Form 497 LAZARD RETIREMENT SERIES

March 29, 2021 12:31 PM EDT

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LAZARD RETIREMENT SERIES, INC.

Lazard Retirement Emerging Markets Equity Advantage Portfolio

Supplement to Current Prospectus

Effective as of April 1, 2021 (the "Effective Date"), the following replaces the table in "Summary SectionLazard Retirement Emerging Markets Equity Advantage PortfolioFees and Expenses" in the Prospectus:

  Service Investor
  Shares Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)    
Management Fees* .75% .75%
Distribution and Service (12b-1) Fees .25% None
Other Expenses** .18% .18%
Total Annual Portfolio Operating Expenses 1.18% .93%
Fee Waiver and/or Expense Reimbursement*** .03% .03%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.15% .90%
*Restated to reflect current management fee.
**Based on estimated amounts for the current fiscal year.
***Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.15% and .90% of the average daily net assets of the Portfolio's Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Effective as of the Effective Date, the following replaces the table in "Summary SectionLazard Retirement Emerging Markets Equity Advantage PortfolioExample" in the Prospectus:

  1 Year 3 Years
Service Shares $             117 $             372
Investor Shares $               92 $             293

Effective as of the Effective Date, the following replaces any contrary information in the first table in "Fund ManagementInvestment Manager" in the Prospectus:

Name of Portfolio       Investment
Management
Fee Payable
Retirement Emerging Markets Equity Advantage Portfolio       .75%

Effective as of the Effective Date, the following replaces any contrary information in the second table in "Fund ManagementInvestment Manager" in the Prospectus:

Name of Portfolio       Service
Shares
  Investor
Shares
Retirement Emerging Markets Equity Advantage Portfolio***       1.15%   .90%

*** This agreement will remain in effect until April 30, 2022.

 

Dated: March 29, 2021

 

 

 

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