What is an Annuity?
An annuity is a unique financial vehicle designed to help people accumulate money for their retirement and/or turn a lump sum of money into a guaranteed stream of income for life.

Deferred Annuities
Deferred annuities offer the advantage of tax deferral^* and are used to accumulate money for retirement. There are two types of deferred annuities: fixed and variable.

Fixed Interest Deferred Annuities
A fixed interest deferred annuities is a product that is designed to help you accumulate funds for your retirement. The money in your annuity earns a guaranteed fixed rate of interest (interest rates are effective annual yields) 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 are subject to ordinary income tax, and if they are taken before 59½, an additional 10% tax penalty may apply (the penalty tax is increased to 25% in the case of distribution from a SIMPLE IRA within the first two years of your participation in the SIMPLE IRA plan.)

Variable Deferred Annuities**
Variable annuities are long-term investment vehicles used for retirement savings. It is a contractual agreement in which payments are made to an insurance company, which agrees to pay out income at a later date. There are fees and expenses associated with these contracts. 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.

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 59½, in addition to surrender fees. The 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. Please see the prospectus for more complete details.

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