Form 497VPI Nationwide Variable Acco
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E-mailSupplement dated January
23, 2025
to the following initial summary prospectus(es):
to the following initial summary prospectus(es):
Nationwide Advisory Retirement Income Annuity and Nationwide Advisory Retirement Income
Annuity - New York dated May 1, 2024
| This supplement updates certain information contained in your initial summary prospectus. Please read and
retain this supplement for future reference. |
1. At a meeting of the Board of Trustees (the "Board") of Nationwide
Variable Insurance Trust held on December 11, 2024, the Board approved the termination of Columbia Management Investment Advisor, LLC as the subadviser to the NVIT Columbia Overseas Value Fund (the "Fund") and the appointment of Putnam Investment Management, LLC as the Fund’s
new subadviser. This change is anticipated to take effect on or about January 31, 2025 (the "Effective Date").
As of the Effective Date the initial summary prospectus is amended as follows:
The names of the investment option(s) and subadviser(s) are updated as indicated below:
| CURRENT INFORMATION |
UPDATED INFORMATION |
| Nationwide Variable Insurance Trust – NVIT Columbia
Overseas Value Fund: Class Z
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Columbia Management Investment
Advisor, LLC |
Nationwide Variable Insurance Trust - NVIT Putnam International Value Fund: Class Z Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Putnam Investment Management, LLC |
All references to the Fund’s former name and subadviser are replaced accordingly.
2. At a meeting held on October 23, 2024, the Board of Trustees of Nationwide Variable Insurance Trust approved the merger of the NVIT BNY Mellon Core Plus Bond Fund: Class Y (the "Target Fund") and the NVIT Core Bond Fund: Class Y (the
"Acquiring Fund," which effective on or about January 27, 2025, will be renamed the "NVIT Loomis Core Bond Fund"). The merger will be effective on or about February 28, 2025 (the
"Effective Date").
As of the Effective Date, the following changes
apply to the policy:
•
the Target Fund will no longer be available to receive transfers or new purchase payments;
•
the Target Fund will transfer all or substantially all of its assets to the Acquiring Fund in
exchange for shares of the Acquiring Fund; and
•
the Acquiring Fund will assume all liabilities of the Target Fund.
Accordingly, the
following changes apply to the prospectus:
(1)
Appendix is amended to add the following:
| Type |
Underlying Mutual Fund and Adviser/
Subadviser |
Current
Expenses |
Low Cost
Fund Platform
Fee1 |
Current
Expenses +
Low Cost
Fund Platform
Fee |
Average Annual
Total Returns
(as of 12/31/2023) | ||
| 1
year |
5
year |
10
year | |||||
| Fixed Income |
NVIT Loomis Core Bond Fund: Class Y
This underlying mutual fund is no longer
available to receive transfers or new
purchase payments effective February 28,
2025
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Loomis, Sayles & Company, L.P |
0.48% |
0.00% |
0.48% |
7.63% |
2.23% |
2.30% |
*
This underlying mutual fund’s current expenses reflect a temporary fee reduction.
1
Reflects the current Low Cost Fund Platform Fee. The maximum Low Cost Fund Platform Fee
applicable for any Sub-account is 0.35%. For Contracts issued between May 1, 2007 and December 29, 2013, and which have not elected the Low Cost Fund Platform Fee Endorsement, the Company imposes a Transaction Fee.
ISP-0830
1
(2) All references in the
prospectus to the Target Fund are deleted and replaced with the Acquiring Fund.
3. At a meeting of the Board of Trustees (the "Board") of Nationwide Variable Insurance Trust held on December 11, 2024, the Board approved the termination of NS Partners Ltd as the subadviser to the NVIT Emerging Markets Fund (the "Fund")
and the appointment of FIAM LLC as the Fund’s new subadviser. This change is anticipated to take effect on or about March 3, 2025 (the "Effective Date").
As of the Effective Date the initial summary prospectus is amended as
follows:
The names of the investment option(s) and subadviser(s) are
updated as indicated below:
| CURRENT INFORMATION |
UPDATED INFORMATION |
| Nationwide Variable Insurance Trust – NVIT Emerging
Markets Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: NS Partners Ltd |
Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class II Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: FIAM LLC |
All references to the Fund’s former name and subadviser are replaced accordingly.
ISP-0830
2
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