What is a variable annuity?
Variable annuities are long-term investment vehicles used for
retirement savings. You allocate your money among a variety of
investment divisions and/or a guaranteed Fixed Account** and your money
accumulates on a tax-deferred basis***, meaning you do not pay taxes on
your earnings until you actually withdraw them from your policy.****
Withdrawals may be taxable and a 10% IRS penalty may apply to
withdrawals taken before age 59½.
Assets allocated to the investment divisions are subject to market
risks and may fluctuate in value. At your request, the money you've
accumulated can be used to provide guaranteed income payments to you
for the rest of your life. There are fees and expenses associated with
this contract. Please see the prospectus for more complete details.
Variable Annuity Products*
* Securities offered through NYLIFE Securities Inc. (member NASD/SIPC).
Issued by:
New York Life Insurance and Annuity Corporation (A Delaware Corporation)
51 Madison Avenue
New York, NY 10010
Distributed by:
NYLIFE Distributors, LLC (member NASD)
169 Lackawanna Avenue
Parsippany, NJ 07054
** The Fixed Account is backed by the assets in the general account of
New York life Insurance and Annuity Corporation (NYLIAC)(A Delaware
Corporation), a wholly owned subsidiary of New York Life Insurance
Company.
*** Tax-qualified plans (like IRAs, TSAs, and SEPs) already provide tax
deferral under the Internal Revenue Code, so that tax deferral of an
annuity does not provide any additional benefits. Also, variable
annuities are subject to additional fees to which other tax-qualified
plan funding vehicles may not be subject.
00294822CV (5/05)
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