one year waiting period required in New Jersey for purposes of determining benefit eligibility. In New Jersey, the maximum increase value is limited to 200% of Purchase Payments adjusted dollar-for-dollar by withdrawals. |
| North Carolina |
Accelerated Death Benefit Option |
The Waiting Period is 30 days in North Carolina. |
| Ohio |
Accelerated Death Benefit Option |
There is no one year waiting period and no elimination period required in Ohio for purposes of determining benefit eligibility. |
| Pennsylvania |
Accelerated Death Benefit Option |
There is no one year waiting period required in Pennsylvania for purposes of determining benefit eligibility. |
| Texas |
Accelerated Death Benefit Option |
In Texas, this Accelerated Death Benefit Option is called Roll-up Death Benefit with Enhanced Surrender Value. There is no one year waiting period or elimination period for determining benefit eligibility as a result of a Terminal Illness. |
| Virginia |
Accelerated Death Benefit Option |
In Virginia, the Accelerated Death Benefit Option is called the Roll-up Death Benefit with Enhanced Surrender Value. |
| Washington |
Accelerated Death Benefit Option |
The Accelerated Death Benefit Option is not available in Washington. |
Changes to the Contract
We reserve the right to substitute the Index in any Indexed Account, including the Default Account, with a comparable Index in the event of discontinuation of the Index, unavailability of Index values, substantial change in the calculation of the Index, loss of our license or permission to use the Index, inability to hedge risks associated with the Index, or similar conditions approved by the Interstate Insurance Product Regulation Commission or applicable state insurance regulatory authority. The substitute Index is subject to approval by the Interstate Insurance Product Regulation Commission or applicable state insurance regulatory authority. Before a substitute Index is used, we will notify you and any assignee of the substitution.
We reserve the right to add or remove account options from the Contract at the end of their Crediting Period. If we add or remove account options, we will notify you at least 30 days in advance of the effective date in writing.
We reserve the right to not offer certain contract endorsements or riders in the future.
Annuitization Benefits and Options
Annuity Payments
When you elect Annuity Payments to commence, or annuitize, you elect to convert your Contract Value into a stream of Fixed Annuity payments. This is sometimes referred to as the “payout” phase of your Contract. You may annuitize your entire Contract or a portion of your Contract. In the event you
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annuitize only a portion of your Contract, your Contract Value will be reduced by the amount you annuitize. If you choose a partial annuitization in a Non-Qualified Contract with a life contingent option or a period certain of 10 years or more, the cost basis in the Contract for purposes of determining taxable gain will be allocated pro rata between each portion of the Contract. Partial annuitization is treated as a withdrawal for purposes of benefits provided under optional death benefit riders. You may wish to consult with your tax advisor in the event you choose a partial annuitization with an option that is not a life contingent option or period certain of less than 10 years as the tax treatment under the Code is unclear. You also need to elect an annuity option, which is described below. Annuity Payments will be made to you, unless you designate another payee acceptable to us, and you will receive tax reporting on those payments. Any Contract value that is annuitized will be allocated to our General Account and no longer invested in any of the available investment options under the Contract. You are unable to transfer annuitized amounts to any other investment options.
When your Contract is annuitized, any death benefit riders are terminated and you are no longer eligible for any death benefit(s) if elected under the Contract. However, your beneficiaries may be entitled to any remaining Annuity Payments, depending on the annuity option used. You should refer to the section of the Prospectus describing the specific optional benefit you have elected and the Annuity Options section below for additional information.
Annuitization may provide different tax treatment for payments than the tax treatment of surrenders from your Contract. You should consult with your tax advisor, your financial representative and consider requesting an annuitization illustration before you decide.
Electing the Retirement Date and Annuity Option
You may elect to begin Annuity Payments immediately or at a future date you specify. If you do not elect to begin Annuity Payments, Annuity Payments will begin on the Annuity Commencement Date. You may request a change in the Annuity Commencement Date at any time before the Maturity Date. You must notify us in writing at least 30 days before Annuity Payments are to begin. Under the Contract, if you do not make an election for an Annuity Commencement Date, Annuity Payments will begin automatically on the Maturity Date. The Maturity Date is the first of the month on or after the 100th birthday of the oldest Annuitant, unless limited by your state.
The Contract permits an Annuity Payment to begin on the first day of any month. The minimum first Annuity Payment must be at least $50 for the payment frequency elected. If the first Annuity Payment would be less than our rules then in effect, we may fulfill our obligation by paying in a single sum the surrender value of the Contract. Alternatively, we may change the payment frequency to meet our minimum payment requirements. We currently require each Annuity Payment to be at least $50, which we may change in our sole discretion.
Annuity Options
The Contract provides for three annuity options. Any one of them may be elected if permitted by law. We may make other annuity options available on request.
If you fail to elect an annuity option a Fixed Annuity will be provided and the annuity option will be Option 2A, a life annuity with a period certain of 120 months, unless a shorter period certain is needed to meet IRS requirements.
Option 1 — Single Life Annuity This is an Annuity Payment option which is payable monthly during the lifetime of the Annuitant and it terminates with the last scheduled payment preceding the death of the Annuitant. This option offers the maximum monthly payment (of those options which involve a life
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contingency) since there is no guarantee of a minimum number of payments or provision for a death benefit for beneficiaries. It would be possible under this option for you to receive only one Annuity Payment if the Annuitant died prior to the due date of the second Annuity Payment, two if the Annuitant died before the due date of the third Annuity Payment, etc. Once this Annuity Payment option is elected, no further withdrawals of Contract Value are permitted
Option 2 — Single Life Annuity with a Period Certain of 120 Months (Option 2A), 180 Months (Option 2B), or 240 Months (Option 2C) This is an Annuity Payment option which is payable monthly during the lifetime of the Annuitant, with the guarantee that if the Annuitant dies before payments have been made for the period certain elected, payments will continue to the Beneficiary during the remainder of the period certain. If the Beneficiary so elects at any time during the remainder of the period certain, the present value of the remaining guaranteed number of payments, based on the then current dollar amount of one such payment and using the same interest rate which served as a basis for the annuity, shall be paid in a single sum to the Beneficiary.
Option 3 — Joint and Last Survivor Annuity This is an Annuity Payment option which is payable monthly during the joint lifetime of the Annuitant and a designated joint Annuitant and continuing thereafter during the remaining lifetime of the survivor. Under this option there is no guarantee of a minimum number of payments or continuation of payments to beneficiaries. It would be possible under this option for you to receive only one Annuity Payment if the Annuitants both died prior to the due date of the second Annuity Payment, two if they died before the due date of the third Annuity Payment, etc. Once this Annuity Payment option is elected, no further withdrawals of Contract Value are permitted.
| Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Maximum Fee |
Brief Description of Restrictions/Limitations |
| |
|
|
N/A |
|
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| Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Maximum Fee |
Brief Description of Restrictions/Limitations |
| |
|
|
and younger and 71-80 at issue (as a percentage of the Accelerated Death Benefit Rider value) |
|
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| Name of Benefit |
Purpose |
Is Benefit Standard or Optional |
Maximum Fee |
Brief Description of Restrictions/Limitations |
| |
|
|
and under at issue and 71-80 at issue (as a percentage of the Return of Purchase Payments Death Benefit) |
|
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| If: |
Then: |
| The Owner dies; and ●there is a surviving Joint Owner; and ●the Annuitant is either living or deceased. |
The Joint Owner receives the death benefit |
| The Owner dies; and ●there is no Joint Owner; and ●the Annuitant is either living or deceased. |
The designated Beneficiary receives the death benefit |
| The Owner dies; and ●there is no Joint Owner and ●there is no designated Beneficiary (or all of the beneficiaries pre-decease the Owner); and ●the Annuitant is either living or deceased |
Owner’s estate receives the death benefit |
| The Annuitant dies; and ●Owner is living |
The Owner may name a new Annuitant |
| The Annuitant dies; and ●the Owner is not a natural person, such as a trust |
The designated Beneficiary receives the death benefit |
| The Annuitant dies; and ●the Owner is not a natural person, such as a trust; and ●there is no designated Beneficiary (or all of the beneficiaries pre-decease the Annuitant) |
The Owner receives the death benefit |
| Optional Death Benefit Riders |
Optional Death Benefit Riders it may be Elected With |
| Accelerated Death Benefit |
None |
| ROPP |
None |
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Purchase Payments
In order to purchase a contract, you must work with a registered representative that is appointed by us to sell the Contract. You will be required to submit an application for the purchase of the Contract along with any required forms. The broker-dealer your registered representative is associated with may also require additional forms.
Your Purchase Payment must be at least equal $25,000 and must be in U.S. dollars. The maximum Purchase Payment we will accept without our prior consent is $2,000,000.
This Contract is a single premium annuity. We do not accept additional Purchase Payments after your initial premium is applied and your Contract is issued.
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We may reduce the initial Purchase Payment requirement if you purchase this Contract through a 1035 exchange or qualified retirement plan direct transfer from a contract issued by another carrier and at the time of application the value of the other contract(s) meets or exceeds the applicable minimum initial Purchase Payment for this Contract, but prior to receipt by us of the proceeds from the other contract(s), the value drops below the minimum initial Purchase Payment requirement due to market conditions.
If you are funding your Purchase Payment through several sources, for example through separate 1035 exchange transactions, you may instruct us to hold you application as incomplete until the earlier of (1) all of your funds have been received, or (2) 45 calendar days have elapsed. If you do instruct us to hold funds until all payment sources have been received, we will take the below steps:
●
we will hold the funds in a non-interest bearing account and your Contract will not be issued until the funds have been received; however,
●
If we do not receive your funds within the 45 calendar days, we will return any funds received up until that date and cancel your application.
As part of your application, you must complete an Allocation Form providing instruction on what account options you wish to allocate your purchase payment. If you do not provide us with allocation instructions, we will not process your application.
We will issue your Contract and apply your Purchase Payment as of the Business Day when all application requirements are met and we have received your full Purchase Payment, or the next Business Day following.
Any portion of your Purchase Payment that you allocate to a Guaranteed Interest Account will begin accruing interest as of the Contract Date. Any portion of your Purchase Payment allocated to an Indexed Account will be applied to the Indexed Account as of the Contract Date and will be used to determine the initial Crediting Base for the Indexed Account. The Crediting Period for any Indexed Account you allocated any portion of your Purchase Payment to will then commence as of the Contract Date.
We reserve the right to refuse your Purchase Payment if appropriate under our policies related to anti-money laundering or stranger owned contracts.
Principal Underwriter
Securian Financial Services, Inc. (“Securian Financial”), an affiliate of Minnesota Life that has the same principal business address, is the principal underwriter of the Contract. Minnesota Life and Securian Financial enter into agreements with third-party broker-dealers who are then authorized to sell the Contracts. Authorized broker-dealers sell the Contracts through their registered representatives, each of whom is also an insurance agent appointed by Minnesota Life.
Withdrawals and Surrender
Prior to the date Annuity Payments begin you may make partial withdrawals from your Contract in amounts of at least $250. We will waive the minimum withdrawal amount on withdrawals where a systematic withdrawal program is in place and the smaller amount satisfies the minimum distribution requirements of the Code.
To request a withdrawal or surrender (including 1035 exchanges) you may submit to our Annuity Service Center a fully completed and signed surrender or withdrawal form authorized by Minnesota Life. Additionally, you may also request certain partial withdrawals by telephone. Contact the Annuity Service Center for details.
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Unless stated otherwise, the same conditions and procedures that apply to Written Requests apply to telephone requests including any faxed requests. We require Owners or persons authorized by them to provide identifying information to us, we record telephone instruction conversations and we provide you with written confirmations of your telephone or faxed transactions. Minnesota Life will not be liable for any loss, expense, or cost arising out of any requests that we reasonably believe to be authentic.
During periods of marked economic or market changes, you may experience difficulty making a telephone request due to the volume of telephone calls. If that occurs, you should consider submitting a Written Request while continuing to attempt your transaction request. We also reserve the right to suspend or limit telephone transactions.
Withdrawal values will be determined as of the Valuation Date on or, if received after the close of our Business Day, the Valuation Date next following the date we receive your written withdrawal request at the Annuity Service Center. Unless you tell us otherwise, withdrawals (including systematic withdrawals) will be made from the Guaranteed Interest Accounts and each Indexed Account on a proportionate basis.
Effects of a Withdrawal
Your Contract Value will be reduced by the amount of your withdrawal and any applicable surrender charge. Any portion of your withdrawal that is from an Indexed Account will be subject to an Interim Value Adjustment and will reduce your Crediting Base in the same proportion that the withdrawal reduces your Contract Value. Any withdrawal amount from a Guaranteed Interest Account will reduce the value of the Guaranteed Interest Account on a dollar-for-dollar basis. Please see the section of this Prospectus entitled Indexed Account Investment Options for more details on a withdrawal’s impact to the Crediting Base.
If you purchase an optional death benefit, the value of the death benefit provided will be impacted on a Pro-rata Basis by any withdrawals from your Contract Value. Please see the section of this Prospectus entitled Optional Death Benefit Riders for additional information.
A withdrawal amount that is less than the remaining free withdrawal amount will not incur a surrender charge, but will still be affected by the Interim Value Adjustment and result in a reduction of the Crediting Base proportionate to the reduction of the Account Value of an Indexed Account.
If a withdrawal leaves you with a Contract Value of less than $2,000, we may elect to treat your withdrawal as a full surrender of your Contract and send you your Contract’s surrender value, as calculated below.
Surrenders
Before Annuity Payments begin, you may surrender the Contract for its surrender value. You will receive the surrender value in a single lump sum. The surrender value of your Contract is the Contract Value computed as of the Valuation Date on or, if received after the close of our Business Day, the Valuation Date next following your surrender request is received (the Contract Value being inclusive of any Interim Value Adjustment), reduced by any applicable surrender charge and any pro-rated optional rider charges. The surrender value available from the Fixed Account cannot be less than the GMSV for that account. If the Contract Value of the Fixed Account, reduced by any applicable deferred sales charge for the Indexed Account, is less than the GMSV, an adjustment will be made to the contract upon surrender such that the surrender value from the Fixed Account is greater than or equal to the GMSV. If
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you surrender the Contract prior to the end of a Crediting Period for one or more Indexed Accounts, you will not be eligible to receive any Index Credits that you may have otherwise received had you held the Contract until the end of any applicable Crediting Period(s).
In lieu of a lump sum payment, you may elect an annuity. In most cases, once Annuity Payments begin, you cannot surrender the annuity benefits and receive a single sum instead. Please see the section of this Prospectus entitled Electing the Retirement Date and Annuity Option for more information.
Withdrawals or a surrender of the Contract may result in tax consequences. Please see the section of this Prospectus entitled Federal Tax Status for additional information.
Right of Cancellation or “Free Look”
You should read your Contract carefully as soon as you receive it. You may cancel your Contract within 20 days after its delivery, for any reason, by giving us written notice at: Annuity Services P.O. Box 64628 St. Paul, MN 55164-0628. If you cancel and return your Contract during the “free look period”, we will refund to you the amount of your Purchase Payment, or such other amount as required by your state. Payment of the requested refund will be made to you within 10 days after we receive notice of cancellation.
If your Contract is a replacement contract, you have a period of 30 days to review your Contract. In some states, the free look period may be longer. See your Contract for complete details regarding your right to cancel.
Federal Tax Status
Introduction
Our tax discussion in this Prospectus is general in nature and is not intended as tax advice. You should consult a competent tax advisor. We make no attempt to consider any applicable state or other tax laws. In addition, this discussion is based on our understanding of federal income tax laws as they are currently interpreted. We make no representation regarding the likelihood of continuation of current income tax laws or the current interpretations of the Internal Revenue Service (“IRS”). The Contract may be purchased on a non-tax qualified basis or purchased and used in connection with certain retirement arrangements entitled to special income tax treatment under 408(b) or 408A of the Code (“Tax Qualified Accounts”). The ultimate effect of federal income taxes on the amounts held under a contract, on Annuity Payments, and on the economic benefit to the Owner or the Beneficiary(ies) may depend on the tax status of the individual concerned.
Treatment of Contract Gains
There are specific rules for the taxation of annuity products. In many cases, these rules differ from tax rules which apply to other types of investments. For example, as an illustration of points more fully discussed below, a gain recognized upon a withdrawal from an annuity contract may be taxed differently than the gain on the sale of other types of investments, such as corporate stock, bonds or mutual funds. The gain in an annuity contract, represented by the difference between the cash value and the sum of the Purchase Payments paid into the contract, is taxed as ordinary income. By contrast, the sale of shares of corporate stock, bonds or mutual funds would be taxed as capital gains based upon the difference between the sale price and the purchase price. Depending upon how long the corporate stock, bonds or mutual funds were held, the Owner may be entitled to reduced tax rates applicable to long term capital gains.
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For this Contract, increases in Contract Values resulting from interest, Interim Value Adjustments, or Index Credits are not taxed at the time they are applied to the calculation of the Contract Value, but instead the taxation of such gains is deferred until there is a withdrawal, contract surrender, or Annuity Payments begin, at which time they are taxed as ordinary income (as described above). This favorable treatment allows the value of the Contract to remain undiminished and allows the Owner to determine the timing of the receipt of taxable income. Note, however, that annuity contracts held in Tax Qualified Accounts do not provide any additional tax deferral benefit. A Tax Qualified Account independently provides a tax deferral benefit for gains on all assets held in such an account. By contrast, the Owner of a corporate stock, bond or mutual fund held on a non-tax qualified basis who receives dividends or interest, whether in cash or as automatic reinvestments, must report such income as taxable on an annual basis. In some cases, the receipt of dividends from corporate stocks and mutual funds may enjoy favorable tax rates.
This Prospectus makes no representation as to the tax rules which apply to those other types of investments and the discussion which follows makes no comparison of the described insurance products to such other investments. For a complete discussion of matters relating to taxation and the tax impact on your investments or for a comparison of taxation differences between investment products and types, please see your tax advisor.
Taxation of Minnesota Life
We are taxed as a “life insurance company” under the Code.
Taxation of Annuity Contracts in General
Section 72 of the Code governs the taxation of nonqualified annuities in general and some aspects of qualified programs. No taxes are generally imposed on increases in the value of a contract until distribution occurs, either in the form of a payment in a single sum or as Annuity Payments under the annuity option elected. As a general rule, annuity contracts held by an entity (such as a corporation or trust) that is not a natural person are not treated as annuity contracts for federal income tax purposes other than for purposes of the taxation of life insurance companies. The investment income on such contracts is taxed as ordinary income that is received or accrued by the Owner of the contract during the taxable year. There are exceptions to this general rule for Qualified Contracts described in Sections 401(a), 408 or 408A of the Code and for trusts and other entities that hold an annuity contract as an agent for a natural person.
There is also an exception to this general rule for immediate annuity contracts. An immediate annuity contract for these purposes is an annuity: (i) purchased with a single premium or annuity consideration, (ii) the annuity starting date of which commences within one year from the date of the purchase of the annuity, and (iii) which provides for a series of substantially equal periodic payments (to be made not less frequently than annually) during the annuity period. Corporations, trusts and other similar entities, other than natural persons, seeking to take advantage of this exception for immediate annuity contracts should consult with a tax advisor.
If you do not annuitize your Non-Qualified Contract on or before the Maturity Date, it is possible that the IRS could challenge the status of your Contract as an annuity contract for tax purposes. The result of such a challenge could be that you would be viewed as either constructively receiving the increase in the Contract Value each year from the inception of the Contract or the entire increase in the Contract Value would be taxable in the year you reach the Maturity Date. In either situation, you could realize taxable income even if the Contract proceeds are not distributed to you at that time. Accordingly, before purchasing a contract, you should consult your tax advisor with respect to these issues.
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Taxation of Partial and Full Withdrawals
For payments made in the event of a full surrender of an annuity that is not part of a qualified program, the taxable portion of the amount you receive is generally the amount in excess of the “investment in the contract” (i.e., your Purchase Payment less any amounts previously received from the contract which were not included in income). Amounts withdrawn upon a partial withdrawal from an annuity contract that is not part of a qualified program are treated first as taxable income to the extent of the excess of the Contract Value over the investment in the contract. All taxable amounts received under an annuity contract are subject to tax at ordinary rather than capital gain tax rates.
In the case of a withdrawal under an annuity that is part of a tax-qualified retirement plan, a portion of the amount received is taxable based on the ratio of the “investment in the contract” to the individual’s balance in the retirement plan, generally the value of the annuity. The “investment in the contract” generally equals the portion of any deposits made by or on behalf of an individual under an annuity which was neither deductible when made nor excludable from the gross income of the individual. For annuities issued in connection with qualified retirement plans, the “investment in the contract” can be zero.
Section 1035 Exchanges
An annuity contract may be fully or partially exchanged for another annuity contract in a tax-free exchange under IRC §1035. Historically, the IRS challenged attempts by taxpayers to exchange part of an annuity contract for a new annuity contract (a “Partial Exchange”). IRS rulings over the last several years have allowed annuity contract holders to make Partial Exchanges under certain conditions. If this Contract is received in a Partial Exchange or is Partially Exchanged for another annuity contract, withdrawals taken from either annuity contract within 180 days from the date of the Partial Exchange may have adverse tax consequences. You should consult your tax advisor before entering into a Partial Exchange.
Taxation of Annuity Payments
The taxable portion of an Annuity Payment is generally equal to the excess of the payment over the exclusion amount. In the case of a Fixed Annuity Payment, the exclusion amount is generally determined by a formula that establishes the ratio of the investment in the contract to the expected return under the contract (determined under Treasury Department regulations). The taxable portion of an Annuity Payment is taxed at ordinary income rates. Once the total amount of the investment under the contract is excluded using this ratio, Annuity Payments will be fully taxable.
Taxation of Death Benefit Proceeds
Death benefit payments are generally taxable to the recipient. Death benefits paid upon the death of an Owner generally are includable in the income of the recipient as follows: (1) if distributed in a lump sum, they are taxed in the same manner as a full surrender of the Contract, as described above, or (2) if distributed under an annuity option, they are taxed in the same manner as Annuity Payments, as described above. For these purposes, the investment in the Contract is not affected by the Owner’s death. That is, the investment in the Contract remains the amount of any Purchase Payments paid which were not excluded from gross income.
As previously stated elsewhere in this Prospectus, the SECURE Act changed death benefit options that are available to beneficiaries of annuity contracts held in qualified plans or IRA's. Additional discussion of the changes can be found below.
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Investment Income Surtax
Distributions from Non-Qualified Contracts will be considered “investment income” for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may apply to some or all of the taxable portion of distributions (e.g., earnings) to individuals whose income exceeds certain threshold amounts ($200,000 for filing single, $250,000 for married filing jointly, and $125,000 for married filing separately.) Please consult your tax advisor for more information.
Penalty Tax on Premature Distributions
The Code imposes a 10% penalty tax on the taxable portion of certain distributions from annuity contracts. This additional tax does not apply where the payment is made under an immediate annuity contract, as defined above, or:
●
where the taxpayer is 59 ½ or older,
●
where payment is made on account of the taxpayer’s disability, or
●
where payment is made by reason of the death of the Owner, and
●
in certain other circumstances.
The Code also provides an exception to the penalty tax for distributions, in periodic payments, of substantially equal installments (not less frequently than annually), where they are made for the life (or life expectancy) of the taxpayer or the joint lives (or joint life expectancies) of the taxpayer and Beneficiary. For tax qualified employer-sponsored retirement plans, this exception to the 10% additional tax applies only if payments begin after separation from service.
For some types of tax qualified retirement plans, other tax penalties may apply to certain distributions.
Aggregation of Contracts
For purposes of determining an Owner’s gross income, the Code provides that all nonqualified deferred annuity contracts issued by the same company (or its affiliates) to the same Owner during any calendar year shall be treated as one annuity contract. Additional rules may be promulgated under this provision to prevent avoidance of its effect through the ownership of serial contracts or otherwise.
Assignment or Pledges
Transfers, assignments and certain designations of Annuitants or payees can have tax consequences. A transfer of ownership of a contract, a pledge of any interest in a contract as security for a loan, the designation of an Annuitant or payee who is not also the Owner, or the assignment of the Contract may result in certain income or gift tax consequences to the Owner that are beyond the scope of this discussion. If you are contemplating such a transfer, pledge, designation or assignment, you should consult a competent tax advisor about its potential tax effects.
Required Death Distributions
In order to be treated as an annuity contract for federal income tax purposes, Section 72(s) of the Code requires any Non-Qualified Contract issued after January 18, 1985 to provide that:
(a)
if an Owner dies on or after the annuity starting date but prior to the time the entire interest in the contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution being used as of the date of that Owner’s death; and
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(b)
if an Owner dies prior to the annuity starting date, the entire interest in the contract must be distributed within five years after the date of the Owner’s death.
The requirements of (b) above will be considered satisfied with respect to any portion of the Owner’s interest which is payable to or for the benefit of a “designated beneficiary” who is a natural person, is distributed over the life of that beneficiary or over a period not extending beyond the life expectancy of that beneficiary and such distributions begin within one year of that Owner’s death. The Owner’s “designated beneficiary”, who must be a natural person, is the person designated by the Owner as a beneficiary. If the Owner’s “designated beneficiary” is the surviving spouse of the Owner, however, the contract may be continued with the surviving spouse as the new Owner.
Non-Qualified Contracts issued after January 18, 1985 contain provisions which are intended to comply with the requirements of Section 72(s) of the Code, although no regulations interpreting these requirements have yet been issued. We intend to review such contract provisions and modify them if necessary to assure that they comply with the requirements of Code Section 72(s) when clarified by regulation or otherwise.
Similar rules existed for qualified retirement and individual retirement annuity contracts prior to the SECURE Act becoming effective on January 1, 2020. See the “Tax Qualified Programs” discussion for an explanation of the SECURE Act changes.
Possible Changes in Taxation
Although the likelihood of there being any change is uncertain, there is always the possibility that the tax treatment of the contracts could change by legislation or other means. Moreover, it is also possible that any change could be retroactive (that is, taking effect before the date the legislation is passed). You should consult a tax advisor with respect to legislative developments and their effect on the Contract.
Tax Qualified Programs
The Contract is designed for use with several types of individual retirement plans that qualify for special tax treatment. The tax rules applicable to participants and beneficiaries in retirement plans vary according to the type of plan and the terms and conditions of the plan. Special favorable tax treatment may be available for certain types of contributions and distributions. Adverse tax consequences may result from:
●
contributions in excess of specified limits;
●
distributions prior to age 59 ½ (subject to certain exceptions);
●
distributions that do not conform to specified minimum distribution rules; and
●
other specified circumstances.
We make no attempt to provide more than general information about the use of annuities with the various types of retirement plans. Tax deferral under annuity contracts purchased in connection with tax qualified plans arises under the specific provisions of the Code governing the tax qualified plan, so a contract should be purchased only for the features and benefits other than tax deferral that are available under an annuity contract purchased in connection with tax qualified plans, and not for the purpose of obtaining tax deferral. The rights of any person to any benefits under annuity contracts purchased in connection with these plans may be subject to the terms and conditions of the plans themselves, regardless of the terms and conditions of the annuity issued in connection with such a plan. Some retirement plans are subject to transfer restrictions, distribution and other requirements that are not incorporated into our annuity administration procedures. Owners, participants and beneficiaries are
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responsible for determining that contributions, distributions and other transactions with respect to the contracts comply with applicable law. If you intend to purchase a contract for use with any retirement plan you should consult your legal counsel and tax advisor regarding the suitability of the contract.
Any annuity contract that is part of a tax qualified retirement plan must comply with the required minimum distribution (RMD) provisions of the Code, and the implementing regulations. A failure to comply with the RMD requirements will generally result in the imposition of an excise tax on the recipient. For years prior to 2022, the excise tax for failing to take RMD’s is equal to 50% of the amount by which the RMD exceeds the amount actually distributed. For years beginning after December 31, 2022, the tax for failing to take RMD’s is equal to 25% of the amount by which the RMD exceeds the amount actually distributed. For years that begin after December 31, 2022, certain IRA owners may further reduce the penalty for failing to take their RMD by taking corrective action after discovering the failure. You should consult your tax advisor for advice regarding your situation.
Under certain limited circumstances IRS regulations permit partial withdrawals from your tax qualified retirement plan contract after Annuity Payments have begun after the required beginning date without violating the RMD rules. We will notify any holder of a contract under a tax qualified plan who requests such a partial withdrawal of the effects of the withdrawal on the contract prior to processing the withdrawal.
To the extent the optional death benefit riders alter the timing or the amount of the payment of distributions under a Qualified Contract, the riders cannot be paid out in violation of the minimum distribution rules of the Code.
In accordance with recent changes in laws and regulations RMDs must be calculated based on the sum of the Contract Value and the actuarial value of any additional death benefits and benefits from optional riders that you have purchased under the contract. As a result, the RMDs may be larger than if the calculation were based on the Contract Value alone. This may result in an earlier (but not before the required beginning date) distribution under the contract and an increased amount of taxable income distributed to the Owner, and a reduction of death benefits and the benefits of any optional riders.
IRA Rollovers. IRA account holders will be limited to one indirect rollover for all IRA accounts in any twelve month period. The twelve month period is measured from the date of the last indirect rollover. An indirect rollover occurs when you take a distribution in cash from your IRA with the intention of transferring it to another IRA within the 60 day period allowed under the Code. This does not affect direct rollovers where an unlimited number of transfers from one IRA trustee directly to another IRA trustee may be made in a twelve month period. You should consult your tax advisor regarding rollovers of annuity contracts held in IRA’s.
SECURE Act and SECURE 2.0 Act of 2022 Changes
RMD Rules. The SECURE Act changed the RMD rules for annuities held in qualified plans and IRA’s where Sections 401(a) and 457 apply. The changes impact the date when RMD’s must begin and limit the amount of time over which most Beneficiaries of qualified plans and IRA’s may take distributions after the death of the plan participant or IRA contract owner.
For qualified plan participants and IRA account holders who turned age 70 ½ prior to December 31, 2019, the prior rules apply, and they must begin taking distributions no later than the later of April 1 of the calendar year following the calendar year in which they: (i) reach age 70 ½, or (ii) if they are still working, the date they retire. If the plan participant, or IRA contract owner, is a “5 percent Owner” of
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the business (as defined in the Code), the general rule is that they may not wait until they retire from working, they must begin taking distributions by April 1 of the year following the calendar year in which they reach 70 ½.
For qualified plan participants and IRA account holders who turn age 70 ½ after December 31, 2019, the SECURE Act rules apply, and they must begin taking distributions no later than the later of April 1 of the calendar year following the calendar year in which they: (i) reach age 72, or (ii) if they are still working, the date they retire. If the plan participant, or IRA contract owner, is a “5 percent Owner” of the business (as defined in the Code), the general rule is that they may not wait until they retire from working, they must begin taking distributions by April 1 of the year following the calendar year in which they reach 72.
For qualified plan participants and IRA account holders who turn age 72 after December 31, 2022, the SECURE 2.0 Act of 2022 rules apply, and they must begin taking distributions no later than the later of April 1 of the calendar year following the calendar year in which they: (i) reach age 73, or (ii) if they are still working, the date they retire. If the plan participant, or IRA contract owner, is a “5 percent Owner” of the business (as defined in the Code), the general rule is that they may not wait until they retire from working, they must begin taking distributions by April 1 of the year following the calendar year in which they reach 73.
Further, for qualified plan participants and IRA account holders who turn age 74 after December 31, 2032, they will need to begin taking distributions no later than the later of April 1 of the calendar year following the calendar year in which they: (i) reach age 75, or (ii) if they are still working, the date they retire. If the plan participant, or IRA contract owner, is a “5 percent Owner” of the business (as defined in the Code), the general rule is that they may not wait until they retire from working, they must begin taking distributions by April 1 of the year following the calendar year in which they reach 75.
The SECURE Act did not change the rules for distributions from Roth IRA’s, defined under Code Section 408A, where the plan participant or contract owner is not required to take distributions at any time prior to the Owner’s death.
Plan Participants and IRA contract owners should consult their tax professional prior to electing RMD distributions from their annuity contracts.
Beneficiary Distributions. The SECURE Act also limited the ability of most non-spouse beneficiaries of qualified plans or IRA contracts to defer distributions over the beneficiary’s lifetime. This SECURE Act rule applies if the IRA contract owner dies after December 31, 2019. For most designated beneficiaries, other than the Owner’s spouse, the beneficiary must take the entire value in the annuity contract within ten years after death of the Owner. There are limited exceptions to the ten-year rule for spousal beneficiaries, beneficiaries who are minors, disabled beneficiaries and certain beneficiaries that are less than ten years younger than the deceased IRA contract Owner. These limited exceptions may allow the beneficiary to extend distributions beyond the ten-year limit imposed by the SECURE Act.
If the plan participant or IRA contract owner died prior to December 31, 2019, the beneficiary may still elect to take distributions over his or her lifetime under the prior law rules.
Beneficiaries should consult with their tax professional prior to deciding how to take distributions from an inherited qualified plan or IRA.
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Withholding
In general, distributions from annuity contracts are subject to federal income tax withholding unless the recipient elects not to have tax withheld. Some states have enacted similar rules. Different rules may apply to payments delivered outside the United States.
The Code generally allows the rollover of most distributions to and from tax qualified retirement plans, Section 403(b) annuities, individual retirement plans and eligible deferred compensation plans of state or local governments under Section 457(b). Distributions which may not be rolled over are those which are:
●
one of a series of substantially equal annual (or more frequent) payments made:
—
over the life or life expectancy of the employee,
—
over the joint lives or joint life expectancies of the employee and the employee’s designated beneficiary, or
—
for a specified period of ten years or more,
●
a required minimum distribution,
●
a hardship distribution, or
●
the non-taxable portion of a distribution.
Any distribution eligible for rollover, which may include payment to an employee, an employee’s surviving spouse, or an ex-spouse who is an alternate payee, will be subject to mandatory federal tax withholding at a 20% rate unless the distribution is made as a direct rollover to a tax qualified plan or to an individual retirement account or annuity. It should be noted that amounts received by individuals which are eligible for rollover may still be placed in another tax qualified plan or individual retirement account or individual retirement annuity if the transaction is completed within 60 days after the distribution has been received. However, a taxpayer must replace withheld amounts with other funds in order to avoid taxation on the amount previously withheld.
See Your Own Tax Advisor
The foregoing summary of the federal income tax consequences under these contracts is not exhaustive. The benefits and features of this Contract, when owned by employer provided welfare benefit arrangements or other types of special purpose entities, may impact any unique tax aspects such arrangements or entities may enjoy. Special rules may apply to situations not discussed here. Should a tax qualified retirement plan lose its qualified status, employees will lose some of the tax benefits described. Statutory changes in the Code with varying effective dates, and regulations adopted thereunder may also alter the tax consequences of specific factual situations. Due to the complexity of the applicable laws, tax advice may be needed by a person contemplating the purchase of a Variable Annuity contract or exercising elections under such a contract. For further information you should consult a tax advisor.
Legal Proceedings
Like other life insurance companies, we are involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, we believe that, as of the date of this Prospectus, there are no pending or threatened lawsuits that will have a materially adverse impact on the ability of Securian Financial Services, Inc. to perform
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its contractual obligations as the principal underwriter of the Contracts, or the ability of Minnesota Life to meet its obligations under the Contracts. In addition, we are, from time to time, involved as a party to various governmental and administrative proceedings.
Financial Statements
The financial statements and supplementary schedules of the Minnesota Life Insurance Company are contained in the Statement of Additional Information. The Statement of Additional Information is available, free of charge, from us upon request. To request a Statement of Additional Information, call us at 844-878-2199 or write to us at: Minnesota Life Insurance Company, 400 Robert Street North, Saint Paul, Minnesota 55101.
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| Type of Index |
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A-1
| Type of Index |
Index |
Crediting Period |
Index Crediting Methodology |
Current Limit on Index Loss (if held until end of Crediting Period) |
Minimum Limit on Index Gain (guaranteed for the life of the Contract) | |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
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|
| |
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|
| |
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| |
|
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|
|
|
|
| |
|
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|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
A-2
| Type of Index |
Index |
Crediting Period |
Index Crediting Methodology |
Current Limit on Index Loss (if held until end of Crediting Period) |
Minimum Limit on Index Gain (guaranteed for the life of the Contract) | |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
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|
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|
| |
|
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|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
A-3
| Type of Index |
Index |
Crediting Period |
Index Crediting Methodology |
Current Limit on Index Loss (if held until end of Crediting Period) |
Minimum Limit on Index Gain (guaranteed for the life of the Contract) | |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
A-4
| Type of Index |
Index |
Crediting Period |
Index Crediting Methodology |
Current Limit on Index Loss (if held until end of Crediting Period) |
Minimum Limit on Index Gain (guaranteed for the life of the Contract) | |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Guaranteed Interest Accounts |
|
| Name |
Duration |
Minimum Guaranteed Interest Rate |
| |
|
|
A-5
Appendix B — Types of Qualified Contracts
Individual and employer sponsored tax qualified retirement plans provide tax deferral. If you purchase an annuity contract in a tax qualified plan, the tax deferral feature of the annuity is redundant and offers you no additional advantage. You should purchase the annuity for reasons other than tax deferral when part of a tax qualified plan.
Individual Retirement Annuities
Section 408 of the Code permits eligible individuals to contribute to an Individual Retirement Annuity, (an “IRA”). Distributions from certain other types of tax qualified plans may be “rolled over” on a tax-deferred basis into an IRA. The sale of a contract for use with an IRA will be subject to special IRS mandated disclosure requirements. Purchasers of a contract for use with IRAs will be provided with supplemental information required by the IRS or other appropriate agencies. Such purchasers will have the right to revoke their purchase within 7 days of the earlier of the establishment of the IRA or their purchase. A Qualified Contract issued in connection with an IRA will be amended as necessary to conform to the requirements of the Code. You should seek competent advice as to the suitability of the Contract for use with IRAs.
Earnings in an IRA are not taxed until distribution. IRA contributions are subject to certain limits each year and may be deductible in whole or in part depending on the individual’s income. The limit on the amount contributed to an IRA does not apply to distributions from certain other types of tax qualified plans that are “rolled over” on a tax-deferred basis into an IRA. Amounts in the IRA (other than nondeductible contributions) are taxed at ordinary income rates when distributed from the IRA. Distributions prior to age 59 ½ (unless certain exceptions apply) are subject to a 10% penalty tax.
A portion of the amount distributed from an IRA may be taxable based on the ratio of the “investment in the contract” to the individual’s balance in the IRA, generally the value of the IRA. The “investment in the contract” generally equals the nondeductible contributions to an IRA. The “investment in the contract” can be zero.
Roth IRAs
Section 408A of the Code permits certain eligible individuals to make nondeductible contributions to an individual retirement program known as a Roth IRA. Contributions to a Roth IRA, which are subject to certain limitations, must be made in cash or as a rollover or conversion from another Roth IRA or a traditional IRA. A rollover from, or conversion of, a traditional IRA to a Roth IRA may be subject to tax, deferred sales charges and other special rules may apply.
Qualified distributions from a Roth IRA, as defined by the Code, generally are excluded from gross income. Qualified distributions include those distributions made more than five years after the taxable year of the first contribution to the Roth IRA, but only if : (1) the annuity Owner has reached age 59 ½; (2) the distribution is paid to a beneficiary after the Owner’s death; (3) the annuity Owner becomes disabled; or (4) the distribution will be used for a first time home purchase and does not exceed $10,000. Non-qualified distributions are includable in gross income only to the extent they exceed contributions made to the Roth IRA. The taxable portion of a non-qualified distribution may be subject to a 10% penalty tax.
In addition, state laws may not completely follow the federal tax treatment of Roth IRAs. You should consult your tax adviser for further information regarding Roth IRAs.
B-1
| Contract Anniversary |
Age |
Contract Value before Activity |
Purchase Payments Received |
Withdrawal Amount |
Contract Value after Activity |
Roll-Up Value |
Accelerated Death Benefit |
| Beginning of Year 1 |
72 |
— |
$100,000 |
— |
$100,000 |
$100,000 |
$100,000 |
| Beginning of Year 2 |
73 |
$107,000 |
— |
— |
$107,000 |
$106,000 |
$107,000 |
| Beginning of Year 3 |
74 |
$119,000 |
— |
— |
$119,000 |
$112,360 |
$119,000 |
| Beginning of Year 4 |
75 |
$125,000 |
— |
— |
$125,000 |
$119,102 |
$125,000 |
| Beginning of Year 5 |
76 |
$112,000 |
— |
— |
$112,000 |
$126,248 |
$126,248 |
| Beginning of Year 6 |
77 |
$102,000 |
— |
— |
$102,000 |
$133,823 |
$133,823 |
| Beginning of Year 7 |
78 |
$121,000 |
— |
— |
$121,000 |
$141,852 |
$141,852 |
| Beginning of Year 8 |
79 |
$155,000 |
— |
— |
$155,000 |
$150,363 |
$155,000 |
| Beginning of Year 9 |
80 |
$130,000 |
— |
— |
$130,000 |
$159,385 |
$159,385 |
| Beginning of Year 10 |
81 |
$140,000 |
— |
— |
$140,000 |
$168,948 |
$168,948 |
| Beginning of Year 11 |
82 |
$156,000 |
— |
— |
$156,000 |
$179,085 |
$179,085 |
| Beginning of Year 12 |
83 |
$150,000 |
— |
— |
$150,000 |
$189,830 |
$189,830 |
| Beginning of Year 13 |
84 |
$165,000 |
— |
— |
$165,000 |
$201,220 |
$201,220 |
| Beginning of Year 14 |
85 |
$166,000 |
— |
— |
$166,000 |
$213,293 |
$213,293 |
| Beginning of Year 15 |
86 |
$160,000 |
— |
— |
$160,000 |
$213,293 |
$213,293 |
| Beginning of Year 16 |
87 |
$170,000 |
— |
— |
$170,000 |
$213,293 |
$213,293 |
C-1
| Contract Anniversary |
Age |
Contract Value before Activity |
Purchase Payments Received |
Withdrawal Amount |
Contract Value after Activity |
Roll-Up Value |
Accelerated Death Benefit |
| Beginning of Year 1 |
67 |
— |
$100,000 |
— |
$100,000 |
$100,000 |
$100,000 |
| Beginning of Year 2 |
68 |
$105,000 |
— |
— |
$105,000 |
$106,000 |
$106,000 |
| Activity 6 months later |
68 |
$107,000 |
— |
$5,000 |
$102,000 |
$104,033 |
$104,033 |
| Contract Anniversary |
Age |
Contract Value before Activity |
Purchase Payments Received |
Contract Value after Activity |
Roll-Up Value |
Maximum Roll-Up Value |
Accelerated Death Benefit |
| Beginning of Year 1 |
60 |
— |
$100,000 |
$100,000 |
$100,000 |
$200,000 |
$100,000 |
| Beginning of Year 2 |
61 |
$100,000 |
— |
$100,000 |
$106,000 |
$200,000 |
$106,000 |
| Beginning of Year 3 |
62 |
$97,000 |
— |
$97,000 |
$112,360 |
$194,000 |
$112,360 |
| Beginning of Year 4 |
63 |
$84,000 |
— |
$84,000 |
$119,102 |
$168,000 |
$119,102 |
| Beginning of Year 5 |
64 |
$94,000 |
— |
$94,000 |
$126,248 |
$188,000 |
$126,248 |
| Beginning of Year 6 |
65 |
$103,000 |
— |
$103,000 |
$133,823 |
$206,000 |
$133,823 |
| Beginning of Year 7 |
66 |
$106,000 |
— |
$106,000 |
$141,852 |
$212,000 |
$141,852 |
| Beginning of Year 8 |
67 |
$118,000 |
— |
$118,000 |
$150,363 |
$236,000 |
$150,363 |
| Beginning of Year 9 |
68 |
$122,000 |
— |
$122,000 |
$159,385 |
$244,000 |
$159,385 |
| Beginning of Year 10 |
69 |
$87,000 |
— |
$87,000 |
$168,948 |
$174,000 |
$168,948 |
| Beginning of Year 11 |
70 |
$98,000 |
— |
$98,000 |
$179,085 |
$196,000 |
$179,085 |
| Beginning of Year 12 |
71 |
$98,000 |
— |
$98,000 |
$189,830 |
$196,000 |
$189,830 |
| Beginning of Year 13 |
72 |
$95,000 |
— |
$95,000 |
$201,220 |
$190,000 |
$190,000 |
| Beginning of Year 14 |
73 |
$82,000 |
— |
$82,000 |
$213,293 |
$164,000 |
$164,000 |
| Beginning of Year 15 |
74 |
$92,000 |
— |
$92,000 |
$226,090 |
$184,000 |
$184,000 |
| Beginning of Year 16 |
75 |
$100,000 |
— |
$100,000 |
$239,656 |
$200,000 |
$200,000 |
C-2
C-3
| Contract Anniversary |
Age |
Contract Value before Activity |
Purchase Payments Received |
Withdrawal Amount |
Contract Value after Activity |
Return of Purchase Payments DB |
Death Benefit Payable |
| Beginning of Year 1 |
67 |
$0 |
$100,000 |
— |
$100,000 |
$100,000 |
$100,000 |
| Beginning of Year 2 |
68 |
$106,000 |
$0 |
— |
$106,000 |
$100,000 |
$106,000 |
| Beginning of Year 3 |
69 |
$95,000 |
$0 |
— |
$95,000 |
$100,000 |
$100,000 |
| Beginning of Year 4 |
70 |
$90,000 |
$0 |
— |
$90,000 |
$100,000 |
$100,000 |
| Beginning of Year 5 |
71 |
$108,000 |
$0 |
— |
$108,000 |
$100,000 |
$108,000 |
| Beginning of Year 6 |
72 |
$100,000 |
$0 |
— |
$100,000 |
$100,000 |
$100,000 |
| Beginning of Year 7 |
73 |
$156,000 |
$0 |
— |
$156,000 |
$100,000 |
$156,000 |
| Beginning of Year 8 |
74 |
$160,000 |
$0 |
— |
$160,000 |
$100,000 |
$160,000 |
| Beginning of Year 9 |
75 |
$125,000 |
$0 |
— |
$125,000 |
$100,000 |
$125,000 |
| Beginning of Year 10 |
76 |
$141,000 |
$0 |
— |
$141,000 |
$100,000 |
$141,000 |
| Beginning of Year 11 |
77 |
$160,000 |
$0 |
— |
$160,000 |
$100,000 |
$160,000 |
| Beginning of Year 12 |
78 |
$155,000 |
$0 |
— |
$155,000 |
$100,000 |
$155,000 |
| Beginning of Year 13 |
79 |
$163,000 |
$0 |
— |
$163,000 |
$100,000 |
$163,000 |
| Beginning of Year 14 |
80 |
$140,000 |
$0 |
— |
$140,000 |
$100,000 |
$140,000 |
| Beginning of Year 15 |
81 |
$155,000 |
$0 |
— |
$155,000 |
$100,000 |
$155,000 |
| Beginning of Year 16 |
82 |
$165,000 |
$0 |
— |
$165,000 |
$100,000 |
$165,000 |
D-1
| Contract Anniversary |
Age |
Contract Value before Activity |
Purchase Payments Received |
Withdrawal Amount |
Contract Value after Activity |
Return of Purchase Payments DB |
Death Benefit Payable |
| Beginning of Year 1 |
67 |
— |
$100,000 |
— |
$100,000 |
$100,000 |
$100,000 |
| Beginning of Year 2 |
68 |
$105,000 |
— |
— |
$105,000 |
$100,000 |
$105,000 |
| Activity 6 months later |
68 |
$90,000 |
— |
$5,000 |
$85,000 |
$94,444 |
$94,444 |
D-2
Appendix E — Indexed Account Disclosures
Below are disclosures for each Index used in this Contract that are required by the provider of the Index.
E-1
E-2
E-3
E-4
Statement of Additional Information
The Statement of Additional Information (SAI) dated May 1, 2026, contains more information about the Contract. The SAI has been filed with the SEC and is incorporated by reference into this Prospectus. For a free paper copy of the SAI, to request other information about the Contract, and to make investor inquiries, call us at 844-878-2199 or write to us at:
Minnesota Life
Annuity Services
P.O Box 64628
St. Paul, MN 55164-0628
Additional information about certain investment products, including registered indexed-linked annuities, has been prepared by the SEC’s staff and is available at www.investor.gov.
Contract ID. [ ]
F-1
ACCUMULINKTM ADVANCE REGISTERED INDEX-LINKED ANNUITY
MINNESOTA LIFE INSURANCE COMPANY
(“MINNESOTA LIFE”)
400 ROBERT STREET NORTH
ST. PAUL, MINNESOTA 55101-2098
(“MINNESOTA LIFE”)
400 ROBERT STREET NORTH
ST. PAUL, MINNESOTA 55101-2098
TELEPHONE: 844-878-2199
STATEMENT OF ADDITIONAL INFORMATION
THE DATE OF THIS DOCUMENT AND THE PROSPECTUS IS: May 1, 2026
This Statement of Additional Information is not a prospectus. Much of the information contained in this Statement of Additional Information expands upon subjects discussed in the Prospectus. Therefore, this Statement should be read in conjunction with the AccumuLinkTM Advance current Prospectus, bearing the same date, which may be obtained by calling Securian at 844-878-2199; or writing to Securian at 400 Robert Street North, St. Paul, Minnesota 55101-2098.
AccumuLinkTM Advance
1
GENERAL INFORMATION AND HISTORY
NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
SERVICES
DISTRIBUTION OF CONTRACT
CONTRACT ADJUSTMENT FORMULAS AND EXAMPLES
ANNUITY PAYMENTS
FINANCIAL STATEMENTS
REGISTRATION STATEMENT
General Information and History
Minnesota Life Insurance Company (“Minnesota Life”) is a life insurance company organized under the laws of Minnesota. Minnesota Life was formerly known as The Minnesota Mutual Life Insurance Company (“Minnesota Mutual”), a mutual life insurance company organized in 1880 under the laws of Minnesota. Effective October 1, 1998, Minnesota Mutual reorganized by forming a mutual insurance holding company named “Minnesota Mutual Companies, Inc.” Minnesota Mutual continued its corporate existence following conversion to a stock life insurance company named Minnesota Life. Minnesota Life is a subsidiary of Securian Financial Group, Inc. which in turn is a wholly-owned subsidiary of Securian Holding Company, which in turn is a wholly-owned subsidiary of the ultimate parent, Minnesota Mutual Companies, Inc.
Our principal place of business is located at 400 Robert Street North, St. Paul, Minnesota 55101-2098, telephone: (651) 665-3500. We are licensed to conduct life insurance business in all states of the United States (except New York where we are an authorized reinsurer), the District of Columbia, Canada and Puerto Rico.
Services
Minnesota Life provides accounting oversight, financial reporting, legal and other administrative services for the AccumuLinkTM Advance product.
Distribution of Contract
The contract will be sold in a continuous offering by our life insurance agents who are also registered representatives of unaffiliated broker-dealers that have entered into selling agreements with Securian Financial and Minnesota Life. Securian Financial acts as principal underwriter of the contracts and has the same principal business address as Minnesota Life.
Securian Financial is wholly-owned subsidiary of Securian Financial Group, Inc. Securian Financial is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of FINRA.
AccumuLinkTM Advance
2
Amounts paid by Minnesota Life to the underwriter for 2025, 2024 and 2023 were $21,322,933, $21,377,436, and $25,322,645 respectively, for payment to associated dealers on the sale of Minnesota Life annuity contracts.
This Contract was not offered prior to 2025, consequently Securian Financial was not paid any previous underwriting commission with regard to the Contract.
Agents of Minnesota Life are registered representatives of unaffiliated broker-dealers and are paid by their broker-dealer. Minnesota Life makes payment to the broker-dealers and does not determine your registered representative's compensation. You are encouraged to ask your registered representative about the basis upon which he or she will be personally compensated for the advice or recommendations provided in connection with the sale of your contract.
The categories of payments Minnesota Life provides are described in the Prospectus. These categories are not mutually exclusive and Minnesota Life may choose to make additional types of payments in the future. Firms may receive payments under more than one, or all categories. Not all firms receive additional compensation and the amount of compensation varies. Minnesota Life determines which firms to provide support and the extent of any payments. It generally chooses to compensate firms that have an ability to distribute the contracts and that are willing to cooperate with our promotional efforts. We do not attempt to make an independent assessment of the cost of providing any service(s).
The following is a list of names of the registered broker-dealers, which are members of FINRA, that with respect to annuity business related to this contract, during the last calendar year, we are aware received additional payments of more than $15,000 with respect to annuity business during the last calendar year. While we endeavor to update this list annually, please note that interim changes or new arrangements may not be reflected in this information. We assume no duty to notify contract owners whether his or her registered representative should be included.
LPL Financial
PO Box 502308
San Diego, CA 92150-2308
PO Box 502308
San Diego, CA 92150-2308
Commonwealth Financial Network
29 Sawyer Road
Waltham, MA 02453
29 Sawyer Road
Waltham, MA 02453
Ameriprise Financial Services, Inc.
570 Ameriprise Financial Center
Minneapolis, MN 55474
570 Ameriprise Financial Center
Minneapolis, MN 55474
Cetera Financial Group, Inc.
200 North Sepulveda Boulevard, Suite 1200
El Segundo, CA 90245
200 North Sepulveda Boulevard, Suite 1200
El Segundo, CA 90245
AccumuLinkTM Advance
3
Osaic Wealth Inc.
P.O. Box 733301
Dallas, TX 75373
P.O. Box 733301
Dallas, TX 75373
Examples of Interim Value Adjustments and Withdrawals
Adjustments to the Account Value of an Indexed Account as a consequence of a withdrawal are determined by adjusting the Crediting Base, recalculating the Interim Value Adjustment, and applying the new Interim Value Adjustment to the adjusted Crediting Base to arrive at the new, post-withdrawal Account Value. The Crediting Base is a tracking value for each Indexed Account that begins equal to the value allocated to the Indexed Account at the start of the Crediting Period, and is then reduced for withdrawals made during the Crediting Period. The Crediting Base is the value to which the Interim Value Adjustment is applied during the Crediting Period, and the value to which the Index Credit is applied at the end of the Crediting Period. Upon a withdrawal, the Crediting Base is reduced by the same proportion that the withdrawal bears to the Account Value immediately before the withdrawal. After this reduction in the Crediting Base, the Interim Value Adjustment is recalculated based on the new Crediting Base, and the Account Value post-withdrawal is redetermined by adding the new Interim Value Adjustment to the new Crediting Base.
The Interim Value Adjustment reflects the change in the value of the hypothetical portfolio of assets that support a given Indexed Account. It consists of a Fixed Asset Adjustment and a Derivative Asset Adjustment. The Interim Value Adjustment is calculated daily and added to the Crediting Base to determine the Account Value.Fixed Asset Adjustment
The Fixed Asset Adjustment represents the change in the value of a hypothetical portfolio of fixed assets supporting the Indexed Account. The Fixed Asset Adjustment captures the impact of changes in interest rates on the estimated fair value of these hypothetical fixed assets before the end of the Crediting Period. Derivative Asset Adjustment
The Derivative Asset Adjustment represents the change in the value of a hypothetical portfolio of derivatives supporting the Indexed Account. The Derivative Asset Adjustment captures the impact of changes in market conditions related to the Index (including, but not limited to, the Index performance itself) on the estimated fair value of these hypothetical derivatives before the end of the Crediting Period.Components of the Hypothetical Portfolios of Derivatives
The hypothetical portfolio of derivatives used in each Indexed Crediting Method is described below.
●
Point-to-Point with Floor and Cap Indexed Crediting Method
●
Long call option struck at the Index value at the beginning of the Crediting Period
●
Short call option struck at the Index value at the beginning of the Crediting Period times (1 + Cap)
●
Point-to-Point with Buffer and Cap Indexed Crediting Method
●
Long call option struck at the Index value at the beginning of the Crediting Period
AccumuLinkTM Advance
4
●
Short call option struck at the Index value at the beginning of the Crediting Period times (1 + Cap)
●
Short put option struck at the Index value at the beginning of the Crediting Period times (1 – Buffer)
●
Point-to-Point with Buffer and Participation Rate Indexed Crediting Method
●
Long call option struck at the Index value at the beginning of the Crediting Period
●
Short put option struck at the Index value at the beginning of the Crediting Period times (1 – Buffer)
●
Point-to-Point with Shift and Participation Rate Indexed Crediting Method
●
Long call option struck at the Index value at the beginning of the Crediting Period times (1 – Shift)
●
Short put option struck at the Index value at the beginning of the Crediting Period times (1 – Shift)
AccumuLinkTM Advance
5
Calculation Examples – Interim Value Adjustments and Impact of Partial Withdrawals
The following examples illustrate first the calculation of the Interim Value Adjustment, and then the impact of partial withdrawals on the values of the Contract.
Two examples are shown for each Indexed Crediting Method: one example assuming a positive Index Change, and one example assuming a negative Index Change. The examples are not specific to any particular Index. For each Indexed Crediting Method, only one Crediting Period is illustrated, and for the options where we are currently offering multiple protection levels (e.g. multiple Buffer levels), only one protection level is illustrated. Each example assumes 100% allocation to the Indexed Account shown.
The Caps and Participation Rates illustrated below are hypothetical and are not an indication of the rates we are currently offering.
ATM – At the Money
ITM – In the Money
OTM – Out of the Money
| Point-to-Point with Floor and Cap - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Assumptions for Beginning of Crediting Period |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Floor |
|
0.00 % |
0.00 % |
|
| Cap |
|
10.00 % |
10.00 % |
|
| Value of ATM Call Option |
|
$8,470 |
$8,470 |
|
| Value of OTM Call Option |
|
$4,430 |
$4,430 |
|
| Value of Portfolio A |
A |
$4,039 |
$4,039 |
|
| Fixed Asset Adjustment Reference Index |
i |
5.00 % |
5.00 % |
|
| |
|
|
|
|
| 100 days later |
|
|
|
|
| Number of days elapsed since beginning of Crediting Period |
t |
100 |
100 |
|
| Total number of days in Crediting Period |
T |
365 |
365 |
|
| Total number of years in Crediting Period |
Y |
1 |
1 |
|
| |
|
|
|
|
| Index Change |
|
10.00 % |
-10.00 % |
|
| Current Value of Original ATM Call Option |
|
$13,986 |
$2,610 |
|
AccumuLinkTM Advance
6
| Point-to-Point with Floor and Cap - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Current Value of Original OTM Call Option |
|
$7,789 |
$892 |
|
| Value of Portfolio B |
B |
$6,196 |
$1,718 |
|
| Fixed Asset Adjustment Reference Index |
j |
5.50 % |
5.50 % |
(an increase from the beginning of the Crediting Period) |
| |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Fixed Asset Adjustment |
|
($ 334) |
($ 334) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$3,264 |
($ 1,215) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$2,929 |
($ 1,549) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$102,929 |
$98,451 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$8,234 |
$7,876 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$94,695 |
$90,575 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
-5.30 % |
-9.42 % |
|
| |
|
|
|
|
| Assume a partial withdrawal is requested at that time. |
|
|
|
|
| Partial Withdrawal Requested |
|
$50,000 |
$50,000 |
|
| Free Withdrawal Amount |
|
$10,000 |
$10,000 |
= 10% of prior Contract Anniversary Account Value |
| Surrender Charge Applied |
|
$3,478 |
$3,478 |
= 8% of (Partial Withdrawal Requested + Surrender Charge) |
| Account Value Reduction |
|
$53,478 |
$53,478 |
= Partial Withdrawal Requested + Surrender Charge |
| Crediting Base Reduction |
|
$51,956 |
$54,320 |
= Prior Crediting Base * (Account Value Reduction / Prior Account Value) |
| |
|
|
|
|
| Values after Withdrawal |
|
|
|
|
| Crediting Base |
C |
$48,044 |
$45,680 |
= Prior Crediting Base - Crediting Base Reduction |
| Value of Portfolio A |
A |
$1,941 |
$1,845 |
(Recalculated based on new Crediting Base) |
| Value of Portfolio B |
B |
$2,977 |
$785 |
(Recalculated based on new Crediting Base) |
| |
|
|
|
|
| Fixed Asset Adjustment |
|
($ 161) |
($ 153) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$1,568 |
($ 555) |
= B - A * (T-t)/T |
AccumuLinkTM Advance
7
| Point-to-Point with Floor and Cap - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Interim Value Adjustment |
|
$1,407 |
($ 708) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$49,451 |
$44,973 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$3,956 |
$3,598 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$45,495 |
$41,375 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
-54.50 % |
-58.62 % |
|
| Point-to-Point with Buffer and Cap - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Assumptions for Beginning of Crediting Period |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Buffer |
|
10.00 % |
10.00 % |
|
| Cap |
|
20.00 % |
20.00 % |
|
| Value of ATM Call Option |
|
$8,470 |
$8,470 |
|
| Value of OTM Call Option |
|
$2,103 |
$2,103 |
|
| Value of OTM Put Option |
|
$2,150 |
$2,150 |
|
| Value of Portfolio A |
A |
$4,216 |
$4,216 |
|
| Fixed Asset Adjustment Reference Yield |
i |
5.00 % |
5.00 % |
|
| |
|
|
|
|
| 100 days later |
|
|
|
|
| Number of days elapsed since beginning of Crediting Period |
t |
100 |
100 |
|
| Total number of days in Crediting Period |
T |
365 |
365 |
|
| Total number of years in Crediting Period |
Y |
1 |
1 |
|
| |
|
|
|
|
| Index Change |
|
10.00 % |
-10.00 % |
|
| Current Value of Original ATM Call Option |
|
$13,986 |
$2,610 |
|
| Current Value of Original OTM Call Option |
|
$3,805 |
$261 |
|
| Current Value of Original OTM Put Option |
|
$487 |
$4,462 |
|
| Value of Portfolio B |
B |
$9,693 |
($ 2,113) |
|
AccumuLinkTM Advance
8
| Point-to-Point with Buffer and Cap - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Fixed Asset Adjustment Reference Yield |
j |
5.50 % |
5.50 % |
(an increase from the beginning of the Crediting Period) |
| |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Fixed Asset Adjustment |
|
($ 334) |
($ 334) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$6,632 |
($ 5,174) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$6,298 |
($ 5,508) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$106,298 |
$94,492 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$8,504 |
$7,559 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$97,795 |
$86,933 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
-2.21 % |
-13.07 % |
|
| |
|
|
|
|
| Assume a partial withdrawal is requested at that time. |
|
|
|
|
| Partial Withdrawal Requested |
|
$50,000 |
$50,000 |
|
| Free Withdrawal Amount |
|
$10,000 |
$10,000 |
= 10% of prior Contract Anniversary Account Value |
| Surrender Charge Applied |
|
$3,478 |
$3,478 |
= 8% of (Partial Withdrawal Requested + Surrender Charge) |
| Account Value Reduction |
|
$53,478 |
$53,478 |
= Partial Withdrawal Requested + Surrender Charge |
| Crediting Base Reduction |
|
$50,310 |
$56,596 |
= Prior Crediting Base * (Account Value Reduction / Prior Account Value) |
| |
|
|
|
|
| Values after Withdrawal |
|
|
|
|
| Crediting Base |
C |
$49,690 |
$43,404 |
= Prior Crediting Base - Crediting Base Reduction |
| Value of Portfolio A |
A |
$2,095 |
$1,830 |
(Recalculated based on new Crediting Base) |
| Value of Portfolio B |
B |
$4,817 |
($ 917) |
(Recalculated based on new Crediting Base) |
| |
|
|
|
|
| Fixed Asset Adjustment |
|
($ 166) |
($ 145) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$3,296 |
($ 2,246) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$3,130 |
($ 2,391) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
AccumuLinkTM Advance
9
| Point-to-Point with Buffer and Cap - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Account Value |
|
$52,820 |
$41,014 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$4,226 |
$3,281 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$48,595 |
$37,733 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
-51.41 % |
-62.27 % |
|
| Point-to-Point with Buffer and Participation Rate - 6-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Assumptions for Beginning of Crediting Period |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Buffer |
|
20.00 % |
20.00 % |
|
| Participation Rate |
|
120.00 % |
120.00 % |
|
| Value of ATM Call Option |
|
$27,180 |
$27,180 |
|
| Value of OTM Put Option |
|
$3,080 |
$3,080 |
|
| Value of Portfolio A |
A |
$24,100 |
$24,100 |
|
| Fixed Asset Adjustment Reference Yield |
i |
5.00 % |
5.00 % |
|
| |
|
|
|
|
| 1,000 days later |
|
|
|
|
| Number of days elapsed since beginning of Crediting Period |
t |
1000 |
1000 |
|
| Total number of days in Crediting Period |
T |
2191 |
2191 |
|
| Total number of years in Crediting Period |
Y |
6 |
6 |
|
| |
|
|
|
|
| Index Change |
|
10.00 % |
-10.00 % |
|
| Current Value of Original ATM Call Option |
|
$27,897 |
$12,740 |
|
| Current Value of Original OTM Put Option |
|
$1,279 |
$3,713 |
|
| Value of Portfolio B |
B |
$26,618 |
$9,027 |
|
| Fixed Asset Adjustment Reference Yield |
j |
5.50 % |
5.50 % |
(an increase from the beginning of the Crediting Period) |
| |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Fixed Asset Adjustment |
|
($ 1,336) |
($ 1,336) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
AccumuLinkTM Advance
10
| Point-to-Point with Buffer and Participation Rate - 6-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Derivative Asset Adjustment |
|
$13,517 |
($ 4,074) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$12,181 |
($ 5,410) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$112,181 |
$94,590 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$8,974 |
$7,567 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$103,207 |
$87,023 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
3.21 % |
-12.98 % |
|
| |
|
|
|
|
| Assume a partial withdrawal is requested at that time. |
|
|
|
|
| Partial Withdrawal Requested |
|
$50,000 |
$50,000 |
|
| Free Withdrawal Amount |
|
$10,000 |
$10,000 |
= 10% of prior Contract Anniversary Account Value |
| Surrender Charge Applied |
|
$3,478 |
$3,478 |
= 8% of (Partial Withdrawal Requested + Surrender Charge) |
| Account Value Reduction |
|
$53,478 |
$53,478 |
= Partial Withdrawal Requested + Surrender Charge |
| Crediting Base Reduction |
|
$47,671 |
$56,537 |
= Prior Crediting Base * (Account Value Reduction / Prior Account Value) |
| |
|
|
|
|
| Values after Withdrawal |
|
|
|
|
| Crediting Base |
C |
$52,329 |
$43,463 |
= Prior Crediting Base - Crediting Base Reduction |
| Value of Portfolio A |
A |
$12,611 |
$10,475 |
(Recalculated based on new Crediting Base) |
| Value of Portfolio B |
B |
$13,929 |
$3,923 |
(Recalculated based on new Crediting Base) |
| |
|
|
|
|
| Fixed Asset Adjustment |
|
($ 699) |
($ 581) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$7,073 |
($ 1,771) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$6,374 |
($ 2,351) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$58,703 |
$41,112 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$4,696 |
$3,289 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$54,007 |
$37,823 |
= Account Value - Hypothetical Surrender Charge Amount |
AccumuLinkTM Advance
11
| Point-to-Point with Buffer and Participation Rate - 6-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Percentage Change from Initial Account Value (if Surrendered) |
|
-45.99 % |
-62.18 % |
|
| Point-to-Point with Shift and Participation Rate - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Assumptions for Beginning of Crediting Period |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Buffer |
|
10.00 % |
10.00 % |
|
| Participation Rate |
|
50.00 % |
50.00 % |
|
| Value of ITM Call Option |
|
$7,280 |
$7,280 |
|
| Value of OTM Put Option |
|
$2,150 |
$2,150 |
|
| Value of Portfolio A |
A |
$5,129 |
$5,129 |
|
| Fixed Asset Adjustment Reference Yield |
i |
5.00 % |
5.00 % |
|
| |
|
|
|
|
| 100 days later |
|
|
|
|
| Number of days elapsed since beginning of Crediting Period |
t |
100 |
100 |
|
| Total number of days in Crediting Period |
T |
365 |
365 |
|
| Total number of years in Crediting Period |
Y |
1 |
1 |
|
| |
|
|
|
|
| Index Change |
|
10.00 % |
-10.00 % |
|
| Current Value of Original ITM Call Option |
|
$11,055 |
$3,187 |
|
| Current Value of Original OTM Put Option |
|
$487 |
$4,462 |
|
| Value of Portfolio B |
B |
$10,568 |
($ 1,275) |
|
| Fixed Asset Adjustment Reference Yield |
j |
5.50 % |
5.50 % |
(an increase from the beginning of the Crediting Period) |
| |
|
|
|
|
| Crediting Base |
C |
$100,000 |
$100,000 |
|
| Fixed Asset Adjustment |
|
($ 331) |
($ 331) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$6,844 |
($ 5,000) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$6,512 |
($ 5,331) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$106,512 |
$94,669 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
AccumuLinkTM Advance
12
| Point-to-Point with Shift and Participation Rate - 1-Year Crediting Period | ||||
| |
|
Positive Index Change Scenario |
Negative Index Change Scenario |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$8,521 |
$7,574 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$97,991 |
$87,095 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
-2.01 % |
-12.90 % |
|
| |
|
|
|
|
| Assume a partial withdrawal is requested at that time. |
|
|
|
|
| Partial Withdrawal Requested |
|
$50,000 |
$50,000 |
|
| Free Withdrawal Amount |
|
$10,000 |
$10,000 |
= 10% of prior Contract Anniversary Account Value |
| Surrender Charge Applied |
|
$3,478 |
$3,478 |
= 8% of (Partial Withdrawal Requested + Surrender Charge) |
| Account Value Reduction |
|
$53,478 |
$53,478 |
= Partial Withdrawal Requested + Surrender Charge |
| Crediting Base Reduction |
|
$50,208 |
$56,490 |
= Prior Crediting Base * (Account Value Reduction / Prior Account Value) |
| |
|
|
|
|
| Values after Withdrawal |
|
|
|
|
| Crediting Base |
C |
$49,792 |
$43,510 |
= Prior Crediting Base - Crediting Base Reduction |
| Value of Portfolio A |
A |
$2,554 |
$2,232 |
(Recalculated based on new Crediting Base) |
| Value of Portfolio B |
B |
$5,262 |
($ 555) |
(Recalculated based on new Crediting Base) |
| |
|
|
|
|
| Fixed Asset Adjustment |
|
($ 165) |
($ 144) |
= (C - A * (T-t)/T) * (((1+i)/(1+j))^((T- t)/T*Y)-1) |
| Derivative Asset Adjustment |
|
$3,408 |
($ 2,175) |
= B - A * (T-t)/T |
| Interim Value Adjustment |
|
$3,243 |
($ 2,320) |
= Fixed Asset Adjustment + Derivative Asset Adjustment |
| Account Value |
|
$53,034 |
$41,191 |
= Crediting Base + Interim Value Adjustment |
| Surrender Charge Percentage |
|
8 % |
8 % |
|
| Hypothetical Surrender Charge Amount (if Surrendered) |
|
$4,243 |
$3,295 |
= Surrender Charge Percentage * Account Value |
| Surrender Value |
|
$48,791 |
$37,895 |
= Account Value - Hypothetical Surrender Charge Amount |
| Percentage Change from Initial Account Value (if Surrendered) |
|
-51.21 % |
-62.10 % |
|
AccumuLinkTM Advance
13
Detailed Formulas
Fixed Asset Adjustment
The Fixed Asset Adjustment represents the change in the value of a hypothetical portfolio of fixed assets supporting the Indexed Account. This calculation is based on a zero-coupon bond with a yield equal to the yield of the Fixed Asset Adjustment Reference Index at the beginning of the Crediting Period. Currently the Fixed Asset Adjustment Reference Index is the Bloomberg US Corporate Index. For all Indexed Accounts, the Fixed Asset Adjustment is equal to
| where: |
|
|
|
| |
A |
|
is the value of a hypothetical portfolio of derivatives designed to produce the Index Credit at the end of the Crediting Period, calculated as of the beginning of the Crediting Period. |
| |
C |
|
is the Crediting Base. |
| |
i |
|
is the yield of the Fixed Asset Adjustment Reference Index at the beginning of the Crediting Period. The Fixed Asset Adjustment Reference Index is shown on the Contract Schedule. |
| |
j |
|
is the yield of the Fixed Asset Adjustment Reference Index on the current date. |
| |
T |
|
is the total number of days in the Crediting Period. |
| |
t |
|
is the number of days elapsed since the beginning of the Crediting Period. |
| |
Y |
|
is the total number of years in the Crediting Period. |
Derivative Asset Adjustment
The Derivative Asset Adjustment represents the change in the value of a hypothetical portfolio of derivatives that support the Company’s obligation to provide the Index Credit at the end of the Crediting Period.
For all Indexed Crediting Methods currently offered, the Derivative Asset Adjustment is equal to
where B is the value of a hypothetical portfolio of derivatives designed to produce the Index Credit at the end of the Crediting Period, calculated as of the current date, and all other variables have the meaning given to them above.
The values of the derivatives referenced in the Derivative Asset Adjustment will be determined using Black-Scholes option pricing formulas. The inputs into the formulas will be based on observable market parameters from a third-party source, including implied volatilities, risk-free rates, and dividend yields.
Annuity Payments
Calculation of Your First Annuity Payment
AccumuLinkTM Advance
14
The Contract Value is available to provide Annuity Payments. Some states impose a premium tax which we apply at the time you elect Annuity Payments. These taxes may vary based on the type of employer sponsored retirement plan or Qualified Contract involved and we may deduct these amounts from the amount available to provide Annuity Payments.
The amount of the first monthly payment depends on the Annuity Payment option elected, gender (except in tax-qualified employer sponsored retirement plans or Qualified Contracts that require the use of genderless rates), and the adjusted age of the Annuitant and any Joint Annuitant. A formula for determining the adjusted age is contained in your contract.
The contract contains tables which show the dollar amount of the first monthly payment for each $1,000 of value applied for Fixed Annuity Payment options. If, when payments are elected, we are using tables of annuity rates for this contract which are more favorable, we will apply those rates instead.
Annuity payments are generally made as of the first day of a month, unless otherwise agreed to by us. The contract requires that we receive notice of election to begin Annuity Payments at least thirty days prior to the Annuity Commencement Date.
Financial Statements
Minnesota Life Insurance Company’s financial statements and supplementary schedules are incorporated into this SAI by reference to the Company’s most recent Form N-VPFS filing made on April 13, 2026 (CIK No. 0002032538) https://www.sec.gov/Archives/edgar/data/2032538/000119312526152715/d948510dnvpfs.htm.
The financials are relevant only to the consideration of Minnesota Life Insurance Company’s financial strength and ability to meet its obligations under the Contract.
AccumuLinkTM Advance
15
PART C
Other Information
Other Information
Item 27. Financial Statements and Exhibits
| Exhibit Number |
Description of Exhibit |
| (a) |
Not Applicable. |
| (b) |
Not Applicable. |
| (c) |
|
| (c)(1) |
|
| (d) |
|
| (d)(1) |
|
| (d)(2) |
|
| (d)(3) |
|
| (d)(4) |
|
| (d)(5) |
|
| (d)(6) |
|
| (d)(7) |
|
| (d)(8) |
|
| (d)(9) |
|
| (d)(10) |
|
| (d)(11) |
C-1
| Exhibit Number |
Description of Exhibit |
| (d)(12) |
|
| (d)(14) |
|
| (d)(15) |
|
| (d)(16) |
|
| (d)(17) |
|
| (d)(18) |
|
| (e) |
|
| (e)(1) |
|
| (f)(1) |
|
| (f)(2) |
|
| (g) |
Not Applicable. |
| (h) |
Not Applicable. |
| (i) |
Not Applicable. |
| (j) |
Not Applicable. |
| (k) |
|
| (l) |
|
| (m) |
Not Applicable. |
| (n) |
Not Applicable. |
| (o) |
Not Applicable. |
| (p) |
|
| (q) |
Not Applicable. |
C-2
| Exhibit Number |
Description of Exhibit |
| (r) |
Not Applicable. |
Item 28. Directors and Officers of the Minnesota Life Insurance Company
| Name and Principal Business Address |
Position and Offices with Minnesota Life |
| Erich J. Axmacher Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President, Corporate Compliance Officer and Chief Privacy Officer |
| Matthew J. Bauler Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Affinity Solutions |
| Peter G. Berlute Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Executive Vice President and Chief Financial Officer |
| Patrick J. Boyd Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Enterprise Business Development |
| Mary K. Brainerd 1823 Park Avenue Mahtomedi, MN 55115 |
Director |
| Emily S. Carlson Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President and Actuary – CFO IRS |
| Nicole R. Carlson Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Enterprise Consulting and Project Management |
| Kimberly K. Carpenter Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – CCO Individual Solutions |
| Paul F. Casey Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Chief Audit Executive |
| Heidi R. Christopherson Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Enterprise Technology |
| Ferenc Csatlos Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Senior Vice President – Operations |
C-3
| Name and Principal Business Address |
Position and Offices with Minnesota Life |
| Jay D. Debertin CHS Inc. 5500 Cenex Drive Inver Grove Heights, MN 55077 |
Director |
| Robert J. Ehren Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Executive Vice President |
| Kristin M. Ferguson Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Senior Vice President – Individual Solutions |
| Benjamin G. S. Fowke III Chairman, President and CEO Xcel Energy, Inc. 414 Nicollet Mall, 401-9 Minneapolis, MN 55401 |
Director |
| Kristi L. Fox Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Executive Vice President and Chief Administrative Officer |
| James Fuller Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Law |
| Siddharth S. Gandhi Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Executive Vice President – Employee Benefit Solutions |
| Sara H. Gavin President, North America Weber Shandwick 510 Marquette Avenue 13F Minneapolis, MN 55402 |
Director |
| Mark J. Geldernick Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President – Affinity Solutions |
| Eric B. Goodman 101 North 7th Street Suite 202 Louisville, KY 40202 |
Director |
| Becca Hagen Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President – Human Resources |
| Darrin Hebert Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Senior Vice President – Chief Information Officer |
C-4
| Name and Principal Business Address |
Position and Offices with Minnesota Life |
| Christopher M. Hilger Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Director, Chairman of the Board, President and CEO |
| Suzette Huovinen Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Executive Vice President – Enterprise Capital and Risk Management & President Securian Asset Management |
| Darryl R. Jackson Hendrick Automotive Group Suite 100 6000 Monroe Road Charlotte, NC 28212 |
Director |
| Lydia Jilek Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Voluntary Benefits |
| Elizabeth Johnson Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Affinity Solutions |
| Jacob D. Jones Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President and Actuary – Business Services |
| D. Bryan Jordan First Horizon Corporation 165 Madison Avenue Memphis, TN 38103 |
Director |
| Sara Kaufman Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President and Actuary – CFO Individual Solutions |
| James Patrick Kolar 1877 Calusa Ct. Marco Island, FL 34145 |
Director |
| Jill E. Kuykendall Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Chief AI Officer |
| Jennifer Lastine Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President – Technology Infrastructure and Enterprise Solutions |
| Brent Lesmeister Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President – Distribution and Relationship Management, Group Benefits |
C-5
| Name and Principal Business Address |
Position and Offices with Minnesota Life |
| Ann McGarry Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Chief Marketing Officer |
| Renee D. Montz Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Director, Attorney-in-Fact, Senior Vice President, General Counsel and Secretary |
| Susan M. Munson-Regala Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President and Actuary – CFO Group Benefits |
| Ted J. Nistler Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Treasurer |
| Karen Oberle Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Total Rewards |
| Marnie Overman Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Group Benefits |
| Christopher B. Owens Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President – Individual Solutions Distribution |
| Meagan M. Phillips Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President and Chief Risk Officer, Enterprise Risk Management |
| Daniel P. Preiner Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President – Law |
| Jamie Proman Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President –Strategy & Chief of Staff to CEO |
| Susan M. Reibel 4 Beach Ridge Lane Kincardine, Ontario, Canada N2Z2X6 |
Director |
| Jonathan C. Seaberg Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Chief Administrative Office (CAO), Finance |
| David A. Seidel Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Senior Vice President – Affinity Solutions |
C-6
| Name and Principal Business Address |
Position and Offices with Minnesota Life |
| Elizabeth A. Simermeyer Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Director |
| Ross Stedman Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President –Business Services |
| Kyle Strese Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President and Actuary, Group National Account Underwriting |
| Elias J. Vogen Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Second Vice President – Business Operations Employee Benefits Solutions |
| John A. Yaggy Minnesota Life Insurance Company 400 Robert Street North St. Paul, MN 55101 |
Vice President, Controller and Chief Accounting Officer |
Item 29. Persons Controlled by or Under Common Control with Minnesota Life Insurance Company
Wholly-owned subsidiary of Minnesota Mutual Companies, Inc.:
Securian Holding Company (Delaware)
Wholly-owned subsidiaries of Securian Holding Company:
Securian Financial Group, Inc. (Delaware)
Robert Street Property Management, Inc.
Robert Street Property Management, Inc.
Wholly-owned subsidiaries of Securian Financial Group, Inc.:
Minnesota Life Insurance Company
Securian Ventures, Inc.
Securian Asset Management, Inc.
Securian Financial Services, Inc.
Securian Casualty Company
Ochs, Inc.
Lowertown Capital, LLC (Delaware)
Securian Holding Company Canada, Inc. (British Columbia, Canada)
Keystone Reinsurance SPC (Cayman Islands)
Securian Reinsurance Company Ltd. (Bermuda)
1880 Reinsurance Company (Vermont)
Securian Ventures, Inc.
Securian Asset Management, Inc.
Securian Financial Services, Inc.
Securian Casualty Company
Ochs, Inc.
Lowertown Capital, LLC (Delaware)
Securian Holding Company Canada, Inc. (British Columbia, Canada)
Keystone Reinsurance SPC (Cayman Islands)
Securian Reinsurance Company Ltd. (Bermuda)
1880 Reinsurance Company (Vermont)
Wholly-owned subsidiaries of Minnesota Life Insurance Company:
Allied Solutions, LLC (Indiana)
Securian Life Insurance Company
Marketview Properties, LLC
Marketview Properties II, LLC
Marketview Properties III, LLC
Marketview Properties IV, LLC
Securian Life Insurance Company
Marketview Properties, LLC
Marketview Properties II, LLC
Marketview Properties III, LLC
Marketview Properties IV, LLC
C-7
Oakleaf Service Corporation
Securian AAM Holdings, LLC (Delaware)
Securian AAM Holdings, LLC (Delaware)
Majority-owned subsidiaries of Allied Solutions, LLC (Indiana):
Allied Dispatch Solutions, LLC (Delaware)
Vero, LLC (Delaware)
Vero, LLC (Delaware)
Majority-owned subsidiary of Securian AAM Holdings, LLC (Delaware):
Asset Allocation & Management Company, L.L.C. (Delaware)
Wholly-owned subsidiaries of Allied Dispatch Solutions, LLC (Delaware):
Dominion Automobile Association (2004) Limited (Ontario, Canada)
Auto Club of America, Corp. (Oklahoma)
Auto Help Line of America, Inc. (Oklahoma)
Auto Club of America, Corp. (Oklahoma)
Auto Help Line of America, Inc. (Oklahoma)
Wholly-owned subsidiary of Securian Casualty Company:
Securian Specialty Lines, Inc.
Wholly-owned subsidiary of Securian Holding Company Canada, Inc. (British Columbia, Canada):
Securian Canada, Inc. (British Columbia, Canada)
Wholly-owned subsidiaries of Securian Canada, Inc. (British Columbia, Canada):
Armour Group Inc. (Ontario, Canada)
Canadian Premier Life Insurance Company (Ontario, Canada)
Canadian Premier General Insurance Company (Ontario, Canada)
Canadian Premier Life Insurance Company (Ontario, Canada)
Canadian Premier General Insurance Company (Ontario, Canada)
Wholly-owned subsidiaries of Armour Group Inc. (Ontario, Canada):
Vehicle Armour Inc. (Ontario, Canada)
Integrated Warranty Services Inc. (Ontario, Canada)
Premium Services Group Inc. (Ontario, Canada)
Loan Armour Insurance Solutions, Inc. (Ontario, Canada)
VA Insurance Services Inc. (Ontario, Canada)
1001149900 Ontario Inc. (Ontario, Canada)
Integrated Warranty Services Inc. (Ontario, Canada)
Premium Services Group Inc. (Ontario, Canada)
Loan Armour Insurance Solutions, Inc. (Ontario, Canada)
VA Insurance Services Inc. (Ontario, Canada)
1001149900 Ontario Inc. (Ontario, Canada)
Open-end registered investment company offering shares to separate accounts of Minnesota Life Insurance Company and Securian Life Insurance Company:
Securian Funds Trust
Majority-owned subsidiaries of Securian Financial Group, Inc.:
Empyrean Holding Company, Inc. (Delaware)
Wholly-owned subsidiary of Empyrean Holding Company, Inc. (Delaware):
Empyrean Benefit Solutions, Inc. (Delaware)
Wholly-owned subsidiaries of Empyrean Benefit Solutions, Inc. (Delaware):
Empyrean Insurance Services, Inc. (Texas)
Unless indicated otherwise parenthetically, each of the above entities is organized under Minnesota law.
C-8
Item 30. Indemnification
The State of Minnesota has an indemnification statute (Minnesota Statutes 300.083), as amended, effective January 1, 1984, which requires indemnification of individuals only under the circumstances described by the statute. Expenses incurred in the defense of any action, including attorneys’ fees, may be advanced to the individual after written request by the board of directors upon receiving an undertaking from the individual to repay any amount advanced unless it is ultimately determined that he or she is entitled to be indemnified by the corporation as authorized by the statute and after a determination that the facts then known to those making the determination would not preclude indemnification.
Indemnification is required for persons made a part to a proceeding by reason of their official capacity so long as they acted in good faith, received no improper personal benefit and have not been indemnified by another organization. In the case of a criminal proceeding, they must also have had no reasonable cause to believe the conduct was unlawful. In respect to other acts arising out of official capacity: (1) where the person is acting directly for the corporation there must be a reasonable belief by the person that his or her conduct was in the best interests of the corporation or, (2) where the person is serving another organization or plan at the request of the corporation, the person must have reasonably believed that his or her conduct was not opposed to the best interests of the corporation. In the case of persons not directors, officers or policy-making employees, determination of eligibility for indemnification may be made by a board-appointed committee of which a director is a member. For other employees, directors and officers, the determination of eligibility is made by the Board or a committee of the Board, special legal counsel, the shareholder of the corporation or pursuant to a judicial proceeding.
Insofar as indemnification for liability arising under the Securities Act of 1933 (”the Act”) may be permitted to directors, officers and controlling persons of Minnesota Life Insurance Company and the Minnesota Life Insurance Company pursuant to the foregoing provisions, or otherwise, Minnesota Life Insurance Company and the Minnesota Life Insurance Company have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Minnesota Life Insurance Company and the Minnesota Life Insurance Company of expenses incurred or paid by a director, officer or controlling person of Minnesota Life Insurance Company and the Minnesota Life Insurance Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer of controlling person in connection with the securities being registered, Minnesota Life Insurance Company and the Minnesota Life Insurance Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriters
(a)
Securian Financial Services, Inc. currently acts as a principal underwriter for the following investment companies:
Variable Fund D
Variable Annuity Account
Minnesota Life Variable Life Account
Minnesota Life Individual Variable Universal Life Account
Minnesota Life Variable Universal Life Account
Securian Life Variable Universal Life Account
Variable Annuity Account
Minnesota Life Variable Life Account
Minnesota Life Individual Variable Universal Life Account
Minnesota Life Variable Universal Life Account
Securian Life Variable Universal Life Account
(b)
Directors and Officers of Securian Financial Services, Inc:
| Name and Principal Business Address |
Positions and Offices with Underwriter |
| Kimberly K. Carpenter Securian Financial Services, Inc. 400 Robert Street North St. Paul, MN 55101 |
Chief Executive Officer, President and Director |
| Kristin M. Ferguson Securian Financial Services, Inc. 400 Robert Street North St. Paul, MN 55101 |
Vice President, Chief Financial Officer, Treasurer, FINOP, Principal Operations Officer and Director |
C-9
| Name and Principal Business Address |
Positions and Offices with Underwriter |
| Renee D. Montz Securian Financial Services, Inc. 400 Robert Street North St. Paul, MN 55101 |
Director |
| Caleb Nicholson Securian Financial Services, Inc. 400 Robert Street North St. Paul, MN 55101 |
Secretary |
| Jessica Parruci Securian Financial Services, Inc. 400 Robert Street North St. Paul, MN 55101 |
Vice President, Chief Compliance Officer and Anti-Money Laundering Compliance Officer |
(c)
All commissions and other compensation received by each principal underwriter, directly or indirectly, from the Registrant during the Registrant’s last fiscal year:
| Name of Principal Underwriter |
Net Underwriting Discounts and Commissions |
Compensation on Redemption or Annuitization |
Brokerage Commissions |
Other Compensation |
| Securian Financial Services, Inc. |
$21,322,933 |
— |
— |
— |
| Name of the Contract |
Number of Contracts Outstanding |
Total Value Attributable to the Index- Linked Option and/or Fixed Option Subject to a Contract Adjustment |
Number of Contracts Sold During the Prior Calendar Year |
Gross Premiums Received During the Prior Calendar Year |
Amount of Contract Value Redeemed During the Prior Calendar Year |
Combination Contract (Yes/No) |
| |
|
$ |
|
$ |
$ |
No |
| AccumuLink Advance |
08/25/2025 |
12/01/2025 |
| 1-Year Term Account Options |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Cap and 0% Floor |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Par and 1% Buffer |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Par and 10% Buffer |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Par and 20% Buffer |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Cap and 10% Buffer |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Cap and 20% Buffer |
|
|
| S&P 500 Index 1-year Point-to-Point w/ Par and 10% Shift |
|
|
| MSCI EAFE Index 1-year Point-to-Point w/ Par and 1% Buffer |
|
|
| MSCI EAFE Index 1-year Point-to-Point w/ Par and 10% Buffer |
|
|
| MSCI EAFE Index 1-year Point-to-Point w/ Par and 20% Buffer |
|
|
| MSCI EAFE Index 1-year Point-to-Point w/ Cap and 10% Buffer |
|
|
| NASDAQ 100 Index 1-year Point-to-Point w/ Par and 1% Buffer |
|
|
C-10
| AccumuLink Advance |
08/25/2025 |
12/01/2025 |
| NASDAQ 100 Index 1-year Point-to-Point w/ Par and 10% Buffer |
|
|
| NASDAQ 100 Index 1-year Point-to-Point w/ Par and 20% Buffer |
|
|
| NASDAQ 100 Index 1-year Point-to-Point w/ Cap and 10% Buffer |
|
|
| JEDI Index 1-year Point-to-Point w/ Par and 1% Buffer |
|
|
| JEDI Index 1-year Point-to-Point w/ Par and 10% Buffer |
|
|
| JEDI Index 1-year Point-to-Point w/ Par and 20% Buffer |
|
|
| 6-Year Term Account Options |
|
|
| S&P 500 Index 6-year Point-to-Point w/ Par and 1% Buffer |
|
|
| S&P 500 Index 6-year Point-to-Point w/ Par and 10% Buffer |
|
|
| S&P 500 Index 6-year Point-to-Point w/ Par and 20% Buffer |
|
|
| MSCI EAFE Index 6-year Point-to-Point w/ Par and 1% Buffer |
|
|
| MSCI EAFE Index 6-year Point-to-Point w/ Par and 10% Buffer |
|
|
| MSCI EAFE Index 6-year Point-to-Point w/ Par and 20% Buffer |
|
|
| NASDAQ 100 Index 6-year Point-to-Point w/ Par and 1% Buffer |
|
|
| NASDAQ 100 Index 6-year Point-to-Point w/ Par and 10% Buffer |
|
|
| NASDAQ 100 Index 6-year Point-to-Point w/ Par and 20% Buffer |
|
|
| JEDI Index 6-year Point-to-Point w/ Par and 1% Buffer |
|
|
| JEDI Index 6-year Point-to-Point w/ Par and 10% Buffer |
|
|
| JEDI Index 6-year Point-to-Point w/ Par and 20% Buffer |
|
|
Item 32. Location of Accounts and Records
Not applicable.
Item 33. Management Services
None.
Item 34. Undertakings
Minnesota Life Insurance Company undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement to include any prospectus required by section 10(a)(3) of the Securities Act, and that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
C-11
SIGNATURES
As required by the Securities Act of 1933, Minnesota Life Insurance Company has caused this Registration Statement to be signed on its behalf in the City of St. Paul and the State of Minnesota, on the 28th day of April, 2026.
By: MINNESOTA LIFE INSURANCE COMPANY
(Insurance Company)
(Insurance Company)
By /s/ Christopher M. Hilger
Christopher M. Hilger
Chairman of the Board,
President and Chief Executive Officer
Chairman of the Board,
President and Chief Executive Officer
As required by the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
capacities and on the dates indicated.
| Signature |
Title |
Date |
| /s/ Christopher M. Hilger Christopher M. Hilger |
Chairman of the Board, President and Chief Executive Officer |
April 28, 2026 |
| * Peter G. Berlute |
Director |
April 28, 2026 |
| * Mary K. Brainerd |
Director |
April 28, 2026 |
| * Robert J. Ehren |
Director |
April 28, 2026 |
| * Benjamin G. S. Fowke III |
Director |
April 28, 2026 |
| * Sara H. Gavin |
Director |
April 28, 2026 |
| * Eric B. Goodman |
Director |
April 28, 2026 |
| * D. Bryan Jordan |
Director |
April 28, 2026 |
| * James P. Kolar |
Director |
April 28, 2026 |
| * Stephanie A. J. Lundquist |
Director |
April 28, 2026 |
| * Renee D. Montz |
Director |
April 28, 2026 |
| * Susan M. Reibel |
Director |
April 28, 2026 |
| Signature |
Title |
Date |
| /s/ Peter G. Berlute Peter G. Berlute |
Executive Vice President and Chief Financial Officer (chief financial officer) |
April 28, 2026 |
| /s/ John A. Yaggy John A. Yaggy |
Vice President and Controller (chief accounting officer) |
April 28, 2026 |
| /s/ Ted J. Nistler Ted J. Nistler |
Second Vice President and Treasurer (treasurer) |
April 28, 2026 |
| /s/ Renee D. Montz Renee D. Montz |
Director, Attorney-in-Fact, Senior Vice President, General Counsel and Secretary |
April 28, 2026 |
* Pursuant to power of attorney dated April 14, 2026, a copy of which is filed herewith.
ATTACHMENTS / EXHIBITS
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