Form 497VPU RIVERSOURCE VARIABLE
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E-mailEvergreen
Essential Variable Annuity
Individual Flexible Premium Deferred Combination Fixed/Variable
Annuity
| Issued by: |
RiverSource Life Insurance Company (RiverSource Life) |
| |
829 Ameriprise Financial Center
Minneapolis, MN 55474 Telephone: 1-800-333-3437
(Service
Center) |
Updating Summary Prospectus
September 22, 2025
The Prospectus for the Evergreen Essential Variable Annuity (the Contract), an individual flexible premium
deferred combination fixed/variable annuity contract, issued by RiverSource Life Insurance Company (“RVS Life”, “we”, “us” and “our”) is available and contains more information about the Contract, including its features, benefits and risks. You can find the current prospectus and other information about the Contract online at riversource.com/annuities. You can
also obtain this information at no cost by calling 1-800-862-7919 or by sending an email request to
[email protected].
Additional information about certain investment products, including variable annuities, has been prepared by the
Securities and Exchange Commission’s staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Evergreen Essential Variable Annuity — Summary Prospectus 1
Key Terms
These terms can help you understand details about your contract.
Contract
value: The total value of your contract before we deduct any applicable charges.
Contract year: A period of 12 months, starting on the effective date of your contract and on each anniversary of the effective date.
Funds: A portfolio of an open-end management investment company that is registered with the Securities and Exchange Commission (the "SEC") in which the Subaccounts invest. May also be referred to as an underlying Fund.
Guarantee Period Accounts (GPAs): A nonunitized separate account
to which you may allocate purchase payments and purchase payment credits or transfer contract value of at least $1,000.
These accounts have guaranteed interest rates for guarantee periods we declare when you allocate purchase
payments and purchase payment
credits or transfer contract value
to a GPA. These guaranteed rates and periods of time may vary by state. Unless an exception applies,
transfers or withdrawals from a GPA done more than 30 days before the end of the guarantee period will receive a market value adjustment, which may result in a gain or loss.
Market Value Adjustment (MVA): A positive or negative
adjustment assessed if any portion of a Guarantee Period Account is withdrawn or transferred more than 30 days before
the end of its guarantee period.
One-year fixed account: Part of our general account to
which you may make allocations. Amounts you allocate to this account earn interest at rates that we declare
periodically.
Retirement
date: The date when annuity payouts are scheduled to begin.
Service
Center: Our department that processes all transaction and service requests for the contracts. We consider all transaction and service requests received when they arrive in good order at the Service Center. Any transaction or service requests sent or directed to any
location other than our Service Center may end up delayed or not processed. Our Service Center address
and telephone number are listed on the first page of the prospectus.
Subaccount: A division of the Variable Account, each of which invests in one Fund.
Variable
Account: Refers to the RiverSource Variable Annuity Account, a Separate
Account established to hold contract owners’ assets allocated to the Subaccounts, each of which
invests in a particular Fund.
Evergreen Essential Variable Annuity — Summary Prospectus 3
Updated Information You Should Consider About
the Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the Prospectus dated May 1, 2024. This may not reflect all of the changes that have
occurred since you entered into your Contract.
UNDERLYING FUNDS
•
Effective 7/15/2024, Franklin Advisers, Inc. (“Franklin Advisers”) is added to
the list of sub-advisors pursuant to a new sub-advisory agreement between Franklin Advisers and Putnam Management, LLC.
•
Effective
7/15/2024, Franklin Advisers, Inc. replaced Putnam Investment Management, LLC as the investment advisor of each fund.
•
Effective
12/6/2024, Morgan Stanley VIF Global Real Estate Portfolio and Morgan Stanley VIF U.S. Real Estate Portfolio have been liquidated.
4 Evergreen Essential Variable Annuity — Summary Prospectus
Important Information You Should Consider
About the Contract
| |
FEES, EXPENSES, AND
ADJUSTMENTS |
Location in
Statutory
Prospectus | ||
| Are There Charges
or Adjustments for
Early
Withdrawals? |
Yes. In addition to the withdrawal charge, we may reverse a purchase payment
credit upon certain withdrawals within 12 months of when the purchase
payment credit was applied. You may select either a seven-year or
five-year withdrawal charge schedule at the time of application.
If you select a seven-year withdrawal charge schedule and you
withdraw money during the first 7 years from date of each
purchase payment, you may be assessed a withdrawal charge of up
to 8% of the Purchase Payment withdrawn. If you select a
five-year withdrawal charge schedule and you withdraw money
during the first 5 years from date of each purchase payment, you may be
assessed a withdrawal charge of up to 8% of the purchase payment
withdrawn.
For example, if you select a seven-year or five-year withdrawal charge
schedule and make an early withdrawal, you could pay a withdrawal
charge of up to $8,000 on a $100,000 investment. This loss will
be greater if there is a negative MVA, taxes, or tax penalties.
A positive or negative MVA is assessed if any portion of a GPA is withdrawn
or transferred more than thirty days before the end of its guarantee period.
You could lose up to 100% of the amount withdrawn from a GPA as a result
of a negative MVA. For example, if you allocate $100,000 to a GPA with a 3-year guarantee period and later withdraw the entire amount before the 3 years have ended, you could lose up to $100,000 of your investment. This loss will be
greater if you also have to pay a withdrawal charge, taxes, and tax
penalties. The following transactions when applied to a GPA, which we refer to as "early withdrawals," are subject to an MVA when they occur more than 30 days prior to the end of the guarantee period, unless an exception applies: (i) withdrawals (including full and partial withdrawals, systematic
withdrawals, and required minimum distributions), (ii) transfers, and
(iii) annuitization. We will not apply a negative MVA to the payment of the
death benefit. An MVA may increase the death benefit but will not decrease
it. |
Fee Table and
Examples
Charges and
Adjustments –
Transaction
Expenses –
Withdrawal Charge Charges and Adjustments – Adjustments – Market Value Adjustments | ||
| Are There
Transaction
Charges? |
No. Other than withdrawal charges and negative MVAs, we do not assess any transaction charges. |
| ||
Evergreen Essential Variable Annuity — Summary Prospectus 5
| |
FEES, EXPENSES, AND
ADJUSTMENTS |
Location in
Statutory
Prospectus | ||
| Are There Ongoing
Fees and
Expenses? |
Yes. The table below describes the current fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your Contract specifications page for
information about the specific fees you will pay each year based on the
options you have elected. |
Fee Table and
Examples
Charges and
Adjustments –
Annual Contract
Expenses Appendix A: Investment Options Available Under the Contract | ||
| Annual Fee |
Minimum |
Maximum | ||
| Base Contract(1) (varies by withdrawal charge
schedule, death benefit option, size
of Contract value and tax
qualification) |
1.06%
|
1.91%
| ||
| Fund options
(Funds fees and expenses)(2) |
0.51%
|
1.17%
| ||
| Optional benefits available for an
additional charge(3) |
0.15% |
0.75% | ||
| (1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee, Variable Account Administrative Charge, and Contract
Administrative Charge. (2) As a percentage of Fund net assets. (3) As a percentage of Contract Value or adjusted Contract Value (varies by optional benefit). The Minimum is a percentage of Contract Value. The Maximum is a percentage of adjusted Contract Value.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
Contract, 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 Contract,
which could add withdrawal charges and negative MVAs that substantially increase costs. |
||||
| Lowest Annual Cost:
$1,838
|
Highest Annual Cost:
$3,329
| |||
| Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees and expenses •No optional benefits
•No additional purchase payments, transfers or withdrawals •No sales charge
•No purchase payment credits |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals
•No purchase payment credits | |||
| |
RISKS |
| ||
| Is There a Risk of
Loss from Poor
Performance? |
Yes. You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract | ||
6 Evergreen Essential Variable Annuity — Summary Prospectus
| |
RISKS |
Location in
Statutory
Prospectus | ||
| Is this a
Short-Term
Investment? |
No.
•The Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
•The Contract has withdrawal charges that may apply for the first seven or
five years after each purchase payment. The withdrawal charges may
reduce the value of your Contract if you withdraw money during
the withdrawal charge period. Withdrawals may also reduce or
terminate Contract guarantees.
•Withdrawals may also be subject to taxes and tax penalties. •Withdrawals from a GPA prior to 30 days before the end of the guarantee
period may also result in a negative MVA. During the 30-day period
ending on the last day of the guarantee period, you may choose to start
a new guarantee period of the same length, transfer the contract value
from the current GPA to any of the investment options available under
the Contract, apply the contract value to an annuity payout plan, or
withdraw the value from the current GPA (all subject to applicable withdrawal, transfer, and annuitization provisions). If we do not receive
any instructions by the end of the guarantee period, we will automatically
transfer the contract value from the current GPA into the shortest GPA
term available.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the Contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges and
Adjustments –
Transaction
Expenses –
Withdrawal Charge Charges and Adjustments – Adjustments – Market Value Adjustments | ||
| What Are the
Risks Associated
with the
Investment
Options? |
•An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract.
•Each investment option, including the one-year fixed account and the Guarantee Period Accounts (GPAs) investment options has its own unique
risks.
•You should review the investment options before making any investment decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The “Nonunitized”
Separate Account
and the Guarantee
Period Accounts
(GPAs)
The One-Year Fixed Account | ||
| What Are the Risk
Related to
Insurance
Company? |
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience
financial distress, we may not be able to meet our obligations to
you. More information about RiverSource Life, including our financial strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account | ||
Evergreen Essential Variable Annuity — Summary Prospectus 7
| |
RESTRICTIONS |
Location in
Statutory
Prospectus | ||
| Are There
Restrictions on
the Investment
Options? |
Yes.
•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement
date and once per contract year after the retirement date. •Certain transfers out of the GPAs will be subject to an MVA.
•GPAs and the one-year Fixed Account are subject to certain restrictions. •Purchase payment credits under the Contract may be recaptured under certain circumstances. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments | ||
| Are There Any
Restrictions on
Contract
Benefits? |
Yes. Under Guaranteed Minimum Income Benefit (GMIB) rider and Performance Credit rider (PCR), we may limit allocations to the subaccounts investing in the Money Market funds. In addition, PCR
optional benefit may limit amounts allocated to the GPAs and the one-year fixed account. |
Optional
Benefits –
Optional Living
Benefits – GMIB –
Investment –
Selection
Optional
Benefits –
Optional Living
Benefits – CR –
Investment
Selection | ||
| |
TAXES |
| ||
| What Are the
Contract’s Tax
Implications? |
•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed generally at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59½. |
Taxes | ||
| |
CONFLICTS OF INTEREST
|
| ||
| How Are
Investment
Professionals
Compensated? |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash
benefits (e.g., bonuses), and non-cash compensation. This
financial incentive may influence your investment professional to
recommend this Contract over another investment for which the
investment professional is not compensated or compensated
less. |
About the Service
Providers | ||
| Should I Exchange
My Contract? |
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new
Contract in place of the one you own. You should only exchange a
Contract you already own if you determine, after comparing the
features, fees, and risks of both Contracts, that it is better
for you to purchase the new Contract rather than continue to own
your existing Contract. |
Buying Your
Contract – Contract
Exchanges | ||
8 Evergreen Essential Variable Annuity — Summary Prospectus
Appendix A: Investment Options Available Under the
Contract
The following is a list of funds available under
the contract. More information about the funds is available in the prospectuses for the funds, which may be amended
from time to time and can be found online at riversource.com. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email request to
[email protected].
The current expenses and performance information below reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance
would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance.
| Investment Objective |
Fund and Adviser/Sub-Adviser |
Current Expenses
Ratio [NET] |
Average Annual Total Returns (as
of 12/31/2024) | ||
| 1 Year |
5 Year |
10 Year | |||
| Seeks long-term capital
appreciation. |
Allspring VT Discovery All Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
21.00% |
10.75% |
12.12% |
| Seeks long-term capital
appreciation. |
Allspring VT Opportunity Fund - Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.00%1 |
15.05% |
11.72% |
10.78% |
| Seeks long-term capital
appreciation. |
Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser. |
1.17% |
18.70% |
6.60% |
8.65% |
| Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.80% |
25.89% |
8.28% |
13.92% |
| Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.86%1 |
15.28% |
6.12% |
8.75% |
| Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.49%1 |
4.84% |
3.53% |
2.16% |
| Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
0.65% |
1.85% |
(3.60%) |
0.08% |
Evergreen Essential Variable Annuity — Summary Prospectus 9
| Investment Objective |
Fund and Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns (as
of 12/31/2024) | ||
| 1 Year |
5 Year |
10 Year | |||
| Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
0.82% |
17.18% |
11.06% |
8.94% |
| Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
0.94% |
11.27% |
5.75% |
5.83% |
| Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
1.14% |
30.09% |
13.40% |
8.85% |
| Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
1.11% |
12.41% |
10.21% |
8.73% |
| Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Sub-advisers- Franklin
Advisers, Inc., Franklin Templeton
Investment Management Limited and The
Putnam Advisory Company, LLC |
1.08% |
2.97% |
4.88% |
4.73% |
| Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
0.97%1 |
7.83% |
1.41% |
6.11% |
1
This Fund and its investment adviser and/or affiliates have entered into a temporary expense reimbursement arrangement and/or fee waiver. The Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for additional information.
10 Evergreen Essential Variable Annuity — Summary Prospectus
The following is a list of
investment options that earn fixed interest for a specified term currently available under the contract. We may change the features of the fixed interest options listed below and
terminate existing options. We will provide you with written notice before doing so. Depending on the optional benefits you choose, you may not be able to invest in certain fixed investment options. See “The ‘Nonunitized’ Separate Account and the Guarantee
Period Accounts (GPAs)” and “The One-Year Fixed Account” in the prospectus for more information about the fixed interest investment options.
Note: A positive or negative MVA is assessed if any portion of a GPA is withdrawn or transferred more than thirty days before the end of its guarantee period. This may result in a significant reduction in your contract value. See “Charges and Adjustments – Adjustments – Market Value Adjustments” in the prospectus for more information about the MVA.
| 2 Year Guarantee Period Account |
2 Years |
0.00% or 3.00% |
| 3 Year Guarantee Period Account |
3 Years |
0.00% or 3.00% |
| 4 Year Guarantee Period Account |
4 Years |
0.00% or 3.00% |
| 5 Year Guarantee Period Account |
5 Years |
0.00% or 3.00% |
| 6 Year Guarantee Period Account |
6 Years |
0.00% or 3.00% |
| 7 Year Guarantee Period Account |
7 Years |
0.00% or 3.00% |
| 8 Year Guarantee Period Account |
8 Years |
0.00% or 3.00% |
| 9 Year Guarantee Period Account |
9 Years |
0.00% or 3.00% |
| 10 Year Guarantee Period Account |
10 Years |
0.00% or 3.00% |
The following is a list of Fixed Options currently available under the contract. We
may change the features of the Fixed Options listed below or terminate existing Fixed Options. We will provide you with written notice before doing so.
Note: If amounts are withdrawn from a Fixed Option before the end of
its term, we will not apply a contract adjustment.
| One-Year Fixed Account |
1 Year |
2002 |
3.00% |
| 2003 |
1.50% or
2.00%/3.00%† or
3.00% | ||
| 2004 |
1.50% or
2.00% or
2.00%/3.00%† or
3.00% | ||
| Special DCA Fixed Account |
6 Months |
2002 |
3.00% |
| 2003 |
1.50% or
2.00%/3.00%† or
3.00% | ||
| 2004 |
1.50% or
2.00% or
2.00%/3.00%† or
3.00% | ||
| Special DCA Fixed Account |
1 Year |
2002 |
3.00% |
| 2003 |
1.50% or
2.00%/3.00%† or
3.00% | ||
| 2004 |
1.50% or
2.00% or
2.00%/3.00%† or
3.00% |
*
Minimum guaranteed interest rates vary by Issue State and Issue Date. See your Contract
Data Page for your applicable minimum guaranteed interest rate.
†
2.00% for 10 years and 3.00% thereafter
Evergreen Essential Variable Annuity — Summary Prospectus 11
The prospectus and Statement of Additional
Information (SAI) include additional information about the Contract. The prospectus and SAI, dated the same date as this summary prospectus, are incorporated by reference. The prospectus and SAI are available, without charge, upon request. For a free copy of the prospectus, SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at
riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.
RiverSource Life
Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474
1-800-862-7919
70100 Ameriprise Financial Center
Minneapolis, MN 55474
1-800-862-7919
USP9026_12_D02_(09/25)
Reports and other
information about RiverSource Variable Annuity Account and RiverSource Life Insurance Company are available on the SEC’s website at http://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].
EDGAR Contract Identifier: C000044140;
C000267024
©2008-2025 RiverSource Life Insurance
Company. All rights reserved.
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