Liquidation: Principal Life Insurance Co Separate Account B

Form Type: 497

Filing Date: 2025-02-05

Corporate Action: Liquidation

Type: Update

Accession Number: 000000971325000009

Filing Summary: This document serves as a supplement to the Prospectus, Updating Summary Prospectus, and Summary Prospectus for New Investors regarding the Principal® Pivot Series Variable Annuity, updating previous information. It informs that the Board of Trustees of the Goldman Sachs Variable Insurance Trust has approved the liquidation of the Goldman Sachs Multi-Strategy Alternatives Portfolio, which will cease to be an investment option for contract owners around April 4, 2025. Post-liquidation, there will be no transfers or allocations of premium payments into the Liquidating Fund, and remaining values allocated to the Fund will be transitioned to the Fidelity VIP Government Money Market Division. Contract owners may transfer values to other available funds without incurring transfer fees and must provide timely instructions to avoid default transfers. The document outlines methods for transferring values and the implications if no new instructions are given by the Liquidation Date.

Form Type: 497VPI

Filing Date: 2025-02-05

Corporate Action: Liquidation

Type: Update

Accession Number: 000000971325000010

Filing Summary: This document serves as a supplement dated February 5, 2025, for the Prospectus of Principal® Pivot Series Variable Annuity, updating key information regarding the investment options available to contract owners. It notifies contract owners of the liquidation of the Goldman Sachs Multi-Strategy Alternatives Portfolio, referred to as the Liquidating Fund, by the Board of Trustees of the Goldman Sachs Variable Insurance Trust. The Liquidation Date is set for April 4, 2025, after which the Liquidating Fund will no longer be an investment option. Contract owners must be aware that no transfers or allocation of premium payments can be made to the Liquidating Fund after the Liquidation Date. Remaining values in the Liquidating Fund will be moved to the Fidelity VIP Government Money Market Division if no transfer instructions are received by that date. Furthermore, contract owners are informed they can transfer their values allocated in the Liquidating Fund Division to other underlying funds without incurring transfer fees. The document emphasizes the importance of timely instructions from the contract owners regarding their investments and allocations, detailing several methods through which they can provide such instructions.

Form Type: 497VPU

Filing Date: 2025-02-05

Corporate Action: Liquidation

Type: Update

Accession Number: 000000971325000011

Filing Summary: The document is a supplement dated February 5, 2025, to the Prospectus for the Principal® Pivot Series Variable Annuity. It informs Contract Owners that the Board of Trustees of the Goldman Sachs Variable Insurance Trust has approved the liquidation of the Goldman Sachs Multi-Strategy Alternatives Portfolio, effective on or about April 4, 2025. After this Liquidation Date, transfers or allocations into the Liquidating Fund Division will no longer be permitted. Any remaining values in the Liquidating Fund Division on the Liquidation Date will be transferred to the Fidelity VIP Government Money Market Division. Additionally, Contract Owners have the option to transfer values to other available Underlying Funds before the Liquidation Date, without incurring transfer fees. If no transfer instructions are received by the Liquidation Date, the values will default to the Fidelity VIP Government Money Market Division, with no fees charged for the transfer. The document also mentions the need for new allocation instructions for any future investments in the Liquidating Fund Division, or else allocations will automatically redirect to the Fidelity VIP Government Money Market Division until new instructions are provided.