Form 497VPI NYLIAC VARIABLE ANNUITY

April 15, 2025 11:27 AM EDT
SUMMARY PROSPECTUS FOR NEW INVESTORS
May 1, 2025
New York Life Premier Variable Annuity- P Series
From
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NYLIAC Variable Annuity Separate Account-III
This summary prospectus summarizes key features of the New York Life Premier Variable Annuity- P Series policy.
Before you invest, you should review the prospectus for the New York Life Premier Variable Annuity- P Series policies, which contains more information about the policy’s features, benefits, and risks. You can find this document and other information about the contract online at https://dfinview.com/NewYorkLife/TAHD/premier-pseries. You can also obtain this information at no cost by calling our New York Life Annuities Service Center at 1-800-762-6212 or by sending an email request with your name and mailing address to [email protected].
You can sign up for electronic delivery of your summary prospectus, updates to the summary prospectus or other communications by logging into your account at www.newyorklifeannuities.com.
You may cancel your policy within 10 days of delivery of the policy without paying fees or penalties. In some states, this cancellation period may be longer. In California, purchasers age 60 and over can allocate their Accumulation Value to the Fidelity® VIP Government Money Market Portfolio during the Free Look period. Upon cancellation, you will receive either (i) a full refund of the amount you paid with your application, or (ii) your policy value (Accumulation Value.) You should review the prospectus, or consult with your registered representative, for additional information about the specific cancellation terms that apply.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at www.Investor.gov.
Definitions
Accumulation Unit—An accounting unit we use to calculate the Variable Accumulation Value prior to the Annuity Commencement Date. Each Investment Division of the Separate Account has a distinct variable Accumulation Unit value.
Accumulation Value—The sum of the current Accumulation Unit value(s) for each of the Investment Divisions multiplied by the number of Accumulation Units held in the respective Investment Division.
Annuitant—The person or persons named on the Policy Data Page and whose life or lives determine the Income Payments.
Annuity Commencement Date—The date on which Income Payments under the policy are scheduled to begin. This date cannot be later than the date you attain age 115.
Base Contract Charge—Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).
Beneficiary or beneficiary—The person or entity having the right to receive the death benefit proceeds set forth in the policy and who is the “designated beneficiary” for purposes of Section 72 of the Code (as defined below).
Business Day—Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.
Code—The Internal Revenue Code of 1986, as amended.
Good Order—We consider a transaction to be in “Good Order” if it complies with our administrative procedures and all relevant laws and regulations, and the required information is complete and correct. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing (or, if permitted, by telephone or electronically), along with all forms and other information or documentation necessary to complete the request.
Holding Period—The 10-year period starting on the Rider Effective Date or the Rider Reset Effective Date, as applicable, and ending on the Holding Period End Date.
Holding Period End Date—The 10th Policy Anniversary, as applicable, of (a) the Rider Effective Date or (b) the Rider Reset Effective Date, whichever is later.
Income Payments—Periodic payments NYLIAC makes after the Annuity Commencement Date.
Investment Division—The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a specified Portfolio.
IPR—Investment Preservation Rider - P Series.
IPR Death Benefit—The death benefit available with the IPR.
IPR Guaranteed Amount—The IPR Guaranteed Amount will equal the IPR Guarantee Percentage of your premium payment, minus all IPR Guaranteed Amount Proportional Reductions made during the rider Holding Period.
IPR Guarantee Percentage—The percentage used to calculate the IPR Guaranteed Amount. This percentage is shown on your IPR Rider Data Page.
IPR Reset—Changing the guaranteed amount of the Investment Preservation Rider - P Series to a new IPR Guaranteed Amount. After reset, the new IPR Guaranteed Amount will be equal to the IPR Guarantee Percentage of your Accumulation Value on the Policy Anniversary following your request, less any applicable reductions.
Life Income—Guaranteed Period Payment Option—The Income Payment option available under this policy. Monthly payments made under this option are made over the life of the Annuitant(s) with a guarantee of 10 years of payments.
Non–Qualified Policies—Policies that are not available for use by individuals in connection with employee retirement plans intended to qualify for special federal income tax treatment under Sections 403(b), 408, and 408A of the Code. Non–Qualified Policies include policies issued for other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Code.
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NYLIAC, we, our or us—New York Life Insurance and Annuity Corporation.
Owner (you, your)—The individual(s) or entity(ies) designated as the Owner in the policy, or as subsequently changed after issue, who is entitled to exercise all rights under the policy. If a jointly owned policy is issued, ownership rights and privileges under the policy must be exercised jointly.
Payee—The individual designated to receive Income Payments under the policy.
Policy Anniversary—An anniversary of the Policy Date shown on the Policy Data Page.
Policy Data Page—Page 2 of the policy which contains the policy specifications.
Policy Date—The date the policy is effective and from which Policy Years, policy quarters, policy months, and Policy Anniversaries are measured. It is shown on the Policy Data Page.
Policy Year—A year starting on the Policy Date. Subsequent Policy Years begin on each Policy Anniversary.
Portfolios—The mutual fund portfolios of the funds that are available for investment through the Investment Divisions of the Separate Account.
Qualified Policies—Policies for use by individuals under employee retirement plans that are intended to qualify for special federal income tax treatment under Sections 408, and 408A of the Code. Qualified Policies do not include policies issued for any other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Code.
Return of Premium Death Benefit—The total dollar amount of premium payments made under this Policy reduced by any Return of Premium Death Benefit Proportional Withdrawals.
Return of Premium Death Benefit Proportional Withdrawal—An amount equal to the amount withdrawn from this Policy (including any amount withdrawn that may include surrender charges), divided by this Policy’s Accumulation Value immediately preceding the withdrawal, multiplied by the Return of Premium Death Benefit immediately preceding the withdrawal.
Rider Effective Date—The date on which the IPR is effective and the date from which the Holding Period End Date is measured. This date is stated on the rider Data Page. After an IPR Reset, this date is the same as the “Rider Reset Effective Date.”
Separate Account—NYLIAC Variable Annuity Separate Account–III is a segregated asset account we established to receive and invest premium payments paid under the policies. The Separate Account’s Investment Divisions, in turn, purchase shares of Eligible Portfolios.
Standard Death Benefit—The death benefit that comes standard under the base policy. It guarantees that your beneficiaries will receive the greatest of (i) your Accumulation Value; (ii) the Return of Premium Death Benefit; (iii) the Step-up Death Benefit; or (iv) the IPR Death Benefit.
Step–up Death Benefit—the Accumulation Value as of the Policy Anniversary immediately following the expiration of the Surrender Charge Period, reduced proportionally by any amounts withdrawn from the policy since that Policy Anniversary.
Surrender Charge Free Amount—You may withdraw a certain amount from your policy each Policy Year without having to pay a surrender charge on that amount. We call this the Surrender Charge Free Amount. The Surrender Charge Free Amount is equal to the greatest of: (i) ten percent of the Accumulation Value at the beginning of the Policy Year (or ten percent of the premium payment if the withdrawal is during the first Policy Year), less any prior partial withdrawals made during the Policy Year that were free of surrender charges, (ii) that portion of the Accumulation Value at the time of the withdrawal that exceeds the premium payment; and (iii) ten percent of the current Accumulation Value, less any prior partial withdrawals made during the Policy Year that were free of surrender charges.
Surrender Charge Period—The seven-year period of time during which a partial withdrawal or surrender could be subject to a surrender charge.
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Important Information You Should Consider About The Policy
 
 
FEES AND EXPENSES
LOCATION IN
PROSPECTUS
Charges for Early
Withdrawal
If you withdraw more than the Surrender Charge Free Amount within 7
years following your premium payment, you will be assessed a
surrender charge. The maximum surrender charge is 7% of the amount
withdrawn during the first two Policy Year(s) declining to 0% over that
seven-year period. For example, if you make an early withdrawal within
the first two Policy Years, you could pay a surrender charge of up to
$7,000 on a $100,000 investment.
CHARGES AND
DEDUCTIONS –
Transaction
Expenses –
Surrender Charges
Transaction
Charges
In addition to surrender charges, you may also be charged for other
transactions, such as when you transfer cash value between
investment options more than 12 times a year, or if a premium payment
is returned for insufficient funds. Although we do not currently charge
for such transactions, we reserve the right to charge up to $30 per
transaction. Currently, the policy offers only one Investment Division. In
the future we may make additional Investment Divisions available.
CHARGES AND
DEDUCTIONS –
Transaction
Expenses
Ongoing Fees
and Expenses
(annual charges)
The table below describes the fees and expenses that you may pay
each year, depending on the options you choose. Please refer to your
Policy Data Page for information about the specific fees you will pay
each year based on the options you have elected.
CHARGES AND
DEDUCTIONS –
Annual Policy
Expenses; Annual
Portfolio Expenses
 
 
ANNUAL FEE
Minimum
Maximum
 
 
Base contract1
1.00%
1.20%
CHARGES AND
DEDUCTIONS –
Annual Policy
Expenses
 
Investment options (Portfolio fees
and expenses)2
71%
71%
CHARGES AND
DEDUCTIONS –
Annual Portfolio
Expenses
 
Investment Preservation Rider – P
Series (IPR)3
0.70%
0.70%
CHARGES AND
DEDUCTIONS –
Charge for the
Investment
Preservation Rider
– P Series
 
1 As an annualized percentage of daily Accumulation Value.
2 As a percentage of average net Portfolio assets. Fees and expenses
are for the year ended December 31, 2024 and will change from year to
year. The minimum will be lower for California residents over 60 who
choose to allocate to the Fidelity VIP Government Money Market
Portfolio during the Free Look period.
3 As an annualized percentage of daily Accumulation Value. The IPR is
included with all policies.
 
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Because your policy is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
policy, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that
you do not take withdrawals from the policy, which could add
surrender charges that substantially increase costs.
 
 
LOWEST ANNUAL COST:
 
$2,223.14
HIGHEST ANNUAL COST
 
$2,223.14
 
 
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive combination of
Base Contract Charges and
Portfolio fees and expenses
•No sales charges
•No additional purchase
payments, transfers or
withdrawals
Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
Base Contract Charges, and
Portfolio fees and expenses
•No sales charges
•No additional purchase
payments, transfers or
withdrawals
 
 
 
RISKS
LOCATION IN
PROSPECTUS
Risk of Loss
You can lose money by investing in this policy.
PRINCIPAL RISKS
Not a Short-Term
Investment
This policy is not designed for short-term investing and is not
appropriate for an investor who readily needs access to cash.
Surrender charges apply for up to 7 years following your premium
payment. They will reduce the value of your policy if you withdraw
money during that time. The benefits of tax deferral and living benefit
protections also mean the policy is more beneficial to investors with a
long time horizon. You will not receive a benefit under the IPR rider
unless you hold the policy for at least the specified Holding Period
applicable to the rider.
PRINCIPAL RISKS
Risks Associated
with Investment
Options
•An investment in this policy is subject to the risk of poor investment
performance and can vary depending on the performance of
available Portfolios.
•Each investment option has its own unique risks.
•You should review the prospectuses for the available Portfolios before
making an investment decision.
PRINCIPAL RISKS
Insurance
Company
Risks
An investment in the policy is subject to the risks related to the
Depositor, including that any obligations, guarantees, and benefits of
the policy are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its obligations
to you. More information about NYLIAC is available upon request from
NYLIAC by calling the New York Life Annuities Service Center at
800-762-6212.
PRINCIPAL RISKS
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RESTRICTIONS
LOCATION IN
PROSPECTUS
Investments
•The policy invests exclusively in the Fidelity VIP FundsManager 60%
Portfolio, except that investors in California who are Age 60 and over
can invest in the Fidelity VIP Government Money Market Portfolio
during the Free Look period. If you are not satisfied with the
performance of the available Portfolios, there are no alternative
investments within the Policy.
•We may choose to add Investment Divisions in the future. If we do,
we reserve the right to charge $30 for each transfer when you
transfer money between Investment Divisions in excess of 12 times in
a Policy Year.
•We reserve the right to limit transfers in circumstances of frequent
transfers or to prevent market timing.
•We reserve the right to remove, close or substitute for the current
available Portfolios as investment options that are available under the
policy.
•If we substitute shares of the current available Portfolios with shares
of a replacement portfolio, the replacement portfolio may or may not
be substantially similar. The effect of any substitution on the value of
your policy and the IPR will depend on a variety of factors, such as
the relative performance of the replaced and replacement portfolios,
which we cannot predict. A substitution to another portfolio could
have a materially negative effect on the value of your policy.
PRINCIPAL RISKS
THE
POLICIES—Policy
Application and
Premium Payments,
Transfers and
Limits on Transfers
NYLIAC AND THE
SEPARATE
ACCOUNT—
Additions,
Deletions, or
Substitutions of
Investments
Investment
Preservation
Rider – P Series
(IPR)
•The IPR is included with all policies; you cannot purchase the policy
without the IPR.
•The IPR may be cancelled only under certain limited circumstances.
•The IPR provides no benefits if you surrender the Policy before the
Policy Anniversary when you are eligible to receive a potential
one-time adjustment to your Accumulation Value.
•A withdrawal could reduce the value of the potential benefit under the
IPR by more than the dollar amount of the withdrawal.
•Where the IPR Guarantee Percentage is 101% or more, the amount
of the IPR Death Benefit will depend on whether you die during the
first eight or last two years of the 10 year Holding Period. Additionally,
if you elect an IPR Reset where the IPR Guarantee Percentage is
101% or more, the amount of the IPR Death Benefit will depend on
whether you die during the first eight or last two years of the new
Holding Period. The Guaranteed Amount becomes payable as the
IPR Death Benefit only if you die during the last two years of the rider
Holding Period.
DESCRIPTION OF
BENEFITS
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TAXES
LOCATION IN
PROSPECTUS
Tax
Implications
•Consult with a tax professional to determine the tax implications of
an investment in, withdrawals from and surrenders of this policy.
•If you purchase the policy through a tax-qualified plan or individual
retirement account (IRA), such plan or IRA already provides tax
deferral under the Code and there are fees and charges in an annuity
that may not be included in such other investments. Therefore, the
tax deferral of the annuity does not provide additional benefits.
•A premium payment made on a pre-tax basis as well as earnings on
your policy will be taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a 10% penalty tax if you
take a withdrawal before age 59½.
FEDERAL TAX
MATTERS
 
CONFLICTS OF INTEREST
LOCATION IN
PROSPECTUS
Investment
Professional
Compensation
Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset-based
compensation, allowances for expenses, and other compensation
programs. The amount of compensation will vary depending on the
specific payment arrangements of the broker-dealer for whom your
registered representative works. This compensation may differ from the
compensation paid by other companies for sales of their products.
Differences in compensation have the potential to influence the
recommendation made by your registered representative or
broker-dealer. Your registered representative may have a financial
incentive to offer or recommend this policy over another investment.
DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS
Exchanges
Your registered representatives may have a financial incentive to offer
you a new policy in place of the one you own. You should consider
exchanging your policy if you determine, after comparing the features,
fees, and risks of both policies, that it is in your best interest to
purchase the new policy rather than continue to own your existing
policy.
THE POLICIES –
Tax–Free
Section 1035
Exchanges
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Overview Of The Policy
Q.
What is this policy, and what is it designed to do?
A.
The New York Life Premier Variable Annuity- P Series is designed to assist individuals with their long-term retirement planning or other long-term needs through investments in the Fidelity® VIP FundsManager® 60% Portfolio – Investor Class during an accumulation (savings) phase of the policy. The policy includes the Investment Preservation Rider – P Series (IPR), which provides a guarantee against any loss in Accumulation Value over a 10-year holding period. The policy also offers a death benefit to protect your designated beneficiaries. You can also elect to supplement your retirement income by converting your Accumulation Value into a stream of Income Payments (sometimes called annuity payments). This policy is only appropriate if you have a long investment time horizon. It is not intended for people who may need to make early or frequent withdrawals or who want a variety of investment options within the policy.
Q.
How do I accumulate assets in the policy and receive income from the policy?
A.
Your policy has two phases:
●
the accumulation (savings) phase, when your premium payment is invested in the Investment Division(s), and
●
the annuity (income) phase, when we make Income Payments to you.
Accumulation (Savings) Phase
This is a modified single premium policy. During the accumulation (savings) phase of the policy, you can invest your premium payment in the Fidelity VIP FundsManager 60% Portfolio Investment Division. If you are age 60 or over and live in California, you can choose to invest your premium payment in the Fidelity VIP Government Money Market Fund during the Free Look period. More information about the Portfolios is provided in APPENDIX 1: Portfolios Available Under the Policy.
Annuity (Income) Phase
You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes called annuity payments) from NYLIAC. If you do that, we will make payments over the life of the Annuitant(s) for 10 years, even if the Annuitant dies sooner. This is called the Life Income – Guaranteed Period Payment Option. We may offer other options, at our discretion, where permitted by state law. We do not currently offer variable Income Payment options.
Please note that when you annuitize your policy, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy. However, you may elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of the policy can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulation Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.
Q.
What are the policy’s primary features and options?
A.
The Investment Preservation Rider- P Series (IPR). All policies include the IPR. For a fee, it protects your investment from a declining market, over a 10-year Holding Period.
Accessing your money. Until you annuitize (begin Income Payments), you have full access to your money. You can choose to withdraw part or all of your Accumulation Value at any time (through partial withdrawals, periodic partial withdrawals, or surrendering the policy). See “ANNUITY PAYMENTS (THE INCOME PHASE)— Annuity Commencement Date in the Prospectus”. However, if you withdraw more than the Surrender Charge Free Amount during the Surrender Charge Period before age 59½, you may have to pay a surrender charge and/or taxes, including tax penalties (see “CHARGES AND DEDUCTIONS—Transaction Expenses—Exceptions to Surrender Charges” in the Prospectus).
Tax treatment. Your premium payments accumulate on a tax-deferred basis. This means your earnings are not taxed until you take money out of your policy, such as when (1) you make a withdrawal; (2) you receive an Income Payment from the policy; or (3) upon payment of a death benefit.
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Death benefit. Your policy includes a Standard Death Benefit that will pay your designated beneficiary(ies) the greatest of: (i) the Accumulation Value; (ii) the Return of Premium Death Benefit; (iii) the Step-up death Benefit; or (iv) the IPR Death Benefit.
Electronic Delivery. You may elect to receive electronic delivery of current prospectuses related to this policy, as well as other policy-related documents.
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Benefits Available Under The Policies
The following tables summarize information about the benefits available under the policy.
STANDARD DEATH BENEFIT
(automatically included with the policy) 
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Standard Death
Benefit
Guarantees your
beneficiaries will receive a
benefit at least equal to the
greatest of: (i) your
Accumulation Value; (ii) the
Return of Premium Death
Benefit; (iii) the Step-up
Death Benefit; or (iv) the IPR
Death Benefit.
No additional charge
•Withdrawals could
significantly reduce the
benefit, possibly by an
amount substantially
greater than the amount
withdrawn.
INVESTMENT PRESERVATION RIDER – P SERIES
(automatically included with the policy) 
NAME OF BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Investment
Preservation Rider
– P Series (IPR)
Protects your investment
from loss for a 10-year
Holding Period. If, after the
Holding Period, your
Accumulation Value is less
than the amount guaranteed,
we will make a one-time
increase to your
Accumulation Value to make
it equal to the guaranteed
amount.
 
You may request to reset the
guaranteed amount (an IPR
Reset) under certain
circumstances.
 
Includes an IPR Death
Benefit which is payable
upon the death of the Owner.
1.80% (of daily average
accumulation value)
•Included with all policies.
•Can be cancelled only if
NYLIAC suspends the right
to reset.
•Withdrawals could
significantly reduce the
benefit (possibly by an
amount greater than the
actual amount withdrawn).
•Where the IPR Guarantee
Percentage is 101% or
more, and you die during
the first 8 years of the
10-year Holding Period, the
IPR Death Benefit will be
equal to the first year policy
premiums less any
proportional withdrawals. If
you die in the last two
years of the IPR Holding
Period, the IPR Death
Benefit will be equal to the
Guaranteed Amount.
•An IPR Reset starts a new
Holding Period. New
annual charges may apply
after you elect an IPR
Reset.
•If you elect an IPR Reset
where the IPR Guarantee
10
NAME OF BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
 
 
 
Percentage is 101% or
more, a new Holding
Period will begin as of the
Rider Reset Effective Date.
If you die before the last
two years of the new
Holding Period, the IPR
Death Benefit will be equal
to the Accumulation Value
as of the Rider Reset
Effective Date less any
proportional withdrawals. If
you die in the last two
years of the new Holding
Period, the IPR Death
Benefit will be equal to the
Guaranteed Amount.
•IPR Reset rights may be
suspended or discontinued
and are subject to age
limits.
•The IPR Death Benefit is
only payable if the Owner’s
spouse does not elect to
continue the policy
pursuant to its spousal
continuance option. If the
Owner’s spouse elects to
continue the policy, the
rider will continue and the
IPR Death Benefit will not
be paid.
Buying The Policy
Q.
How do I purchase the New York Life Premier Variable Annuity—P Series policy?
A.
To purchase a policy, you must complete an application. Your registered representative will submit your application, along with your initial premium payment, to us. Acceptance of applications is subject to NYLIAC’s rules. We reserve the right to reject any application or initial premium payment.
Q.
How much can I contribute and how are my premium payments invested?
A.
The minimum premium payment is $25,000. You cannot make additional premium payments; however, additional payments identified in your application, and received by us in Good Order, in the 90-day period after the Policy Date, will be added to your premium payment. The maximum aggregate amount of premium payments we accept without prior approval from NYLIAC is $2,000,000. For Qualified Policies, your premium payment cannot exceed the amount permitted by the plan or applicable law.
Your premium will be invested in the Fidelity VIP FundsManager 60% Portfolio, unless you are a California purchaser age 60 or older. If you are a California purchaser age 60 or older, you can choose to have the premium invested in the Fidelity VIP Government Money Market Portfolio during the Free Look period. At the end of the Free Look period, your investment will be moved automatically into the Fidelity VIP FundsManager 60% Portfolio.
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Q.
When will any premium payments that I make be credited to my account?
A.
If the application is in Good Order, we will issue the policy and allocate the premium payment to the applicable Investment Division within two business days after we receive it. If your application is not in Good Order, we may delay issuing your policy and crediting your account while we obtain the missing information. However, we will not hold your premium payment for more than five Business Days without your permission.
We do not accept subsequent premium payments.
Acceptance of the premium payment is subject to our Sales Standards that are used to determine whether a recommended transaction relating to your policy, complies with applicable standards of conduct.
Making Withdrawals: Accessing Money In Your Policy
Q.
Can I access the money in my account during the Accumulation (Savings) Phase?
A.
During the accumulation (savings) phase of your policy, you have full access to your money. You can choose to withdraw your Accumulation Value at any time (although if you withdraw amounts early, you may have to pay a surrender charge and/or taxes, including tax penalties).


You can access the money in your policy by making a withdrawal, which will reduce the Accumulation Value of your policy (including the amount of your death benefit). However, withdrawing the Accumulation Value of your policy below a certain level will terminate your policy.
Withdrawals will proportionally reduce the guaranteed amount under the IPR. This means that if your Accumulation Value is lower than the guaranteed amount, the guaranteed amount will be reduced by more than the amount of the withdrawal.
Q.
Are there limitations and consequences associated with taking money out of my policy during the Accumulation (Savings) Phase?
A.
Yes. These limitations and consequences include:
 
Limitations on withdrawal amounts
The minimum amount you can withdraw is $500,
unless we agree otherwise. Currently, online
withdrawals cannot exceed $250,000. If you request a
withdrawal for amounts greater than $50,000 in writing
we may require additional verification of your identity.
Surrender charges and taxes
As described above, there may be surrender charges
and tax consequences when you take out money.
Negative impact of withdrawal on benefits and
guarantees of your policy
A withdrawal may have a negative impact on certain
standard benefits under the policy. It may significantly
reduce the value of the IPR by more than the amount
of the withdrawal, if your Accumulation Value is greater
than the guaranteed amount under the IPR at the time
of the withdrawal. A withdrawal may also be a taxable
transaction and a 10% penalty tax could be applicable.
Q.
What is the process to request a withdrawal of money from my policy?
A.
You can request to withdraw a portion of your Accumulation Value or surrender your policy in full at any time before the Annuity Commencement Date and while the Annuitant is living. If you want to surrender your policy, you can either contact your registered representative, contact us by telephone at 1-800-762-6212 or send us a written request in Good Order at one of the below addresses. If you only want to withdraw a portion of your Accumulation Value, you can either request a partial withdrawal by contacting your registered representative, online at www.newyorklifeannuities.com, by telephone at 1-800-762-6212, or by sending us a written request Good Order at one of the following addresses:
 
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Regular Mail
Express Mail
Surrender or Withdrawal
Requests
NYL Annuities – TPD
Mail Code 7390
P.O. Box 7247
Philadelphia, PA 19170-7390
NYL Annuities – TPD
400 White Clay Center Drive
Attention: LOCKBOX 7390
Newark, DE 19711
Generally, withdrawal or surrender requests received in Good Order before the end of the Business Day will be processed that day. If we receive your request after the close of the Business Day, or on a day that is not a Business Day, your requested payment will be processed the next Business Day. Generally, NYLIAC will pay all surrenders or withdrawals within seven days of receipt of all required information in Good Order. Please consult your registered representative before making any requests to surrender your policy or take a withdrawal.
Q.
Can I access the money in my account during the Annuity (Income) Phase?
A.
You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes called annuity payments) from NYLIAC. If you do that, payments will be made over the life of the Annuitant(s) and are guaranteed for 10 years, even if the Annuitant dies sooner. This is called the Life Income – Guaranteed Period Payment Option. We may offer other options at our discretion. Once you annuitize, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy.
You may, however, elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of your Accumulation Value can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulations Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.
Additional Information about Fees
The following tables describe the fees and expenses that you will pay when buying, owning, making withdrawals, and surrendering the policy. Please refer to your Policy Data Page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the policy, make withdrawals or surrender the policy, or transfer Accumulation Value between investment options. State premium taxes may also be deducted.
Transaction Expenses
Surrender Charges (as a percentage of amount withdrawn). Applied to amounts in excess of the Surrender Charge Free Amount that you may withdraw each Policy Year. 
Policy Year
1
2
3
4
5
6
7
8+
Surrender Charge
7.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
0.00%
 
Other Transaction Charges
Guaranteed
maximum charge
Current
charge
Transfer Fee (charged for transfers in excess of 12 in a Policy Year)*
$30
$0
Payments Returned for Insufficient Funds
$30
$0
*Currently the policy offers only one Investment Division. In the future we may make additional Investment Divisions available and may charge for transfers between them.
The next table describes the fees and expenses that you will pay each year during the time that you own the policy (not including Portfolio fees and expenses).
13
Annual Policy Expenses 
 
Guaranteed
Maximum Charge
Current Charge
Base Contract Expenses (M&E Charges)1
1.20%
(During the
Surrender Charge
Period)
1.20%
(During the
Surrender Charge
Period)
1.00%
(After the
Surrender Charge
Period)
1.00%
(After the
Surrender Charge
Period)
Annual Charge for IPR-P Series (IPR)2
1.80%
0.70%
1
As an annualized percentage of daily Variable Accumulation Value. We call this the “Mortality and Expense Risk and Administrative Costs Charge (M&E)” in your policy and elsewhere in this prospectus.
2
As an annualized percentage of daily Accumulation Value. The IPR is included with all policies. The IPR Guarantee Percentage is 105%.
The next table shows the minimum and maximum total operating expenses charged by the Fidelity® VIP FundsManager® 60% Portfolio that you may pay periodically during the time that you own the policy. The expenses may be higher or lower in the future. A complete list of Portfolios available under the policy, including their annual expenses, may be found in APPENDIX 1.
Annual Portfolio Expenses 
 
Minimum
Maximum
Expenses that are deducted from the Portfolio assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses.1
 
 
Before fee waivers and expense reimbursements
0.71%
0.71%
After fee waivers and expense reimbursements2
0.66%
0.66%
1
Shown as a percentage of average net assets for the fiscal year ended December 31, 2024.
2
Fee waivers and expense reimbursements are expected to continue through April 30, 2026 and may be terminated at any time thereafter at the option of the Portfolio company.
Example
This Example is intended to help you compare the cost of investing in the policy with the cost of investing in other variable annuity policies. These costs include transaction expenses, annual policy expenses and Annual Portfolio Expenses.
The Example assumes that you invest $100,000 in the policy for the time periods indicated. The Example also assumes that your investment has a 5% return each year, and assumes the most expensive combination of Base Contract Charges, Annual Portfolio Expenses and IPR Charges. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 
14
 
Years
 
1 yr
3 yr
5 yr
10 yr
If you surrender your policy at the end of the applicable time
period:
$9,182.85
$14,135.91
$18,169.42
$28,872.61
If you annuitize at the end of the applicable time period:
$9,182.85
$8,358.80
$14,169.42
$28,872.61
If you do not surrender your policy:
$2,740.50
$8,358.80
$14,169.42
$28,872.61
15
Appendix 1
Portfolios Available Under the Policy
The following is a list of Portfolios available under the policy, which is subject to change, as discussed in the Prospectus. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/premier-pseries. You can also request this information at no cost by calling the New York Life Annuities Service Center at 800-762-6212 or by sending an email request with your name and mailing address to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.
The Fidelity® VIP Government Money Market Portfolio is available only during the Free Look period and only to California purchasers who are Age 60 or over. 
Type
Portfolio
Adviser/Sub–adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Asset Allocation
Fidelity® VIP FundsManager® 60% Portfolio —
Investor Class
 
Adviser: Fidelity Management & Research
Company LLC (“FMR”)
0.66%
9.58%
6.57%
6.67%
Money Market
Fidelity® VIP Government Money Market Portfolio —
Investor Class
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.28%
5.08%
2.31%
1.60%
*
Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are expected to continue through April 30, 2026 and may be terminated at any time thereafter at the option of the Fund. Annual expenses for the Portfolio for the year ended December 31, 2024 reflect temporary fee reductions under such an arrangement.
Appendix 1-1
Back Cover Page
This Summary Prospectus incorporates by reference the New York Life Premier Variable Annuity- P Series full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2025, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, https://dfinview.com/NewYorkLife/TAHD/premier-pseries. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.
Separate Account III EDGAR contract identifier #C000207404
 

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