Form 497VPI NYLIAC VARIABLE ANNUITY
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E-mailSUMMARY PROSPECTUS FOR NEW
INVESTORS
May 1, 2026
New York Life Flexible Premium Variable Annuity III
From
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NYLIAC Variable Annuity Separate Account-III
NYLIAC Variable Annuity Separate Account-IV
NYLIAC Variable Annuity Separate Account-IV
This summary prospectus summarizes key features of the New York Life
Flexible Premium Variable Annuity III policy.
Before you invest, you should review the prospectus for the New York Life Flexible Premium Variable Annuity III policies, which contains more information about the policy’s features, benefits, and risks. You can find this document
and other information about the policy online at https://dfinview.com/NewYorkLife/TAHD/flex-iii. You can also obtain this information at no cost by calling our Variable Products Service Center at 1-800-598-2019 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.newyorklife.com or the New York Life Mobile Application (“mobile application” or “mobile app”) which is available
for download on the Apple App Store and Google Play Store. If you sign up for electronic delivery, we will apply a one-time $30 e-delivery credit to your Accumulation Value in
accordance with your allocation instructions in the Policy Year in which you register.
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. 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), less any e-delivery credit. 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 Variable Accumulation Value, the Fixed Account Accumulation Value (if applicable), and the DCA Advantage Account
Accumulation Value of a policy.
ADBR Reset Value—On the First Policy Anniversary, the Annual Death Benefit Rider (ADBR) Reset Value is the greater of (a) the Accumulation
Value on the first Policy Anniversary or (b) the Return of Premium Death Benefit. The ADBR Reset Value on the second and each subsequent Reset Anniversary is defined as the greater
of (a) the Accumulation Value on the current Reset Anniversary or (b) the Reset Value on the prior Reset Anniversary, plus any premium payments applied since the prior Reset Anniversary, less any ADBR Reset Value Proportional Reductions since the prior Reset Anniversary.
ADBR Reset Value
Proportional Reduction—An amount equal to the amount withdrawn from the policy after the
first policy anniversary (including applicable surrender charges), divided by the policy’s Accumulation Value immediately preceding the withdrawal, multiplied by the ADBR Reset Value immediately preceding the withdrawal.
Adjusted Premium
Payment—The total dollar amount of premium payments made under the policy and allocated
to the Investment Divisions of the Separate Account and DCA Advantage Account reduced by any withdrawals and
applicable surrender charges in excess of any gain in the policy.
Allocation Options—The Investment Divisions of the Separate Account, the DCA Advantage Account and the Fixed Account.
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 we are to make the first Income Payment under the policy, which
cannot be later than the date you attain age 115.
Base Contract Charge—Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).
Business Day(s)—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.
Consideration—A premium payment, or a portion thereof and/or, if allowable, a transfer amount from an Investment Division to the Fixed
Account.
Dollar Cost Averaging (DCA) Advantage Account— A non-variable Allocation Option to which you may allocate Premium Payments, subject to the limitations described on the Policy Data Page, and from which amounts are transferred to
the Investment Divisions proportionally on a monthly basis. The DCA Advantage Account duration is shown on the Policy Data Page. We credit the DCA Advantage Account with a fixed
interest rate. The benefits payable under the DCA Advantage Account (including principal and interest) are payable from NYLIAC’s general account and are subject to the claims-paying ability of NYLIAC.
Dollar Cost Averaging (DCA) Advantage Account Accumulation Value—The sum of premium payments
allocated to the DCA Advantage Account, plus interest credited on those premium payments, less any transfers and
partial withdrawals from the DCA Advantage Account, and less any surrender charges, policy service charges and
rider charges deducted from the DCA Advantage Account. The DCA Advantage Account Accumulation Value will never be less than the DCA Advantage Account portion of the Nonforfeiture Value.
Fixed Account—An account that is credited with a fixed interest rate which NYLIAC declares and is not part of the
Separate Account. The benefits payable under the Fixed Account (including principal and interest) are payable from NYLIAC’s general account and are subject to the claims-paying ability of NYLIAC.
Fixed Account Accumulation Value—The sum of premium payments and, if allowable, transfers allocated to the Fixed Account, plus interest credited on those premium payments and, if allowable, transfers, less any transfers and partial
withdrawals from the Fixed Account, and less any surrender charges, policy service charges and rider charges
2
assessed on and deducted from the Fixed Account.
The Fixed Account Accumulation Value will never be less than the Fixed Account portion of the Nonforfeiture Value.
Good Order—Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be
considered in Good Order if it complies with our administrative procedures and is sufficiently complete and clear that we do not need to exercise any discretion to follow such
instruction or complete the transaction and that it complies with all relevant laws and regulations. We may delay or reject a request if it is not in Good Order. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing or by
other means we then permit (such as by telephone or electronic transmission), along with all forms and other information or documentation necessary to complete the
request.
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.
Life Income—Guaranteed Period
Payment Option—The default 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, even if the Annuitant dies before the 10-year period has expired.
M&E
Charge—The Mortality and Expense Risk and Administrative Costs Charge. Also referred to
as a “Base Contract Charge.”
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 Internal Revenue Code. Non–Qualified Policies include policies issued for other retirement plans or arrangements,
including plans qualifying under Section 401(a) of the Internal Revenue Code.
Nonforfeiture Rate—The rate used to calculate the Fixed Account and DCA Advantage Account Nonforfeiture Values. This rate, as shown on the Policy Data Page, is equal to the lesser of: a) 3.00%, and b) a rate that is not less
than 1.00% and determined by using the six-month average of the five-year Constant Maturity Treasury Rate reported by the Federal Reserve for December through May (for period beginning July 1) and June through November (for period
beginning January 1), rounded to the nearest .05%, minus 1.25%.
Nonforfeiture Value—The Nonforfeiture Value is equal to 87.50% of the Consideration(s) allocated to the Fixed Account and/or to the DCA Advantage Account accumulated at the Nonforfeiture Rate since the Payment Date or transfer date, minus any amounts withdrawn or transferred from the Fixed Account and/or the DCA Advantage Account, with the remaining amount accumulated at the Nonforfeiture Rate since the date of withdrawal or transfer.
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.
Payment Date—The Business Day on which we receive a premium payment at the address specified in this Summary Prospectus to receive such payment.
Payment Year(s)—With respect to any premium payment, the year(s) beginning on the date such premium payment is made to 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 from which we measure Policy Years, quarters, months, and Policy Anniversaries. 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, unless otherwise
indicated.
Portfolios—The mutual fund portfolios in which the corresponding Investment Divisions invest.
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Qualified Policies—Policies for use by individuals under employee retirement plans that are intended to qualify for special federal income tax
treatment under Sections 403(b), 408, and 408A of the Internal Revenue Code. Qualified Policies do not include policies issued for any other retirement plans or arrangements, including plans qualifying under Section
401(a) of the Internal Revenue 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.
Separate Account—NYLIAC Variable Annuity Separate Account–III or NYLIAC Variable Annuity Separate Account–IV, each 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
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; or (iii) the Step-up Death Benefit.
Step-up Death
Benefit—the Accumulation Value as of the Policy Anniversary immediately following the
expiration of the Surrender Charge Period for the first premium payment, plus any other premium payments made since that Policy Anniversary, 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.
Surrender Charge Period—The period of time during which a partial withdrawal or surrender could be subject to a surrender charge.
Variable 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.
VPSC—The Variable Products Service Center.
4
Overview Of The Policy
Q.
What is this policy, and what is it designed to do?
A.
The New York Life
Flexible Premium Variable Annuity III is designed to assist individuals with their long-term retirement planning or other long-term needs through investments in a variety of
Allocation Options during an accumulation
(savings) phase of the policy. The policy also offers death benefits 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 intend to engage in frequent trading in the Portfolios.
Q.
How do I accumulate assets in the policy and receive income from the
policy?
A.
Your policy has two
phases:
●
the savings
(accumulation) phase, when you make premium payments to us, and
●
the annuity (income) phase, when we make Income Payments to you.
Accumulation (Savings) Phase
During the accumulation (savings) phase of the policy, you can invest your premium payments in:
●
a variety of Investment
Divisions (you may choose up to 18). Each Investment Division invests in a corresponding (mutual fund)
Portfolio, each of which has its own investment strategies, investment adviser(s), expense ratios, and returns.
●
a Fixed Account option, which offers a guaranteed fixed interest rate for one–year periods; and
●
a DCA Advantage
Account, which transfers amounts automatically to the Investment Divisions you choose in up to six monthly
increments and pays you interest on amounts remaining in the DCA Advantage Account.
Additional information about the Portfolios, the Fixed Account and the DCA Advantage Account is provided in Appendix 1: Investment Options 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 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?
Base Contract Charge (M&E Charge)
options. You can choose to have your Mortality and Expense Risk and Administrative Costs Charge (“M&E
Charge”) assessed based on either the Accumulation Value of the policy (which invests in Separate
Account III) or your Adjusted Premium Payments (which invests in Separate Account IV). You must choose your M&E Charge option at the time of application. The M&E
Charge assessed to your policy will be based on the option that you choose. Once the M&E Charge option is chosen it cannot be changed. For Accumulation Value-based M&E Charge policies, the M&E Charge is assessed based on the Accumulation Value of the
policy and will vary with fluctuations in the policy’s Accumulation Value. For Premium-based M&E Charge policies, the M&E Charge is assessed based on your Adjusted
Premium Payments and will not vary with
5
fluctuations in the
policy’s Accumulation Value. Please see “CHARGES AND DEDUCTIONS—Annual Policy Expenses—Base Contract Charges (M&E Charge)” in the Prospectus for
more information.
The amount of Premium-based M&E Charges deducted from your Accumulation Value will be unaffected by fluctuations in
market performance. In a rising market, the Premium-based M&E Charge structure will benefit you because, when calculated as a percentage of separate account assets, the
Premium-based M&E Charge will be reduced. In a flat or declining market, the Premium-based M&E Charge will result in a higher charge when calculated as a percentage of separate account assets. The amount of Accumulation Value-based M&E Charges assessed to
your policy will be affected by fluctuations in market performance. However, the Accumulation Value-based M&E Charge structure may be more advantageous in a flat or declining
market.
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, hardship withdrawals or surrendering the policy). 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.
Loans—TSA plans/Accumulation Value–based M&E Charge policies only. You may be able to borrow some
of your Accumulation Value subject to certain conditions only if you (i) purchased your policy in connection with a 403(b) (TSA) plan, and (ii) chose to have your M&E charges based on the Accumulation Value of your policy.
Death benefits. Your policy includes a Standard Death Benefit. It
guarantees that your beneficiaries will receive the greatest of: (i) your Accumulation Value; (ii) the Return
of Premium Death Benefit; or (iii) the Step-up Death Benefit. For an additional fee, you can also purchase the ADBR at the time of application. The ADBR may increase the amount of money payable to your designated beneficiaries upon your death.
Living Needs Benefit/Unemployment benefit. At no additional charge, we currently include a Living Needs Benefit/Unemployment Rider with all policies. This benefit
increases the amount that can be withdrawn from your policy without a surrender charge when certain qualifying events occur.
Waiver of Surrender Charges for Home Health Care
Benefit. At no additional charge, we include a Waiver of Surrender Charges for Home Health Care Rider with
all policies issued to owners who are age 76 or greater. This benefit waives surrender charges if you begin receiving home health care services from a licensed home health care provider, for at least 60 days during the six month period immediately preceding the partial withdrawal or
surrender. Before you are entitled to benefits under this rider, the policy must have been in force for at least one Policy Year and have a minimum Accumulation Value of $5,000.
Automatic asset rebalancing and dollar cost averaging. At no additional charge, you may select automatic
asset rebalancing, which automatically rebalances your value in the Investment Divisions to maintain your chosen
percentage allocation. Also, at no additional charge, you may select either (i) traditional dollar cost averaging, which automatically transfers a specific amount of money from any Investment Division to any combination of Investment
Divisions and/or Fixed Account at set intervals, or (ii) the DCA Advantage Account, which is an Allocation Option that transfers amounts automatically to the Investment Divisions
you choose in up to six monthly increments and pays you interest on amounts remaining in the account. (You may not elect traditional dollar cost averaging if you have elected automatic asset rebalancing.)
Interest sweep. At no additional charge, you may select the interest sweep option which automatically
transfers interest earned on the Fixed Account to be transferred to one or any combination of Investment Divisions.
Electronic Delivery. You may elect to receive electronic delivery of current prospectuses related to this policy, as well as other
policy-related documents.
6
Important Information You Should Consider About The Policy
| |
FEES, EXPENSES AND ADJUSTMENTS |
LOCATION IN
PROSPECTUS | ||
| Are There
Charges for Early
Withdrawals? |
Yes. In most jurisdictions,* if you withdraw more than the Surrender
Charge Free Amount within the first nine Policy Years, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first three Policy Years, declining to 0% over that nine-year period. For example, if you make an early withdrawal within the first three Policy Years, you could pay a surrender
charge of up to $7,000 on a $100,000 investment. The withdrawal
amount could be reduced by taxes or tax penalties. *Policies issued in New York
are subject to a different surrender charge schedule. See
“Transaction Expenses” in the ADDITIONAL INFORMATION
ABOUT FEES section. |
CHARGES AND
DEDUCTIONS –
Transaction
Expenses
–Surrender
Charges FEE TABLE | ||
| Are There
Transaction
Charges? |
Yes. In addition to surrender charges, we reserve the right to assess a transaction charge if you transfer cash value between investment options more than 12 times a year, or if a premium payment is returned for insufficient funds. A loan processing fee may apply if you take a policy loan. Although we do not currently charge for such transactions, we reserve the right to charge up to $30 per transaction.
|
CHARGES AND
DEDUCTIONS
–Transaction
Expenses FEE TABLE | ||
| Are There
Ongoing Fees
and Expenses? |
Yes. 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 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;
Optional Benefit
Expense FEE TABLE | ||
| |
ANNUAL FEE |
MINIMUM |
MAXIMUM |
|
| |
Base contract1 |
1.10% |
1.40% |
CHARGES AND
DEDUCTIONS –
Annual Policy
Expenses |
| |
Portfolio fees and expenses2 |
0.37% |
1.42% |
CHARGES AND
DEDUCTIONS –
Annual Portfolio
Expenses |
| |
Optional benefits available for an
additional charge (for a single
optional benefit, if elected)3 |
0.25% |
0.25% |
CHARGES AND DEDUCTIONS – Optional Benefit Expenses |
7
| |
1 As a percentage of Accumulation Value after the Surrender Charge Period for the initial premium (Minimum Base Contract Charge) and as a percentage of Adjusted Premium Payments during the Surrender Charge Period for the initial premium (Maximum Base Contract Charge) plus a percentage attributable to the Annual Policy Service Charge. 2 As a percentage of average net Portfolio assets. The
range in fees and expenses is for the year ended December 31, 2025
and will change from year to year.
3 As an annualized percentage of the ADBR Reset Value. |
| ||
| |
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
$1,386.98 |
HIGHEST ANNUAL COST
$2,578.58 |
| |
| |
Assumes: •Investment of $100,000 •5% annual appreciation •Least expensive combination of Base Contract Charges and Portfolio fees and expenses •No optional benefits •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, optional benefits, and Portfolio fees and expenses •No sales charges •No additional purchase payments, transfers or withdrawals |
| |
| |
RISKS |
LOCATION IN
PROSPECTUS | ||
| Is There a Risk of
Loss from Poor
Performance? |
Yes. You can lose money by investing in this policy. |
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY | ||
| Is This a
Short–Term
Investment? |
No. 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 the first nine Policy Years. They will
reduce the value of your policy if you withdraw money during that
time. Withdrawals may also be subject to federal and state income
taxes and tax penalties. The benefits of tax deferral and living
benefit protections also mean the policy is more beneficial to
investors with a long time horizon. |
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY | ||
| What are the
Risks Associated
with the
Allocation
Options? |
•An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of the variable investment options (e.g., Portfolios) and guaranteed options (e.g. the Fixed Account and DCA Advantage Account) you choose. •Each investment option (including the Fixed Account and the DCA Advantage Account) has its own unique risks. •You should review the prospectuses for the available Portfolios and description in this prospectus of the Fixed Account and the DCA Advantage Account before making an investment decision. |
PRINCIPAL RISKS OF INVESTING IN THE POLICY |
||
8
| What are the
Risks Related to
the Insurance
Company? |
An investment in the policy is subject to the risks related to NYLIAC,
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 1-800-598-2019. |
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY | ||
| |
RESTRICTIONS |
LOCATION IN
PROSPECTUS | ||
| Are There Limits
on the
Investment
Options? |
Yes. •We limit the number of Investment Divisions you may choose. You
may allocate premium payments and Accumulation Value to as many
as 18 different Investment Divisions, plus the Fixed Account and the
DCA Advantage Account, at any one time, some of which may not be
available under your policy. •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. •Additional restrictions apply with respect to transfers to and from the Fixed Account and the DCA Advantage Account. •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 Portfolios as investment options that are available under the policy. |
THE POLICIES –
Policy Application
and Premium
Payments,
Transfers and
Limits on Transfers
NYLIAC AND THE
SEPARATE
ACCOUNTS –
Additions,
Deletions or
Substitutions of
Investments | ||
| Are There
Restrictions on
Policy Benefits? |
Yes. •Certain optional benefits may limit withdrawals or other rights under the policy. •Under certain benefits, a withdrawal could reduce the value of a benefit by more than the dollar amount of the withdrawal and/or could terminate the benefit. •You are required to have a minimum Accumulation Value for some optional benefits. •We may modify or discontinue an optional benefit at any time.
•Some optional benefits cannot be cancelled without surrendering your policy. |
DESCRIPTION OF
BENEFITS | ||
| |
TAXES |
LOCATION IN
PROSPECTUS | ||
| What are the
Policy’s 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 Internal Revenue 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 policy does not provide additional benefits. •Premiums that are made on a pre-tax basis as well as earnings on your policy are 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 | ||
9
| How are the
Investment
Professionals
Compensated? |
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. Your registered representative may have a financial incentive
to offer or recommend this policy over another investment. |
DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS | ||
| Should I
Exchange my
Policy? |
Your registered representative may have a financial incentive to offer
you a new policy in place of the one you own. You should only
consider exchanging your policy if you determine, after comparing
the features, fees, risks of both policies, and any fees or
penalties to terminate the existing policy, 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; Selecting the Variable Annuity That’s Right for You | ||
10
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)
(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 or (ii) the Return of Premium Death Benefit or (iii) the Step-up Death Benefit. |
No additional charge |
•Withdrawals could
significantly reduce the
benefit (possibly by an
amount substantially
greater than the actual
amount withdrawn). |
OPTIONAL DEATH BENEFIT AVAILABLE FOR A FEE
| NAME OF
BENEFIT |
PURPOSE |
MAXIMUM FEE |
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS |
| Annual Death
Benefit Reset
(ADBR) Rider |
Provides a new locked–in
higher death benefit each
year from the Policy Date (“Reset Anniversary”), if your investments increase in value. |
Maximum Charge: 1.00% (Charge calculated as an
annualized percentage of the
ADBR Reset Value as of the last Policy Anniversary or as of the Policy Date if within the first Policy Year, deducted quarterly). |
•Only available at the time
of application to
policyowners aged 75 or
younger. •Resets will continue on Reset Anniversaries until the Owner (or Annuitant if the Owner is not a natural person) is age 85. •In certain jurisdictions, an ownership change or assignment will terminate the benefit. •Withdrawals could
significantly reduce the
benefit (possibly by an
amount substantially
greater than the actual
amount withdrawn). •You cannot cancel the rider without surrendering the policy. |
OTHER OPTIONAL BENEFITS INCLUDED WITH ALL POLICIES AT NO ADDITIONAL
COST
| NAME OF
BENEFIT |
PURPOSE |
MAXIMUM FEE |
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS |
| Living Needs
Benefit / |
Waives Surrender Charges if
the Owner experiences |
None |
•Policy must have been in
force for at least one year |
11
| NAME OF
BENEFIT |
PURPOSE |
MAXIMUM FEE |
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS |
| Unemployment
Rider |
certain “qualifying events”
such as: (i) confinement to a
health care facility for 60
consecutive days;
(ii) terminal illness; or
(iii) disability. If the Owner
becomes unemployed, the
rider waives Surrender
Charges on a one-time
withdrawal of up to 50% of
your Accumulation Value. |
|
and have a minimum
Accumulation Value of
$5,000. •Qualifying Event (as defined in the rider) must occur after the Policy Date. •Not available if any Owner has attained age 86 on the Policy Date. •For the Disability portion of
the rider, any withdrawal
after your 66th birthday will
not be eligible for the rider
benefit and surrender
charges may apply. •Unemployment must be for at least 60 consecutive days. •A determination letter from
your state’s Department of
Labor is required for
unemployment benefit. |
| Waiver of Surrender
Charges for Home
Health Care
Qualifying Event
Rider |
Waives 100% of Surrender
Charges if eligible Owner
receives Home Health Care
Services by a Home Health
Care Provider. |
None |
•Policy must have been in
force for at least one year
and have a minimum
Accumulation Value of
$5,000. •Qualifying Event (as defined in the rider) must occur after the Policy Date. •Only available at time of application for Owners who are age 76 or greater when the policy is issued. •Owner must have received
Home Health Care
Services from a Home
Health Care Provider for at
least 60 days during the
six-month period
immediately preceding the
partial withdrawal or
surrender. The Home
Heath Care Provider must
be an organization or
individual that is licensed to
provide home health care
to chronically ill individuals
in their home or residence. •We reserve the right to request satisfactory proof |
12
| NAME OF
BENEFIT |
PURPOSE |
MAXIMUM FEE |
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS |
| |
|
|
of eligibility prior to each
request for a partial
withdrawal or full policy
surrender. |
| Automatic Asset
Rebalancing |
Automatically rebalances
your Variable Accumulation Value (either quarterly,
semi-annually, or annually) to
maintain the percentage
allocated to each Investment Division at a pre–set level. |
None |
•Cannot be used with the traditional Dollar Cost Averaging option. •You must have a minimum
Accumulation Value of
$2,500 to elect automatic
asset rebalancing, and a
minimum of $2,500 to
continue it as scheduled. |
| Traditional Dollar
Cost Averaging |
Automatically transfers a
specific amount of money
from any Investment Division
to any combination of
Investment Divisions and/or
Fixed Account at set intervals. |
None |
•Cannot be used with the Automatic Asset Rebalancing option. •For premium based M&E Charge policies, amounts
cannot be transferred to
the Fixed Account (if
applicable). •You must have a minimum Accumulation Value of $2,500 to elect this option, and a minimum of $2,000 to continue as scheduled. |
| The DCA Advantage Account |
Allows you to set up
automatic dollar cost
averaging using the DCA
Advantage Account when an
initial premium payment or a
subsequent premium
payment of at least $2,000 is
made. The DCA Advantage
Account transfers amounts
automatically to the
Investment Divisions you
choose in up to six monthly
increments and pays you
interest on amounts
remaining in the DCA
Advantage Account. |
None |
•DCA Advantage Account
duration may not extend
beyond the Annuity Commencement Date. •You may not have more than one DCA Advantage Account open at the same time. •You must allocate a
minimum of $2,000 to the
DCA Advantage Account;
any premium payment less
than $2,000 will be
allocated directly to the
Investment Divisions in
accordance with the
instructions we have on
file. •You cannot make transfers into the DCA Advantage Account from any Allocation Option. •The annual effective interest rate for the DCA Advantage Account shown |
13
| NAME OF
BENEFIT |
PURPOSE |
MAXIMUM FEE |
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS |
| |
|
|
on your Policy Data Page
applies only to your initial
premium payment. Interest
rates applied to
subsequent premium
payments allocated to the
DCA Advantage Account
may differ. •The benefits payable under the DCA Advantage Account (including principal and interest) are payable from NYLIAC’s general account and are subject to its claim-paying ability. |
| Interest Sweep |
Automatically transfers
interest earned on the Fixed
Account to one or any
combination of Investment
Divisions. |
None |
•Frequency of the transfers
can be monthly, quarterly,
semi-annually, or annually. •You must have a minimum of $2,500 in the Fixed Account to elect this option (but this amount may be reduced at our discretion) and a minimum of $2,000 to continue as scheduled. |
Buying The Policy
Q.
How do I purchase the New York Life Flexible Premium Variable Annuity III
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.
You may allocate
premium payments in up to 18 of the available Investment Divisions, the DCA Advantage Account, and the Fixed Account.
Qualified Policies
The minimum initial premium payment for Qualified Policies is as
follows:
(a)
for Internal Revenue Code Section 403(b) Tax Sheltered Annuities (“TSAs”), a
$2,000 single premium or $50 per month;
(b)
for IRAs and Roth IRAs, a $2,000 single premium or a $1,200 initial premium payment plus
pre-authorized monthly deductions of $100 per month;
(c)
for deferred compensation plans, $50 per month;
(d)
for SEP plans, $2,000
initial premium payment or $50 per month if part of a pre-authorized billing arrangement; and
14
(e)
for SIMPLE IRAs,
$2,000 initial premium payment or $50 per month if part of a pre-authorized billing arrangement.
For Qualified Policies you may not make premium payments in excess of the
amount permitted by law for the plan indicated. Additional non-scheduled premium payments must be at least $500, or such lower amount as we may permit at any time.
Non-Qualified Policies
Unless we permit otherwise, the minimum initial premium payment is $5,000
(or $2,500 plus $100 per month from a pre-authorized billing arrangement) for Non-Qualified Policies.
For all policies, additional non-scheduled premium payments must be at least $500, or such lower amount as we may permit at
any time. The currently available methods of payment are direct payments to NYLIAC or any other method agreed to by us. The maximum aggregate amount of premium payments we accept
is $2,000,000 without prior approval.
Subsequent premium payments should be sent to one of the following
addresses:
| |
Regular Mail |
Express Mail |
| Subsequent Premium Payments |
NYLIAC 75 Remittance Drive Suite 3021 Chicago, IL 60675–3021 |
NYLIAC 5450 N
Cumberland Avenue Suite 100
Chicago, IL
60656-1422 |
Subsequent premium payments will be allocated to your policy at the close of the Business
Day on which they are received by NYLIAC. We will apply any subsequent premium payments according to the
allocation instructions we have on file at the time of premium payment.
You can submit additional premiums at any time before you reach Age 80.
Acceptance of initial and subsequent premium payments 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.
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 initial premium payment to the Allocation Options you have selected within two Business Day after we receive it. If your application is not in Good Order, or if you do not give us complete instructions about how to allocate your premium payment among the Allocation
Options, we may delay issuing your policy and crediting your account while we obtain the missing information. However, we will not hold your initial purchase payment for more than
five Business Days without your permission.
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.
Certain benefits may limit withdrawals under the policy. Certain withdrawals could substantially reduce the benefits available under the policy or a rider (possibly by an amount greater than the actual amount withdrawn) or even terminate certain benefits.
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.
Certain benefits may limit withdrawals under the policy. Certain withdrawals could substantially reduce the benefits available under the policy or a rider (possibly by an amount greater than the actual amount withdrawn) or even terminate certain benefits.
15
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 and telephone
partial withdrawals cannot exceed $100,000. 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 or optional benefits that you may elect. It may significantly reduce the value of the benefit (possibly by an amount greater than the actual amount withdrawn) or even terminate certain benefits. 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 must contact your Registered Representative 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.newyorklife.com or through the mobile
application, by telephone at
1-800-598-2019, or by sending us a written request Good Order at one of the following addresses:
| |
Regular Mail |
Express Mail |
| Surrender or Withdrawal Requests |
NYLIAC Variable Products Service Center Madison Square Station
P.O. Box 922 New York, NY 10159 |
NYLIAC Variable Products Service Center
51 Madison Avenue
Floor 3B, Room 0304
New York, NY 10010 |
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.
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.
16
Additional Information about Fees
The following tables describe the fees and expenses that you will pay when buying, owning, making withdrawals from, or 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). In most
jurisdictions,* the below surrender charges are 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 |
9 |
10+ |
| Surrender Charge |
7.00% |
7.00% |
7.00% |
6.00% |
5.00% |
4.00% |
3.00% |
2.00% |
1.00% |
0.00% |
*For policies issued in New York with an application signed on or after November 13, 2023, the surrender charges (as a percentage of the amount withdrawn) applied to amounts in excess of the Surrender Charge Free Amount that you may withdraw each Policy
Year are:
| Policy Year |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8+ |
| Surrender Charge |
8.00% |
8.00% |
7.00% |
6.00% |
5.00% |
4.00% |
3.00% |
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 |
$20 |
$0 |
| Loan Processing Fee (TSA Plans only) |
$25 |
$0 |
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).
If you choose to purchase an optional
benefit, you will pay additional charges, as shown below.
17
Annual Policy Expenses
Base Contract Charges (Without Optional Benefits)
| |
Policies with Accumulation
Value-based Base Contract Charges1 |
Policies with Premium-based
Base Contract Charges2 | ||
| Administrative
Expense3 |
$30 |
$30 | ||
| Base Contract
Expenses4 |
Guaranteed
Maximum Charge |
Current Charge |
Guaranteed
Maximum Charge |
Current Charge |
| 1.35% (During the
Surrender Charge
Period) |
1.30% (During the
Surrender Charge
Period) |
1.55% (During the
Surrender Charge
Period) |
1.40% (During the
Surrender Charge
Period) | |
| 1.15% (After the Surrender
Charge Period) |
1.10% (After the Surrender
Charge Period) |
1.35% (After the Surrender
Charge Period) |
1.20% (After
the Surrender Charge Period) | |
1
As an annualized percentage of daily Variable Accumulation Value.
2
As an annualized percentage of Adjusted Premium Payments.
3
We call this fee the “Annual Policy Service Charge” in your policy and elsewhere in
the prospectus. This fee is waived for policies that have $50,000 or more of Accumulation Value on a given Policy
Anniversary.
4
We call this the
“Mortality and Expense Risk and Administrative Costs Charge (M&E)” in your policy and elsewhere
in this summary prospectus.
Optional Benefit Expenses
The following table applies to Optional Benefits currently available for purchase:
| Annual Death Benefit Reset Rider |
Guaranteed
Maximum Charge |
Current
Charge |
| (calculated as an annualized percentage of the ADBR Reset Value as of
the last Policy Anniversary (or as of the Policy Date if within the first Policy
Year), deducted on a quarterly basis; for a detailed explanation of the term
“ADBR Reset Value,” see “DESCRIPTION OF BENEFITS
– Annual Death Benefit Reset (ADBR) Rider”).
|
1.00% |
0.25% |
The next table shows the minimum and maximum total operating expenses charged by the Portfolios that you may pay periodically during the time that you own the policy. The expenses may change over time and 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 |
0.37% |
1.42% |
| After fee waivers and expense reimbursements2 |
0.28% |
1.34% |
1
Shown as a percentage of average net assets for the fiscal year ended December 31, 2025.
18
2
Fee waivers and expense
reimbursements are generally expected to continue through April 30, 2027 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 Investment Divisions of the policy with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses,
annual policy expenses and Annual Portfolio Expenses.
This Example assumes all Accumulation Value is allocated to the Investment Divisions. Your costs could differ from those shown below if you invest in the Fixed Account or the DCA Advantage Account.
The Example assumes that you invest $100,000 in the Investment Divisions 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 optional benefits for an additional charge.* Although your actual costs may be higher or lower, based on these assumptions your
costs would be:
| |
Years | |||
| |
1 yr |
3 yr |
5 yr |
10 yr |
| If you surrender your policy at the end of the applicable time
period: |
$10,442.37 |
$16,160.39 |
$21,072.13 |
$33,596.85 |
| If you annuitize at the end of the applicable time period: |
$10,442.37 |
$9,495.60 |
$16,129.52 |
$33,596.85 |
| If you do not surrender your policy: |
$3,106.00 |
$9,495.60 |
$16,129.52 |
$33,596.85 |
| *Assumes you have elected a policy with premium-based Base Contract charges with the ADBR. | ||||
19
Appendix 1
Investment Options
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/flex-iii. You can also request this information at no cost by calling the
VPSC at 1-800-598-2019 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.
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Large Cap Equity |
NYLIM VP American Century Large Cap Equity
(formerly NYLI VP American Century Sustainable
Equity) — Service Class Adviser: New York Life Investment
Management LLC (“New York Life Investments”)
/ Subadviser: American Century Investment Management, Inc. |
0.93% |
11.06% |
13.68% |
11.58% |
| Asset Allocation |
NYLIM VP Balanced (formerly NYLI VP Balanced)
— Service Class Adviser: New York Life Investments / Subadvisers:
NYL Investors LLC (“NYL Investors”) and
Wellington Management Company LLP
(“Wellington”) |
0.97% |
11.16% |
7.14% |
7.04% |
| Investment
Grade Bond |
NYLIM VP Bond (formerly NYLI VP Bond) —
Service Class Adviser: New York Life Investments / Subadviser:
NYL Investors |
0.80% |
6.57% |
(0.88)% |
1.71% |
| Sector |
NYLIM VP CBRE Global Infrastructure (formerly
NYLI VP CBRE Global Infrastructure) — Service
Class Adviser: New York Life Investments / Subadviser:
CBRE Investment Management Listed Real Assets
LLC |
1.20% |
15.31% |
6.79% |
2.39% |
| Asset Allocation |
NYLIM VP Conservative Allocation (formerly NYLI
VP Conservative Allocation) — Service Class Adviser: New York Life Investments |
0.80% |
9.29% |
3.67% |
5.14% |
| Large Cap Equity |
NYLIM VP Dimensional U.S. Equity (formerly NYLI
VP Dimensional U.S. Equity) — Service Class Adviser: New York Life Investments / Subadviser:
Dimensional Fund Advisors LP |
0.79% |
13.46% |
12.11% |
12.40% |
Appendix 1-1
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Large Cap Equity |
NYLIM VP Epoch U.S. Equity Yield (formerly NYLI
VP Epoch U.S. Equity Yield) — Service Class Adviser: New York Life Investments / Subadviser:
Epoch Investment Partners, Inc.
(“Epoch”) |
0.93% |
13.96% |
11.74% |
9.69% |
| Asset Allocation |
NYLIM VP Equity Allocation (formerly NYLI VP
Equity Allocation) — Service Class Adviser: New York Life Investments |
0.94% |
13.69% |
7.90% |
9.07% |
| Sector |
NYLIM VP Fidelity Institutional AM® Utilities
(formerly NYLI VP Fidelity Institutional AM®
Utilities) — Service Class Adviser: New York Life Investments / Subadviser:
FIAM LLC (“FIAM”) |
0.93% |
13.50% |
12.06% |
10.69% |
| Non-Investment
Grade Bond |
NYLIM VP Floating Rate (formerly NYLI VP
Floating Rate) — Service Class Adviser: New York Life Investments / Subadviser:
NYL Investors |
0.89% |
4.86% |
5.16% |
4.74% |
| Asset Allocation |
NYLIM VP Growth Allocation (formerly NYLI VP
Growth Allocation) — Service Class Adviser: New York Life Investments |
0.89% |
12.24% |
7.06% |
8.05% |
| Alternatives |
NYLIM VP Hedge Multi-Strategy (formerly NYLI
VP Hedge Multi-Strategy) — Service Class Adviser: New York Life Investments |
1.26% |
7.78% |
2.67% |
1.81% |
| Asset Allocation |
NYLIM VP Income Builder (formerly NYLI VP
Income Builder) — Service Class Adviser: New York Life Investments / Subadvisers:
Epoch and MacKay Shields LLC
(“MacKay”) |
0.88% |
16.70% |
6.29% |
7.13% |
| Asset Allocation |
NYLIM VP Janus Henderson Balanced (formerly
NYLI VP Janus Henderson Balanced) — Service
Class Adviser: New York Life Investments / Subadviser:
Janus Henderson Investors US LLC (“Janus
Henderson”) |
0.83% |
14.76% |
8.30% |
9.91% |
| Non-Investment
Grade Bond |
NYLIM VP MacKay Convertible (formerly NYLI VP
MacKay Convertible) — Service Class Adviser: New York Life Investments / Subadviser:
MacKay |
0.84% |
16.11% |
5.34% |
10.10% |
Appendix 1-2
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Non-Investment
Grade Bond |
NYLIM VP MacKay High Yield Corporate Bond
(formerly NYLI VP MacKay High Yield Corporate
Bond) — Service Class Adviser: New York Life Investments / Subadviser:
MacKay |
0.84% |
6.60% |
4.18% |
5.87% |
| Non-Investment
Grade Bond |
NYLIM VP MacKay Strategic Bond (formerly NYLI
VP MacKay Strategic Bond) — Service Class Adviser: New York Life Investments / Subadviser:
MacKay |
0.90% |
8.60% |
3.73% |
4.14% |
| Investment
Grade Bond |
NYLIM VP MacKay U.S. Infrastructure Bond
(formerly NYLI VP MacKay U.S. Infrastructure
Bond) — Service Class Adviser: New York Life Investments / Subadviser:
MacKay |
0.82% |
8.17% |
(0.15)% |
1.13% |
| Large Cap Equity |
NYLIM VP MFS® Investors Trust (formerly NYLI
VP MFS® Investors Trust) — Service
Class Adviser: New York Life Investments / Subadviser:
Massachusetts Financial Services Company
(“MFS”) |
1.00% |
N/A |
N/A |
N/A |
| Large Cap Equity |
NYLIM VP MFS® Research (formerly NYLI VP
MFS® Research) — Service Class
Adviser: New York Life Investments / Subadviser: MFS |
1.01% |
N/A |
N/A |
N/A |
| Asset Allocation |
NYLIM VP Moderate Allocation (formerly NYLI VP
Moderate Allocation) — Service Class Adviser: New York Life Investments |
0.83% |
11.02% |
5.36% |
6.61% |
| Sector |
NYLIM VP Natural Resources (formerly NYLI VP
Natural Resources) — Initial Class Adviser: New York Life Investments / Subadviser:
Newton Investment Management North America,
LLC (“NIMNA”) |
0.85% |
15.20% |
17.27% |
10.88% |
| Sector |
NYLIM VP Newton Technology Growth (formerly
NYLI VP Newton Technology Growth) — Service
Class Adviser: New York Life Investments / Subadviser: NIMNA |
1.03% |
N/A |
N/A |
N/A |
Appendix 1-3
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Investment
Grade Bond |
NYLIM VP PIMCO Real Return (formerly NYLI VP
PIMCO Real Return) — Service Class Adviser: New York Life Investments / Subadviser:
Pacific Investment Management Company LLC
(“PIMCO”) |
1.34% |
7.89% |
1.11% |
3.03% |
| International/
Global
Equity |
NYLIM VP PineStone International Equity
(formerly NYLI VP PineStone International Equity)
— Service Class Adviser: New York Life Investments / Subadviser:
PineStone Asset Management Inc. |
1.11% |
12.01% |
(0.05)% |
5.18% |
| Large Cap Equity |
NYLIM VP S&P 500 Index (formerly NYLI VP S&P
500 Index) — Service Class Adviser: New York Life Investments |
0.37% |
17.43% |
14.00% |
14.34% |
| Small/Mid Cap
Equity |
NYLIM VP Schroders Mid Cap Opportunities
(formerly NYLI VP Schroders Mid Cap
Opportunities) — Service Class Adviser: New York Life Investments / Subadviser:
Schroder Investment Management North America
Inc. |
1.08% |
7.00% |
4.79% |
7.12% |
| Small/Mid Cap
Equity |
NYLIM VP Small Cap Growth (formerly NYLI VP
Small Cap Growth) — Service Class Adviser: New York Life Investments / Subadvisers:
Brown Advisory, LLC and Segall Bryant & Hamill,
LLC |
1.11% |
4.63% |
1.38% |
8.68% |
| Money Market |
NYLIM VP U.S. Government Money Market
(formerly NYLI VP U.S. Government Money
Market) — Initial Class Adviser: New York Life Investments
/ Subadviser: NYL Investors |
0.28% |
4.05% |
3.02% |
1.89% |
| Small/Mid Cap
Equity |
NYLIM VP Wellington Small Cap (formerly NYLI
VP Wellington Small Cap) — Service Class Adviser: New York Life Investments / Subadviser:
Wellington |
1.00% |
9.26% |
5.66% |
7.15% |
| Large Cap Equity |
NYLIM VP Winslow Large Cap Growth (formerly
NYLI VP Winslow Large Cap Growth) — Service
Class Adviser: New York Life Investments / Subadviser: Winslow Capital Management, LLC |
1.00% |
14.07% |
12.41% |
15.85% |
Appendix 1-4
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Large Cap Equity |
AB VPS Relative Value Portfolio — Class B Adviser: AllianceBernstein L.P. |
0.85% |
10.20% |
11.15% |
10.30% |
| Asset Allocation |
American Funds® IS Asset Allocation Fund —
Class 4 Adviser: Capital Research and Management
CompanySM
(“CRMC”) |
0.79% |
15.59% |
8.70% |
9.50% |
| Investment
Grade Bond |
American Funds® IS The Bond Fund of America®
— Class 4 Adviser: CRMC |
0.72% |
6.98% |
(0.38)% |
2.11% |
| Investment
Grade Bond |
American Funds® IS Capital World Bond Fund® —
Class 4 Adviser: CRMC |
0.98% |
9.03% |
(2.76)% |
0.97% |
| Large Cap Equity |
American Funds® IS Growth Fund — Class 4 Adviser: CRMC |
0.83% |
19.93% |
13.09% |
17.67% |
| Large Cap Equity |
American Funds® IS Growth-Income Fund —
Class 4 Adviser: CRMC |
0.78% |
17.77% |
13.62% |
13.63% |
| International/
Global
Equity |
American Funds® IS New World Fund® — Class 4 Adviser: CRMC |
1.07% |
27.92% |
5.06% |
8.98% |
| International/
Global
Equity |
American Funds® IS SMALL CAP World Fund®
(formerly American Funds® IS Global Small
Capitalization Fund) — Class 4 Adviser: CRMC |
1.15% |
14.33% |
0.23% |
6.96% |
| Investment
Grade Bond |
American Funds® IS U.S. Government Securities
Fund® — Class 4 Adviser: CRMC |
0.75% |
7.54% |
(0.49)% |
1.45% |
| Large Cap Equity |
American Funds® IS Washington Mutual Investors
Fund — Class 4 Adviser: CRMC |
0.75% |
16.90% |
13.60% |
12.08% |
| Asset Allocation |
BlackRock® Global Allocation V.I. Fund — Class
III Adviser: BlackRock Advisors, LLC (“BlackRock”) /
Subadvisers: BlackRock (Singapore) Limited and
BlackRock International Limited |
1.01% |
19.42% |
5.51% |
7.33% |
Appendix 1-5
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Non-Investment
Grade Bond |
BlackRock® High Yield V.I. Fund — Class
III Adviser: BlackRock / Subadviser: BlackRock International Limited |
0.78% |
9.09% |
4.57% |
6.07% |
| Large Cap Equity |
BNY Mellon Sustainable U.S. Equity Portfolio —
Service Shares Adviser: BNY Mellon Investment Adviser, Inc. /
Subadviser: Newton Investment Management
Limited |
0.91% |
15.67% |
11.65% |
13.27% |
| Non-Investment
Grade Bond |
Columbia Variable Portfolio — Emerging Markets
Bond Fund — Class 2 Adviser: Columbia Management Investment
Advisers, LLC (“Columbia”) |
1.00% |
12.65% |
1.47% |
4.03% |
| Investment
Grade Bond |
Columbia Variable Portfolio — Intermediate Bond
Fund — Class 2 Adviser: Columbia |
0.77% |
8.84% |
(0.68)% |
2.52% |
| Small/Mid Cap
Equity |
Columbia Variable Portfolio — Small Cap Value
Discovery Fund (formerly Columbia Variable
Portfolio — Small Cap Value Fund) — Class 2 Adviser: Columbia |
1.13% |
14.66% |
12.19% |
11.20% |
| Small/Mid Cap
Equity |
Columbia Variable Portfolio — Small Company
Growth Fund — Class 2 Adviser: Columbia |
1.12% |
21.69% |
3.32% |
14.89% |
| Alternatives |
DWS Alternative Asset Allocation VIP — Class B Adviser: DWS Investment Management Americas
Inc. / Subadviser: RREEF America LLC |
1.31% |
10.03% |
4.88% |
4.52% |
| Investment
Grade Bond |
Fidelity® VIP Bond Index Portfolio — Service Class
2 Adviser: Fidelity Management & Research
Company LLC (“FMR”) / Subadvisers: Other
investment advisers |
0.39% |
6.76% |
(0.81)% |
N/A |
| Large Cap Equity |
Fidelity® VIP ContrafundSM Portfolio — Service
Class 2 Adviser: FMR / Subadvisers: Other investment
advisers |
0.79% |
21.42% |
15.08% |
15.49% |
| International/
Global
Equity |
Fidelity® VIP Emerging Markets Portfolio —
Service Class 2 Adviser: FMR / Subadvisers: Other investment
advisers |
1.12% |
40.79% |
5.62% |
10.66% |
Appendix 1-6
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Large Cap Equity |
Fidelity® VIP Equity-Income PortfolioSM — Service
Class 2 Adviser: FMR / Subadvisers: Other investment
advisers |
0.71% |
18.75% |
12.13% |
11.32% |
| Small/Mid Cap
Equity |
Fidelity® VIP Extended Market Index Portfolio —
Service Class 2 Adviser: FMR / Subadviser: Geode Capital
Management, LLC (“Geode”) |
0.37% |
12.03% |
7.75% |
N/A |
| Asset Allocation |
Fidelity® VIP FundsManager® 60% Portfolio —
Service Class Adviser: FMR |
0.63% |
15.71% |
6.67% |
8.19% |
| Large Cap Equity |
Fidelity® VIP Growth Opportunities Portfolio —
Service Class 2 Adviser: FMR / Subadvisers: Other investment
advisers |
0.81% |
21.73% |
11.04% |
19.64% |
| Sector |
Fidelity® VIP Health Care Portfolio — Service
Class 2 Adviser: FMR / Subadvisers: Other investment
advisers |
0.84% |
14.10% |
3.92% |
N/A |
| International/
Global Equity |
Fidelity® VIP International Capital Appreciation
Portfolio — Service Class 2 Adviser: FMR / Subadvisers: FIL Investment
Advisors |
1.02% |
18.36% |
5.99% |
9.53% |
| International/
Global
Equity |
Fidelity® VIP International Index Portfolio —
Service Class 2 Adviser: FMR / Subadviser: Geode |
0.41% |
32.82% |
7.76% |
N/A |
| Investment
Grade Bond |
Fidelity® VIP Investment Grade Bond Portfolio —
Service Class 2 Adviser: FMR / Subadvisers: Other investment
advisers |
0.62% |
6.93% |
(0.21)% |
2.45% |
| Small/Mid Cap
Equity |
Fidelity® VIP Mid Cap Portfolio — Service Class
2 Adviser: FMR / Subadvisers: Other investment advisers |
0.80% |
11.49% |
9.83% |
10.31% |
| Sector |
Franklin Gold and Precious Metals VIP Fund —
Class 2 Adviser: Franklin Advisers, Inc. (“Franklin
Advisers”) |
0.95% |
N/A |
N/A |
N/A |
Appendix 1-7
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Asset Allocation |
Franklin Templeton Aggressive Model Portfolio —
Class II Adviser: Franklin Templeton Fund Adviser, LLC
(“FTFA”) / Subadviser: Franklin
Advisers |
0.88% |
17.04% |
10.14% |
N/A |
| Asset Allocation |
Franklin Templeton Moderately Aggressive Model
Portfolio — Class II Adviser: FTFA / Subadviser: Franklin Advisers
|
0.82% |
15.01% |
7.87% |
N/A |
| Asset Allocation |
Franklin Templeton Moderate Model Portfolio —
Class II Adviser: FTFA / Subadviser: Franklin Advisers
|
0.82% |
13.18% |
6.49% |
N/A |
| Asset Allocation |
Franklin Templeton Moderately Conservative
Model Portfolio — Class II Adviser: FTFA / Subadviser: Franklin Advisers
|
0.82% |
11.51% |
4.91% |
N/A |
| Asset Allocation |
Franklin Templeton Conservative Model
Portfolio — Class II Adviser: FTFA / Subadviser: Franklin Advisers
|
0.85% |
9.04% |
2.65% |
N/A |
| International/
Global Equity |
Goldman Sachs VIT International Equity Insights
Fund — Service Class Adviser: Goldman Sachs Asset Management, L.P.
|
1.05% |
5.80% |
5.19% |
4.61% |
| International/
Global
Equity |
Invesco V.I. EQV International Equity Fund —
Series II Shares Adviser: Invesco Advisers, Inc.
(“Invesco”) |
1.15% |
16.23% |
3.42% |
5.95% |
| Small/Mid Cap
Equity |
Invesco V.I. Main Street Small Cap Fund® —
Series II Shares Adviser: Invesco |
1.09% |
8.44% |
8.07% |
10.31% |
| Small/Mid Cap
Equity |
Janus Henderson Enterprise Portfolio — Service
Shares Adviser: Janus Henderson |
0.97% |
7.41% |
7.35% |
12.51% |
| International/
Global
Equity |
Janus Henderson Global Research Portfolio —
Service Shares Adviser: Janus Henderson |
1.07% |
20.60% |
12.23% |
12.64% |
| Investment
Grade Bond |
Lord Abbett Series Fund, Inc. — Short Duration
Income Portfolio — Class VC Adviser: Lord, Abbett & Co. LLC |
0.72% |
5.90% |
2.25% |
2.62% |
Appendix 1-8
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Large Cap Equity |
LVIP ClearBridge Appreciation Fund (formerly
ClearBridge Variable Appreciation Portfolio) —
Service Class Adviser: Lincoln Financial Investments Corporation / Subadviser: ClearBridge Investments, LLC |
0.95% |
14.19% |
12.44% |
13.05% |
| International
Equity |
MFS® International Intrinsic Equity Portfolio
(formerly MFS® International Intrinsic Value
Portfolio) — Service Class Adviser: MFS |
1.14% |
32.96% |
7.02% |
9.68% |
| Mid Cap
Equity |
MFS® Mid Cap Value Portfolio — Service
Class Adviser: MFS |
1.04% |
5.75% |
9.90% |
9.69% |
| International/
Global
Equity |
MFS® Research International Portfolio — Service
Class Adviser: MFS |
1.15% |
21.75% |
5.25% |
7.27% |
| Small/Mid Cap
Equity |
Neuberger Berman AMT Mid Cap Growth
Portfolio — Class S Adviser: Neuberger Berman Investment Advisers
LLC |
1.11% |
5.23% |
4.27% |
10.71% |
| Small/Mid Cap
Equity |
Nomura VIP Small Cap Value Series (formerly
Macquarie VIP Small Cap Value Series) —
Service Class Adviser: Delaware Management Company, a
series of Nomura Investment Management
Business Trust |
1.04% |
7.83% |
8.93% |
8.84% |
| Investment
Grade Bond |
PIMCO VIT Income Portfolio — Advisor Class Adviser: PIMCO |
1.02% |
10.08% |
3.31% |
N/A |
| Investment
Grade Bond |
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged) — Advisor Class Adviser: PIMCO |
1.19% |
3.85% |
0.93% |
2.78% |
| Investment
Grade Bond |
PIMCO VIT Low Duration Portfolio — Advisor
Class Adviser: PIMCO |
0.76% |
5.42% |
1.47% |
1.69% |
| Investment
Grade Bond |
PIMCO VIT Short-Term Portfolio — Advisor Class Adviser: PIMCO |
0.75% |
4.57% |
3.14% |
2.65% |
| Investment
Grade Bond |
PIMCO VIT Total Return Portfolio — Advisor Class Adviser: PIMCO |
0.83% |
8.78% |
(0.08)% |
2.26% |
Appendix 1-9
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/25) | ||
| 1 year |
5 year |
10 year | |||
| Sector |
Principal VC Real Estate Securities Account —
Class 2 Adviser: Principal Global Investors, LLC /
Subadviser: Principal Real Estate Investors, LLC
|
1.03% |
0.92% |
4.61% |
5.67% |
| International/
Global
Equity |
Putnam VT International Value Fund — Class IB Adviser: Putnam Investment Management, LLC /
Subadvisers: Franklin Advisers, Inc., Franklin
Templeton Investment Management Limited and
The Putnam Advisory Company, LLC |
1.06% |
34.68% |
12.49% |
8.86% |
| Large Cap Equity |
Voya Growth and Income Portfolio — Class S Adviser: Voya Investments, LLC (“Voya”) /
Subadviser: Voya Investment Management Co.
LLC (“VIM”) |
0.92% |
17.94% |
15.18% |
14.33% |
| Investment
Grade Bond |
Voya Intermediate Bond Portfolio — Class S Adviser: Voya / Subadviser: VIM |
0.80% |
7.46% |
(0.09)% |
2.42% |
*
Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are generally expected to
continue through April 30, 2027 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, 2025
reflect temporary fee reductions under such an arrangement.
| Name |
Term |
Guaranteed
Minimum Interest
Rate |
| Fixed Account |
N/A |
0.05% |
| DCA Advantage
Account |
6 months |
0.05% |
Appendix 1-10
Back
Cover Page
This Summary Prospectus incorporates by reference
the New York Life Flexible Premium Variable Annuity III full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2026, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website,
https://dfinview.com/NewYorkLife/TAHD/flex-iii. 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 #C000154618
Separate Account IV EDGAR contract identifier #C000154619
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