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New York Life Guaranteed Period Income Annuity II1

The New York Life Guaranteed Period

Income Annuity I I is a Single Premium

Immediate Annuity (SPIA) that provides a stream

of guaranteed income payments for a set period

of time that you select. The benefits include:

• Income payments that can be designed

to satisfy a temporary or longer-term

income need

• Peace of mind that comes from knowing that

your payments will not fluctuate with changes

in the financial markets

• A death benefit for your beneficiaries if you

die prematurely, as your remaining payments

will be paid to your designated beneficiaries

• The option to have your income payments

increase each year by a fixed percentage so

that if prices rise because of inflation, your

income rises, too

Income Payments

With a New York Life Guaranteed Period Income

Annuity II, you choose how frequently you

receive your income payments and exactly how

long you want your income payments to last.

• Benefit Period: Choose any length of

time, from a minimum of five full years to a

maximum of 30 full years.

• Payment Frequency: Choose to receive

payments that are sent to you monthly,

quarterly, semiannually, or annually.

• Annual Increase: Your payments will remain

the same amount for your entire benefit period

unless you elect an annual increase option.

By selecting the annual increase option, you

choose to create a payment stream in which

initial payments start lower but in which

the payment increases each year by a fixed

percentage. This percentage may be any

whole number percentage between 1% and

5%. It may be selected only when you apply for

your policy, and you must be age 59½ or older

at the time of the first income payment. The

annual increase option may not be changed

once your policy has been issued.

Issue Ages

Issue ages are based on the age of the owner/

annuitant at the time of issue.

• Nonqualified: Ages 0 to 95

• Qualified: Ages 18 to 89

• Roth IRA: Ages 59½–89 with a Roth IRA in

place for at least five (5) years before the

calendar year in which income payments start.

Single Premium Payment

The minimum premium payment required to

purchase a New York Life Guaranteed Period

Income Annuity II is $10,000. Additional

premium payments are not permitted. A

premium payment of $1 million or more

requires prior New York Life Insurance and

Annuity Corporation (NYLIAC) approval.

1 Issued by New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Guarantees are based on the claims-paying ability of the issuer.

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How Your Income Payments

Are Determined

The factors that determine the amount of your

income payments include:

• The amount of your premium payment

• The benefit period over which your payments

will be made

• The interest rate being credited by NYLIAC

at the time you purchase your policy. This

interest rate remains the same for the entire

duration of your policy.

• The frequency with which you choose to

receive your income payments (monthly,

quarterly, semiannually, or annually)

• The date on which your payments are

scheduled to begin2

For your convenience, you can choose to have

your payments sent directly to you or to anyone

you select, or you can have them electronically

deposited into your bank account.

An Annuity Can Provide Tax

Advantages

An income annuity can provide you with tax

advantages. The nature of these advantages

depends on the type of money you use to

purchase your policy:

• Nonqualified annuities are purchased

using after-tax dollars. Each annuity income

payment consists of a taxable income portion

and a return of premium portion that is

not taxable.

• Qualified annuities are purchased using

pretax dollars you may have accumulated

in a 401(k), Keogh, IRA, or other qualified

plan. Qualified annuity payments are fully

taxable as ordinary income in the year they

are received. However, rolling a qualified plan

into an income annuity rather than taking a

lump-sum distribution will spread your tax

liability over many years, which may reduce

your total tax liability.

An additional benefit gained from purchasing

a New York Life Guaranteed Period Income

Annuity II with qualified money is that the

income payments you receive can automatically

satisfy the requirement of the Internal Revenue

Service (IRS) that you withdraw required

minimum distributions (RMDs) from accounts

set up under certain qualified plans. Your RMD

amounts generally must be withdrawn each

year beginning after you reach age 70½, and

severe penalties are imposed if you fail to

withdraw the full RMD amount from your pre-

tax plans and policies. A guaranteed period

annuity may help you ensure that you do not

fail to satisfy the IRS’s requirements.3

2 Income payments generally begin one “mode” after the policy date. For example, if you choose to receive a monthly income, your payments will begin one month after the policy date, whereas if you choose to receive a quarterly income, payments will begin three months after the policy date. You may select a different start date, but payments must begin within one year of the policy issue date.

3 Not all qualified payment options are available due to IRS restrictions. Qualified funds outside of the annuity are still subject to required minimum distribution. Those purchasing a qualified annuity after age 70½ should consider satisfying the required minimum distribution for that year, prior to purchasing.

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Death Benefit for Your Benefic iar ies

When you purchase a guaranteed period

annuity, usually you choose to be the owner

and the annuitant of the policy. The owner

is responsible for any taxes payable on the

guaranteed period annuity payments and

may change whom the payments are sent to

and who receives any remaining guaranteed

payments after the death of the annuitant.

While the owner and annuitant of a guaranteed

period annuity policy are usually the same, they

do not have to be.

If the annuitant under a New York Life

Guaranteed Period Income Annuity II

dies before the end of the benefit period,

NYLIAC will pay all remaining payments to

the beneficiaries of the policy.4 You have the

comfort of knowing that any payments that

were due to you will go directly to whomever

you would want to receive them.

Premium Taxes

If applicable, a state premium tax may also be

deducted from your premium payment. If a

state premium tax applies, it will be reflected in

the calculation of your income payment.

4 Instead of receiving each of your future income payments for the duration of the benefit period, your beneficiaries may be eligible to receive, upon the annuitant’s death, one lump-sum payment equal to the present value of all remaining income payments under your policy. In order for them to be eligible, the owner must request this right, in writing, prior to the annuitant’s death. Please be aware that the present value of the remaining payments is an amount that will be less than the sum of the remaining payments.

For most jurisdictions, the policy form numbers for the Guaranteed Period Income Annuity II is ICC11-P112. State variations may apply.

Annuities: Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

479458 07/09/2016

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Fidelity Insurance Agency, Inc., distributes this product, but it is issued by another insurance company, which is not affiliated with any Fidelity Investments company. All guarantees are subject to the claims-paying ability of the issuing insurance company.

547802.5.0 NYL_SPIAFPA_0714 1.910660.104