Form 497VPU NYLIAC VARIABLE ANNUITY
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E-mailUPDATING SUMMARY PROSPECTUS FOR
EXISTING INVESTORS
May 1, 2025
New York Life Elite Variable Annuity
From
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NYLIAC Variable Annuity Separate Account-IV
This summary prospectus summarizes key features of the New York Life Elite
Variable Annuity policies.
Before you invest, you should
review the prospectus for the New York Life Elite 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/elite. You can also obtain this information at no cost by calling our Variable Products Service Center at 1-800-598-2019, by logging into your account at
www.newyorklife.com, 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, the Fixed Account Accumulation Value (if applicable), and
the DCA Advantage Account Accumulation Value of a policy.
Adjusted Premium
Payment—The total dollar amount of premium payments made under the policy and allocated
to the Investment Divisions 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, any available Asset Allocation Model and the Fixed Account.
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 85.
Base Contract Charge—Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).
Business Day—Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business
Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.
Code—The Internal Revenue Code of 1986, as amended.
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 and annual policy service charge that may already have been assessed.
Dollar Cost
Averaging (DCA) Advantage Account—An Allocation Option that permits dollar cost averaging over a six-month period, and pays interest on amounts remaining in the account. Amounts are transferred from the DCA Advantage
Account to the Investment Division(s) you choose on a monthly basis. 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.
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 assessed on and deducted from the Fixed Account.
Fund—A mutual fund that has multiple series or Portfolios.
Investment Division—The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a
specified Portfolio.
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, who is
entitled to exercise all rights under the policy.
Payment Year(s)—With respect to any premium payment, the year(s) beginning on the date such premium payment is made to the policy (for
single premium policies, this definition is modified as indicated in Appendix 1 of this Prospectus).
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.
2
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-IV, 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.
Surrender Charge Free
Amount—You may withdraw a certain amount from your policy each Policy Year without
having to pay a surrender charge on that amount. We call this the Surrender Charge Free Amount. The maximum
amount you may withdraw without a surrender charge in any given Policy Year is the greatest of either: (i) 10% of the Accumulation Value at the time of the withdrawal, less any prior withdrawals made during the Policy Year that were surrender
charge free; (ii) the Accumulation Value less the accumulated premium payments; or (iii) 10% of the Accumulation Value as of the prior Policy Anniversary (10% of the premium
payment if the withdrawal is made in the first Policy Year), less any surrender charge free withdrawals during the Policy Year.
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 | |
| 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 the Appendix 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 |
If you withdraw more than the Surrender Charge Free Amount within 8
years following your last premium payment, you will be assessed a
surrender charge. The maximum surrender charge is 8% of the amount
withdrawn during the first three Payment Years declining to 0% over
that eight-year period. For example, if you make an early withdrawal
within the first three Payment Years, you could pay a surrender
charge of up to $8,000 on a $100,000 investment. |
CHARGES AND
DEDUCTIONS –
Transaction
Expenses –
Surrender Charges |
| Transaction
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. 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 |
| Ongoing Fees
and Expenses
(annual charges) |
The table below describes the fees and expenses that you may pay
each year, depending on the options you choose. Please refer to your Policy Data Page for information about the specific fees you will pay
each year based on the options you have elected. |
CHARGES AND DEDUCTIONS – Annual Policy Expenses; Annual Portfolio Expenses; Optional Benefit Expenses |
| |
ANNUAL FEE |
Minimum |
Maximum |
|
| |
Base contract1 |
1.70% |
1.70% |
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) |
0.30%3 |
0.85%4 |
CHARGES AND
DEDUCTIONS –
Optional Benefit
Expenses |
| |
1 Calculated as an annualized percentage of the Adjusted Premium
Payments allocated to the Investment Divisions and the DCA
Advantage Account. 2 As a percentage of average net Portfolio assets. The
range in fees and expenses is for the year ended December 31, 2024
and will change from year to year. 3 As a percentage of the policy’s Accumulation Value. 4 As a percentage of the guarantee under the optional
benefit. |
| ||
5
| |
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: $1,662.07 |
HIGHEST ANNUAL COST $3,666.91 |
| |
| |
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 |
| Risk of Loss |
You can lose money by investing in this policy. |
PRINCIPAL RISKS |
| Not a Short-Term
Investment |
This policy is not designed for short-term investing and is not
appropriate for an investor who readily needs access to cash.
Surrender charges apply for up to 8 years following your last premium
payment. They will reduce the value of your policy if you withdraw
money during that time. The benefits of tax deferral and living
benefit protections also mean the policy is more beneficial to
investors with a long time horizon. If you elect an investment
protection rider, 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. |
PRINCIPAL RISKS |
| Risks Associated
with Investment
Options |
•An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of the variable investment options (e.g., Portfolios) and guaranteed options (e.g., the Fixed Account and DCA Advantage Account) you choose. •Each investment option has its own unique risks. •You should review the prospectuses for the available Portfolios and the description in this prospectus of the Fixed Account and 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, guarantees, and benefits of the policy
are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its
obligations to you. More information about NYLIAC is available upon
request from NYLIAC by calling the VPSC at 1-800-598-2019. |
PRINCIPAL RISKS |
6
| |
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, plus the Fixed Account, 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. •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
ACCOUNT— Additions, Deletions, or Substitutions of Investments |
| Optional Benefits |
•Some optional benefits cannot be cancelled without surrendering your 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. •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 |
| Tax
Implications |
•Consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this policy. •If you purchase the policy through a tax-qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. Therefore, the tax deferral of the annuity does not provide additional benefits. •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 |
| Investment
Professional
Compensation |
Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset-based
compensation, allowances for expenses, and other compensation
programs. Your registered representative may have a financial incentive
to offer or recommend this policy over another
investment. |
DISTRIBUTION AND COMPENSATION ARRANGEMENTS |
7
| Exchanges |
Your registered representative may have a financial incentive to offer you a new policy in place of the one you own. You should consider exchanging your policy if you determine, after comparing the features, fees, and risks of both policies, that it is in your best interest to purchase the new policy rather than continue to own your existing policy. |
THE POLICIES – Tax-Free Section 1035 Exchanges |
8
Appendix 1
Portfolios
Available Under the Policy
The following is a list of
Portfolios available under the policy, which is subject to change, as discussed in the prospectus. You can find the prospectuses and other information about the Portfolios online
at https://dfinview.com/NewYorkLife/TAHD/elite. 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 Fixed Account
or 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 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 12/31/24) | ||
| 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% |
| International/Global
Equity |
NYLI VP Candriam Emerging Markets Equity
(formerly MainStay VP Candriam Emerging
Markets Equity) — Service Class+ Adviser: New York Life Investments /
Subadviser: Candriam |
1.41% |
12.35% |
0.93% |
2.32% |
| 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 1-1
| 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 1-2
| 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 1-3
| 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 NYLI 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 1-4
| 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 Wellington Growth (formerly MainStay
VP Wellington Growth) — Service Class+ Adviser: New York Life Investments /
Subadviser: Wellington |
0.97% |
25.82% |
12.82% |
11.68% |
| 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% |
Appendix 1-5
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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% |
| 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 |
| Sector |
Columbia Variable Portfolio — Commodity
Strategy Fund — Class 2++ Adviser: Columbia Management Investment Advisers, LLC (“Columbia”) / Subadviser:
Threadneedle International Limited
|
1.00% |
7.09% |
8.94% |
2.15% |
| Non-Investment
Grade Bond |
Columbia Variable Portfolio — Emerging
Markets Bond Fund — Class 2 Adviser: 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% |
Appendix 1-6
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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 |
| 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% |
Appendix 1-7
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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% |
| 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% |
Appendix 1-8
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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% |
| 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% |
Appendix 1-9
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 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 |
1.04% |
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% |
| 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.
+
Closed for policyowners who were not invested in the Investment Division on November 13, 2017, and closed for other policyowners if all your Accumulation Value is removed
from the Investment Division on or after November 13, 2017.
++
Closed for policyowners who were not invested in the Investment Division on November 23, 2020,
and closed for other policyowners if all your Accumulation Value is removed from the Investment Division on or after November 23, 2020.
Appendix 1-10
This Summary Prospectus
incorporates by reference the New York Life Elite 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/elite. 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 IV EDGAR contract identifier #C000025713
UPDATING SUMMARY PROSPECTUS FOR
EXISTING INVESTORS
May 1, 2025
New York Life Premium Plus Elite Variable Annuity
From
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NYLIAC Variable Annuity Separate Account-IV
This summary prospectus summarizes key features of the New York Life Premium
Plus Elite Variable Annuity policies.
Before you invest, you should review the prospectus for the New York Life Premium Plus Elite 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/premiumpluselite. You can also obtain this information at no cost by calling our Variable Products Service Center at 1-800-598-2019, by logging into your account at www.newyorklife.com, 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, the Fixed Account Accumulation Value (if applicable), and
the DCA Advantage Account Accumulation Value of a policy.
Adjusted Premium
Payment—The total dollar amount of premium payments made under the policy and allocated
to the Investment Divisions 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, any available Asset Allocation Model and the Fixed Account.
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 85.
Base Contract Charge—Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).
Business Day—Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business
Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.
Code—The Internal Revenue Code of 1986, as amended.
Dollar Cost Averaging
(DCA) Advantage Account Accumulation Value—The sum of premium payments and any Premium Credits allocated to the DCA Advantage Account, plus interest credited on those premium payments and any Premium
Credits, less any transfers and partial withdrawals from the DCA Advantage Account, and less any surrender charges and annual policy service charge that may already have been
assessed.
Dollar Cost Averaging (DCA) Advantage Account—An Allocation Option that permits dollar cost averaging over a six-month period, and pays interest on amounts remaining in the account. Amounts are transferred from the DCA Advantage
Account to the Investment Division(s) you choose on a monthly basis. 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.
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, any Premium Credits and, if allowable, transfers allocated to the Fixed Account, plus interest credited on those premium payments, any Premium Credits 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 assessed on and
deducted from the Fixed Account.
Fund—A mutual fund that has multiple series or Portfolios.
Investment Division—The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a
specified Portfolio.
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, who is
entitled to exercise all rights under the policy.
Payment Year(s)—With respect to any premium payment, the year(s) beginning on the date such premium payment is made to the policy (for
single premium policies, this definition is modified as indicated in Appendix 1 of this Prospectus).
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.
2
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.
Premium Credit—An additional credit we will apply to your Accumulation Value at the time you make premium payments. The Premium Credit is calculated as a
percentage of (each) premium payment(s) and will never be less than 2 percent (the “Premium Credit Rate”).
Separate
Account—NYLIAC Variable Annuity Separate Account-IV, 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.
Surrender Charge Free
Amount—You may withdraw a certain amount from your policy each Policy Year without
having to pay a surrender charge on that amount. We call this the Surrender Charge Free Amount. The maximum
amount you may withdraw without a surrender charge in any given Policy Year is the greatest of either: (i) 10% of the Accumulation Value at the time of the withdrawal, less any prior withdrawals made during the Policy Year that were surrender
charge free; (ii) the Accumulation Value less the accumulated premium payments; or (iii) 10% of the Accumulation Value as of the prior Policy Anniversary (10% of the premium
payment if the withdrawal is made in the first Policy Year), less any surrender charge free withdrawals during the Policy Year.
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 | |
| 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 the Appendix 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 |
If you withdraw more than the Surrender Charge Free Amount within
10 years following your last premium payment, you will be assessed a
surrender charge. The maximum surrender charge is 8% of the amount
withdrawn during the first three Payment Years declining to 0% over
that ten-year period. For example, if you make an early withdrawal
within the first three Payment Years, you could pay a surrender charge
of up to $8,000 on a $100,000 investment. |
CHARGES AND
DEDUCTIONS –
Transaction
Expenses –
Surrender Charges |
| Transaction
Charges |
In addition to surrender charges, you may also be charged for other
transactions, such as when you transfer cash value between
investment options more than 12 times a year, or if a premium payment
is returned for insufficient funds. Although we do not currently
charge for such transactions, we reserve the right to charge up to
$30 per transaction. |
CHARGES AND
DEDUCTIONS –
Transaction
Expenses |
| Ongoing Fees
and Expenses
(annual charges) |
The table below describes the fees and expenses that you may pay
each year, depending on the options you choose. Please refer to your Policy Data Page for information about the specific fees you will pay
each year based on the options you have elected. |
CHARGES AND DEDUCTIONS – Annual Policy Expenses; Annual Portfolio Expenses; Optional Benefit Expenses |
| |
ANNUAL FEE |
Minimum |
Maximum |
|
| |
Base contract1 |
1.90% |
1.90% |
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) |
0.30%3 |
0.85%4 |
CHARGES AND
DEDUCTIONS –
Optional Benefit
Expenses |
| |
1 Calculated as an annualized percentage of the Adjusted Premium
Payments allocated to the Investment Divisions and the DCA
Advantage Account. 2 As a percentage of average net Portfolio assets. The
range in fees and expenses is for the year ended December 31, 2024
and will change from year to year. 3 As a percentage of the policy’s Accumulation Value. 4 As a percentage of the guarantee under the optional
benefit. |
| ||
5
| |
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: $1,813.66 |
HIGHEST ANNUAL COST $3,806.33 |
| |
| |
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 |
| Risk of Loss |
You can lose money by investing in this policy. |
PRINCIPAL RISKS |
| Not a Short-Term
Investment |
This policy is not designed for short-term investing and is not
appropriate for an investor who readily needs access to cash.
Surrender charges apply for up to 10 years following your last premium
payment. They will reduce the value of your policy if you withdraw
money during that time. The benefits of tax deferral and living
benefit protections also mean the policy is more beneficial to
investors with a long time horizon. If you elect an investment
protection rider, 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. |
PRINCIPAL RISKS |
| Risks Associated
with Investment
Options |
•An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of the variable investment options (e.g., Portfolios) and guaranteed options (e.g., the Fixed Account and DCA Advantage Account) you choose. •Each investment option has its own unique risks. •You should review the prospectuses for the available Portfolios and the description in this prospectus of the Fixed Account and 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, guarantees, and benefits of the policy
are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its
obligations to you. More information about NYLIAC is available upon
request from NYLIAC by calling the VPSC at 1-800-598-2019. |
PRINCIPAL RISKS |
6
| |
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, plus the Fixed Account, 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. •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. •Premium Credits under the policy may be recaptured upon free look,
annuitization, and death. |
THE
POLICIES—Policy
Application and
Premium Payments,
Transfers, and
Limits on Transfers NYLIAC AND THE
SEPARATE
ACCOUNT— Additions, Deletions, or Substitutions of Investments |
| Optional Benefits |
•Some optional benefits cannot be cancelled without surrendering your 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. •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 |
| Tax
Implications |
•Consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this policy. •If you purchase the policy through a tax-qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. Therefore, the tax deferral of the annuity does not provide additional benefits. •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 |
| Investment
Professional
Compensation |
Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset-based
compensation, allowances for expenses, and other compensation
programs. Your registered representative may have a financial incentive
to offer or recommend this policy over another
investment. |
DISTRIBUTION AND COMPENSATION ARRANGEMENTS |
7
| Exchanges |
Your registered representative may have a financial incentive to offer you a new policy in place of the one you own. You should consider exchanging your policy if you determine, after comparing the features, fees, and risks of both policies, that it is in your best interest to purchase the new policy rather than continue to own your existing policy. |
THE POLICIES – Tax-Free Section 1035 Exchanges |
8
Appendix 1
Portfolios
Available Under the Policy
The following is a list of
Portfolios available under the policy, which is subject to change, as discussed in the prospectus. You can find the prospectuses and other information about the Portfolios online
at https://dfinview.com/NewYorkLife/TAHD/premiumpluselite. 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 Fixed Account
or 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 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 12/31/24) | ||
| 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% |
| International/Global
Equity |
NYLI VP Candriam Emerging Markets Equity
(formerly MainStay VP Candriam Emerging
Markets Equity) — Service Class+ Adviser: New York Life Investments /
Subadviser: Candriam |
1.41% |
12.35% |
0.93% |
2.32% |
| 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 1-1
| 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 1-2
| 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 1-3
| 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 NYLI 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 1-4
| 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 Wellington Growth (formerly MainStay
VP Wellington Growth) — Service Class+ Adviser: New York Life Investments /
Subadviser: Wellington |
0.97% |
25.82% |
12.82% |
11.68% |
| 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% |
Appendix 1-5
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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% |
| 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 |
| Sector |
Columbia Variable Portfolio — Commodity
Strategy Fund — Class 2++ Adviser: Columbia Management Investment Advisers, LLC (“Columbia”) / Subadviser:
Threadneedle International Limited
|
1.00% |
7.09% |
8.94% |
2.15% |
| Non-Investment
Grade Bond |
Columbia Variable Portfolio — Emerging
Markets Bond Fund — Class 2 Adviser: 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% |
Appendix 1-6
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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 |
| 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% |
Appendix 1-7
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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% |
| 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% |
Appendix 1-8
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 1 year |
5 year |
10 year | |||
| 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% |
| 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% |
Appendix 1-9
| Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/24) | ||
| 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 |
1.04% |
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% |
| 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.
+
Closed for policyowners who were not invested in the Investment Division on November 13, 2017, and closed for other policyowners if all your Accumulation Value is removed
from the Investment Division on or after November 13, 2017.
++
Closed for policyowners who were not invested in the Investment Division on November 23, 2020,
and closed for other policyowners if all your Accumulation Value is removed from the Investment Division on or after November 23, 2020.
Appendix 1-10
This Summary Prospectus
incorporates by reference the New York Life Premium Plus Elite 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/premiumpluselite. 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 IV EDGAR contract identifier #C000025715
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