Liquidation: VARIABLE ANNUITY ACCOUNT A
Form Type: 497VPU
Filing Date: 2025-04-30
Corporate Action: Liquidation
Type: Update
Accession Number: 000119312525104544
Filing Summary: The document is an updating summary prospectus for the EliteDesigns Variable Annuity (2011), which is available for individuals as a flexible purchase payment deferred variable annuity contract. It details updates concerning the contract, focusing on the availability of underlying funds and recent changes since the last prospectus issued on May 1, 2024. Several funds have been liquidated and are no longer available under the contract, including a list of specific DWS and Guggenheim funds. There are also details about ongoing fees and expenses associated with the contract, emphasizing the lack of charges for early withdrawals and providing a fee table for various costs. Risks associated with the investment are highlighted, noting that the contract is not suited for short-term investment and the potential consequences of withdrawals on guaranteed benefits. Additionally, the prospectus includes a section on the financial stability of the issuing company, First Security Benefit Life Insurance and Annuity Company of New York, and outlines restrictions on investments and optional benefits available.
Additional details:
Underlying Funds Liquidated: DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI U.S. VIP, DWS Global Small Cap VIP, DWS High Income VIP, DWS International Growth VIP, Guggenheim VIF Long Short Equity, Guggenheim VIF Managed Asset Allocation, Redwood Managed Volatility
Fund Merger Details: Guggenheim VIF All Cap Value is now NAA All Cap Value Series, Guggenheim VIF Large Cap Value is now NAA Large Cap Value Series, Guggenheim VIF Small Cap Value is now NAA Small Cap Value Series, Guggenheim VIF SMid Cap Value is now NAA SMid-Cap Value Series, Guggenheim VIF StylePlus Large Core is now NAA Large Core Series, Guggenheim VIF StylePlus Large Growth is now NAA Large Growth Series, Guggenheim VIF StylePlus Mid Growth is now NAA Mid Growth Series, Guggenheim VIF StylePlus Small Growth is now NAA Small Growth Series, Guggenheim VIF World Equity Income is now NAA World Equity Income Series, Pioneer Bond VCT is now Victory Pioneer Bond VCT, Pioneer Equity Income VCT is now Victory Pioneer Equity Income VCT, Pioneer High Yield VCT is now Victory Pioneer High Yield VCT, Pioneer Strategic Income VCT is now Victory Pioneer Strategic Income VCT.
Payment Options: The document notes additional advisory fees on top of contract fees, potentially impacting death benefits and tax implications.
Withdrawal Charges: The Company does not assess a withdrawal charge on full or partial withdrawals.
Risks Of Investing: Investors face risks of poor investment performance and potential loss of principal, highlighting the necessity for a long-term investment strategy.
Contract Features: The contract offers flexibility for retirement planning and may involve complex fee structures that vary by investor choices.
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