Form 497VPU NYLIAC VARIABLE ANNUITY

April 15, 2025 10:38 AM EDT
UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
May 1, 2025
New York Life Premier Advisory Variable Annuity
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 Advisory Variable Annuity policies.
Before you invest, you should review the prospectus for the New York Life Premier Advisory Variable Annuity 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/premieradvisory. 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.
Additional information about certain investment products, including variable annuities, has been prepared by the SEC’s staff and is available at www.Investor.gov. The Securities and Exchange Commission (“SEC”) has not approved or disapproved of this security or passed upon the accuracy or adequacy of this summary prospectus. Any representation to the contrary is a criminal offense. The policies involve risks, including potential loss of principal invested. Policies are not deposits of, or guaranteed or endorsed by, any bank and are not federally insured by the FDIC, Federal Reserve Board, or any other agency.
Contacting NYLIAC
Certain service requests, including but not limited to, death benefit claims and surrenders, are required to be in writing. All written service requests (except for subsequent premium payments and loan repayments) must be sent to the NYLIAC Variable Products Service Center (VPSC) at one of the following addresses: 
 
Regular Mail
Express Mail
All written service
requests (except for
payments)
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
Death Claim forms may
also be submitted to
Regular Mail
 
New York Life
P.O. Box 130539
Dallas, TX 75313–0539
 
Premium payments and loan repayments should be sent to the VPSC at one of the following addresses (acceptance of subsequent premium payments is subject to the sales standards we use to evaluate whether a recommended transaction related to your policy complies with applicable standards of conduct): 
 
Regular Mail
Express Mail
Premium Payments and
Loan Repayments
NYLIAC
75 Remittance Drive
Suite 3021
Chicago, IL 60675–3021
NYLIAC
5450 N Cumberland Avenue
Suite 100
Chicago, IL 60656-1422
Written service requests will be effective as of the Business Day they are received in Good Order at our service center at one of the addresses listed above. 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. Faxed and e-mailed requests are not currently accepted.
1
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 and the DCA Advantage Account Accumulation Value of a policy by any withdrawals in excess of any gain in the policy.
Advisory Fee —The amount we allow to be taken from your policy’s Accumulation Value, or for policies issued in New York, the amount paid from assets outside of the policy as designated by the policy owner, to pay the Investment Adviser for investment advisory services relating to the policy. The fee is set by the Investment Adviser and is covered in a separate agreement between you and the Investment Adviser. We allow an annual Advisory Fee of up to 1.0% of your Accumulation Value, which is calculated and collected monthly. For all states other than New York, Advisory Fees reduce your Accumulation Value by the amount of the fee.
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.
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 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.
Investment Adviser—Eagle Strategies LLC, an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended. The Investment Adviser is an affiliate of NYLIAC.
Investment Division—The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a specified Portfolio.
Investment Preservation Rider or IPR—Investment Preservation Rider - Advisory.
IPR Free Withdrawal Amount—The maximum amount in any given Policy Year that is not subject to the IPR Termination and Withdrawal Charge. Such maximum amount is equal to (a) the greater of either (i) 20% of the IPR Guaranteed Amount as of the last Policy Anniversary (or the sum of all premium payments if assessed in the first policy year) or (ii) the required minimum distribution applicable to the policy as of the last Policy Anniversary, minus (b) any prior Guaranteed Amount Proportional Reductions made during the current Policy Year that were free of a Termination and Withdrawal Charge.
IPR Guaranteed Amount—The IPR Guaranteed Amount will equal a percentage of the sum of all premium payments made in the first Policy Year, less 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 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.
IPR Termination and Withdrawal Charge—A charge that applies during the first three Policy Years and is assessed if the policy owner (i) cancels the IPR; (ii) surrenders the policy; and/or (iii) takes a partial withdrawal in excess of the IPR Free Withdrawal Amount. The charge is calculated as a percentage of the IPR Guaranteed Amount that exceeds
2
the IPR Free Withdrawal Amount for (i) and (ii), and for (iii), as a percentage of the IPR Guaranteed Amount Proportional Reductions that exceeds the IPR Free Withdrawal Amount.
NYLIAC, we, our or us—New York Life Insurance and Annuity Corporation.
Policy Anniversary—An anniversary of the Policy Date 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.
Separate Account—NYLIAC Variable Annuity Separate Account–III, 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.
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.
3
Updated Information About Your Policy
 
The Information in this Updating Summary Prospectus is a summary of certain policy features that have
changed since May 1, 2024. This may not reflect all changes that have occurred since you purchased your
policy.
Name Change of Trust and
Portfolios
The name of the MainStay VP Funds Trust has changed to New York Life
Investments VP Funds Trust and for all MainStay Portfolios, all references to
“MainStay” in the Portfolio names are deleted and replaced with “NYLI” (New York
Life Investments).
The following Portfolios
are added as available
Investment Divisions
under the policy
NYLI VP MFS® Investors Trust — Initial or Service Class
NYLI VP MFS® Research — Initial or Service Class
NYLI VP Newton Technology Growth — Initial or Service Class
The following Portfolios
are removed as available
Investment Divisions
MFS® Investors Trust Series — Initial or Service Class
MFS® Research Series — Initial or Service Class
BNY Mellon IP Technology Growth Portfolio — Initial or Service Shares
Morgan Stanley VIF U.S. Real Estate Portfolio — Class II
The names of the
following Portfolios have
been changed
NYLI VP Schroders Mid Cap Opportunities — Initial or Service Class (formerly
MainStay VP Wellington Mid Cap — Initial or Service Class)
NYLI VP Dimensional U.S. Equity — Initial Class or Service Class (formerly MainStay
VP Wellington U.S. Equity — Initial Class or Service Class)
The following subadvisers
were changed or deleted
References to Wellington Management Company LLP (“Wellington”), the subadviser
to the prior MainStay VP Wellington Mid Cap — Initial or Service Class were deleted
and replaced with Schroder Investment Management North America Inc.
References to Wellington, the subadviser to the prior MainStay VP Wellington U.S.
Equity — Initial Class or Service Class were deleted and replaced with Dimensional
Fund Advisors LP
References to IndexIQ, the subadviser to the NYLI VP Hedge Multi-Strategy and
NYLI VP S&P 500 Index — Initial Class or Service Class (formerly MainStay VP
Hedge Multi-Strategy and MainStay VP S&P 500 Index) were deleted
The following changes
were made to the
Investment Preservation
Rider
Certain current charges and percentages for determining the Guaranteed Amounts
under the IPR have been modified.
Mobile application
available
The New York Life Mobile Application is available to conduct certain transactions.
Telephone partial
withdrawal request limits
have been revised
The maximum amount of a partial withdrawal request that may be made by telephone
cannot exceed $100,000.
Portfolio Performance and
Expenses
For updated Portfolio performance and expense information, see Appendix 1A for the
Portfolios Available Under the Policy.
4
Important Information You Should Consider About The Policy
 
 
FEES AND EXPENSES
LOCATION IN
PROSPECTUS
Charges for Early
Withdrawal
We do not assess any early withdrawal charges on the base contract.
If, however, you purchase the IPR, you will be assessed an IPR
Termination and Withdrawal Charge if you surrender your policy within
the first three Policy Years. The maximum charge is 2% of the IPR
Guaranteed Amount that exceeds the IPR Free Withdrawal Amount.
For example, if your IPR Guaranteed Amount is $100,000 and you
surrender your policy within the first three Policy Years, you could pay
an IPR Termination and Withdrawal Charge of $1,600.00. For the IPR
Termination and Withdrawal Charge applicable to policies issued in
New York, see APPENDIX 2 – State Variations in the Prospectus.
CHARGES AND
DEDUCTIONS -
Transaction
Expenses – IPR
Termination and
Withdrawal Charge
– Policy Surrender
within the first 3
Policy Years
Transaction
Charges
We reserve the right to assess a transaction charge if you transfer cash
value between investment options more than 25 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. If you elect the IPR, you will be assessed an
IPR Termination and Withdrawal Charge if you (i) cancel the IPR;
(ii) surrender the policy; and/or (iii) take a partial withdrawal in excess
of the IPR Free Withdrawal Amount during the first three Policy Years.
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. The fees and
expenses do not reflect any Advisory Fees paid to the Investment
Adviser. If such fees were reflected, the fees and expenses disclosed
below would be higher.
CHARGES AND
DEDUCTIONS -
Annual Policy
Expenses; Annual
Portfolio Expenses;
Optional Benefit
Expenses
 
 
ANNUAL FEE
MINIMUM
MAXIMUM
 
 
Base contract1
0.30%
0.40%
CHARGES AND
DEDUCTIONS –
Annual Policy
Expenses
 
Investment options (Portfolio fees
and expenses)2
0.38%
1.44%
CHARGES AND
DEDUCTIONS –
Annual Portfolio
Expenses
 
Optional benefits available for an
additional charge (for a single
optional benefit, if elected)3
0.25%
0.80%4
CHARGES AND
DEDUCTIONS –
Optional Benefit
Expenses
5
 
1 As an annualized percentage of daily Variable Accumulation Value
2 As a percentage of average net Portfolio assets. The range in fees
and expenses is for the year ended December 31, 2023 and will
change from year to year.
3 The minimum fee reflects the current charge for the Annual Death
benefit Rider, calculated as an annualized percentage of the amount
guaranteed under the rider. The maximum fee reflects the current
charge for the IPR (7 Year Holding Period), calculated as a percentage
of the amount that is guaranteed under the IPR.
4 If you elect the IPR and cancel it, take a withdrawal in excess of the
IPR Free Withdrawal Amount or surrender the policy within the first
three Policy Years, the IPR Termination and Withdrawal Charge could
substantially increase costs.
 
 
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.
 
 
LOWEST ANNUAL COST:
 
$753.18
HIGHEST ANNUAL COST
 
$2,480.40
 
 
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 or Advisory
Fees
•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 or Advisory
Fees
•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 may not be
appropriate for an investor who readily needs access to cash. The
benefits of tax deferral and living benefit protections also mean the
policy is more beneficial to investors with a long time horizon. If you
elect the IPR, you will not receive a benefit under the rider unless you
hold the policy for at least the specified holding period applicable to the
rider. Moreover, if you withdraw more than the IPR Free Withdrawal
Amount (not including withdrawals to pay Advisory Fees in states other
than New York) within the first three Policy Years, you will incur an IPR
Termination and Withdrawal Charge, which could substantially increase
your costs under the Policy.
PRINCIPAL RISKS
6
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 the
variable investment options you choose and the crediting rate of the
DCA Advantage Account.
•Each investment option and the DCA Advantage Account has its own
unique risks.
•You should review the prospectuses for the available Portfolios and
the description in this prospectus of the DCA Advantage Account
before making an investment decision.
PRINCIPAL RISKS
Insurance
Company
Risks
An investment in the policy is subject to the risks related to NYLIAC,
including that any obligations, including with respect to the DCA
Advantage Account, 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
 
RESTRICTIONS
LOCATION IN
PROSPECTUS
Investments
•We limit the number of Investment Divisions you may choose. You
may allocate premium payments to up to 18 separate Investment
Divisions.
•If you elect the IPR, your investment options will be limited to those
permitted by the rider. See APPENDIX 1B and 1C.
•We reserve the right to charge $30 for each transfer when you
transfer money between Investment Divisions in excess of 25 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 Portfolios as
investment options that are available under the policy.
THE
POLICIES—Policy
Application and
Premium
Payments;
Transfers; Limits
on Transfers
NYLIAC AND THE
SEPARATE
ACCOUNT—
Additions,
Deletions, or
Substitutions of
Investments
7
Optional Benefits
•If you elect certain optional benefits, you can only make premium
payments during your first Policy Year or after the rider holding period
end date.
•Certain optional benefits limit or restrict the investment options you
may select under the policy. We may change these restrictions in the
future.
•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.
•You are required to have a minimum Accumulation Value for some
optional benefits.
•Some optional benefits cannot be cancelled without surrendering
your policy.
•The amount of the death benefit available under certain optional
benefits may vary depending on the date of death. Certain optional
benefits may offer a lesser death benefit at issue and require that the
policy be held for a minimum waiting period before the greater death
benefit will be payable. If you die before the end of the minimum
waiting period, the death benefit will be less than the greater death
benefit available after the minimum waiting period. Additionally, where
there is a reset of certain optional benefit riders, a new minimum
waiting period will be required before the greater death benefit will be
payable. If you die before the end of the new minimum waiting
period, the death benefit may be less than the greater death benefit
available after the new minimum waiting period.
THE
POLICIES—Policy
Application and
Premium Payments
DESCRIPTION OF
BENEFITS—
Investment
Preservation Rider
– Advisory; Annual
Death Benefit Reset
Rider; Automatic
Asset Reallocation;
and Dollar Cost
Averaging
Programs
 
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,
including withdrawals to pay Advisory Fees.
•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.
•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 59 ½.
FEDERAL TAX
MATTERS
 
CONFLICTS OF INTEREST
LOCATION IN
PROSPECTUS
Investment
Professional
Compensation
After you purchase the policy, the Investment Adviser will receive
compensation in the form of Advisory Fees, some of which the
Investment Adviser will pay to your investment adviser representative.
Your investment adviser representative will also receive other
compensation provided by NYLIAC. Given that a recommendation of
this policy allows your investment adviser representative to earn other
forms of compensation which may not be available in connection with
other investments, the Investment Adviser and your investment adviser
representative may have a financial incentive to offer or recommend
this policy over other investments.
DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS
8
Exchanges
Your investment adviser representative may have a financial incentive
to offer you a new policy in place of the one you own because an
exchange will result in compensation for the Investment Adviser in the
form of Advisory Fees, some of which will be paid to your investment
adviser representative. Your investment adviser representative will also
receive other compensation provided by NYLIAC. You should only
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
9
Appendix 1A
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. Depending on the optional benefits you choose, you may not be able to invest in certain Portfolios. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/premieradvisory. 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].
You may allocate your premium payments or other Accumulation Value to up to 18 different Investment Divisions at any one time in addition to the DCA Advantage Account.
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 or the Investment Advisor 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.
If you purchased the IPR, you may not be able to invest in certain Portfolios. Your available allocation options are listed in APPENDIX 1B and Appendix 1C. 
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Large Cap Equity
NYLI VP American Century Sustainable Equity
(formerly MainStay VP American Century
Sustainable Equity) — Service Class
 
Adviser: New York Life Investment
Management LLC (“New York Life Investments”) /
Subadviser: American Century Investment
Management, Inc.
0.91%
19.54%
11.48%
9.62%
Asset Allocation
NYLI VP Balanced (formerly MainStay VP
Balanced) — Service Class
 
Adviser: New York Life Investments / Subadvisers:
NYL Investors LLC (“NYL Investors”) and
Wellington Management Company LLP
(“Wellington”)
0.96%
7.63%
6.45%
5.61%
Investment
Grade Bond
NYLI VP Bond (formerly MainStay VP Bond) —
Service Class
 
Adviser: New York Life Investments / Subadviser:
NYL Investors
0.79%
1.59%
(0.67)%
1.06%
Sector
NYLI VP CBRE Global Infrastructure (formerly
MainStay VP CBRE Global Infrastructure) —
Service Class
 
Adviser: New York Life Investments / Subadviser:
CBRE Investment Management Listed Real Assets
LLC
1.20%
7.59%
0.93%
N/A
Appendix 1A-1
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Asset Allocation
NYLI VP Conservative Allocation (formerly
MainStay VP Conservative Allocation) — Service
Class
 
Adviser: New York Life Investments
0.76%
6.25%
3.81%
4.04%
Large Cap Equity
NYLI VP Dimensional U.S. Equity (formerly
MainStay VP Wellington U.S. Equity) — Service
Class
 
Adviser: New York Life Investments / Subadviser:
Dimensional Fund Advisors LP
0.79%
23.56%
12.46%
11.06%
Large Cap Equity
NYLI VP Epoch U.S. Equity Yield (formerly
MainStay VP Epoch U.S. Equity Yield) — Service
Class
 
Adviser: New York Life Investments / Subadviser:
Epoch Investment Partners, Inc. (“Epoch”)
0.93%
18.24%
8.81%
7.82%
Asset Allocation
NYLI VP Equity Allocation (formerly MainStay VP
Equity Allocation) — Service Class
 
Adviser: New York Life Investments
0.90%
11.59%
8.10%
7.31%
Sector
NYLI VP Fidelity Institutional AM® Utilities
(formerly MainStay VP Fidelity Institutional AM®
Utilities) — Service Class
 
Adviser: New York Life Investments / Subadviser:
FIAM LLC (“FIAM”)
0.93%
28.62%
9.12%
7.59%
Non-Investment
Grade Bond
NYLI VP Floating Rate (formerly MainStay VP
Floating Rate) — Service Class
 
Adviser: New York Life Investments / Subadviser:
NYL Investors
0.89%
7.82%
4.62%
4.26%
Asset Allocation
NYLI VP Growth Allocation (formerly MainStay VP
Growth Allocation) — Service Class
 
Adviser: New York Life Investments
0.85%
10.12%
7.14%
6.53%
Alternatives
NYLI VP Hedge Multi-Strategy (formerly MainStay
VP Hedge Multi-Strategy) — Service Class
 
Adviser: New York Life Investments
1.33%
6.27%
2.16%
0.21%
Asset Allocation
NYLI VP Income Builder (formerly MainStay VP
Income Builder) — Service Class
 
Adviser: New York Life Investments / Subadvisers:
Epoch and MacKay Shields LLC (“MacKay”)
0.87%
11.37%
4.60%
5.09%
Appendix 1A-2
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Asset Allocation
NYLI VP Janus Henderson Balanced (formerly
MainStay VP Janus Henderson Balanced) —
Service Class
 
Adviser: New York Life Investments / Subadviser:
Janus Henderson Investors US LLC (“Janus
Henderson”)
0.82%
15.43%
8.17%
8.46%
Non-Investment
Grade Bond
NYLI VP MacKay Convertible (formerly MainStay
VP MacKay Convertible) — Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.82%
8.37%
8.68%
8.30%
Non-Investment
Grade Bond
NYLI VP MacKay High Yield Corporate Bond
(formerly MainStay VP MacKay High Yield
Corporate Bond) — Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.83%
6.85%
3.89%
5.01%
Non-Investment
Grade Bond
NYLI VP MacKay Strategic Bond (formerly
MainStay VP MacKay Strategic Bond) — Service
Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.88%
6.88%
3.20%
3.00%
Investment
Grade Bond
NYLI VP MacKay U.S. Infrastructure Bond
(formerly MainStay VP MacKay U.S. Infrastructure
Bond) — Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.82%
0.78%
(0.79)%
0.37%
Large Cap Equity
NYLI VP MFS® Investors Trust — Service Class
 
Adviser: New York Life Investments / Subadviser:
Massachusetts Financial Services Company
(“MFS”)
0.99%
N/A
N/A
N/A
Large Cap Equity
NYLI VP MFS® Research — Service Class
 
Adviser: New York Life Investments / Subadviser:
MFS
1.00%
N/A
N/A
N/A
Asset Allocation
NYLI VP Moderate Allocation (formerly MainStay
VP Moderate Allocation) - Service Class
 
Adviser: New York Life Investments
0.80%
8.46%
5.41%
5.30%
Appendix 1A-3
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Sector
NYLI VP Natural Resources (formerly MainStay
VP Natural Resources) — Initial Class
 
Adviser: New York Life Investments / Subadviser:
Newton Investment Management North America,
LLC ("NIMNA")
0.84%
0.74%
15.53%
5.04%
Sector
NYLI VP Newton Technology Growth — Service
Class
 
Adviser: New York Life Investments / Subadviser:
NIMNA
1.02%
N/A
N/A
N/A
Investment
Grade Bond
NYLI VP PIMCO Real Return (formerly MainStay
VP PIMCO Real Return) — Service Class
 
Adviser: New York Life Investments / Subadviser:
Pacific Investment Management Company LLC
(“PIMCO”)
1.07%
1.95%
1.77%
1.98%
International/
Global
Equity
NYLI VP PineStone International Equity (formerly
MainStay VP PineStone International Equity) —
Service Class
 
Adviser: New York Life Investments / Subadviser:
PineStone Asset Management Inc.
1.10%
4.25%
1.43%
4.59%
Large Cap Equity
NYLI VP S&P 500 Index (formerly MainStay VP
S&P 500 Index) — Service Class
 
Adviser: New York Life Investments
0.37%
24.52%
14.10%
12.62%
Small/Mid Cap
Equity
NYLI VP Schroders Mid Cap Opportunities
(formerly MainStay VP Wellington Mid Cap) —
Service Class
 
Adviser: New York Life Investments / Subadviser:
Schroder Investment Management North America
Inc.
1.08%
9.70%
5.56%
5.97%
Small/Mid Cap
Equity
NYLI VP Small Cap Growth (formerly MainStay VP
Small Cap Growth) — Service Class
 
Adviser: New York Life Investments / Subadvisers:
Brown Advisory LLC and Segall Bryant & Hamill,
LLC
1.10%
10.13%
7.49%
8.06%
Money Market
NYLI VP U.S. Government Money Market (formerly
MainStay VP U.S. Government Money Market) —
Initial Class
 
Adviser: New York Life Investments
/ Subadviser: NYL Investors
0.28%
5.02%
2.25%
1.48%
Appendix 1A-4
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Small/Mid Cap
Equity
NYLI VP Wellington Small Cap (formerly MainStay
VP Wellington Small Cap) — Service Class
 
Adviser: New York Life Investments / Subadviser:
Wellington
1.00%
14.13%
5.79%
N/A
Large Cap Equity
NYLI VP Winslow Large Cap Growth (formerly
MainStay VP Winslow Large Cap Growth) —
Service Class
 
Adviser: New York Life Investments
/ Subadviser: Winslow Capital Management, LLC
0.99%
29.28%
16.57%
14.99%
Large Cap Equity
AB VPS Relative Value Portfolio — Class B
 
Adviser: AllianceBernstein L.P.
0.86%
12.76%
9.54%
9.39%
Asset Allocation
American Funds IS Asset Allocation Fund — Class
4
 
Adviser: Capital Research and Management
CompanySM (“CRMC”)
0.79%
16.11%
8.04%
8.05%
Investment
Grade Bond
American Funds IS The Bond Fund of America®
— Class 4
 
Adviser: CRMC
0.73%
0.98%
0.07%
1.42%
Investment
Grade Bond
American Funds IS Capital World Bond Fund® —
Class 4
 
Adviser: CRMC
0.98%
(3.32)%
(2.65)%
(0.33)%
International/
Global
Equity
American Funds IS Global Small Capitalization
Fund — Class 4
 
Adviser: CRMC
1.15%
2.12%
2.74%
5.54%
Large Cap Equity
American Funds IS Growth Fund — Class 4
 
Adviser: CRMC
0.84%
31.29%
18.53%
16.29%
International/
Global
Equity
American Funds IS New World Fund® — Class 4
 
Adviser: CRMC
1.07%
6.33%
4.29%
5.96%
Investment
Grade Bond
American Funds IS U.S. Government Securities
Fund® — Class 4
 
Adviser: CRMC
0.75%
0.44%
(0.13)%
0.84%
Large Cap Equity
American Funds IS Washington Mutual Investors
Fund — Class 4
 
Adviser: CRMC
0.75%
18.85%
11.92%
9.99%
Appendix 1A-5
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Asset Allocation
BlackRock® Global Allocation V.I. Fund — Class III
 
Adviser: BlackRock Advisors, LLC (“BlackRock”) /
Subadvisers: BlackRock (Singapore) Limited and
BlackRock International Limited
1.02%
8.93%
5.72%
5.32%
Non-Investment
Grade Bond
BlackRock® High Yield V.I. Fund — Class III
 
Adviser: BlackRock / Subadviser: BlackRock
International Limited
0.78%
7.85%
4.17%
4.74%
Large Cap Equity
BNY Mellon Sustainable U.S. Equity Portfolio —
Service Shares
 
Adviser: BNY Mellon Investment Adviser, Inc. /
Subadviser: Newton Investment Management
Limited
0.92%
24.58%
13.18%
11.25%
Large Cap Equity
ClearBridge Variable Appreciation Portfolio —
Class II
 
Adviser: Franklin Templeton Fund Adviser, LLC
("FTFA”) / Subadviser: ClearBridge Investments,
LLC
0.95%
22.37%
12.50%
N/A
Non-Investment
Grade Bond
Columbia Variable Portfolio — Emerging Markets
Bond Fund — Class 2
 
Adviser: Columbia Management Investment
Advisers, LLC (“Columbia”)
1.00%
6.13%
0.46%
2.66%
Investment
Grade Bond
Columbia Variable Portfolio — Intermediate Bond
Fund — Class 2
 
Adviser: Columbia
0.77%
1.73%
(0.06)%
1.65%
Small/Mid Cap
Equity
Columbia Variable Portfolio — Small Cap Value
Fund — Class 2
 
Adviser: Columbia
1.13%
8.67%
10.98%
8.98%
Alternatives
DWS Alternative Asset Allocation VIP — Class B
 
Adviser: DWS Investment Management Americas
Inc. / Subadviser: RREEF America LLC
1.26%
5.30%
3.97%
2.83%
Investment
Grade Bond
Fidelity® VIP Bond Index Portfolio — Service Class
2
 
Adviser: Fidelity Management & Research
Company LLC (“FMR”) / Subadvisers: Other
investment advisers
0.39%
1.00%
(0.72)%
N/A
Appendix 1A-6
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Large Cap Equity
Fidelity® VIP ContrafundSM Portfolio — Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.81%
33.45%
16.74%
13.33%
International/
Global
Equity
Fidelity® VIP Emerging Markets Portfolio —
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
1.13%
9.71%
4.09%
5.78%
Large Cap Equity
Fidelity® VIP Equity-Income PortfolioSM — Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.72%
15.06%
9.80%
8.94%
Small/Mid Cap
Equity
Fidelity® VIP Extended Market Index Portfolio —
Service Class 2
 
Adviser: FMR / Subadviser: Geode Capital
Management, LLC (“Geode”)
0.38%
12.03%
8.53%
N/A
Asset Allocation
Fidelity® VIP FundsManager® 60% Portfolio —
Service Class
 
Adviser: FMR
0.66%
9.58%
6.57%
6.67%
Large Cap Equity
Fidelity® VIP Growth Opportunities Portfolio —
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.82%
38.56%
18.46%
17.93%
Sector
Fidelity® VIP Health Care Portfolio — Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.84%
4.86%
5.19%
7.81%
International/
Global
Equity
Fidelity® VIP International Index Portfolio —
Service Class 2
 
Adviser: FMR / Subadviser: Geode
0.42%
4.82%
3.83%
N/A
Investment
Grade Bond
Fidelity® VIP Investment Grade Bond Portfolio —
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.63%
1.50%
0.20%
1.68%
Small/Mid Cap
Equity
Fidelity® VIP Mid Cap Portfolio — Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.82%
17.18%
11.06%
8.94%
Appendix 1A-7
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Asset Allocation
Franklin Templeton Aggressive Model Portfolio —
Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers, Inc.
(“Franklin Advisers”)
0.88%
18.02%
N/A
N/A
Asset Allocation
Franklin Templeton Moderately Aggressive Model
Portfolio — Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.85%
14.28%
N/A
N/A
Asset Allocation
Franklin Templeton Moderate Model Portfolio —
Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.83%
11.95%
N/A
N/A
Asset Allocation
Franklin Templeton Moderately Conservative
Model Portfolio — Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.84%
9.33%
N/A
N/A
Asset Allocation
Franklin Templeton Conservative Model
Portfolio — Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.85%
6.15%
N/A
N/A
International/
Global
Equity
Invesco V.I. EQV International Equity Fund —
Series II Shares
 
Adviser: Invesco Advisers, Inc. (“Invesco”)
1.15%
0.34%
2.97%
4.10%
Small/Mid Cap
Equity
Invesco V.I. Main Street Small Cap Fund® —
Series II Shares
 
Adviser: Invesco
1.11%
12.41%
10.21%
8.73%
Small/Mid Cap
Equity
Janus Henderson Enterprise Portfolio — Service
Shares
 
Adviser: Janus Henderson
0.97%
15.32%
9.61%
12.12%
International/
Global
Equity
Janus Henderson Global Research Portfolio —
Service Shares
 
Adviser: Janus Henderson
0.97%
23.27%
12.07%
10.27%
Small/Mid Cap
Equity
Macquarie VIP Small Cap Value Series — Service
Class
 
Adviser: Delaware Management Company, a
series of Macquarie Investment Management
Business Trust /
Subadviser: Macquarie Investment Management
Global Limited
1.04%
11.02%
6.83%
7.30%
Appendix 1A-8
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
International
Equity
MFS® International Intrinsic Value Portfolio —
Service Class
 
Adviser: MFS
1.14%
6.97%
4.88%
7.26%
Mid Cap
Equity
MFS® Mid Cap Value Portfolio — Service Class
 
Adviser: MFS
1.04%
13.52%
9.47%
8.78%
International/
Global
Equity
MFS® Research International Portfolio — Service
Class
 
Adviser: MFS
1.14%
2.78%
3.64%
4.95%
Small/Mid Cap
Equity
Neuberger Berman AMT Mid Cap Growth
Portfolio — Class S
 
Adviser: Neuberger Berman Investment Advisers
LLC
1.10%
23.76%
10.35%
10.25%
Investment
Grade Bond
PIMCO VIT Income Portfolio — Advisor Class
 
Adviser: PIMCO
1.16%
5.30%
2.61%
N/A
Investment
Grade Bond
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged) — Advisor Class
 
Adviser: PIMCO
1.11%
5.36%
1.24%
2.41%
Investment
Grade Bond
PIMCO VIT Low Duration Portfolio — Advisor
Class
 
Adviser: PIMCO
0.77%
4.39%
0.98%
1.18%
Investment
Grade Bond
PIMCO VIT Short-Term Portfolio — Advisor Class
 
Adviser: PIMCO
0.72%
5.95%
2.66%
2.29%
Investment
Grade Bond
PIMCO VIT Total Return Portfolio — Advisor Class
 
Adviser: PIMCO
0.89%
2.43%
(0.13)%
1.43%
Sector
Principal VC Real Estate Securities Account —
Class 2
 
Adviser: Principal Global Investors, LLC /
Subadviser: Principal Real Estate Investors, LLC
1.04%
5.41%
3.65%
5.99%
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
1.07%
5.21%
6.81%
5.46%
Appendix 1A-9
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/24)
1 year
5 year
10 year
Large Cap Equity
Voya Growth and Income Portfolio — Class S
 
Adviser: Voya Investments, LLC / Subadviser:
Voya Investment Management Co. LLC
0.92%
23.56%
14.98%
12.27%
Investment
Grade Bond
Western Asset Core Plus VIT Portfolio — Class II
 
Adviser: FTFA / Subadvisers: Western Asset
Management Company, LLC; Western Asset
Management Company Limited; Western Asset
Management Company Ltd.; and Western Asset
Management Company Pte. Ltd.
0.78%
(0.86)%
(1.42)%
N/A
*
Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are generally 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 1A-10
Appendix 1B
Investment Divisions with IPR (10-year Holding Period option for policies with an application signed on or after May 1, 2025; 12-15 year Holding Period options)
Option 1 – Franklin Templeton Model Portfolios 
Moderately Aggressive
Moderate
100%
Franklin Templeton Moderately Aggressive Model
Portfolio
100%
Franklin Templeton Moderate Model Portfolio
Moderately Conservative
 
100%
Franklin Templeton Moderately Conservative Model
Portfolio
 
 
Option 2 – Choose Your Own Investment Divisions 
Category A:
 
Minimum Allocation
30
%
 
Maximum Allocation
100
%
 
 
Subcategory I Funds (Minimum Allocation 10% - total among all the subcategory I Funds)
NYLI VP Bond
NYLI VP MacKay U.S. Infrastructure Bond
NYLI VP PIMCO Real Return
NYLI VP U.S. Government Money Market
American Funds IS The Bond Fund of America®
American Funds IS Capital World Bond Fund®
American Funds IS U.S. Government Securities Fund®
Columbia Variable Portfolio — Intermediate Bond Fund
Fidelity® VIP Bond Index Portfolio
Fidelity® VIP Investment Grade Bond Portfolio
PIMCO VIT Income Portfolio
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged)
PIMCO VIT Low Duration Portfolio
PIMCO VIT Short-Term Portfolio
PIMCO VIT Total Return Portfolio
Western Asset Core Plus VIT Portfolio
Subcategory II Funds
 
NYLI VP Floating Rate
NYLI VP MacKay High Yield Corporate Bond
NYLI VP MacKay Strategic Bond
BlackRock® High Yield V.I. Fund
Columbia Variable Portfolio — Emerging Markets Bond
Category B:
 
Minimum Allocation
0
%
 
Maximum Allocation
70
%
 
Category B Funds
 
NYLI VP American Century Sustainable Equity
NYLI VP Dimensional U.S. Equity
NYLI VP Epoch U.S. Equity Yield
NYLI VP Hedge Multi-Strategy
NYLI VP MacKay Convertible
NYLI VP MFS® Investors Trust
NYLI VP MFS® Research
NYLI VP S&P 500 Index
NYLI VP Winslow Large Cap Growth
AB VPS Relative Value Portfolio
 
American Funds IS Growth Fund
American Funds IS Washington Mutual Investors FundSM
BNY Mellon Sustainable U.S. Equity Portfolio
ClearBridge Variable Appreciation Portfolio
DWS Alternative Asset Allocation VIP
Fidelity® VIP ContrafundSM Portfolio
Fidelity® VIP Equity-Income PortfolioSM
Fidelity® VIP Growth Opportunities Portfolio
Voya Growth and Income Portfolio
Appendix 1B-1
Category C:
 
Minimum Allocation
0
%
 
Maximum Allocation
25
%
 
 
Subcategory I Funds (Maximum Allocation 15% - total among all the subcategory I Funds)
NYLI VP Schroders Mid Cap Opportunities
NYLI VP Small Cap Growth
NYLI VP Wellington Small Cap
Columbia Variable Portfolio — Small Cap Value
Fidelity® VIP Extended Market Index Portfolio
Fidelity® VIP Mid Cap Portfolio
Invesco V.I. Main Street Small Cap Fund®
Janus Henderson Enterprise Portfolio
Macquarie VIP Small Cap Value Series
MFS® Mid Cap Value Portfolio
Neuberger Berman AMT Mid Cap Growth Portfolio
Subcategory II Funds (Maximum Allocation 15% - total among all the subcategory II Funds)
NYLI VP PineStone International Equity
American Funds IS Global Small Capitalization Fund
American Funds IS New World Fund®
Fidelity® VIP Emerging Markets Portfolio
Fidelity® VIP International Index Portfolio
Invesco V.I. EQV International Equity Fund
Janus Henderson Global Research Portfolio
MFS® International Intrinsic Value Portfolio
MFS® Research International Portfolio
Putnam VT International Value Fund
Subcategory III Funds (Maximum Allocation 10% - total among all the subcategory III Funds)
NYLI VP CBRE Global Infrastructure
NYLI VP Fidelity Institutional AM® Utilities
NYLI VP Natural Resources
NYLI VP Newton Technology Growth
Fidelity® VIP Health Care Portfolio
Principal VC Real Estate Securities Account
Option 3 – Asset Allocation Funds: 
Category D:
 
Minimum Allocation
100
%
 
Category D Asset Allocation Funds
 
NYLI VP Balanced
NYLI VP Conservative Allocation
NYLI VP Income Builder
NYLI VP Janus Henderson Balanced
NYLI VP Moderate Allocation
American Funds IS Asset Allocation Fund
BlackRock® Global Allocation V.I. Fund
Fidelity® VIP FundsManager® 60% Portfolio
Franklin Templeton Moderately Aggressive Model Portfolio
Franklin Templeton Moderate Model Portfolio
Franklin Templeton Moderately Conservative Model Portfolio
Franklin Templeton Conservative Model Portfolio
 
Appendix 1B-2
Appendix 1C
Investment Divisions available with IPR (10-year Holding Period option for policies with an application signed before May 1, 2025; 7-year Holding Period option)
Option 1 – Franklin Templeton Model Portfolios 
Moderate
Moderately Conservative
100%
Franklin Templeton Moderate Model Portfolio
100%
Franklin Templeton Moderately Conservative Model
Portfolio
Option 2 – Choose Your Own Investment Divisions 
Category A:
 
Minimum Allocation
40
%
 
Maximum Allocation
100
%
 
 
 
Subcategory I Funds (Minimum Allocation 10% - total among all the subcategory I Funds)
NYLI VP Bond
NYLI VP MacKay U.S. Infrastructure Bond
NYLI VP PIMCO Real Return
NYLI VP U.S. Government Money Market
American Funds IS The Bond Fund of America®
American Funds IS Capital World Bond Fund®
American Funds IS U.S. Government Securities Fund®
Columbia Variable Portfolio — Intermediate Bond Fund
Fidelity® VIP Bond Index Portfolio
Fidelity® VIP Investment Grade Bond Portfolio
PIMCO VIT Income Portfolio
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged)
PIMCO VIT Low Duration Portfolio
PIMCO VIT Short-Term Portfolio
PIMCO VIT Total Return Portfolio
Western Asset Core Plus VIT Portfolio
Subcategory II Funds
 
NYLI VP Floating Rate
NYLI VP MacKay High Yield Corporate Bond
NYLI VP MacKay Strategic Bond
BlackRock® High Yield V.I. Fund
Columbia Variable Portfolio — Emerging Markets Bond
Category B:
 
Minimum Allocation
0
%
 
Maximum Allocation
60
%
 
Category B Funds
 
NYLI VP American Century Sustainable Equity
NYLI VP Dimensional U.S. Equity
NYLI VP Epoch U.S. Equity Yield
NYLI VP Hedge Multi-Strategy
NYLI VP MacKay Convertible
NYLI VP MFS® Investors Trust
NYLI VP MFS® Research
NYLI VP S&P 500 Index
NYLI VP Winslow Large Cap Growth
AB VPS Relative Value Portfolio
 
American Funds IS Growth Fund
American Funds IS Washington Mutual Investors FundSM
BNY Mellon Sustainable U.S. Equity Portfolio
ClearBridge Variable Appreciation Portfolio
DWS Alternative Asset Allocation VIP
Fidelity® VIP ContrafundSM Portfolio
Fidelity® VIP Equity-Income PortfolioSM
Fidelity® VIP Growth Opportunities Portfolio
Voya Growth and Income Portfolio
Appendix 1C-1
Category C:
 
Minimum Allocation
0
%
 
Maximum Allocation
25
%
 
 
Subcategory I Funds (Maximum Allocation 15% - total among all the subcategory I Funds)
NYLI VP Schroders Mid Cap Opportunities
NYLI VP Small Cap Growth
NYLI VP Wellington Small Cap
Columbia Variable Portfolio — Small Cap Value
Fidelity® VIP Extended Market Index Portfolio
Fidelity® VIP Mid Cap Portfolio
Invesco V.I. Main Street Small Cap Fund®
Janus Henderson Enterprise Portfolio
Macquarie VIP Small Cap Value Series
MFS® Mid Cap Value Portfolio
Neuberger Berman AMT Mid Cap Growth Portfolio
 
Subcategory II Funds (Maximum Allocation 15% - total among all the subcategory II Funds)
NYLI VP PineStone International Equity
American Funds IS Global Small Capitalization Fund
American Funds IS New World Fund®
Fidelity® VIP Emerging Markets Portfolio
Fidelity® VIP International Index Portfolio
Invesco V.I. EQV International Equity Fund
Janus Henderson Global Research Portfolio
MFS® International Intrinsic Value Portfolio
MFS® Research International Portfolio
Putnam VT International Value Fund
 
Subcategory III Funds (Maximum Allocation 10% - total among all the subcategory III Funds)
NYLI VP CBRE Global Infrastructure
NYLI VP Fidelity Institutional AM® Utilities
NYLI VP Natural Resources
NYLI VP Newton Technology Growth
Fidelity® VIP Health Care Portfolio
Principal VC Real Estate Securities Account
Option 3 – Asset Allocation Funds: 
Category D:
 
Minimum Allocation
100
%
 
Category D Asset Allocation Funds
 
NYLI VP Balanced
NYLI VP Conservative Allocation
NYLI VP Income Builder
NYLI VP Janus Henderson Balanced
NYLI VP Moderate Allocation
BlackRock® Global Allocation V.I. Fund
Fidelity® VIP FundsManager® 60% Portfolio
Franklin Templeton Moderate Model Portfolio
Franklin Templeton Moderately Conservative Model Portfolio
Franklin Templeton Conservative Model Portfolio
 
Appendix 1C-2
This Summary Prospectus incorporates by reference the New York Life Premier Advisory Variable Annuity 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/premieradvisory. 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.
Reports and other information about the Separate Accounts are available on the SEC’s website at https://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Separate Account III EDGAR contract identifier #C000230687

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