Variable Deferred Annuities*

What is a variable annuity?
Variable annuities are long-term investment vehicles used for retirement savings. A variable annuity is a contractual agreement in which payments are made to an insurance company, which agrees to pay out income at a later date. 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 earning until you actually withdraw them from your policy. In a non-qualified variable annuity, withdrawals of earnings are taxable as ordinary income. In a qualified variable annuity, withdrawals and surrenders of earnings and principal are taxable as ordinary income. If either are made prior to age 59½, they may be subject to a 10% federal tax penalty. This penalty tax is increased to 25% in the case of a distribution from a SIMPLE IRA within the first two years of your participation in the SIMPLE IRA plan.

Assets allocated to the investment divisions are subject to market risks and may fluctuate in value, and values upon redemption may be less than the original amount invested. At your request, the money you've accumulated can be used to provide guaranteed income payments to you for the rest of your life. All guarantees, including death benefit payments are dependent on the claims paying ability of New York Life Insurance and Annuity Corporation, NYLIAC (A Delaware Corporation), and do not apply to the investment performance or the safety of the underlying investment divisions in the variable annuity. There are fees and expenses associated with this contract. Please see the prospectus for more complete details.

General information regarding our variable annuities may be found in our New York Life Variable Annuity Brochure and our New York Life Variable Annuities Product Comparison Card.

For more specific information on one of our variable annuity products, select the link below to view the product’s prospectus, Fact Sheet, Accumulation Unit Values and Performance Summary.

Fund Facts for New York Life’s Variable Annuities

*Securities offered through NYLIFE Securities LLC (member FINRA/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 FINRA)
169 Lackawanna Avenue
Parsippany, NJ 07054
** The Fixed Account is backed by the assets in the general account of NYLIAC 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 (11/08)

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